One thing is for sure, we do not live in a peaceful world. It moves and changes every minute, and possibilities appear and grow constantly. As you invest more time in crypto trading, you may realize this will become the predominant economic environment. This means it is so important to know how to withdraw your cryptocurrency to your bank.
Cryptocurrencies have come to make us better connected to the rest of the world in economic terms. They also have the adaptability required to keep up with the fast pace of modern invention.
In this process, liquidity improves in all markets as cryptocurrencies become more widely used. This can sound strange to you, but it wasn’t always a given that you could sell your crypto easily.
Now it has become the norm and a basic requirement for users. As more financial products and options add to the richness of online platforms, we will see more ways to handle funds.
This time we will go over how to withdraw from crypto.com to your bank account. A much-needed option that can sometimes be accompanied by obscure policies and fees in other exchanges. By the end of this guide, you will know how to make a successful Crypto.com withdrawal to bank accounts. Let’s get started!
What is Crypto.com?
Crypto.com is a big cryptocurrency exchange that allows you to do all sorts of operations. It has gone far beyond the classic p2p, offering many other services, and most recently, Non-Fungible Tokens.
This platform has been online for over 5 years, accumulating more than 10,000,000 users. While the name suggests you have to work from the website, many users work from its well-done mobile app.
With a catchy name and a great feature variety, Crypto.com became one of the most popular exchanges available. It competes with all the biggest players in the crypto game and employs over 2,600 people.
Covering 90 countries, geographic coverage will probably not be an issue when working with this exchange. If that is not enough to prove how legit Crypto.com is, you should know it supports over 100 coins.
All of this would mean nothing without an active market, which Crypto.com surely has. To add up, it has all the advanced features you need and more. It also shows a level of security that is up to the challenge.
What Features Does Crypto.com Support?
Buying and selling crypto on Crypto.com is fast and easy, having a well-thought interface and a very active market. Additionally, it does not charge transaction fees, meaning you can transfer money from your account and buy crypto cheaply. However, it can do much more than that.
Crypto Pay is one of the most useful features you’ll find in exchange. It lets you send and receive cryptocurrencies, similarly to how you use your Paypal or Venmo if you have them. This is the type of feature that is bringing cryptocurrencies to the forefront from their humble obscure beginnings. Adding a lot to your assets’ practical, real-life uses, this is a great option to have.
Once you get the hang of crypto trading, you may want to use credits to leverage your earnings. For that purpose, Crypto.com will lend you up to 50% of the collateral you need to have on the platform. This is a simple way to borrow and does not require credit checks.
Crypto Earn is another popular option you will find on this platform. This lets you choose from over 30 cryptocurrencies and stablecoins to deposit and earn interest. These deposits can have fixed durations of 1 month or 3 months, or be flexible to recover funds when needed.
Crypto.com also offers a selection of credit cards that you can use to pay with crypto. All of these offer rewards in crypto for your expenses. Many users were waiting for this time when credit cards can be seamlessly integrated with cryptocurrencies.
Is Crypto.com Secure?
When it comes to security, Cypto.com takes it seriously. It is rated Tier 4 Adaptive, possibly the best certification in cybersecurity risk management.
Cold storage is mandatory for crypto exchanges wanting to keep assets secure. As such, this platform keeps all the user funds in cold storage. Keeping assets offline and secure is key in preventing damage by attackers if the platform is compromised. In this case, assets are also protected by a $750,000,000 cold storage insurance.
Your fiat currency can also be vulnerable on online platforms. For that reason, Crypto.com holds USD balances from U.S. residents in regulated custodian bank accounts. You also insured and owned these accounts, so Crypto.com cannot claim those funds.
As we often mention, Multi-factor Authentication is important to protect individual accounts. On Crypto.com, you can use email, phone, biometric data, or an authenticator app to make transactions. This is very important, as it covers several ways in which unauthorized users could steal from your account.
You have to whitelist all external addresses you may send money to make withdrawals. This adds a protection layer against unwanted accidents and thefts.
What Are the Differences Between Cryptocurrencies and Fiat Currencies?
Money can take many shapes and forms and be defined differently. It is often defined as any object generally accepted as payment for goods and services and repayment of debt.
Today, both cryptocurrencies and fiat currencies can fit this definition more than ever. For this reason, it can be easy to miss the difference between them. Let’s define their most important characteristics.
Understanding how fiat and crypto work and their differences will help you choose the better option when choosing between multiple platforms. This is because converting crypto into fiat, and vice versa, is not an easy task for platforms to perform. Sure, to you, it might be as easy as pressing a button, but there is so much more to it.
What Is Fiat Money?
Have you ever stopped to think about what those pieces of paper you take with you to buy stuff? What about those dollars that you have in your checking account or exchanges like Crypto.com? The answer is very simple. You are right about calling it money, but perhaps you did not know it is actually “Fiat” money.
The term “fiat” comes from Latin and means “so be it” or “let it be done.” The value of fiat money is established by decree, and it is not backed by any metal, like gold or silver. Therefore, its value is fiduciary, which is worth nothing as it derives the value assigned by consensus.
Fiduciary comes from the Latin ‘fidare’, which means’ trust’ when translated. Nowadays, most civilizations rely on fiat money as a medium of exchange, whether it be digital or paper money.
Some clear examples of fiat currencies are U.S. Dollar (USD), Japanese Yen (JPY), Euro (EUR), and Pound Sterling (GBP).
In short, fiat money is legal tender that derives value not from being a physical good or merchandise. It has to be issued and backed by a government, depending on trust… Which many crypto critics choose to ignore when talking about crypto not having inherent monetary value.
What Are Cryptocurrencies?
Cryptocurrencies are digital currencies based on decentralized networks. They are obtained through different means that assure a slow creation of new currency units. Nobody can emit more of this money, which would cause the currency to lose value.
For example, cryptocurrencies are much more susceptible to some external factors. The effects of the news and large movements of funds can be huge on the value of these assets. However, that does not assure price stability, especially in coins with lower market caps.
Cryptocurrencies are often obtained by exchanging them for money with another user. This is done in cryptocurrency exchanges like Crypto.com. You can go back and forth from crypto to fiat and vice versa and withdraw funds depending on the exchange.
How Do You Withdraw Cryptocurrencies From Crypto.com?
To withdraw digital assets from Crypto.com, you must first have a USD fiat wallet. If you already do, skip ahead to the next section on exchanging fiat for crypto. Otherwise, don’t worry as it is a straightforward process, and we’ll guide you through it. It will be ready for you in no time.
If you have a fiat wallet, you can sell your crypto to get fiat money. Then you can initiate a USD withdrawal request to move those funds into your bank account. Follow along to see how simple it is to make a Crypto.com withdrawal to the bank.
What Is a Fiat Wallet?
While cryptocurrencies are great, most of us still handle a large part of our business with fiat money. This means usually you will need to use fiat funds to buy cryptocurrencies. For that reason, all exchanges accept fiat funds to be deposited in user accounts. In the case of Crypto.com, these funds go to a section called Fiat Wallet.
The term wallet is often used in crypto terminology to refer to a device, physical medium, or program.
Wallets serve different functions, the most important being storing keys needed for transactions. These digital wallets normally store crypto assets and hold fiat money. This is done through a digital representation of physical fiat currencies deposited.
We’ll learn about this asset storage method and its most important aspects in the following sections. This time we will focus on Crypto.com’s Fiat Wallet. Let’s see how to use it and what limitations it presents.
How Do You Set up a Crypto.com Fiat Wallet?
USD fiat wallets are only available for U.S. users who meet the following requirements:
- Have a Social Security Number
- Have a U.S. residential address
- Have a bank account in the U.S.
- Have a U.S. phone number
Setting up your wallet is simple. You have to follow the simple interface through the detailed steps below. After that, you have to wait for Crypto.com to review and approve the application.
You will be asked for your Social Security Number (SSN) and your U.S. residential address during the process. Keep in mind, most office boxes are not allowed as valid addresses. Once you have that information handy, just do these simple actions:
- Log into your Crypto.com account
- Visit “Accounts” on the bar at the bottom of the screen
- Tap on “Fiat Wallet”
- Tap on “+ Set Up New Currency”
- Find “U.S. Dollars”
- Read the terms and conditions
- Check the “Agree” box if you do
- Enter your Social Security Number and residential address
How Do You Sell Crypto to Get Fiat Money?
Once you have decided to exchange your cryptocurrency for fiat money, you create a sell operation. This is very easy! Let’s see what it entails:
- Open the Crypto.com app
- Select “Trade”
- Then select “Sell”
- Tap the cryptocurrency you’d like to convert to fiat
- Enter the ‘Fiat Wallet’ option
- Now you will be asked for the amount you want to convert. Once you tap on the field, you will be able to see the maximum you can sell
- A confirmation window will show you the current value of those assets in fiat money. This offer is available for 15 seconds each time you select it. It represents how much fiat money you will get in this conversion
Once you confirm, your funds should be converted in little time. Just wait for that and move on with the next section to withdraw your fiat funds.
How Do You Withdraw Your Fiat Funds From Crypto.com?
Only a few more actions await you to extract your fiat money from the Crypto.com fiat wallet. On the app’s main page, you have to select “Transfer” and then the “Withdraw” option within the popup. Tap on the “Fiat” button and then on your USD balance.
If you don’t have a bank account linked, you will select “Add Bank Account”. Then you will be given the option to log in with your bank credentials.
If you linked a bank account already, move on by checking if the information on your screen is right and tap “Confirm”.
This process will take around 3 to 5 business days, and after an internal review, the transfer will be done. An internal review is part of this process, that’s the reason behind the waiting time.
That’s all you need! Your crypto.com withdrawal to the bank is made!
What Other Considerations Should You Have for Withdrawals?
You will be charged no fees when withdrawing U.S. dollars from your Crypto.com fiat wallet. This is good to know, as some other exchanges charge fees for this type of operation.
You can connect up to 5 U.S. bank accounts. That should be plenty for most users’ needs. You should know Crypto.com suggests not trying to connect the same bank account more than one time.
If you can’t add your account, it’s probably because there are a few exceptions. First, due to some regulations, you can not withdraw to a bank account linked to an address in NY. And lastly, some banks do not support ACH transfers. There isn’t much to do about it in these cases but to add a different bank account.
Conclusion on Crypto.com Withdrawals
Having read this article, you should be confident about how to withdraw from Crypto.com to your bank account. While it can take a few days to wait for approval, you probably spent just a few minutes with the app.
It will be a straightforward, quick process in most cases, and you won’t see anything we haven’t covered here. If you happen to have issues during your Crypto.com withdrawal to the bank, you can contact support.
The customer support offered by Crypto.com is limited, but you should give it a try if you’re struggling. Your first resource is the help center, a diverse site with hundreds of articles. If that does not suffice, you can always try the chat. Keep in mind it is automated, and you might not get an actual human on the other side.
Credit Cards2 years ago
What is Credit Utilization And How Can You Use It To Improve Your Credit Score?
Crypto1 year ago
What Is Cryptocurrency? The Ultimate Crypto Learning Resource
Credit Cards2 years ago
How Credit Score Works
Crypto1 year ago
How To Buy VeChain (VET) – A Quick Step By Step Guide