How to Cash Out on the Crypto.com App: A Comprehensive Guide | joincrypto.online

 

The world of cryptocurrency can be exhilarating, with its promise of decentralized finance and potential for significant returns. However, one of the most critical aspects for any crypto investor is understanding how to convert digital assets back into fiat currency or usable funds. For users of the Crypto.com app, this process—commonly referred to as "cashing out"—involves a series of straightforward yet essential steps to ensure a secure and efficient transaction. Whether you're looking to transfer funds to your bank account, move assets to an external wallet, or spend directly using a Crypto.com Visa Card, knowing how to navigate the app is key to maximizing your returns and minimizing risks. This guide will walk you through the process of cashing out on the Crypto.com app, offering clear, step-by-step instructions and practical tips to make the experience seamless.

Table of Contents

1. Understanding the Crypto.com App
2. Preparing to Cash Out: Account Setup and Verification
3. Cashing Out to a Bank Account
4. Transferring Crypto to an External Wallet
5. Using the Crypto.com Visa Card to Spend or Withdraw
6. Fees, Limits, and Processing Times
7. Security Tips for Safe Transactions
8. Tax Implications and Record-Keeping
9. Timing Your Cash-Out for Maximum Returns
10. FAQs
11. Conclusion

1. Understanding the Crypto.com App

Crypto.com, founded in 2016, has grown into one of the most popular platforms for trading, investing, and managing cryptocurrencies. With over 10 million users worldwide, the app offers a user-friendly interface, support for over 250 cryptocurrencies, and the ability to trade using 20 fiat currencies. Beyond trading, Crypto.com provides features like staking, crypto-backed Visa cards, and a robust wallet system, making it a versatile platform for both beginners and seasoned investors. Cashing out on the Crypto.com app involves converting your cryptocurrencies into fiat currency (e.g., USD, EUR, GBP) or transferring assets to external wallets for further use. The app supports multiple cash-out methods, each with its own benefits and considerations, which we’ll explore in detail.

2. Preparing to Cash Out: Account Setup and Verification

Before you can cash out, your Crypto.com account must be fully set up and verified. The platform requires Know Your Customer (KYC) verification to comply with regulatory standards and ensure secure transactions. Here’s how to prepare:

• Download and Log In: Install the Crypto.com app from the App Store or Google Play. Log in using your credentials or set up biometric authentication for convenience and security.
• Complete KYC Verification: Navigate to the "Profile" section and submit personal details, including your name, address, and a photo of your ID. This process typically takes a few hours to a couple of days, depending on the volume of submissions.
• Link a Bank Account: Go to "Linked Accounts" under your profile and select "Add Bank Account." Enter your bank details and verify the account, often by authorizing a small test transaction. Ensure your bank supports the transfer method (e.g., ACH for U.S. users or SEPA for EU users).
• Set Up Security Features: Enable two-factor authentication (2FA) and a passkey or passcode to protect your account. You may also opt for a 24-hour withdrawal lock for added security.

A fully verified account at the Starter level or higher is required to withdraw funds, whether as fiat or crypto. Taking these steps upfront ensures a smooth cash-out process.

3. Cashing Out to a Bank Account

One of the most common ways to cash out on Crypto.com is by converting your crypto to fiat currency and transferring it to your linked bank account. Follow these steps:

1. Open the App: Log in to the Crypto.com app and navigate to the "Accounts" tab at the bottom of the screen.
2. Select Crypto Wallet: Choose "Crypto" and pick the cryptocurrency you want to sell (e.g., Bitcoin, Ethereum, Solana).
3. Sell Crypto: Tap "Sell," then select "Fiat Wallet" as the destination. Choose the fiat currency that matches your bank account (e.g., USD, EUR). Enter the amount you wish to sell and confirm the transaction. The app will display any applicable fees.
4. Transfer to Bank: Once the crypto is converted to fiat, go to the "Fiat Wallet" section, select "Withdraw," and choose your linked bank account. Confirm the withdrawal details, including the amount and destination.
5. Verify the Transaction: You may need to input a 2FA code or SMS OTP to finalize the withdrawal. Once submitted, the funds typically take 2-7 business days to appear in your bank account, depending on your bank’s policies.

This method is ideal for those looking to convert their crypto holdings into spendable cash for everyday expenses or savings.

4. Transferring Crypto to an External Wallet

If you prefer to keep your funds in the crypto ecosystem or move them to another platform, you can transfer your assets to an external wallet. Here’s how:

1. Navigate to Accounts: Open the app, go to the "Accounts" tab, and select "Crypto."
2. Choose the Asset: Pick the cryptocurrency you want to withdraw (e.g., BTC, ETH).
3. Initiate Withdrawal: Tap "Transfer," then select "Withdraw." Choose "External Wallet" as the destination.
4. Add a Withdrawal Address: If it’s your first time withdrawing to this address, select "Add Withdrawal Address." Enter the wallet address, label it (e.g., "My Zengo Wallet"), and save it. You’ll need to verify this address with 2FA or SMS OTP.
5. Confirm the Transfer: Review the withdrawal amount and address, then submit the request. Crypto withdrawals are typically processed within 2-3 hours, though blockchain network congestion may cause delays.

Transferring to an external wallet is faster than fiat withdrawals and ideal for those who want to trade on other platforms or hold assets in a non-custodial wallet.

5. Using the Crypto.com Visa Card to Spend or Withdraw

Crypto.com offers a range of Visa cards that allow you to spend your crypto directly or withdraw cash from ATMs. This method is convenient for immediate access to funds without waiting for bank transfers. Here’s how it works:

• Apply for a Card: Choose a card tier based on your needs and stake the required amount of CRO (Crypto.com’s native token). Higher tiers offer better perks, like increased cashback and lounge access.
• Load the Card: Convert your crypto to fiat within the app and transfer it to your Crypto.com Visa Card. Alternatively, load the card directly with crypto, which will be converted to fiat at the point of sale.
• Spend or Withdraw: Use the card for purchases at any Visa-accepting merchant or withdraw cash at ATMs. Withdrawal limits vary by card tier, ranging from $200-$1,000 per transaction, with a 2% fee for amounts exceeding the free limit.

This method is perfect for those who want to use their crypto for everyday purchases or need quick access to cash.

6. Fees, Limits, and Processing Times

Cashing out on Crypto.com involves fees and limits that vary by method:

• Fiat Withdrawals: A nominal fee (e.g., EUR 1.00 for SEPA transfers) may apply, displayed before confirming the transaction. Daily withdrawal limits can reach up to $1,000,000 for fully verified accounts.
• Crypto Withdrawals: Blockchain network fees (gas fees) apply, which fluctuate based on network activity. Crypto.com does not charge additional fees for transfers to its own app wallet.
• Visa Card Transactions: ATM withdrawals may incur a 2% fee beyond the free limit, and currency conversion fees apply for international use.
• Processing Times: Fiat withdrawals take 2-7 business days, while crypto transfers are processed within 2-3 hours. Visa card transactions are instant for spending and ATM withdrawals.

Always review fees and limits in the app’s "Settings" under "Fees & Limits" to avoid surprises.

7. Security Tips for Safe Transactions

Protecting your funds is paramount when cashing out. Here are some best practices:

• Enable 2FA and Passkey: Use two-factor authentication and a passkey to secure your account.
• Verify Addresses: Double-check wallet addresses before transferring crypto to avoid irreversible errors.
• Use Trusted Devices: Avoid logging in from untrusted devices, which may require additional verification.
• Monitor Transactions: Regularly check your transaction history and contact Crypto.com’s support via the in-app chat if you notice suspicious activity.
• Beware of Scams: Never share your 2FA codes or account details with anyone claiming to be from Crypto.com.

These measures ensure your funds remain safe throughout the cash-out process.

8. Tax Implications and Record-Keeping

Cashing out crypto may trigger tax obligations, depending on your jurisdiction. In many countries, selling crypto for fiat is considered a taxable event, with capital gains tax applied to profits. Here’s what to do:

• Track Transactions: Maintain detailed records of your crypto purchases, sales, and withdrawals, including dates, amounts, and prices.
• Consult a Tax Professional: Work with a tax advisor familiar with cryptocurrency laws to ensure compliance.
• Use Tax Tools: Platforms like CoinTracker can help calculate capital gains and generate tax reports.

Proper record-keeping simplifies tax filing and helps you avoid penalties.

9. Timing Your Cash-Out for Maximum Returns

Cryptocurrency markets are volatile, and timing your cash-out can significantly impact your returns. Consider these strategies:

• Monitor Market Trends: Use the app’s price charts or external tools to track price movements. Selling during a price peak can maximize profits.
• Use Stablecoins: Convert volatile assets like Bitcoin to stablecoins (e.g., USDC, USDT) to mitigate market risk before cashing out.
• Set Limit Orders: Use Crypto.com’s trading features to set sell orders at desired price points, automating your cash-out strategy.
• Stay Informed: Follow crypto news and market indicators to anticipate price fluctuations.

Timing your cash-out wisely can help you lock in gains and minimize losses.

10. FAQs

Q: How long does it take to withdraw fiat from Crypto.com?
A: Fiat withdrawals typically take 2-7 business days, depending on your bank’s processing times.

Q: Can I withdraw crypto without selling it?
A: Yes, you can transfer crypto to an external wallet without converting it to fiat. The process takes 2-3 hours.

Q: Are there fees for using the Crypto.com Visa Card?
A: ATM withdrawals are free up to a limit based on your card tier. A 2% fee applies for amounts exceeding the limit, and currency conversion fees may apply abroad.

Q: Do I need to complete KYC to cash out?
A: Yes, KYC verification is required to withdraw fiat or crypto from the Crypto.com app.

Q: How can I minimize fees when cashing out?
A: Opt for low-priority crypto withdrawals to reduce gas fees, use stablecoins to avoid volatility, and check fees before confirming transactions.

11. Conclusion

Cashing out on the Crypto.com app is a straightforward process once you understand the available methods and best practices. Whether you choose to transfer funds to your bank account, move assets to an external wallet, or spend directly with a Crypto.com Visa Card, the app offers flexible options to suit your needs. By completing KYC verification, linking a bank account, and enabling robust security measures, you can ensure a secure and efficient cash-out experience. Additionally, staying mindful of fees, timing your transactions to market conditions, and keeping accurate records for tax purposes will help you maximize your returns and stay compliant. With this guide, you’re well-equipped to navigate the Crypto.com app and turn your digital assets into tangible value with confidence.