Withdrawing cryptocurrency is the process of transferring your digital assets from your exchange account to an external wallet or another platform. This guide provides a clear, step-by-step overview of how to complete a withdrawal securely and efficiently.
Prerequisites for Withdrawal
Before initiating a withdrawal, please ensure you have completed the following mandatory security steps:
- Identity Verification: Complete the platform's required Know Your Customer (KYC) checks.
- Mobile Binding: Link and verify your mobile phone number for two-factor authentication.
- Funds Password: Set up a dedicated transaction password for authorizing withdrawals.
Failing to complete these steps will prevent you from withdrawing your assets. Additionally, for security reasons, withdrawals are typically suspended for 24 hours after any changes to your security settings, such as resetting your login password.
Step-by-Step Withdrawal Guide
The withdrawal process is similar whether you use the web platform or the mobile app.
On the Web Platform
- Navigate to Assets: Log in to your account and click on the "Assets" tab, usually located at the top of the page.
- Initiate Withdrawal: On the Assets page, you will see a list of your holdings. Click the "Withdraw" button next to the specific cryptocurrency you wish to transfer.
- Select Account (If Applicable): If you have multiple account types (e.g., funding, trading), ensure you have selected the correct one from the dropdown menu before proceeding.
Enter Withdrawal Details: You will be taken to a withdrawal form. For a currency like USDT, you must carefully:
- Choose Transfer Network: Select the blockchain network (e.g., ERC-20, TRC-20, BEP-20). This must match the network supported by your destination wallet.
- Enter Withdrawal Address: Paste the correct public address of your external wallet. Double-check this address for accuracy.
- Input Amount: Enter the amount you wish to withdraw. It must be equal to or greater than the minimum withdrawal threshold for that asset.
Confirm and Authenticate: Click "Submit" or "Initiate Withdrawal." A security verification pop-up will appear. You will need to provide:
- Your Funds Password.
- A verification code sent to your email or mobile phone.
- The code from your Google Authenticator app (if enabled).
- For pre-approved whitelisted addresses, only your funds password may be required.
- Finalize: Review all details one last time and click "Confirm" to finalize the transaction.
On the Mobile App
- Open the app and log in.
- Tap on "Assets" on the homepage.
- Tap on "Withdraw."
- Select the cryptocurrency you want to withdraw.
- Follow the same detailed process as on the web: choose the network, enter the address and amount, and complete all security verification steps.
Critical Withdrawal Considerations
To avoid permanent loss of funds, pay close attention to these crucial points:
- Network and Address Accuracy: The most important step is ensuring the transfer network (e.g., Ethereum, Solana, BSC) perfectly matches the requirements of your destination wallet address. Sending assets on the wrong network will likely result in their irreversible loss.
- Minimum Withdrawal Amount: Each cryptocurrency has a minimum withdrawal amount. Your transaction will fail if you attempt to withdraw less than this stipulated amount.
- Network Fees: All blockchain transactions incur a network fee (gas fee), which is paid to miners or validators. This fee varies depending on the cryptocurrency and current network congestion. The fee is deducted from the withdrawn amount. 👉 Check current network fees
Frequently Asked Questions
What is a transfer network, and why is it so important?
A transfer network is the specific blockchain protocol used to process the transaction, like ERC-20 for Ethereum or TRC-20 for Tron. You must select the network that your receiving wallet supports. If the networks do not match, your funds will be sent to a void and cannot be recovered.
Why was my withdrawal transaction delayed?
Delays can occur due to high congestion on the chosen blockchain network, which slows down processing times. Additionally, the exchange may have processing queues for security reviews. Always check the transaction ID (TXID) on a blockchain explorer to see its real-time status.
What is an address whitelist, and should I use it?
Address whitelisting is a security feature that allows you to pre-approve and save external wallet addresses. Once an address is whitelisted, withdrawals to it often require fewer security confirmations. It is a highly recommended practice as it adds a layer of protection against hackers attempting to change withdrawal addresses.
Why am I being charged a fee to withdraw my own crypto?
The withdrawal fee covers the cost of the blockchain network fee (gas) required to process and confirm your transaction on the distributed ledger. These fees are not set by the exchange but by the network itself and can fluctuate with demand.
What should I do if I sent crypto to the wrong address?
Unfortunately, transactions on a blockchain are immutable and cannot be reversed. If you send funds to an incorrect or incompatible address, it is very unlikely they can be retrieved. This highlights the absolute necessity of verifying all address details before confirming a withdrawal.
How long does a withdrawal usually take?
After the exchange processes your request, the speed depends entirely on the blockchain network. Some networks are near-instantaneous, while others like Bitcoin or Ethereum during busy periods can take from several minutes to over an hour to confirm.