How Do You Withdraw Money From Cryptocurrency

How do you withdraw money from cryptocurrency

When sending a cryptocurrency, a small transaction fee (TX Fee) must be attached to the transaction in order for the relevant mining network to prioritize and confirm the transaction. If too low of a fee is attached, the transaction could remain unconfirmed indefinitely by the miners.

How do you withdraw money from cryptocurrency

To avoid this, we utilize a dynamic fee algorithm to calculate the appropriate fee to attach to each transaction. This Tx Fee is usually sufficient for the transaction to be included in the next, immediate block.

You can withdraw cryptocurrencies to any valid address for the relevant cryptocurrency by visiting your Withdrawal page.

The withdrawals interface allows users to monitor the current Tx Fee assessed to cryptocurrency withdrawals.

How do you withdraw money from cryptocurrency

At any time, you may visit the fees page to monitor current transaction fees for withdrawals. The Tx Fee is fixed until it automatically updates on a periodic basis according to network activity and the associated cost to achieve reasonable transaction confirmation times.

When performing a cryptocurrency withdraw:

  1. Enter the receiving address into the “Address” field,
  2. Enter the amount you wish to send in the “Send Amount” field,
  3. Select the wallet balance to withdraw from in the “From” drop-down menu,
  4. Press the “Request Withdrawal” button.

See below for additional Monero, Ripple, Stellar Lumen and EOS blockchain based tokens information.

The first checkbox correlates to adding a note to the withdrawal for your records.

The note will be saved on Bitfinex only and won’t be sent to the withdrawal recipient.

The second checkbox correlates to a process we call "Greenlaning." Becoming Greenlaned will allow your withdrawals to process automatically (more quickly).

How to Cash Out Your Cryptocurrency on Coinbase (Bitcoin, Ethereum, Etc )

This requires setting up your security measures to a more robust profile than you may currently have implemented.

Once the amounts are calculated, you can then click on the fiat amount populated to the right of the "Receive Amount" and adjust the received amount based on the cash value.

Monero, Ripple, Stellar Lumen and EOS blockchain based tokens’ Withdrawals

The above process is identical for all other cryptocurrencies we support EXCEPT following tokens.

With a Monero withdraw, a "Payment ID" is usually required to associate your transaction with your account. With a Ripple withdraw, sometimes a "Tag" is required to associate your transaction with your account.

How do you withdraw money from cryptocurrency

If no Payment ID or Tag is required by the receiving address, then you can select the checkbox, "No Recipient Payment ID" or "No Recipient Tag." 

Depositing XLM and EOS blockchain based tokens (EOS, ADD, ATD, IQX, MTO) to Bitfinex requires both a deposit address and a deposit memo. Failing to include the Memo will cause significant delays in crediting the transaction to your account, and can be irretrievable in some cases.

Please Note

We understand that time is critically important when it comes to funds being available.

How do you withdraw money from cryptocurrency

As network activity and congestion rises and falls, Tx Fees rise and fall accordingly. We always do our very best to ensure that withdrawals receive the appropriate Tx Fee for the mining network to prioritize the transaction.

We encourage all users to review our Greenlane Conditions which significantly increase personal security, reduce the required number of confirmations for cryptocurrency deposits, and prioritize withdrawals through automatic processing.

How do you withdraw money from cryptocurrency