You may have invested in Bitcoin, Ethereum or other cryptocurrencies and even made money from these investments. Now the question is: how to convert your crypto to fiat and withdraw it from Crypto.com?
This is a common question, especially since most people have never used a crypto exchange before and wonder if it is possible to withdraw money. If you want to withdraw your money to a bank account, you will need to work on the Crypto.com app. This guide will walk you through the process to do it safely.
What is Crypto.com?
Crypto.com is a cryptocurrency exchange platform that allows users to trade over 250 cryptocurrencies using over 20 fiat currencies. It is also easily accessible in more than 80 countries at present.
Crypto.com is also a great choice for more experienced traders. Although not the most complicated crypto exchange platform, it can still be a bit intimidating, especially at first, because of its website. Apart from its digital wallet and high-level security, Crypto.com is also known to be a more affordable option than other major crypto exchanges.
Can you withdraw Fiat money from Crypto.com?
Yes, you can withdraw your money from Crypto.com to a bank account, but the process can be tricky. Crypto.com does not currently support fiat withdrawals, so the only way to access your fiat money is to sell your cryptos on the platform.
Before you can withdraw your money to your bank account, you must first sell your cryptos so that you can store the converted fiat currency in your USD fiat wallet. You can then transfer your USD funds from the fiat wallet to your US bank account. Although Crypto.com has no fees for these transfers, your bank may charge you, so check with them first before withdrawing.
Also read: How to Transfer Crypto from Binance to PayPal: Step by Step
How to withdraw money from Crypto.com to a bank account
Here are seven easy steps to withdraw money from Crypto.com to a bank account:
Step 1: Log in to your Crypto.com account
When initiating withdrawals like this, it is best to use the app rather than the website. The app is much simpler and more user-friendly, making it easier for users to find what they are looking for.
Download and open the Crypto.com app on your device, then enter your login credentials to access your account. In the app, access your crypto wallet by tapping on the logo in the bottom navigation bar.
After pressing the logo, a menu will appear. Here you will see several options, including “Crypto Wallet”, “Fiat Wallet”, “Track”, and more.
Step 2: Set up your Fiat Wallet
Only a few simple steps are required to set up a fiat wallet. First, in the bottom navigation bar, navigate to “Accounts”, then tap on “Fiat Wallet”. After that, tap on “+ Set up new currency”.
What you are going to do is convert your cryptocurrency into the currency of your home country. So if you live in the United States, you just need to convert it to USD.
Note, however, that to successfully set up your fiat wallet, you will need to provide additional information, such as your social security number and residential address. PO Boxes are not permitted.
After reading the instructions and terms and conditions, simply press “Next”, then fill in your home address and social security number. Once done, you will have to wait a few days or weeks for Crypto.com to approve your request. Then they will send the confirmation to the email address associated with your Crypto.com app.
Note: Your social security number is only required when setting up your USD fiat wallet. Submitting this information will not trigger a credit check and will not be required for every transaction.
Step 3: Sell your crypto
After creating your fiat wallet, you can now exchange your cryptocurrency for your preferred currency. Simply click on “Fiat Wallet” and then choose “Sell Crypto”. Next, select the cryptocurrency you want to convert to fiat, then click “Cash”.
Make sure to select the fiat wallet section instead of the crypto wallet. Then you can enter the amount you want to convert in the Fiat Wallet window.
You are not required to convert all of your crypto funds, but you will need to convert a certain minimum amount to be transferred to your bank account. The minimum withdrawal amount on Crypto.com is $100 for each request.
A confirmation window will display the current value of your crypto in fiat currency for approximately 15 seconds. Pay close attention to this window, which shows the amount of fiat currency you will receive in exchange for the crypto. After confirmation, simply enter your password for your Crypto.com app.
Step 4: Start a USD withdrawal request
Once you’re done with everything, just go back to the app’s home page and select “Transfer”. Next, click “Remove” and then select “Fiat”.
Tap your USD balance and “Withdraw USD”. Select “Add Bank Account” or simply choose your preferred bank if it has already been linked to your Crypto.com account.
Step 5: Add your bank account
If you haven’t set up your bank account yet, you can link it by selecting your preferred bank and logging in with your online banking credentials. The bank account will be accessible for withdrawal once it has been successfully added.
Crypto.com will authenticate your bank account once you finish linking it to the app. You will also now be able to withdraw money quickly.
Once verified, Crypto.com will whitelist your bank account. It is best to use a crypto-friendly bank to avoid any problems with these transactions.
Step 6: Complete the withdrawal request
After setting up your bank account, the confirmation screen will appear. First, review all USD withdrawal information, then tap “Confirm” to proceed with the transfer. After that, the app will update the status of the withdrawal request.
Step 7: Wait for your money
The money will arrive in your bank account in three to five days. You will also receive a message once the money has been deposited into your account.
While exchanging cryptocurrency for fiat currency is fairly simple, transferring fiat currency to your bank account may require a few extra steps. However, the process can still be quite simple if you follow the steps correctly.
If you still need help, feel free to contact Crypto.com Support. Simply open the Crypto.com app, select the chat icon, then type your message. Usually you will receive a response from Crypto.com within a day.
How long does it take for my money to arrive in my bank account?
It can take three to five business days for the funds to appear in your bank account, especially if this is your first money transfer from your app. Don’t worry, because Crypto.com will always notify you via email and push notifications after their internal review.
Does Crypto.com charge fees for withdrawing money to a bank account?
No, Crypto.com currently has no fees for processing USD withdrawals from the Crypto.com App to your bank account.
What crypto can I sell for USD in the Crypto.com app?
You can exchange any cryptocurrency accessible for trading in the United States for USD. You can use this article as a reference for the full list of cryptocurrencies you can sell, but you can also refer to the trading menu in the app.
Why can’t I link my bank account?
If you cannot add your bank account to Crypto.com, it may be due to regulatory restrictions. Currently, Crypto.com is unable to process withdrawals to a bank account associated with a New York address.
If your bank account is not linked to a New York address, it may not allow ACH transfers. You can try adding another bank account if you encounter this problem.
Why is my withdrawal suspended?
One of the most likely causes of your transfer being suspended is that your bank account name doesn’t completely match your name on Crypto.com records.
Other typical reasons include transferring funds from a joint account or using a third-party payment processor such as PayPal or Wise rather than a bank. Your transfer may also be blocked if it is tied to a bank in the non-ACH network or an unsupported institution such as a crypto exchange.
Source of images
Image selected via Unsplash.