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How to withdraw cryptocurrency from crypto exchange?

Withdrawing cryptos from one exchange to another
Withdrawing cryptocurrencies from a crypto exchange is quite straightforward process, but there are a few things you should keep in mind.
You can withdraw cryptos from every exchange, including these:

Withdrawing cryptocurrency

What is a crypto withdrawal?

A cryptowithdrawal is the action that you use to move your cryptocurrency from one crypto exchange or crypto wallet to another crypto exchange or crypto wallet.

For example, let's say you have previously bought Polkadot (DOT) on your Binance account. But now you want to move it to Luno Wallet for one reason or another.

This is crypto withdrawal.

Note that crypto withdrawals are not reversible.

How much time do crypto withdrawals take?

Withdrawal times vary based on the cryptocurrency. But in most cases crypto withdrawal shouldn't take more than couple of hours.

But depending on the crypto, it can also be pretty much instant or take just a few minutes.

Crypto withdrawal minimums

Each and every crypto exchange or crypto platform has set their own minimum withdrawal amounts for each and every crypto you can trade there.

And the minimum withdrawal amounts can vary.

See the comparison of minimum crypto withdrawal amounts for some cryptos below:

BTCETHUSDTBNBADASOLXRPDOTDOGESHIBXLMLTCTRX
Binance0.0010.01100.012100.02301.51002400110400.0022
Bittrex0.00090.0291150-3-31.515-0.150.033.6
Coinbase0.00010.00113-11.12221.0311e-1820.001-
Gate.io0.0110.111500.1052110.153262.11170508700001.010.1181.1
Kraken0.00050.0055-50.02251.0550746000250.012
Kucoin0.00080.0110.0120.02255402000000100.0012

Crypto withdrawal fees

Besides minimum withdrawal amounts there are also different crypto withdrawal fees for each crypto on each exchange.

See the comparison of crypto withdrawal fees for some cryptos below:

BTCETHUSDTBNBADASOLXRPDOTDOGESHIBXLMLTCTRX
Binance0.00050.006251-10.010.250.1512000500.020.0011
Bittrex0.00030.009750-1-10.55-0.050.011.2
CoinbaseFlexFlexFlexFlexFlexFlexFlexFlexFlexFlexFlexFlexFlex
Gate.io0.0010.0069400.00521.90.0523.20.112011000000.010.0181
Kraken0.000020.00352.5-10.010.020.0543730000.0010.0021
Kucoin0.00050.00610.0110.010.250.1208000000.020.0011

Step by step: how to make a crypto withdrawal

Exchanges, wallets, and platforms are different, so the exact steps you need to take depend on the specific platform.

But the basics are generally the same.

In order to withdraw cryptos from one platform to another, it's helpful if you have them both open.

In the crypto wallet/exchange/platform where you want to make the deposit to:

  • Find your wallet address for the crypto you want to deposit.
  • You will find it under Deposit -> Crypto and then searching for the right crypto and pressing deposit button
  • Now choose the network (this network needs to be the same as the network you choose in the exchange your're withdrawing from)
  • You'll see the address your deposit needs to be sent to
  • Copy that address

Now, open the platform you want to withdraw crypto from and:

  • Click on the Wallet/Holdings link or find it under your Profile menu
  • Click Withdraw
  • Find the cryptocurrency you want to withdraw
  • Paste the address you copied from the other platform (the address you want to deposit [withdraw to] the crypto)
  • Choose the network
  • Choose the amount to withdraw
  • Click submit

Now, depending on the exact platform, you might need to verify your withdrawal with a password, or with a code they send you to your email and/or phone

And now just wait until the withdrawal has been completed.

Please keep in mind that whenever you withdraw crypto, make sure that you only deposit X crypto to X crypto wallet using the same network.

If you try to deposit Bitcoin to Ethereum address, if it happens to go through, your money is lost forever.

If you try to deposit Bitcoin to Bitcoin address, but using different networks, your money is lost forever.

Possible problems when making crypto withdrawals

There are couple of usual issues you might come across when trying to make a crypto withdrawal. Let's take a look at just a few of them.

I am unable to make a withdrawal

There are many exchanges that allow you to make a deposit and even trade cryptos, but when it comes time to make your first withdrawal, they want you to verify your identity first.

Than might be the most common issue you can come across.

I made a Bitcoin withdrawal worth $50, but I only received $10

We mentioned the crypto withdrawal fees before - most likely that's the reason. The withdrawal fees vary from exchange to exchange and crypto to crypto and sometimes they can be pretty high.

So before confirming the withdrawal, always make sure you pay attention to the fee. Normally you'll be shown the fee on the withdrawal page.

I made a withdrawal 12 hours ago, but it still hasn't arrived

In most cases that's way too long and it might make sense to get in touch with the exchange customer support.

But before doing so, check your account and see if you actually completed the withdrawal.

Conclusion

Making crypto withdrawals is easy, but you always need to pay attention to details to make sure you don't lose your money, and that you don't spend too much on the crypto withdrawal fees.

Jay Gory image
Jay Gory
I became interested in cryptos only in 2021 when the crypto prices started taking off. Since then I have been in investing in cryptos myself and decided to launch with Cryptolorium.com as well.
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