Crypto.com is a well-established cryptocurrency platform where you can buy, sell, trade, take Credits and do many more profitable cryptocurrency related activities. While many major activities takes places crypto.com centralized exchange, the brand also has a self custodial wallet called Defi wallet. This wallet allows users to hold their assets and secure them by themselves by keeping their seed phrases and Private keys.
One important feature of Defi wallet is the fact that users can stake their assets to earn yields. Many users prefer Defi wallet because of this specific feature.
Importance of knowing withdrawal processes
Earning yields on your assets is something anyone would like. New users can quickly withdraw their assets from other sources and keep them on the Defi wallet to earn returns, they forget to learn how to withdraw their money in the future until the future comes. It’s important for users to know how to take out their money from wallets so they don’t lose their money out of ignorance. What happens when you need your money urgently, or for unexpected reasons?
This blog post aims to help you to know how to withdraw your funds from the Defi wallet and how to withdraw it to your bank account. Withdrawing your money from Defi wallet is as simple as withdrawing from any other self custodial wallet, here are the recommended steps:
Find a suitable centralized exchange
Once you identify which asset you want to withdraw from your wallet, the next thing to do is to find out which centralized exchange have the asset listed for trading activities. Any asset you may want to withdraw is probably listed on most Exchanges. Exchanges like Bybit, Binance or Crypto.Com has many Cryptocurrencies listed for trading, but that doesn’t mean they offer trading services for all Crypto Currencies. Some Cryptocurrencies might be new and you might have added them as custom. Which ever one has your asset available is the one you will pick for your withdrawal.
Send your asset to a Centralized exchange
Picking bybit for example, by assumption, you’re withdrawing $TON from your Defi wallet. The following screenshots will help you through getting your asset to Bybit:
Open your verified bybit account and find the deposit button.
Click on deposit and choose Crypto as your deposit option.
Look for the asset you want to deposit.
Copy the deposit address and memo/tag and go back to your Defi wallet.
Once you copy your exchange deposit address, you can go back to your Defi wallet and paste both the address and memo to send your assets, you can then go back to confirm, sometimes you’ll need to wait for minutes.
Once you confirm that your asset is now on the exchange, you can easily withdraw this crypto asset to your bank account. Most centralized exchanges will bring bank or wallet options available based on your country or location. In this case, you may be directed to link a bank account before you can withdraw, place a withdrawal request, choose the bank you have linked and wait for the transaction to complete.
In conclusion, understanding the withdrawal process from the Crypto.com Defi wallet is crucial for anyone looking to manage their cryptocurrency investments effectively. While the ability to stake assets and earn yields is enticing, it’s equally important to be prepared for the day you need to access those funds. By following the steps outlined—finding a suitable centralized exchange, transferring your assets, and initiating a withdrawal to your bank account—you can ensure a smooth and efficient process. Being informed about these procedures helps you prevent potential losses and also empowers you to make the most of your crypto experience. Remember, knowledge is key in the fast-paced world of cryptocurrencies.