How can i withdraw money from kucoin to my bank account

At a Glance: You can withdraw coins from KuCoin and transfer them to a different wallet. The withdrawal process involves several steps, including logging in, selecting a token, confirming with 2FA, and completing your withdrawal.

When you start the exciting task of trading cryptocurrencies on a crypto exchange like KuCoin, one of your primary concerns should be how you can withdraw your assets.

After all, when dealing with crypto, it’s inevitable that you’ll have to make snap decisions that adapt to the situation. This can include withdrawing your money as fast as you can.

In this article, we’re going to talk all about making withdrawals on the KuCoin platform.

Can You Withdraw Coins from KuCoin?

You can withdraw coins from KuCoin and transfer them to a different wallet.

Unfortunately, KuCoin doesn’t convert your asset into fiat currency. You can only send and receive cryptocurrency assets like Bitcoin.

If you want to withdraw a particular asset, you need to ensure that the receiving wallet caters to that kind of cryptocurrency. Otherwise, you will first have to convert the asset on KuCoin into a cryptocurrency that can be deposited into the other wallet.

For example, if you want to withdraw BTC, you must make sure that your receiving wallet can receive BTC. You won’t be able to withdraw your BTC on KuCoin if the receiving wallet isn’t compatible with it.

That said, despite its limitations, withdrawing money from KuCoin is easy and convenient. The next section will show you the process for making withdrawals on the KuCoin platform.

How to Withdraw from KuCoin

Withdrawing money from KuCoin has several phases: logging in, selecting a token, confirming with 2FA, and completing your withdrawal. In this section, we’ll discuss each stage step-by-step.

1) Log Into Your KuCoin Account

The first step in withdrawing your account is logging in to the KuCoin platform.

  1. Open KuCoin and scroll down to find the log-in button.
  2. On the platform, click Assets. On the mobile app, this tab can be found at the very bottom of the interface. 
  3. Choose Withdraw. This option will be located on the upper portion of the mobile app interface.

2) Select a Token

After that, you’ll have to choose a token from the drop-down menu. Ensure that the destination wallet supports the token you want to withdraw. Otherwise, you might lose your money.

When withdrawing, keep in mind that you will also have to make sure that the money is in the main account and not the trading account. You can’t directly transfer from your trading account to an external wallet.

Another thing to keep in mind is that there are minimum withdrawals. Make sure to double-check that you have enough tokens on your main account, or else your transaction won’t go through.

3) Satisfy the 2-Factor Authentication

Although it can be a bit of a hassle to users, KuCoin makes use of the 2FA and the Trading Password protocols for your good.

The trading password refers to another password that lets you do transactions within the KuCoin platform. Meanwhile, the 2-Factor Authentication process ensures that the verified user is really the one currently using the account.

These security features ensure that the user’s assets are protected from potential threats. This way, even if hackers or other malicious individuals manage to gain access to your account somehow, they won’t be able to proceed with the transactions.

Here’s the complete security process that you have to go through to proceed with your withdrawal on KuCoin.

  1. First, input your 6-digit trading password.
  2. You will then have to enter your email address to access the verification code. Once you have typed your email address, hit Send Code. Keep in mind that you can switch to SMS Verification, as well, in case your email account is unavailable to you at the moment.
  3. Then, go to the Google Authenticator app on your mobile device.
  4. A code will show up on your screen. Take note of this.
  5. Go back to the platform and enter the verification code before the set time limit.

4) Complete the Withdrawal

Before you complete the withdrawal process, take your time to make sure that your details are correct.

Double-check the withdrawal address and the token type that you’re planning to withdraw. As mentioned, the receiving wallet should be able to support the token you’re planning to send to it.

Also, take note that different tokens charge different fees. Ensure that you’ve calculated everything properly and made allowances for the minimum amount needed.

Remember, when dealing with cryptocurrency transfers, even the most minor mistakes can result in your money disappearing for good. That’s why it’s important to double-check that every detail is correct.

If everything is as it should be, then go ahead and click the blue Submit button.

How Long Will a KuCoin Withdrawal Take?

KuCoin withdrawals typically take around 30 minutes. That’s because it usually takes that long for KuCoin to process each transaction.

However, if you withdraw large amounts, processing time may take longer. KuCoin categorizes this as larger than 100,000 times the handling fee.

The reason for this is KuCoin manually processes large transactions to ensure the security of the user’s assets.

In addition to this, the speed of the blockchain network handling your transactions will also determine how fast your wallet will receive your processed amount.

KuCoin Withdrawal Fees

KuCoin implements different withdrawal fees for different tokens. There’s also a minimum withdrawal amount that varies per token.

For instance, the current withdrawal fee for Bitcoin is 0.0005 BTC with a minimum amount of 0.002 BTC, while the withdrawal fee for Ethereum is 0.01 ETH with a minimum amount of 0.02 ETH. You can find the full list on the platform or on third-party listings. Take note, these fees might change depending on market prices.

As the cryptocurrency market is thought to be one of the most volatile around, often losing and gaining value multiple times per day, make sure always to check the transaction fees before you complete your order.

What is KuCoin?

KuCoin is a beginner-friendly crypto exchange launched in 2017 by founders Michael Gan and Eric Don.

Traders have a lot to benefit from this exchange platform. Aside from the appealing low fees, KuCoin also allows users to use multiple trading methods such as P2P and futures trading. There’s also a staking and lending feature on the platform, which means users have multiple ways to earn money with cryptocurrency.

One of its most remarkable features is its comprehensive list of cryptocurrencies. Around 400 coins are available for trading on the platform, resulting in a healthy economy with excellent trading volumes for millions of users.

In fact, as of 2021, KuCoin already has over 10 million users. So, if you’re looking for a trustworthy and beginner-friendly exchange to trade in, KuCoin should be at the top of your list.

Read More

Withdrawals on KuCoin: Final Thoughts

Withdrawals are one of the most anticipated events when trading with cryptocurrency. After all, it’s how you reap the rewards of your hard work.

Thus, you have to make sure that you know KuCoin’s withdrawal process like the back of your hand. You don’t want your hard-earned crypto tokens to be lost in the void because of a small error.

KuCoin makes withdrawals quick and easy, but there are still dangers if you don’t know how it works. With this article, though, you now know what you need to make a successful withdrawal on the KuCoin platform.

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Step 1 – Choose a crypto exchange

Your first step is to decide on a reputable and trusted crypto exchange that is easy to use, and accepts fiat withdrawals to your bank account. I recommend any of the best crypto exchanges; they are all safe and legitimate crypto exchanges. In this how-to guide, I will be using screenshots from my Kraken account (read review) to show you how to withdraw money from KuCoin. Kraken is available in most countries, including the US, supports various fiat currencies, and has 24/7 live chat to help you if you get stuck. If you want to follow along easily step-by-step, you can also sign up with Kraken.

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If you are considering all your options of how to get money out of KuCoin, our article on the best crypto exchanges may be useful.

Step 2 – Create an account

The process is easy to create an account with Kraken. Click on the following link: https://r.kraken.com/ which will take you to the Kraken homepage. Click on ‘Create Account’ in the top right corner, and you will see a screen like the image below. Enter your email, choose a username and password, select your country details, then click ‘Create Account’ underneath.

Step 3 – Verify your account

After creating your account, you should be automatically prompted to verify your Kraken account. You need to verify up to the ‘Intermediate’ level to be able to deposit crypto, sell it and withdraw money. This requires verification of your personal information and identity. If you have skipped the verification prompts and you need to verify your account now, click on your name in the top right corner, then click on ‘Get Verified’ as shown in the screenshot below. Click on the Verify button to begin verification.

Step 4 – Send crypto from KuCoin to your new crypto exchange

Once your Kraken account has been verified, you can send the crypto from your KuCoin account into your Kraken account. In Kraken, click on ‘Funding’ in the menu at the top of the screen (circled in red in screenshot below), then click on ‘Deposit’ (circled in yellow below). A pop-up will appear, and you can type in the search field which crypto you wish to deposit from your KuCoin account. In this guide, we will send USDT as an example. 

Click on the crypto asset you wish to transfer from KuCoin into Kraken, and you will be taken to the deposit screen, as shown below. For USDT, choose TRC20 as the withdrawal fees are much lower (only 1 USDT). Click on ‘Generate deposit address’ below that, to create an address for your first transfer.

Now you should see a string of letters, which is your deposit address (shown in the screenshot below covered by the red rectangle). Copy that address by clicking the large blue ‘Copy deposit address’ button at the bottom.

In your KuCoin account, click on the Wallet icon in the top right corner. When the dropdown menu appears, click on ‘Main Account’ (see screenshot below).

Next, click on the ‘Withdraw’ button (see arrow in screenshot below), and your screen should now look like the one below. Choose which coin you want to send to Kraken. In our example, we are withdrawing USDT, so I have selected that. In the Wallet Address field, paste the address that you copied from Kraken (covered by the blue rectangle below), and select the Network below. As mentioned above, if you use TRC20 the fees are lower, at only 1 USDT, so select TRX (Tron). 

Choose the amount you wish to send (in our example, 500 USDT), then click the green ‘Withdraw’ button at the bottom. A confirmation pop-up will appear. Check your details, and click ‘Confirm Withdrawal’.

Step 5 – Sell crypto for fiat currency

Your cryptocurrency can take up to 30 minutes to arrive in your Kraken account. You can check whether it has arrived, by clicking on ‘Funding’ in the top menu, then scrolling down to your list of Crypto Assets. In our example, it took less than 10 minutes to arrive. As you can see in the screenshot below, the USDT is now in my Kraken account. Now we can sell it for fiat currency.

Click on the ‘Buy Crypto’ button in the menu at the top. I know we are trying to sell crypto, but trust me, we can do that easily from this screen. You will see a screen like the one below; click the ‘Sell’ button.

The screen will now look like the one below. You can choose how much crypto you wish to sell. In our example, we select the ‘Max’ button, then click ‘Review’.

A confirmation screen will now appear, with the details of your transaction, including the total amount of fiat currency you will receive. Once you are happy with that, click the purple ‘Confirm’ button.

You will now see a new screen that confirms that you have successfully sold your crypto for fiat currency. 

Step 6 – Withdraw your money into your bank account

You have successfully converted your crypto to fiat currency, now the final step is to withdraw your money to your bank account. Click on ‘Funding’ in the menu at the top of the screen, and then next to your fiat currency (in our case, US Dollar), click the Withdraw icon (shown by the red arrow in the screenshot below).

You will be taken to a screen like the one below. Select the withdrawal type from the dropdown box, and then click ‘Continue’ to add the bank account details you wish to withdraw to. After you have added the bank details you will be able to process the withdrawal of money straight to your bank account. Congratulations, you have managed to send money from KuCoin to your bank account, via Kraken!

If you get lost at any point in this process, the great thing is that Kraken has 24/7 live chat support available, so you can easily get assistance, no matter what time of day or night. 

Open Kraken account

Frequently Asked Questions:

Can you withdraw from KuCoin to bank account?

KuCoin does not allow fiat withdrawals to your bank account. However, there is an easy way to get your money out, using another exchange, for example Kraken. Follow the steps in this guide, and you will get money out from KuCoin to your bank account.

Why is KuCoin not allowing me to withdraw money?

KuCoin is built primarily as a crypto trading platform, so it does not have support for fiat markets or fiat withdrawals. Not to worry, you can get your money out using a different crypto exchange, such as Kraken. Read through our article and follow along step-by-step to withdraw your money from KuCoin. 

Can I withdraw fiat from KuCoin?

Unfortunately, you cannot withdraw fiat directly from KuCoin. However, if you create an account on a different exchange that supports fiat withdrawals (eg: Kraken), you will be able to withdraw your money. Read our guide above to see how to do this.

How do I withdraw from crypto to cash on KuCoin?

KuCoin does not accept selling your crypto to cash, as there are no fiat markets. The way to convert your crypto to cash is to send your crypto to another exchange, such as Kraken. Then you sell your crypto on Kraken, and withdraw cash to your bank account. This guide will show you exactly how to do it, with detailed screenshots at every step of the way.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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Written by Jane