The popularity of cryptocurrency is at an all-time high, so it is no surprise that more and more people are beginning to invest and get started in the world of cryptocurrency.
One particularly useful platform for all things cryptocurrency is Crypto.com, a cryptocurrency exchange app that was only created five years ago but has already got around 10 million active users worldwide.
But how do you go about using Crypto.com, and how do you withdraw your cryptocurrency as real-life money once you have put it into the website?
We are going to be taking a deep dive into Crypto.com to find out how to go about withdrawing your money, as well as looking at the website in general, including the impact it has had in the world of cryptocurrency. Let’s get started.
What Is Crypto.com?
Cryptocurrency.com is a relatively new cryptocurrency exchange platform with a strong focus on simplicity and security, two elements that tend to be something that people worry about when they are considering investing.
The platform offers its users its very own digital currency called COTIs (Cryptocurrencies Offers Token Incentives) that can be used as a reward mechanism.
It is similar to some other existing cryptocurrencies like Bitcoin or Ethereum, but it was designed specifically for use within the world cryptocurrency.
What Impact Has Crypto.com Had?
It’s fair to say that Crypto.com has been one of the most successful blockchains startups in recent times. They were founded by CEO Kris Marszalek in 2016 and since then have raised over $1 billion in venture capital funding, mainly due to their partnership with Goldman Sachs.
They have access to some of the best financial institutions in the country, which allows them to provide the highest levels of security and reliability to their customers.
Furthermore, they also offer a variety of different payment methods, including credit cards, debit cards, and bank transfers. All of these can help you deposit funds into your account so that you can begin trading.
Another advantage of the website is the fact that it lets you buy both fiat currencies such as US dollars and pounds sterling as well as cryptocurrencies, such as Bitcoin.
However, if you wish to exchange cryptocurrencies against each other, you will need to open multiple accounts on the platform.
You can choose between Bitcoin (BTC), Ethereum (ETH), and Etherium (ETC) pairs, meaning that you don’t need to close your account to switch between buying and selling.
One of the best things about the platform is that it is highly accessible, as it has an app that is available for both iOS and Android devices.
With this feature, you can check your balance and make online payments anywhere you go. You can even send free transactions to friends or family members via text message.
How Do You Use Crypto.com?
You will first need to download the Crypto.com mobile app onto your smartphone by searching for “crypto” in the Google Play Store or Apple App Store. Open the app and log in using your email address and password.
If you haven’t created an account before, it might take a few minutes to do so. Once you’ve logged in successfully, you can search for coins available on exchanges or choose one of the predefined coins.
After selecting a coin, click the ‘Buy’ button next to it. This will bring up an alphabetical list of all the exchanges that sell the coin.
Select an exchange that best suits your requirements, and make sure that you enter the right amount of fiat currency. After you’ve completed this step, click “Continue”.
You will then be asked to confirm the transaction. To confirm the transfer, click on “Confirm.” Your wallet should now display that the funds have been transferred, and you would have just bought yourself some cryptocurrency!
You can see the total cost of your purchase by clicking on the “Order Summary” tab. This will show you the total amount of cryptocurrency that you’ve purchased, along with any fees charged for the purchase.
How Do You Withdraw Your Cryptocurrency?
To withdraw your cryptocurrency from an exchange, you’ll first need to create a request for a withdrawal. To do this, go to the “Withdrawals Request” tab located in the top right corner of your screen. You will now be given a number of options, such as:
- Deposit Address – When you pick this option, you’ll be able to specify where you want the funds deposited. This can be a useful feature if you want to keep your funds private from others.
- Cash Out – With this option, you will be able to send any remaining balance from your wallet straight into your chosen bank account.
- Exchange – Here, you can select whether you want to send your funds to another exchange. You can also choose to simply hold them in your wallet until they are withdrawn.
Once you’ve selected your options, click on the green “Submit” button. You will receive a confirmation message stating that your request has successfully been submitted.
Once your request has been submitted, Crypto.com notify you when it has been processed. You can also check your request’s status at any time by clicking the “Status” tab.
What Real World Currencies Can I Withdraw From Crypto.com?
Currently, only US dollars, British pounds, euros, Japanese yen, and the Renminbi (Chinese Yuan) can be withdrawn using the service.
However, the company has plans to add more currencies in the future. You can withdraw up to $10 per day from your account. However, the maximum withdrawal limit is $50,000 per calendar month.
Is There Any Fee Associated With Withdrawing My Funds On Crypto.com?
You don’t pay any fees when you withdraw your funds. However, there is an additional charge levied for each transaction, which is based on the transaction size. Depending on which type of currency you’re trying to withdraw, the exact charges may vary.
How Long Does It Take To Receive My Withdrawn Funds?
Withdrawing your funds from your account takes between 2 and 5 days. However, there may sometimes be delays during peak periods when demand for services is high. For example, during Christmas and New Year holidays, traffic on the network can be significantly congested.
How To Stay Safe When Withdrawing Money From Crypto.com
Crypto.com offers an optional two-factor authentication (also known as 2FA) feature as part of its strong security measures.
You will need to provide a code received via SMS in order to log into your account. It is especially important to do so if you plan to transfer large amounts of funds through the platform.
You should also always avoid sharing your private information such as phone numbers and emails.
What Are My Options For Depositing Fiat Currency?
Crypto.com allows users to deposit various fiat currencies into their accounts using several methods. The most common way to do this is through credit cards, such as Visa and MasterCard. To do this, you can simply visit the ‘Deposits’ section of the site and follow the instructions.
Alternatively, you can use one of Crypto.com’s partner banks that offer free direct deposits. They include:
- Standard Chartered Bank
- HSBC Bank USA
- PNC Bank
- Bank of America
- Santander UK
- USAA
There are other ways that you can deposit too, such as:
- PayPal
- Neteller
- Bitcoin ATM
- Skrill (Moneybookers)
How Can I Make Payments Using My Wallet?
If you want to pay someone else with your wallet on Crypto.com, you can do so relatively easily. Just go to the ‘Send’ tab and select the ‘Recipient’ option. Enter the recipient’s email address, their public key, and then hit send. It’s as simple as that!
Can I Use My Wallet Offline?
Yes, you can simply and easily use your wallet offline. However, if you do want to access the blockchain, you will need to ensure that your device is online.
Is There Any Way To Transfer Funds Between Wallets?
Yes, you can transfer funds between wallets on Crypto.com with relative ease. You just need to go to the “Wallet” tab and click on the “Send” icon.
All you need to do then is choose the wallet that you wish to send the money to and enter the details required. When you’re done, click on the green checkmark button to confirm the transaction
How Do I Add A Bank Account To Crypto.com?
To add a bank account to your Crypto.com wallet, there are two ways to go about it. First, you can link your existing bank accounts directly to your wallet.
With this feature, all transactions will be automatically added to your wallet. You can do this by logging into your bank account and navigating to the page where you’ve linked your wallet. Click on the “Add New Account” button and follow the prompts to create an account.
You can alternatively create an entirely new bank or credit card account. To do this, the first step you need to take is to log into your bank account.
Click on the “Account” tab at the top right-hand corner of the screen. Scroll down until you reach the “Create a New Account” option.
Follow the prompts and within a few minutes, you should receive a confirmation message that your account has been successfully created.
On the Crypto.com homepage, click on the “plus” symbol in the upper left-hand corner. You will now see an option to “Add a New Bank Account”.
Follow the prompts, and you’ll soon be able to connect the new bank account to your Wallet.
Final Thoughts
Withdrawing money from Crypto.com is easy. We recommend that you withdraw only the amount that you feel comfortable losing.
We also recommend that when withdrawing, you withdraw small amounts at once and make sure that you keep your private keys safe as if you lose them, you could end up losing access to your account and your entire balance.
As long as you utilize all the security measures that are in place, you will be withdrawing money from Crypto.com in no time.
