The Simplest Method: Withdrawing Money from Crypto.com to Your Bank Account (2022)
How to Transfer Crypto to Your Bank Account on the Crypto.com App
In today’s digital age, cryptocurrencies have gained significant popularity as a form of investment and digital currency. As more people venture into the world of crypto, it becomes essential to understand how to transfer your crypto assets to your bank account. In this article, we will guide you through the process of transferring your crypto to your bank account using the Crypto.com application.
Setting Up Your Fiat Wallet
The first step in transferring your crypto to your bank account is setting up your fiat wallet. Open the Crypto.com app and navigate to your account section. Here, you will see the amount of crypto you hold, such as ethereum or bitcoin. To transfer your crypto, you need to convert it to your native currency.
Tap on the fiat wallet option and set up the new currency. If you live in Canada, like the example in this article, you would select the Canadian dollar. If you live in the US, you would choose USD. The process of setting up your fiat wallet may take a couple of weeks for approval. You will receive an email notification once it is approved.
Converting Your Crypto to Fiat Currency
Once your fiat wallet is approved, you can proceed to convert your crypto to your native currency. Select the crypto you want to convert, such as Ethereum, and click on the transfer option. Make sure you are in the fiat wallet section, not the crypto wallet section.
Click on the option to sell your crypto, and select the fiat wallet as the destination. You can choose to convert the entire amount or a specific portion. Confirm the transaction and enter your passcode for the Crypto.com app. Your crypto will be converted to fiat currency, and your fiat wallet balance will reflect the converted amount.
Withdrawing Your Fiat Currency to Your Bank Account
To transfer your fiat currency to your bank account, click on the fiat wallet and select the transfer option. Choose the withdraw option and select your currency, such as the Canadian dollar. Note that there may be a minimum withdrawal amount, which is $100 for Canada and $100 for the US.
Follow the instructions provided, including providing your email address and creating a security question. After completing the withdrawal process, you will need to wait for a few days for the approval and verification of the transaction. Once approved, you can transfer the funds from your Crypto.com account to your bank account via a transfer or other available options.
Frequently Asked Questions (FAQs)
1. How long does it take to set up a fiat wallet on Crypto.com?
The process of setting up a fiat wallet on Crypto.com can take a couple of weeks for approval. However, the waiting time may vary depending on the volume of requests and other factors. It is advisable to check your email regularly for updates on the approval status.
2. Is there a minimum withdrawal amount for transferring fiat currency to a bank account?
Yes, there is a minimum withdrawal amount for transferring fiat currency to a bank account. In Canada and the US, the minimum withdrawal amount is $100. The minimum withdrawal amount may vary for different countries, so it is essential to check the specific requirements for your country.
3. Can I convert only a portion of my crypto assets to fiat currency?
Yes, you have the option to convert only a portion of your crypto assets to fiat currency. When selling your crypto, you can choose the amount you want to convert. It is not necessary to convert the entire balance in your crypto wallet.
4. How long does it take for the withdrawal to be processed and transferred to my bank account?
After completing the withdrawal process, you will need to wait for a few days for the approval and verification of the transaction. The exact time may vary depending on various factors, including the processing time of the Crypto.com platform and the banking system. It is advisable to monitor your email for updates on the status of the withdrawal.
In conclusion, transferring your crypto assets to your bank account using the Crypto.com application is a straightforward process. By following the steps outlined in this article, you can convert your crypto to fiat currency and withdraw it to your bank account. Remember to check the specific requirements for your country and be patient during the approval and withdrawal process.
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