How to Withdraw from Crypto.com

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How to Withdraw Money from Crypto.com? A Step-by-Step Guide

Last Update: 2022-02-18

Crypto.com is creating new hype in the market with its impressive features. Being a one-stop-shop solution, the platform is gaining a huge audience worldwide. However, traders have many queries like how to withdraw from Crypto.com to the bank.

How to Withdraw Money from Crypto.com to Bank? A Step-by-Step Guide

Crypto.com is creating new hype in the market with its impressive features. As a one-stop-shop solution, the platform is gaining a huge audience worldwide. However, traders have many queries like how to withdraw from Crypto.com. 

To answer all your questions regarding deposits and withdrawals, keep reading this article till the end. You will be left with no question after going through this comprehensive guide.  

What is Crypto.com?

Crypto.com is a dependable and safe crypto trading platform. More than 90 cryptocurrencies and 60 fiat currencies are available to investors in over 80 countries. An essential factor in the popularity of Crypto.com is its viability for more experienced traders. 

You may be intimidated at first by the website, and even it's not a tough nut to crack. However, high-level security and a digital wallet are included in the package. As a result, it is well-known as a low-cost alternative to other cryptocurrency exchange platforms.

Investors can buy and sell many cryptocurrencies on Crypto.com without any hassle. In addition to ACH withdrawal, wire transfer, and credit card transactions, they have the option to retain their money in their account.

At the same time, Crypto.com sells various products, including crypto pay at checkout and Visa cards. However, unlike other well-known cryptocurrency exchanges, Crypto.com does not serve as an educational tool for its customers. Rather than supplying educational materials, it uses the customer's existing knowledge to provide its services.

The Federal Deposit Insurance Corporation (FDIC) insures Crypto.com against USD amounts, loss, and damage, and it employs two-factor authentication to keep users' information safe. At Crypto.com, the company's cold storage facilities will keep all of the company's currencies offline and air-gapped.

How to Withdraw Money from Crypto.com to Bank?

A step-by-step guide is necessary to withdraw money from Crypto.com if you are a beginner trader. Here you go:

  1. Open a Crypto.com app or website on your PC.
  2. Don't forget to add your favorite bank to your account if you haven't already! On the other hand, the transfer option may be used if you've already got a bank account linked to your PayPal account. Information about your crypto account balance may be found here.
  3. "Deposit" and "Withdraw" options would appear next to each other in a pop-up window at the bottom of your screen.
  4. "Withdraw" should be your selected option.
  5. You'll be presented with two options: "Crypto" and "Fiat." The choice is yours.
  6. The best option is to choose "Fiat" and then "Withdraw Fiat to your bank account."
  7. From the drop-down menu, choose the currency of your preference.
  8. Once you've selected your suitable currency and entered the amount of money you wish to withdraw, you may move to the next step.
  9. Once you've input the amount you'd want to withdraw, the option to "Withdraw" will appear.
  10. The amount of money you've withdrawn will be shown on a confirmation screen when you select the "Withdraw" button. The entire amount you could withdraw is also shown, along with any possible fees, processing time, and the recipient.

The amount of money you may remove each month is capped, so keep this in mind before starting the withdrawal process. It is possible to withdraw $50,000 per month. A withdrawal of less than $100 is also not authorized. You will be warned if you try to do so.

How to Withdraw Crypto from Crypto.com?

To be able to withdraw your cryptocurrency from Crypto.com, you must be a member of the Starter or above level. In order to withdraw, you must need to perform the following steps:

  1. Register for a Crypto.com/exchange account to begin trading.
  2. Select "Balance" as soon as you've signed into your account. You can find this option at the top right-hand corner of the screen. 
  3. Click "Withdraw" on the coin you want to withdraw.
  4. We assume you've connected the Crypto.com app to your exchange account; therefore, you have two choices for withdrawal: an external wallet address or withdrawal via the Crypto.com application.
  5. You must first establish a withdrawal address before withdrawing money to an external account. To begin, double-check that you've selected the proper currency. To withdraw CRO, you'll be able to see the correct addresses since they'll be shown. If you've gotten a code from Google, put it on a label for that location. Make a note of the address at the end.
  6. Decide on a withdrawal address and confirm the amount you wish to take out by selecting it from the drop-down option.
  7. Select "Review Withdrawal" from the drop-down option when you are ready.
  8. Make a last check of all of your data. Be aware that any costs you may have to pay for withdrawing money will be deducted from the total amount you get.
  9. Using the drop-down option, choose "Confirm Withdrawal." The process may take 1-2 hours to complete the withdrawal request.

How Does Crypto.com Works?

Crypto.com, formerly known as Monaco Technologies, was founded to speed up the adoption of cryptocurrencies throughout the world. You may use Crypto.com on both a desktop computer and a mobile phone or tablet. However, to begin trading cryptocurrencies, you'll need to sign up for a DeFi wallet or open an account with an exchange first.

Multiple crypto-assets can be bought and sold for a low price on this platform. When you trade cryptocurrencies on the exchange, you'll pay a small maker/taker fee that will be taken from your earnings. To trade cryptocurrencies with other users, the DeFi wallet offers a decentralized cryptocurrency exchange. 

If you choose this option, you will have full control over your keys, and you may pay a higher fee in order to expedite the switch procedure. To receive interest and benefits, you must stake CRO for at least six months on one of the Crypto.com platforms (the app or the exchange).

In making cryptocurrencies more accessible, Crypto.com has been a success. Traditional banking institutions provide more protection, but this is not the case here. If you invest a considerable amount of CRO, you may be able to profit from both interest and potential increases in the currency's value. However, if the country's currency devalues, you might lose your whole savings.

What are Crypto.com Visa Cards?

The Crypto.com Visa Debit Card, initially known as the MCO card, is one of their most popular features. All Fiat currency deposits are free of charge, and there are no annual fees for doing so. In addition, depending on the card you use, you may be eligible for complimentary Spotify, Amazon Prime, or Netflix subscriptions. Cashback rates range from 1% to 8%.

The Obsidian is the highest-priced card, while the midnight blue is the cheapest. There are five cards in all. CRO tokens must be staked to get a higher rate of return and other perks, like free Netflix. For example, while using their Ruby Steel card, you received 2 percent cashback in CRO on all purchases and a free Spotify membership valued at $12.99 per month.

You should upgrade your Ruby Steel credit card because of the high points and reward options. It costs less than 6 cents for each CRO unit when you initially obtain your card and stake it. You can also upgrade to the Frosted Rose due to the price rising to 80 cents over that amount. In other words, you'll receive 5% back from purchases, 5% back from Spotify, Netflix, and Amazon Prime, and 10% off of Expedia.

What is Fiat Wallet on Crypto.com?

Crypto.com provides its users with a Fiat wallet to receive money in several currencies, such as US dollars, the British pound, and the euro. So, in addition to cryptocurrencies, your Crypto.com App will be able to take payments through ACH. The Fiat wallet can be connected with a local bank account using your information. As a result, you will be allowed to purchase cryptocurrency using your country's native currency. 

How to Setup Fiat Wallet on Crypto.com?

  1. Go to the Crypto.com mobile app and get started.
  2. At the bottom of the page, choose 'Accounts' from the drop-down option.
  3. Take a look at the drop-down menu and choose 'Fiat Wallet' from it.
  4. Simply click on the 'Set Up New Currency' option.
  5. You may be able to open several Fiat Wallet accounts depending on where you live. The US dollar, the pound sterling, and the euro are the three most often used.
  6. After selecting EUR, follow any on-screen instructions that appear.

Finally, you will see the EUR Wallet (or USD and GPB wallets) set up with the currency balance indicated if the above steps have been performed successfully.

How to Deposit Funds on Crypto.com?

Before trading on the platform and being able to withdraw, it is compulsory to deposit funds first. If you are new on Crypto.com, you will have to fund your account with fiat currency. Here is the step-by-step guide to doing that:

  1. After opening the Crypto.com app on your phone, go to the app's home page.
  2. Select 'Transfer' in the next step.
  3. To deposit money, choose 'Deposit' from the drop-down menu.
  4. To deposit fiat to your bank account, click on "fiat" under "deposit to your bank account." A few seconds may pass before the software officially updates your wallet and displays the option for you to utilize it, depending on how recently you set up your fiat wallet.
  5. The drop-down option allows you to choose a fiat wallet.
  6. You'll find a list of all of the many ways you may deposit money into your fiat wallet on this page, including ACH and wire transfer. Click on the one you want to choose.
  7. After signing up for a Crypto.com account, a screen would appear that has all of the information you'll need to send funds (in this example, USD). The "send all account information to my email" option at the bottom of the page allows you to access all of your account information.

Follow the steps and instructions given to finish the transfer.

Fees Structure of Crypto.com

Fees on Crypto.com are relatively low and vary according to the condition. Let's have a deep look at the fees structure.  

Deposit and Withdrawal Fees

Depositing money with Crypto.com does not incur any costs. However, depending on the sort of the cryptocurrency you use, you may have to pay a few charges when you withdraw your digital assets. A Bitcoin withdrawal would cost 0.0004 BTC, which is exceptionally inexpensive compared to the rest of the market. Here is the breakdown of some other charges according to different currencies: 

TRANSACTION FEE
ACH transfer Free (minimum $20)
Wire transfer Free (minimum $5,000)
Debit/credit card crypto purchases 2.99% (waived for first 30 days on Crypto.com app)
Purchase crypto with money you've deposited Free
Send crypto to other Crypto.com App users Free
Exchange crypto to crypto Free
Crypto deposit fees Free
Crypto withdrawal fees Depends on the currency. (For example, it costs 0.0004 BTC to withdraw Bitcoin and 100 CRO to withdraw Crypto.com Coin.)

Maker/Taker Fees

It is the goal of Crypto.com to grow its business. Because of the high number of trades, the Crypto.org coin needs to be widely accepted. If the following requirements are satisfied, they'll give you a lower rate than usual:

  • Regardless of whether you are a market creator or a market taker
  • How much are you willing to exchange?
  • What percentage of CRO have you staked?

Suppose that you want a product or service that isn't instantly available for trade. You'll pay a lower "maker" fee since you're helping to increase the available inventory. But, as a result, you will be charged a higher "taker" price if your trade is completed promptly.

For instance, this month, you have staked more than 5,000 CRO (about $800) and only transacted a total of $250,000 in cryptocurrency. On your trade, you'd save 10% in fees thanks to the maker fee of 0.090% and the taker fee of 0.4440% that were applied to your transaction.

30 DAY TRADING VOLUME (USD) MAKER TAKER
$0 - $250,000 0.10% 0.10%
$250,001 - $1,000,000 0.09% 0.15%
$1,000,001 - $20,000,000 0.08% 0.14%
$20,000,001 - $100,000,000 0.07% 0.13%
$100,000,001 - $200,000,000 0.06% 0.12%
$200,000,001 and above 0.04% 0.10%

Staking Discount

STAKE DISCOUNT
≥ 5,000 CRO 10%
≥ 10,000 CRO 20%
≥ 50,000 CRO 40%
≥ 100,000 CRO 60%
≥ 500,000 CRO 70%
≥ 1,000,000 CRO 80%
≥ 5,000,000 CRO 90%
≥ 50,000,000 CRO 100%

How to Protect Your Funds Against Hacker?

A crypto holder might adopt a variety of measures in order to make it more difficult for criminals to access their assets. To name just a few, here are some examples:

  • Choosing Secure Exchange

Inquire about the security measures used by well-known cryptocurrency platforms. Keeping the majority of your money in "cold storage," as the term implies, is highly advised. Third-party insurance and security audits show that the organization is serious about security.

  • Ultimate User Side Protection

Anti-phishing, whitelisting of IP addresses, and two-factor authentication (2FA) are all readily accessible on the largest crypto exchanges. Activating as many as possible may be less convenient, but it is well worth the effort if it keeps your money safe.

  • Using Cold Wallets

Keep your assets in the safest location possible by using an external hardware wallet. Control over your assets and the ability to keep them offline will make it more difficult for criminals to get their hands on your money and tokens. However, it is your responsibility to keep track of both your password and the seed phrase. 

FAQs

What are the minimum and maximum OTC trading limits on Crypto.com?

For OTC trading, you can start from $50,000 and goes up to $1,000,000 for one time. 

What is Fiat Deposit Time on Crypto.com?

Normally, the funds take 1-2 business days to transfer from bank to fiat wallet on Crypto.com. However, if you are using ACH, then wait for 3-5 days to get funds on the crypto wallet

How secure is Crypto.com?

The platform ensures the best practices for securing your digital assets. The major takeaways from the platform regarding security are using cold wallets and FDIC insurance. 

Conclusion

Keep in mind that you may not be able to add your bank account in certain countries or states. Bank accounts linked to a New York address, for example, are not allowed to be added. In addition, bank accounts that do not allow ACH transfers are unsuitable for inclusion. In Singapore, you can only withdraw money from StraitsX if you have an account in the country. If you need additional help, you may reach out to the Crypto.com customer service team.

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