Crypto.com is one of the biggest cryptocurrency exchanges in the world. And if you’re new to the platform or just unfamiliar with the withdrawal process, this article will help you solve this. Here, we’ll walk you through the steps on how to withdraw money from Crypto.com to your bank account or external crypto wallets.
How to Withdraw Money From Crypto.Com
Withdrawing money from Crypto.com is a three-step process. First, you need to set up a USD fiat wallet, sell crypto to convert it into fiat, and ultimately submit a USD withdrawal request. Let’s lay out the instructions to follow to complete each of the steps.
Step 1: Set up a USD Fiat Wallet
Here are the steps to complete the setup process.
- Download and install the Crypto.com app for iOS or Android, and sign in to your account.
- Navigate to the Accounts section on the navigation bar at the bottom.
- Click on Fiat Wallet.
- Tap on + Set up new currency.
- Select U.S. Dollars.
- Read the Instructions and Terms and Conditions that appear on the screen.
- Check the box next to the Terms and Conditions and click Next.
- Enter your residential address and Social Security Number.
Step 2: Sell Crypto to Fiat
To get USD in the Crypto.com app, users have to sell their crypto assets for fiat. This is a simple process that you can complete using the steps below.
- Log in to the Crypto.com app and click on Accounts.
- Select the Fiat wallet option and tap on Sell Crypto.
- Choose the cryptocurrency you’d like to convert to Fiat.
- Click on the Cash option to reveal the Sell screen.
- Tap the Amount field on the Sell screen to see the maximum amount you can sell. You can enter your desired figure to convert only part of the amount.
- Once this is done, you will see a Confirmation window with the coin’s current value in fiat. This will only appear for 15 seconds, so pay close attention.
Step 3: Submit a USD Withdrawal Request
After completing steps 1 and 2, you can submit a request to withdraw the USD in your Crypto.com USD fiat wallet. Here’s a breakdown of the steps you need to follow to submit a withdrawal request.
- Navigate to the Accounts menu on the Crypto.com app and click Transfer > Withdraw > Preferred Currency.
- Click on your USD/preferred currency balance and choose Withdraw USD/preferred currency.
- Tap on the Bank account option.
- Select the bank where you want to transfer the fiat and log into your account using your online banking credentials.
- When the account reflects, you can start to withdraw.
- Review the USD withdrawal details and click Confirm to proceed with the withdrawal request.
How to Withdraw Crypto from Crypto.com
Crypto.com’s crypto withdrawal process has two main steps. The first is address whitelisting, and the other is the actual crypto withdrawal. Here are step-by-step instructions to help you move your crypto from one crypto wallet to another.
Step 1: Whitelist A Crypto Address
When withdrawing funds to an external crypto wallet, Crypto.com requires users to whitelist the receiving address. This measure provides extra security, ensuring funds can only be transferred to pre-approved addresses. Here’s a breakdown of what you need to do to whitelist an address before sending funds there.
- Log in to the Crypto.com App and navigate to Accounts.
- Select your crypto wallet, then click Transfer > Withdraw.
- Then Choose External Wallet.
- Tap the + Add Wallet Address button to add the wallet address you want to whitelist. If you already have another whitelisted address, tap the + icon in the upper right corner, then click Wallet address to get the option.
- Choose the crypto asset you want to withdraw, then select the network you want to use.
- Enter the withdrawal address of the soon-to-be whitelisted account. Name the wallet and press Continue.
If you get an Invalid address error, check the white address field to confirm there are no whitespaces before or after the address.
- Once you do this, you will receive a prompt to enter a six-digit mobile verification code.
- Enter the code to complete the whitelisting process.
It’s important to remember that there’s a 24-hour withdrawal lock on newly whitelisted addresses. You can disable this setting, but it will also take 24 hours to be effective.
Step 2: Withdraw Your Crypto
Once you have a whitelisted external address, it’s easy to withdraw your digital assets from Crypto.com. Here’s a summary of the steps you need to take to complete your crypto withdrawal.
- Log in to the Crypto.com App and navigate to Accounts.
- Select your crypto wallet, then click Transfer > Withdraw > External wallet.
- Check for the name of the whitelisted account you just created and click on it.
- On the next tab, input the amount you want to withdraw and wait for the withdrawal to be processed.
It takes about two to three hours to confirm a withdrawal request. However, as soon as your whitelisted account is verified, you will receive a withdrawal request confirmation email confirming the Crypto.com team has received your request and is working to process it.
Crypto.com Minimum and Maximum Withdrawal
There are varying Crypto.com limits on how much fiat or crypto you can withdraw from the platform. Here’s a breakdown of the stipulated fiat maximum withdrawals on the exchange.
|Maximum and Minimum Limits Conditions||Limit|
|Minimum withdrawal limit per request||$100|
|Daily 24-hour maximum withdrawal limit||$100,000|
|Daily maximum withdrawal requests||5 in 24-hours|
|Monthly 30-day maximum withdrawal limit||$500,000|
|Monthly maximum withdrawal requests||30 times monthly|
Fiat withdrawal limits vary significantly from crypto ones. Crypto.com enforces crypto withdrawal limits based on the asset in question. Certain assets are more limited than others based on their availability on the exchange. To better understand these restrictions, visit the Crypto.com exchange fees and limits page.
Related: How to Withdraw Money From Coinbase
How to transfer money from Crypto.com to a bank account?
Transferring money from Crypto.com to your bank account requires a simple, three-step process. First, you need to set up a USD fiat wallet, sell crypto to convert it into fiat, and ultimately submit a USD withdrawal request. You will need a U.S. social security number and a U.S.-based residence address to be eligible for this service. Crypto.com does not accept postal office addresses in place of residential ones.
How long does it take to withdraw money from Crypto.com?
It takes three to five business days to confirm approval for Crypto.com fiat withdrawals. However, once the vetting team receives your withdrawal request, they will email you to confirm that they are verifying the withdrawal.
Why can’t I withdraw money from Crypto.com?
If you’re having trouble withdrawing money from Crypto.com, the highest likelihood is that you have not successfully verified your Crypto.com account. You must pass the “Know Your Customer” verification process to withdraw cash from this exchange.
If you have completed this but the challenge persists, ensure you set up your USD fiat wallet on the platform and submit a withdrawal request for the correct bank account. Alternatively, troubleshoot and fix your Crypto.com app in case it’s not working as it should.
Is it safe to leave money on Crypto.com?
If you leave U.S. dollars on your Crypto.com account, your money is as safe as it would be at the bank. The exchange has Federal Deposit Insurance Corporation (FDIC) insurance worth $360 million on the funds, protecting them from any form of theft or hacking activities.
How much does it cost to withdraw money from Crypto.com?
Crypto.com does not charge you for withdrawing USD from the app. However, your bank may have transaction costs associated with such transfers, so verify before initiating a withdrawal request.