How to Withdraw Money from Crypto.com – Explained May 16, 2023
Key Points Crypto.com was launched in 2016 and has garnered more than 80 million crypto trading audiences worldwide. The platform offers an ultra-security lock and a 24-hour withdrawal lock on automated payments. The customers can not directly transfer funds back to the bank account. Crypto.com does not support NY bank addresses. For withdrawals, the trader’s bank account must be connected to the ACH network. The crypto trading application is available for desktop as well as mobile devices. Customers can make transactions in more than 20 currencies. The minimum withdrawal limit of the platform is 100 USD.
Want to invest in cryptocurrencies? Crypto.com is the ultimate platform for you to start your crypto investment journey. It deals in more than 250
types of cryptocurrencies. Moreover, it offers a hassle-free withdrawal process. Just open the app, link a bank account, and hit withdraw. Isn’t it easy? But there’s more to how to withdraw money from crypto.com to the bank account process, which we are about to find out in this blog. About Crypto.com
Crypto.com is the world’s leading cryptocurrency exchange platform. Trusted by more than 80 million users worldwide, the crypto trading platform deals with 250+ cryptocurrencies. Since its inception in 2016, the platform is accessible in around 80 countries and permits 20+ currency transactions.
Talking about the interface, it can seem to be a bit intimidating at first for beginners; that is when you can consider
purchasing bitcoins on PayPal. However, for a full-fledged crypto investing experience, you have to work on crypto.com to get familiar with its sought-after features and functionalities. Moreover, the platform also provides digital wallets to store the purchased cryptos. And it can also work with crypto tax software for your tax reporting.
Please note that the website charges fees for creating ad trading crypto, which is comparatively lower than other crypto trading portals. We ourselves use the platform for our investments, and so far we haven’t experienced any major problems, in fact, we love the features and the ultra-security layers provided by the platform.
So now that you are aware of the platform, let’s move ahead to discuss how to withdraw crypto.com to your bank account.
How to Withdraw Money from Crypto.com?
On having tried multiple times, users ask “How to withdraw money from crypto.com to bank account?”. Well, it is important to note that this process is not that straightforward, as the crypto.com platform does not permit transferring funds directly to the bank account. Nevertheless, you can transfer money from crypto.com to bank account by selling the cryptos on the platform. Follow the simplified methods which we have listed below:
Step 1: Sell Your Crypto on Crypto.com
This is how to cash out crypto on crypto.com:
Login to your account and go to the Account section. Select Fiat Wallet. Now, tap on Sell Crypto. Tap on the asset you want to cash out. Select cash and enter the amount you want to convert. Review the details in the confirmation window and tap on Confirm. Verify your identity, and you will be notified once the order is completed. Note: Crypto.com will deduct the fees from the total selling amount. Step 2: Submit Withdrawal Request on Crypto.com
Before proceeding with the withdrawal request, ensure that your fiat wallet and bank account are already registered on the platform. If it isn’t, refer to the next section and then follow Step 2.
This is how to transfer money from crypto.com to bank account:
Click on Transfers on the homepage. Tap the Withdraw tab and select Fiat. Here, in the balance section, click on Withdraw USD. Tap on Add bank account and select your bank name from the drop-down menu. Fill in the amount you want to transfer, review your order carefully and verify for identity to proceed. Your request will be updated.
The funds will be transferred within 3-5 business days, and you will be notified via email once the process is completed. So, these are the steps of how to withdraw crypto.com to bank account. As you are acquainted with the fact that your account must be linked to ACH direct deposit and a bank account to withdraw money from crypto.com. We have explained the entire process in the next two sections.
How to Set up ACH Direct Deposit?
Crypto.com works with ACH transfers to automate payment transactions. To set up ACH direct deposit, follow the below-mentioned steps:
Go to the Accounts section of crypto.com. Click on Fiat Wallet, then US Dollars. Tap on Set up in the ACH transfer section. Go through the instructions and terms and conditions. Tick the box to agree with the terms and conditions and click on Next. Read the guidelines and instructions carefully to set up an ACH transfer.
Once you are done with these steps, go through the next section to add your bank account.
How to Add Bank Account to Crypto.com?
This is how you can add bank account to crypto.com:
Launch the platform and go to the transfer section. Choose your bank name and log in with your online banking credentials. After adding the bank name, you will become eligible to receive the funds.
Here are a few points you should be aware of while adding a new bank account.
Crypto.com allows the user to add up to 5 bank accounts. Your bank account must be compatible with the ACH network. The platform does not accept NY bank accounts.
So these are the things that you need to set up before proceeding to the steps of how to transfer money from crypto.com to bank account. Moving on, let’s find out how to cash out cryptocurrencies on crypto.com.
Fast Fact: Crypto.com deals with 250+ cryptocurrencies with 20+ fiat currencies using bank transfers and debit/credit transfers. How to Cash Out Crypto.Com Cryptocurrency?
There are two ways to cash out cryptocurrency from crypto.com; one is to transfer to the crypto.com app, and the other is to send money to any external wallet. So, if you want to withdraw your cryptocurrency from crypto.com, make sure your account is verified to a starter level or higher. Here’s how to cash out
crypto.com cryptocurrency to an external wallet: Login to your crypto.com account and go to the wallet section. Here, tap on Spot Wallet and select the crypto you want to sell. Select Withdraw to an external wallet from the withdrawal pop-up. Note: To withdraw crypto to an external wallet, you first need to add a whitelisted withdrawal address. Tap on Add Withdrawal address and select your external wallet address from the drop-down menu. Enter the amount you want to withdraw and review your order carefully. Fill in the verification code to authorize the transaction. Lastly, click confirm the withdrawal.
Please note that the amount processing can take up to 2 hours and the amount received will be the remaining after the deduction of the crypto.com fees. Also, the platform warns customers to stay away from any kind of
Bitcoin bonus scams. How to Cash Out on Crypto.com with Automated Payment?
The deposits made on crypto.com are held in cold storage to secure the user’s money. When any user requests for withdrawal, the amount is then moved to your wallet and then to the transferring address. Although this process is automated, you need to enable the automated withdrawal for the process to function.
This is how to transfer crypto.com to bank account with an automated withdrawal:
Click on Transfer >> Withdrawal >> Crypto >> External wallet >> Select withdrawal address >> Withdraw >> Enter amount >> Confirm Withdrawal
Make sure to enable the 2-Factor authentication to safeguard the automated withdrawals and add a 24-hour withdrawal lock after adding a new withdrawal address to enable the Account Protection program.
To enable 24-hour withdrawal lock:
Go to the Settings section of your account. Navigate to the Security tab and tap on the 24-hour withdrawal lock. Toggle the 24-hour withdrawal lock button and that’s it, your account will run the Account Protection Program.
If in case, your account withdrawal functions are disturbed, you can disable the withdrawal lock temporarily to fix the problem.
To disable the 24-hour withdrawal lock:
Go to Settings >> Security >> 24-hour withdrawal lock >> Toggle off >> Click I want to disable >> Verify account >> Confirm
Once you have completed the steps of how to transfer crypto.com to bank account, you can locate the transaction ID on the crypto trading platform.
Fast Fact: On 27 April 2023, crypto.com in collaboration with Samsung announced to develop optimized cryptocurrency app for the Galaxy Z Fold users. How to Locate The Transaction ID?
When your order is completed with how to withdraw from crypto.com to bank method, the platform sends a receipt in the form of a transaction ID (TxHash/TxID).
To locate order transaction ID:
Tap on the transaction in the Crypto wallet. Click on withdraw to address. You can copy and view the transaction in the blockchain explorer.
We are sure you are well acquainted with the “how to withdraw from crypto.com to bank” method up until now. But what if you face issues to withdraw money from crypto.com? Let’s talk more about this in the next section. But before moving ahead, we want to highlight the fact that we have witnessed many Trust Wallet users complaining about the “
BNB unavailable on Trust Wallet” issue and switching to Crypto.com because of its next-level security and availability of more than 200 cryptos. Why Can’t I Withdraw Money from Crypto.com?
As we already mentioned, we personally use Crypto.com for our cryptocurrency investments. When doing our transactions, we found out that we weren’t able to withdraw some money. Upon doing our research, it was discovered many other users have experienced the same issue. So why does this happen on the crypto.com, and how to fix it? Let’s look at the reasons.
Your bank does not support ACH transfers. Your bank account is linked to a NY address. Crypto.com can not send money to traditional bank accounts directly. You have entered incorrect bank details. Your account has a 24-hour withdrawal lock. Your account is not compatible with the external wallet.
There might be some reasons behind the “can’t withdraw money from crypto.com” issue. Make sure to correct these reasons and add the accepted bank and external wallet for the “crypto.com withdrawal to bank” process.
The crypto.com platform does not support fiat withdrawals currently, therefore you can not get access to your money instantly. For instant money, you need to sell crypto and the money received on selling goes straight to the fiat wallet which can then be moved to the bank account.
Crypto.Com Withdrawal to Bank – Warning
In case you receive any email regarding crypto.com withdrawal to bank from your account, kindly contact the customer helpdesk immediately.
To connect to customer support:
Open the application>> Settings>> Chat>> Contact support
The team will guide you to disable the withdraw money from the crypto.com request and will help you take the necessary steps to safeguard your account. Also, make sure to change your account passcode and biometric ID to add an extra security layer.
Frequently Asked Questions Ans: Crypto.com withdrawal to the bank takes 3-5 business days. The customer is notified once the transaction is completed. Ans: The fees vary depending on the amount and the region. Ans: The platform provides instant transfers with no transfer fees to move your digital cash to a crypto exchange wallet. Transferring the crypto to the external bank or wallet can take anywhere between 2–3 hours, and the fees depend on the platform transferring the amount. Sources: