Crypto.com is a Singapore-based cryptocurrency exchange with an impressive 80 million active users worldwide. Given its popularity, you might be considering using this platform or have already started but are unsure how to withdraw your funds.
Ultimately, withdrawing your earnings is a crucial step in leveraging cryptocurrency investments. Unfortunately, crypto isn't yet widely accepted for most transactions, and we still rely heavily on traditional fiat money. That's why this guide will walk you through how to withdraw from Crypto.com to your bank account or an external cryptocurrency wallet.
We'll also take a closer look at the platform's features and see how they compare to alternatives like Binance, Kraken, and Bybit. Let's begin with the initial preparation steps.
Prerequisites for Withdrawal
Understanding how to withdraw from Crypto.com starts with completing the platform's KYC (Know Your Customer) verification process. This typically means you need to provide some personal information, such as a photo ID, your name, and your address. KYC is essential as it helps prevent illegal activities like money laundering. It ensures everyone using Crypto.com is who they claim to be.
It's also important to note that, unlike other popular platforms such as Binance, Kraken, and Bybit, you cannot withdraw fiat currency directly from the Crypto.com exchange. Instead, you must send your funds to the Crypto.com App, create a fiat wallet there, and withdraw from that.
The process for creating a fiat wallet on the Crypto.com App can vary slightly depending on your preferred currency. However, here is a general step-by-step guide:
Step 1: From the main screen, tap the menu button and select "Fiat Wallet."
Step 2: Choose “+ Set up new currency.”
Step 3: Set up the wallet based on your preferred fiat currency.
Step 4: Follow the subsequent instructions to connect your bank account to the fiat wallet. From this point onward, the process will differ based on the currency you select. For example, choosing TRY will require you to access your bank account through its online banking portal or mobile app.
Step 5: Once your bank account is connected to the app, complete the process by transferring funds into your wallet.
In most cases, there are no fees associated with your deposit. However, your bank might apply processing fees. Ensure you understand all associated fees while learning how to withdraw from Crypto.com to avoid any confusion and unexpected deductions.
Crypto.com currently supports withdrawals into the following fiat wallets: AUD, CAD, EUR, GBP, USD, BRL, TRY, and SGD. If your preferred currency isn't available, you might consider other platforms like Binance, which currently supports 11 fiat currencies.
The withdrawal process for these currencies is generally similar. Here are four examples and some important considerations:
How to Withdraw from Crypto.com to Your Bank Account
Selling Your Crypto for Fiat
The first step in learning how to withdraw from Crypto.com to a bank is selling your cryptocurrency for fiat. This process is straightforward and applies to all supported fiat currencies on the platform. To do this, follow these steps:
Step 1: Open the Crypto.com App.
Step 2: Tap on "Accounts."
Step 3: Select the cryptocurrency you want to sell.
Step 4: Choose "Sell Crypto."
Step 5: Select the "Cash" option. Enter the amount you wish to convert. Tapping the amount field will show the maximum amount you can sell.
Step 6: When finished, press the "Sell" button.
Step 7: A confirmation window will pop up for 15 seconds, displaying the fiat amount you will receive. Be sure to review this window for the current value.
Once you successfully sell your crypto, the funds will appear in your selected fiat wallet, and you'll be ready to withdraw.
Withdrawing USD via ACH
Here’s how to withdraw from Crypto.com and transfer funds to your US bank account via the ACH network:
Step 1: Open "Fiat Wallet" from the menu button or the "Accounts" menu. Then tap "Transfer > Withdraw > USD."
Step 2: Click on your USD balance and select Withdraw USD.
Step 3: Tap "Add Bank Account," select your bank, and log in using your online banking credentials. Once your bank account is added, you can use it for withdrawals.
Step 4: Review the details of your USD withdrawal transaction and press "Confirm" to initiate the process.
Step 5: You can monitor the status of your withdrawal request as it's processed.
Your app can connect up to five bank accounts on the ACH network simultaneously. Ensure you don't connect the same bank account more than once to avoid errors. If you cannot add your bank account, two possible reasons are:
- Crypto.com does not allow withdrawals to bank accounts linked to a New York address for legal reasons.
- Your bank account does not support ACH transfers.
Currently, withdrawing from Crypto.com to a bank via ACH is free of charge.
Withdrawing EUR via SEPA
Follow this step-by-step guide on how to withdraw from Crypto.com to your bank account within the SEPA transfer network:
Step 1: Open "Fiat Wallet" from the menu button or the "Accounts" menu. Tap "Transfer > Withdraw > EUR."
Step 2: Click on your EUR balance and select "Withdraw EUR."
Step 3: Review the withdrawal steps and limits, then tap "Withdraw Now."
Step 4: Enter the amount you wish to withdraw and select the bank account to send it to.
Step 5: Review and confirm your withdrawal request.
Step 6: Wait for Crypto.com to review. They will notify you once the funds have been sent.
To see which cryptocurrencies you can sell for EUR, open the Crypto.com App, click on "Trade," then click on "Sell." If you can enter the amount but cannot send it, you may have reached your daily or monthly withdrawal limit. Withdrawing to a bank account via SEPA incurs a fee of 1 EUR per withdrawal.
Withdrawing GBP via the Faster Payments Service (FPS)
If you live in the UK, you might want to convert your crypto to GBP. Here’s a guide on how to withdraw from Crypto.com to your bank account using the Faster Payments Service:
Step 1: Open the Crypto.com App, select "Accounts," open your fiat wallet, and tap "Transfer" > "Withdraw" > "GBP."
Step 2: Select your GBP balance and tap "Withdraw GBP."
Step 3: Review the sending methods and withdrawal limits, then tap "Withdraw Now."
Step 4: Enter the amount you wish to withdraw and select the bank account you're sending to.
Step 5: Review and confirm your withdrawal request.
For regulatory reasons, you must first successfully deposit GBP into the Crypto.com App via FPS before you can withdraw GBP back to the same bank account. Withdrawing to a bank account via FPS includes a fee of £1.90 per withdrawal.
Withdrawing BRL Wallet
Crypto.com also supports the Brazilian Real (BRL). Here’s how to withdraw from Crypto.com to your BRL bank account:
Step 1: Open the Crypto.com App and go to the Accounts page or press the Menu button.
Step 2: Tap on "Fiat Wallet" and then "Transfer" > "Withdraw" > "BRL."
Step 3: Select your BRL balance and tap "Withdraw BRL."
Step 4: Read the sending methods and withdrawal limits carefully, then tap "Withdraw Now."
Step 5: Enter the amount you wish to withdraw and select the bank account you want to send the money to.
Step 6: Review and approve your withdrawal request.
Remember that you need to deposit BRL into the Crypto.com App before you can withdraw BRL back to the same bank account.
Crypto.com will notify you when your withdrawal is complete. It typically takes one business day for the funds to appear in your bank account. However, technical issues can sometimes cause delays. If this happens, please contact customer support.
To ensure a successful withdrawal, check that your bank accepts the transfer method you want to use. You can withdraw to your bank account using the same transfer method you used to deposit into your fiat wallet.
How to Withdraw Crypto from the Crypto.com App to an External Wallet
Another option for withdrawing from Crypto.com is transferring your assets to an external wallet. Why would you choose this over a direct withdrawal? There are several possible reasons. You might want to move to a different exchange, or perhaps your preferred fiat currency isn't supported by Crypto.com.
This remains a valid method for withdrawing your assets from Crypto.com. Let's look at the step-by-step guide below to learn how it works.
Whitelisting a Withdrawal Address
Crypto.com requires you to whitelist a withdrawal address each time you want to send cryptocurrency to a new address. Here’s how to whitelist your wallet address on the Crypto.com App:
Step 1: Open the Crypto.com App on your phone and find the "Accounts" section.
Step 2: Tap on your cryptocurrency wallet to open it.
Step 3: Press the "TRANSFER" button, then select "Withdraw," and then, choose "External Wallet."
Step 4: To add a new wallet address, click the "+ Add Wallet Address" button. If adding another address, click the "+" in the top right corner, then tap on "Wallet Address" for the option to appear.
Step 5: Select the cryptocurrency you want to send and the network it uses.
Step 6: You need to enter, paste, or scan the address where you're sending the crypto. If scanning, tap the blue QR code icon.
Step 7: Enter a name for your wallet address for easy identification later and press CONTINUE.
Step 8: Enter the code sent to your phone for verification.
Step 9: If it's your first time or you're on a new device, you'll be asked to enter a 6-digit code from your authenticator app. Input the 2FA (Two-Factor Authentication) code.
Step 10: Repeat these steps whenever you need to save additional addresses to your whitelist of safe places to send your crypto.
Ensure there are no extra spaces before or after the address when you enter it. Also, delete any words that shouldn't be there. For example, if you scan a QR code, it might add "Ethereum:" before the address. Leaving this will result in an "Invalid address" error.
Withdrawing from the Crypto.com App to an External Wallet
After you have successfully whitelisted your wallet address, you can begin the withdrawal. Here’s a simple step-by-step guide on how to withdraw from Crypto.com to an external wallet:
Step 1: Open the Crypto.com App on your device and tap on "Accounts."
Step 2: Select the cryptocurrency wallet where your funds are stored.
Step 3: Press the "Transfer" button.
Step 4: Choose "Withdraw" from the given options.
Step 5: Tap on "External Wallet" to transfer your funds to a wallet outside Crypto.com.
Step 6: Find the wallet address you added (whitelisted) and select that wallet. This is where you want to send the funds.
Step 7: If prompted, enter your passcode or use biometrics (fingerprint or facial recognition) to confirm it's you.
Step 8: If you are using an untrusted device, you will need a one-time password. Open your authenticator app to get the 2FA code and enter it.
Step 9: Enter the amount you wish to withdraw and press "Withdraw."
Step 10: Wait for the process to complete.
Step 11: If you need to retrieve the Transaction ID (TxHash/TxID), open Transaction History on the Crypto.com App and find the transaction.
Step 12: You will see a page with detailed information about this transaction. Tap on the "Withdraw to" address hyperlink.
Step 13: You can copy the TxHash or view the transaction in a blockchain explorer.
After you confirm the withdrawal address, Crypto.com will send you an email notifying you that your withdrawal request has been received. Typically, withdrawal requests are processed within 2-3 hours. You will receive another message once Crypto.com has finished processing your request.
Crypto Withdrawal Fees
While learning how to get money from Crypto.com, it's important to understand the applicable fees. Crypto.com offers different fees for in-wallet withdrawals, depending on the currency you're transferring. For reference, here are the minimum withdrawals and fees for some of the most popular currencies:
| Currency | Minimum Withdrawal | Withdrawal Fee |
|---|---|---|
| Bitcoin (BTC) | 0.0012 | 0.0006 |
| Ethereum (ETH) | 0.00007 – 0.01 (varies by network) | 0.000035 – 0.005 |
| Solana (SOL) | 0.004 – 0.016 | 0.002 – 0.008 |
| USD Coin (USDC) | 0.36 – 32 | 0.18 – 16 |
| Ripple (XRP) | 0.6 – 1 | 0.3 – 0.5 |
Crypto.com will also apply a 50 USDC administration fee for each erroneously processed online withdrawal reversal.
Security Tips for Withdrawing from Crypto.com
Crypto.com implements several security measures to protect your funds. As mentioned in the step-by-step withdrawal guide, you will need to use 2FA when whitelisting new wallet addresses and initiating crypto withdrawals, especially on new and untrusted devices.
The platform also offers a feature called the 24-Hour Withdrawal Lock, which disables withdrawals to a newly whitelisted address for the first 24 hours. This gives you ample time to secure your Crypto.com account in case it is compromised.
When learning how to withdraw from Crypto.com or any other exchange, you must also be vigilant about scam warning signs. If you receive an email about something you didn't request, such as adding a new address or a withdrawal, you should quickly contact Crypto.com's customer support.
The fastest way is through the in-app chat feature, which you can find in the Menu under Customer Support. They can stop any crypto transfer activities if needed, attempt to cancel a withdrawal order, and help you change your password.
If you think someone else may have accessed your account, you should change the email you use to log in to Crypto.com. You can do this by clicking on your Profile and then tapping on the email address. Remember that you need to be able to access your current email to complete the change.
Comparing Withdrawal Methods and When to Use Each
When figuring out how to get money out of Crypto.com, you might wonder whether you should withdraw directly to your bank account or transfer your crypto to an external wallet. Each method has its own pros and cons:
Withdrawing to a Bank Account
If you ask how to withdraw from Crypto.com, this is probably the first method you think of. Here are three things to consider when choosing this option for your withdrawal:
- Safety and Stability: Fiat currency is stable, and withdrawing from Crypto.com to a bank is considered safer.
- Ease of Use: Transferring funds directly to your bank account is straightforward, especially if you plan to use the money for daily expenses.
- Time: However, withdrawing to a bank can take longer, often several business days, due to banking processes.
Simply put, this method is better if you need to use your money in the real world, like paying bills or shopping—at least until we can start paying for haircuts with Bitcoin.
Withdrawing to an External Wallet
Your other option is to transfer your funds from Crypto.com to an external wallet. While this isn't technically "withdrawing" your money, it's still an indirect way to get your assets off the platform and has its own benefits, including:
- Speed: Transferring crypto to an external wallet is usually faster than withdrawing fiat.
- Crypto Trading: Ideal for those who want to keep their funds in cryptocurrency for further investment or use on other platforms.
- Flexibility: You can send your crypto to any wallet worldwide, giving you a lot of flexibility.
This method suits those who prefer to stay within the cryptocurrency ecosystem, whether for trading or investing in other digital assets. It's like continuing your adventure in the digital treasure land and exploring new opportunities along the way! To manage these assets effectively, you might want to explore more strategies for secure storage and trading.
Exploring Crypto.com's Features
As you learn how to withdraw from Crypto.com, you might wonder if this is truly the best platform for all your crypto activities. How do these features compare to other popular solutions? Let's discuss some of its core features and see if they align with your needs.
Ease of Use
The cryptocurrency market has expanded rapidly, attracting many newcomers who need a user-friendly platform. The Crypto.com App meets this need with an intuitive user interface, making it easier for beginners to navigate. For instance, figuring out how to withdraw from Crypto.com is relatively straightforward, with clear guidance at every step.
Unfortunately, the Crypto.com App is only available on mobile devices, and as mentioned earlier, you can only withdraw fiat through the app. So, if you prefer to conduct all your crypto-related activities from a PC with a larger screen, platforms like Binance or Kraken might be better choices.
Supported Cryptocurrencies
Currently, Crypto.com supports around 320 cryptocurrencies. This is a decent number of options for most people, especially if you focus on popular coins like BTC or ETH. However, if you desire more variety, there are certainly other platforms with larger selections.
For example, Binance currently supports over 500 cryptocurrencies, offering you more opportunities to explore new projects and potential hidden gems.
Fees
I've mentioned withdrawal fees as we explored how to withdraw from Crypto.com earlier, and they are relatively low. But what about trading fees? Crypto.com also offers very competitive trading fees, ranging from 0% to 0.075% per trade.
So, if you're looking for an exchange that offers low fees, Crypto.com could be your answer. However, make sure you check the terms and conditions and the detailed prices and fees regularly. These fees can change, and you don't want to pay more than you expect.
Frequently Asked Questions
What is the minimum amount I can withdraw from Crypto.com?
The minimum withdrawal amount varies depending on the cryptocurrency. For example, the minimum Bitcoin (BTC) withdrawal is 0.0012 BTC, while for Ethereum (ETH), it can range from 0.00007 to 0.01 ETH based on the network. Always check the app for the most current minimums before initiating a transfer.
How long does a bank withdrawal from Crypto.com take?
Withdrawal times to your bank account depend on the currency and method. USD withdrawals via ACH typically take 1-5 business days. EUR withdrawals via SEPA and GBP via FPS usually complete within one business day. Delays can occur, so it's best to plan accordingly.
Why can't I withdraw my fiat currency from Crypto.com?
There are a few common reasons. You may not have completed the KYC verification process. Your connected bank account might not support the transfer method (e.g., ACH). Alternatively, you might be trying to withdraw to a bank account that hasn't been used for a prior deposit, which is required for some currencies like GBP.
Are there any limits on how much I can withdraw from Crypto.com?
Yes, Crypto.com imposes withdrawal limits, which can vary based on your account verification level and the currency. You can view your specific limits within the "Fiat Wallet" section of the app under the "Withdraw" menu for each currency.
Is it safer to withdraw to a bank or an external wallet?
Both methods are secure when proper precautions are taken. Withdrawing to a bank converts your crypto to stable fiat currency, protecting it from market volatility. Withdrawing to an external wallet keeps your assets in crypto, offering more control and flexibility for further crypto activities. The "safest" option depends on your immediate goal for the funds.
What should I do if my Crypto.com withdrawal is delayed or fails?
First, check the transaction status in your app's transaction history. If it's delayed beyond the expected timeframe, or if it fails, your best course of action is to contact Crypto.com's customer support directly through the in-app chat feature for immediate assistance.
Conclusion
Understanding how to withdraw from Crypto.com is essential knowledge if you use this popular platform. It allows you to use your cryptocurrency in the real world or invest it elsewhere.
The platform provides the option to withdraw to eight different fiat currencies or transfer your crypto to an external wallet. However, the entire process is tied to the Crypto.com App, limiting your device options to mobile phones, which can be inconvenient for some.
Therefore, if you're looking for a more flexible platform alternative to Crypto.com, exchanges like Binance, Kraken, and Bybit might be better choices. Most of them offer more versatile ways to withdraw, more cryptocurrency options, and competitive fees.
I hope this article has helped you better understand how to withdraw from Crypto.com. Remember always to practice safe and informed withdrawal methods for your cryptocurrency to protect your investment and ensure smooth transactions.