This article outlines the process of withdrawing funds from Crypto.com, covering both cryptocurrency and fiat withdrawals.
Table of contents
Withdrawing Cryptocurrency
To withdraw cryptocurrency from your Crypto.com account to an external wallet, follow these general steps:
- Navigate to Accounts: Open the Crypto.com app or website and go to your Accounts section.
- Select Crypto Wallet: Choose the Crypto Wallet option.
- Initiate Transfer: Tap the Transfer button, then select “Withdraw” and “External Wallet”.
- Choose Wallet: Select the whitelisted wallet address you want to withdraw to.
Withdrawing Fiat Currency
Withdrawing fiat currency (like CAD or USD) typically involves selling your cryptocurrency for fiat and then withdrawing the fiat to your bank account.
Steps for Fiat Withdrawal:
- Sell Crypto: Sell your cryptocurrency for your desired fiat currency (e.g., USD).
- Access Fiat Wallet: Go to your fiat wallet within the Crypto.com app.
- Initiate Withdrawal: Click on “Withdraw” and select your linked bank account.
Specific Instructions for CAD:
To withdraw CAD, use the following steps:
- On the Crypto.com App or Website, navigate to the Accounts page.
- Under CAD Account, click on “Withdraw”.
- Choose your withdrawal method.
Important Considerations:
- Whitelisting Addresses: For security reasons, Crypto.com often requires you to “whitelist” external cryptocurrency wallet addresses before you can withdraw to them. This involves adding the address to your approved list and may require verification.
- Fees and Limits: Be aware of any withdrawal fees associated with your chosen cryptocurrency or fiat currency. Check the Crypto.com website or app for the latest fee schedules and withdrawal limits.
- Processing Times: Withdrawal processing times can vary depending on the cryptocurrency or fiat currency, network congestion, and other factors. Check the estimated processing time before confirming your withdrawal.
- Security: Always double-check the withdrawal address to ensure it is correct before confirming the transaction. Incorrect addresses can result in the permanent loss of your funds. Enable two-factor authentication (2FA) for added security.
Alternative Methods:
- Mastercard Integration: Some platforms, like Binance, offer the option to convert crypto to fiat and withdraw funds to an eligible Mastercard in near real-time. Check if Crypto.com offers similar integrations.
- ACH Transfers (US): Crypto.com App users in the US can withdraw USD using ACH transfers.
Troubleshooting:
- Stuck Transactions: If your withdrawal transaction is pending for an extended period, check the network’s block explorer for confirmation. Contact Crypto.com support if you need further assistance.
- Insufficient Funds: Ensure you have sufficient funds in your Crypto.com wallet to cover the withdrawal amount and any associated fees.
- Account Verification: Make sure your account is fully verified to avoid withdrawal restrictions.
Important Notes:
- Regulations: Cryptocurrency regulations vary by jurisdiction. Be aware of any applicable laws and regulations regarding cryptocurrency withdrawals in your region.
- Tax Implications: Cryptocurrency transactions may have tax implications. Consult with a tax professional for guidance.
- Stay Informed: Keep up to date with the latest news and announcements from Crypto.com regarding withdrawal processes and policies.
