A Beginner's Guide on How to Withdraw Money from Crypto.com

Crypto.com is a Singapore-based crypto exchange with around 80 million active users worldwide. With this level of popularity, there is a high chance that you are considering using this platform or already using it but don’t know how to withdraw money from Crypto.com.

After all, it is such an important question when we talk about leveraging profits from crypto investment. Unfortunately, crypto isn't widely accepted yet in most cases and we are still heavily relying on fiat. That’s why I’m going to show you how to cash out Crypto.com funds to your fiat bank accounts or external crypto wallets.

We will also look closer at the platform’s features and see if they hold up compared to other alternatives like Binance, Kraken, and Bybit. On that note, let’s begin with the initial preparation.

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Preparation Before Withdrawing

Understanding how to withdraw money from Crypto.com includes knowing about completing the KYC (Know Your Customer) verification process. This usually means you need to provide some personal information, like your ID photo, your name, and your address. KYC is important because it helps prevent illegal activities like money laundering. It's a way to make sure everyone using Crypto.com is who they say they are.

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It is also worth noting that, unlike other popular platforms like Binance, Kraken, and Bybit, you can’t withdraw fiat directly from the Crypto.com exchange. Instead, you will have to send your funds to the Crypto.com app, create a fiat wallet, and withdraw your money from there.

The process of creating a fiat wallet on the Crypto.com app can differ slightly depending on your preferred currency. But, here is the general step-by-step guide to creating one:

Step 1: From the home screen, tap the menu button and select "Fiat Wallet".

Step 2: Select “+ Set Up New Currency”.

Step 3: Set up the wallet based on your preferred fiat currency.

Step 4: Follow the next instructions to connect your bank account to the Fiat wallet. From here on out, the process will differ depending on what currency you picked. For example, if you chose TRY, you’d have to access your bank account via the online banking web portal or mobile application during this process.

Step 5: After you connect your bank account with the app, finish the process by transferring funds to your wallet.

In most cases, there will be no fee related to your deposit. However, your bank might apply a processing fee. Make sure you understand all the related fees while learning how to withdraw money from Crypto.com to avoid any confusion and unpredictable deductions.

How to Withdraw Money from Crypto.com to Your Bank Account

Crypto.com currently supports withdrawal to the following fiat wallets: AUD, CAD, EUR, GBP, USD, BRL, TRY, and SGD. If your preferred currency is not available, consider trying other platforms like Binance, which currently supports 11 fiats.

The process of how to withdraw money from Crypto.com for these currencies is generally the same. But here are four examples and some important notes you need to know when learning how to cash out Crypto.com funds:

Selling Your Crypto for Fiat

The first step you need to know on how to cash out Crypto.com funds is to sell your crypto for fiat. The process is fairly simple and applicable to all fiat currencies supported by the platform. To do this, follow this step-by-step guide:

Step 1: Open the Crypto.com app.

Step 2: Tap on "Accounts".

Step 3: Choose the crypto you want to sell.

Step 4: Select "Sell Crypto".

Step 5: Choose the "Cash" option. Enter how much you want to convert. If you click on the amount field, the app will show the most you can sell.

Step 6: Once you're done, tap the "Sell" button.

Step 7: A confirmation window will pop up for 15 seconds, showing how much fiat money you'll get for your cryptocurrency. Make sure to look at this window to see the current value.

After you successfully sell your crypto, the money will show up in the fiat wallet you chose, and you'll be ready to withdraw it.

USD Withdrawal via ACH

Here is how to withdraw money from Crypto.com and transfer it to your US bank account on the ACH network:

Step 1: Open the "Fiat Wallet" from the menu button or the “Accounts” menu. Then press "Transfer" > "Withdraw" > "USD".

Step 2: Click on your USD balance and choose to Withdraw USD.

Step 3: Press "Add Bank Account", pick your bank, and sign in with your online banking details. After your bank account is added, you can use it to withdraw money.

Step 4: Check the details of your USD withdrawal and press “Confirm” to start the process.

Step 5: You can see the status of your withdrawal request change as it gets processed.

Your app can connect up to five bank accounts on the ACH network at a time. However, make sure you don’t connect the same bank account more than once to avoid errors. If somehow you can’t add your bank account to the app, there are two possible reasons:

• Crypto.com does not allow money withdrawals to bank accounts linked to a New York address due to regulatory reasons.
• Your bank account does not support ACH transfers.

Crypto.com withdrawal to bank accounts via ACH is currently free of charge.

EUR Withdrawal via SEPA

Follow this step-by-step guide on how to withdraw money from Crypto.com to your bank account in the SEPA transfer network:

Step 1: Open the "Fiat Wallet" from the menu button or the “Accounts” menu. Press "Transfer" > "Withdraw" > "EUR".

Step 2: Click on your EUR balance and choose "Withdraw EUR".

Step 3: Look through the steps and limits for withdrawal, then press "Withdraw Now".

Step 4: Type in how much money you want to take out and pick the bank account to send it to.

Step 5: Check and confirm your request to take out money.

Step 6: Wait for Crypto.com to review it. They will let you know when the money has been sent.

To find out which cryptocurrencies you can sell for EUR, open the Crypto.com App, click on "Trade", and then click "Sell". If you can enter the amount you want to withdraw but can't submit it, you probably have hit your daily or monthly withdrawal limit. Crypto.com withdrawal to bank accounts via SEPA will include a EUR 1.00 fee per withdrawal.

GBP Withdrawal via Faster Payment Service (FPS)

If you live in the UK, you might want to cash out your crypto to GBP. Here is a guide on how to withdraw money from Crypto.com to your bank account using Faster Payment Service:

Step 1: Open the Crypto.com App, select "Accounts", open the fiat Wallet, and press  “Transfer” > “Withdraw” > ”GBP”.

Step 2: Choose your GBP balance and press “Withdraw GBP”.

Step 3: Look over how to submit and the limits for taking out money, then press “Withdraw Now”.

Step 4: Enter how much money you want to withdraw and choose the bank account you're sending the money to.

Step 5: Check and confirm your request to withdraw money.

Due to regulatory reasons, you need to first deposit GBP into the Crypto.com App through FPS successfully before you can take GBP out and send it back to the same bank account. Crypto.com withdrawal to bank accounts via FPS will include a £1.90 fee per withdrawal.

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BRL Wallet Withdrawal

Crypto.com also supports Brazilian Real (BRL). Here is how to withdraw money from Crypto.com to your BRL bank account:

Step 1: Open the Crypto.com App and either go to the Accounts page or press the Menu Button.

Step 2: Tap on "Fiat Wallet" then “Transfer” > “Withdraw” > “BRL”.

Step 3: Choose your BRL balance and press “Withdraw BRL”.

Step 4: Read through how to submit and the withdrawal limits, then tap “Withdraw Now”.

Step 5: Type in how much you want to withdraw and pick the bank account you're sending the money to.

Step 6: Double-check and approve your request to withdraw money.

Remember that you need to deposit BRL into the Crypto.com App first before withdrawing BRL to the same bank account.

Crypto.com will let you know when your withdrawal is done. Usually, it takes one business day for the money to show up in your bank account. But sometimes, because of technical issues, it might take longer. If that happens, please get in touch with customer support.

To make sure you can successfully withdraw your money, please check that your bank accepts the transfer method you want to use. You can take money out of your bank account using the same transfer method you used to put money into your fiat wallet.

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How to Withdraw Cryptocurrency from Crypto.com App to an External Wallet

Another option you have to withdraw funds from Crypto.com is by transferring assets to an external wallet. Why would you want to do this instead of cashing it out directly? Well, there are many possible reasons. Maybe you want to switch to a better exchange, or maybe the fiat currency you prefer is not supported by Crypto.com.

Nonetheless, this is still a valid method to withdraw your assets from Crypto.com. Take a look at the step-by-step guides below to learn more about how it works.

Whitelisting a Withdrawal Address

Crypto.com requires you to do withdrawal address whitelisting every time you want to send crypto to a new address. Here is how you 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 Crypto Wallet to open it.

Step 3: Press the "TRANSFER" button, then choose “Withdraw”, and after that, select “External Wallet.”

Step 4: To add a new wallet address, click on the "+ Add Wallet Address" button. If you're adding another one, click the "+" at the top right corner, then tap "Wallet Address" to make the option appear.

Step 5: Pick the type of cryptocurrency you want to send away and the network it uses.

Step 6: You need to type in, paste, or scan the address where you're sending the crypto. If you're scanning, tap the blue QR code icon.

Step 7: Name your wallet address for easy identification later and press CONTINUE.

Step 8: Type in the code that's sent to your phone for verification.

Step 9: If it's the first time or a new device, you'll be asked for a 6-digit code from your authenticator app. Enter the 2FA (two-factor authentication) code from your authenticator app. 

Step 10: Do these steps again whenever you need to save more addresses to your whitelist of safe places to send your crypto.

Make sure that there are no extra spaces before or after the address when you enter it. Also, take away any words that should not be there. For example, if you scan a QR code, it might add "Ethereum:" in front of the address. If you leave it like that, you will see an error that says "Invalid Address".

Withdrawing from Crypto.com App to an External Wallet

Once you successfully whitelist your wallet address, you can start making a withdrawal. Here's a simple step-by-step guide on how to withdraw money from Crypto.com to an external wallet:

Step 1: Open the Crypto.com App on your device and tap on "Accounts."

Step 2: Select your Crypto Wallet where your money is stored.

Step 3: Press the "Transfer" button.

Step 4: Choose "Withdraw" from the options given.

Step 5: Tap "External wallet" to move your money to another wallet outside of Crypto.com.

Step 6: Find the address of the wallet you've already added (whitelisted) and select it. This is where you want to send your money.

Step 7: If asked, type in your passcode or use your biometrics (fingerprints or face recognition) to confirm it's you.

Step 8: If you are using an untrusted device, you'll need to enter a one-time password. Open your authenticator app to get the 2FA code and enter it.

Step 9: Type in how much money you want to take out and press "Withdraw."

Step 10 Wait until the process is completed.

Step 11: In case you want to get the transaction ID (TxHash/TxID), open Transaction History on your Crypto.com app and locate the transaction.

Step 12: You’ll see a page with details about this transaction. Tap on the ‘Withdraw to’ address hyperlink.

Step 13: You can either copy the TxHash or view the transaction in a Blockchain Explorer.

After you confirm your withdrawal address, Crypto.com will send you an email to let you know your withdrawal request has been received. Normally, the withdrawal request will be processed within 2-3 hours. You will get another message once Crypto.com has finished processing your request.

Crypto Withdrawal Fees

While you learn how to get money from Crypto.com, it is important to understand the fees that will apply. Crypto.com offers different fees for wallet withdrawal, depending on what coin you want to transfer. But for reference, here are the minimum withdrawal and fees for some of the most popular coins:

Table: withdrawal fees and minimum limit in Crypto.com

Crypto.com will also apply a 50 USDC administration fee to every reverse of an erroneous on-chain withdrawal.

Security Tips When Withdrawing Money From Crypto.com

Crypto.com implements some security measures to safeguard your funds. As I mentioned in the step-by-step guide, you will need to use 2FA when whitelisting new wallet addresses and initiating crypto withdrawals, especially on a new and untrusted device.

The platform also offers a feature called the 24-hour Withdrawal Lock that will disable withdrawals to a newly whitelisted address for the first 24 hours. This will give you plenty of time to secure your Crypto.com account in case it is being compromised.

As you learn how to withdraw money from Crypto.com or any other exchanges, you also need to watch out for warning signs of scams. If you get an email about something you didn't ask for, like adding a new address or taking money out, you should quickly contact Crypto.com’s customer support.

The fastest way is through the chat feature in the Crypto.com app, which you can find in the Menu under Customer Support. They can stop any crypto moves if needed, try to cancel the withdrawal, and help you change your password.

If you think someone else might have gotten into your account, it might be a good idea to change the email you use to log in to Crypto.com. You can do this by clicking on your Profile and then tapping your email address. Remember, you'll need to be able to get into your current email to finish changing it.

Comparing Withdrawal Methods and When to Use Each

When looking into how to withdraw money from Crypto.com, you might wonder if you should withdraw your funds directly to your bank account or transfer your crypto to an external wallet instead. Each method has its benefits and drawbacks:

Withdrawing to a Bank Account

If you asked how to withdraw money from Crypto.com, then this is most likely the first method that comes to mind. Here are three things to consider when choosing this option to withdraw your funds:

• Safety and stability: Fiat currency is stable and withdrawing to a bank account is seen as more secure.
• Ease of use: Directly transferring to your bank account is straightforward, especially if you plan to use the money for everyday expenses.
• Time: However, withdrawals to bank accounts can take longer, usually a few business days, due to banking processes.

To put it simply, this method is better if you need to use your funds in the real world, like paying bills or shopping. Well, at least up until the time comes when we can start paying for our haircuts with Bitcoin.

Withdrawing to an External Wallet

Your other option is to transfer your coins from Crypto.com to external wallets. While this is not exactly “cashing out” your funds, it is still an indirect way of withdrawing money from the platform and has its own benefits, including:

• Speed: Transferring cryptocurrencies to an external wallet is usually faster than fiat withdrawals.
• Crypto transactions: Ideal for those who want to keep their funds in crypto for further investment or to 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 crypto ecosystem, whether for trading or investing in other digital assets. It's like keeping your adventure in the digital treasure land going and discovering new opportunities along the way!

Exploring Crypto.com’s Features

As you learn how to withdraw money from Crypto.com, you might wonder if this is truly the best platform for all of your crypto-related activities. How does it compare to other popular solutions? Let’s discuss some of its core features and see if they fit your needs.

Ease of Use

The crypto market has expanded rapidly, attracting many newcomers who need a user-friendly platform. I think it is safe to say that the Crypto.com App caters to this with its intuitive user interface, making it easier for beginners to navigate. For example, figuring out how to withdraw money from Crypto.com is fairly easy, with clear instructions at every step. 

Unfortunately, the Crypto.com App is only available on mobile, and as I mentioned earlier in the article, you can only withdraw to fiat via the app. So, if you prefer to do all your crypto-related activities from your PC with a larger display, platforms like Binance or Kraken can be a better choice.

Supported Cryptocurrencies

Currently, Crypto.com supports around 320 cryptocurrencies. This is a decent amount of options for most people, especially if you only focus on popular coins like BTC or ETH. However, if you are interested in having more options, there are certainly better platforms.

For example, Binance currently supports more than 500 cryptocurrencies, giving you more chances to discover new projects and potential hidden gems. 

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

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Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Fees

I mentioned the withdrawal fees when we learned about how to get money out of Crypto.com earlier, and they are relatively low. But how about the trading fees? Crypto.com also offers very competitive trading fees that range from 0% – 0.0750% per trade.

So, if you are looking for an exchange that offers low fees, Crypto.com can be your answer. However, make sure you check the terms and conditions as well as the detailed price and fees regularly. These fees might change and you don’t want to end up paying more than you expected.

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Conclusion

Understanding how to withdraw money from Crypto.com is essential knowledge to have if you use this popular platform. This lets you use your crypto in the real world or invest it somewhere else.

The platform offers the option to withdraw funds to eight different fiat currencies or transfer your crypto to external wallets. However, the process is all tied up to the Crypto.com app that limits your device option to only mobile phones, which can be an inconvenience for some people.

So, if you are looking for a more flexible platform as an alternative to Crypto.com, exchanges like Binance, Kraken, and Bybit can be a better option. Most of them provide more flexible ways to withdraw money, more crypto options, and competitive fees.

I hope this article has helped you understand how to withdraw money from Crypto.com better. Don’t forget to always practice safe and informed withdrawal methods for your cryptocurrency to protect your investments and ensure smooth transactions.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.