Crypto.com is a comprehensive cryptocurrency platform that empowers users to buy, sell, store, and spend their digital assets securely. It also offers a debit card that allows you to make purchases using cryptocurrency anywhere Visa is accepted.
This guide provides clear, step-by-step instructions for withdrawing your funds from Crypto.com, whether you're moving crypto to an external wallet or converting to fiat for a bank transfer.
Prerequisites for Withdrawal
Before initiating a withdrawal, ensure you have met a few basic requirements. You must have a verified Crypto.com account. This typically involves completing Know Your Customer (KYC) procedures by providing identification documents.
You should also have a positive balance in your Crypto.com App or Exchange wallet. Finally, for cryptocurrency withdrawals, you will need a secure external wallet address to receive the funds.
Step-by-Step Guide to Withdraw Cryptocurrency
Withdrawing your cryptocurrency to an external wallet is a straightforward process. Follow these instructions carefully to ensure a smooth transaction.
- Log In: Access your Crypto.com account via the mobile app or the website.
- Navigate to Wallet: Tap or click on the "Wallet" section from the main screen.
- Select Cryptocurrency: Choose the specific cryptocurrency you wish to withdraw from your list of assets.
- Initiate Withdrawal: Tap on the "Withdraw" button associated with that cryptocurrency.
- Enter External Address: Carefully input the destination address from your external wallet. Double-check this address, as transactions to an incorrect address are irreversible.
- Confirm Network: Ensure the network you are withdrawing to (e.g., Ethereum ERC20, Bitcoin Network) matches the network of your external wallet. Using the wrong network will result in lost funds.
- Enter Amount: Specify the amount you want to withdraw. Be mindful of the minimum withdrawal limit and any associated fees, which will be displayed.
- Review and Confirm: Review all the details of the transaction, including the address, amount, and fee. Confirm the withdrawal.
- Authentication: Complete any required security verification steps, such as Two-Factor Authentication (2FA) or email confirmation.
- Processing: Wait for the transaction to be processed. You can track its status within the app.
👉 Explore secure withdrawal strategies
How to Withdraw Fiat to Your Bank Account
You can also convert your cryptocurrency into traditional currency (fiat) and withdraw it directly to your linked bank account.
- Sell Crypto for Fiat: First, sell your cryptocurrency for a supported fiat currency like USD, EUR, or GBP within the Crypto.com App.
- Navigate to Fiat Wallet: Go to your "Fiat Wallet" in the app.
- Select Withdraw: Choose the "Withdraw" option for your fiat currency.
- Choose Bank Account: Select your pre-linked bank account or add a new one if necessary.
- Enter Amount: Input the amount of fiat currency you wish to transfer to your bank.
- Confirm Transaction: Review the details and confirm the transaction. Processing times for bank transfers can vary.
Understanding Withdrawal Fees and Processing Times
Fees and processing times are crucial factors to consider for any withdrawal.
Fees: Crypto.com charges a network fee for cryptocurrency withdrawals, which is paid to miners or validators on the blockchain network. This fee fluctuates based on network congestion. There may also be a small processing fee from Crypto.com. Always check the fee schedule displayed on the withdrawal screen before confirming.
For fiat withdrawals, the platform may charge a small transfer fee, or your bank might impose incoming wire charges.
Processing Times:
- Cryptocurrency: Once initiated, crypto withdrawals are usually processed within a few minutes to an hour. However, during periods of extreme network congestion, delays can occur. The transaction speed depends entirely on the blockchain network.
- Fiat (Bank Transfers): Withdrawals to a bank account typically take 1-3 business days to complete, depending on your bank and jurisdiction.
Prioritizing Security During Withdrawal
Security is paramount when moving your assets. Always follow these best practices:
- Enable 2FA: Use Two-Factor Authentication on your Crypto.com account for an essential layer of security.
- Verify Wallet Addresses: Always double-check, and even triple-check, the recipient wallet address. Consider using a copy-paste function for longer addresses, but beware of clipboard-hijacking malware.
- Use Whitelisting: Utilize the address whitelisting feature in your Crypto.com settings. This allows you to pre-approve trusted withdrawal addresses, adding a significant security barrier.
- Start Small: For first-time withdrawals to a new address, send a small test amount to verify everything works correctly before moving larger sums.
- Beware of Phishing: Only log in to your account through the official Crypto.com website or app. Never click on links in suspicious emails or messages.
👉 Get advanced security methods
Frequently Asked Questions
How long does a cryptocurrency withdrawal usually take?
Most cryptocurrency withdrawals are processed and broadcast to the network within minutes. However, the time it takes for the transaction to be confirmed on the blockchain can vary from a few minutes to several hours, depending on network traffic and the specific cryptocurrency's block time.
Can I cancel a withdrawal after I have confirmed it?
Once a cryptocurrency withdrawal transaction has been broadcast to the blockchain, it is irreversible. Crypto.com cannot cancel it. If the transaction is still pending review by their security team, you may have a very short window to cancel it from your transaction history, but this is not guaranteed.
What is the minimum amount I can withdraw?
Each cryptocurrency has a different minimum withdrawal amount. This information is clearly displayed on the withdrawal screen before you confirm the transaction. The minimum is set to ensure the transaction can cover the network fees.
Why is my withdrawal still pending?
A pending status could be due to standard security reviews, which are routine for large or unusual transactions. It could also be caused by high demand on the platform or required manual verification steps. If pending for an unusually long time, contact customer support.
What happens if I send crypto to the wrong address?
Transactions on most blockchains are final and cannot be reversed. If you send funds to an incorrect or incompatible address, they are likely lost permanently. This is why verifying the address and network is the most critical step.
Are my funds insured during a withdrawal?
Funds in transit during a withdrawal are not insured. Crypto.com's custody insurance covers assets held in their wallets, but once a transaction is initiated, the security of the funds depends on the blockchain network and the recipient wallet.