How Do You Deposit And Withdraw Money From Cryptocurrency

How do you deposit and withdraw money from cryptocurrency

What is the minimum & maximum withdrawal limit?

When you need to move Cryptocurrency from your WazirX wallet to another wallet/exchange, you need to go through the process of Withdrawing cryptocurrency from your WazirX account.

The first step here is to get the Deposit address from the receiving wallet/exchange that you want to deposit the cryptocurrency to.

The steps involved to get your Deposit address depend on the wallet/exchange you want to deposit to.

How do you deposit and withdraw money from cryptocurrency

Once you have your deposit address ready with you, follow the below steps in your WazirX account -

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  1. Click on Funds at the top right of your screen 
  2. Select the coin you want to Withdraw
  3. Click on the Withdraw button
  4. Type or paste the Destination Address.

    Cross check the destination address carefully.

  5. Enter Coinamount you want to move. (Pro Tip: Click on Withdraw All if you want to move the full coin balance from your wallet)
  6. Add any Remarks for your own reference.

    (The remark will only be seen in your WazirX account and not your receiving account)

  7. Click on Proceed.

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    You will be sent a One Time Password (OTP) on your mobile

  8. Enter your OTP & Click on confirm.
  9. Open your email & click on Approve this withdrawal button in the confirmation email you receive.

    Note: If you are withdrawing XRP, XLM, EOS, you will be asked to enter your Destination address as well as Destination Tag or Memo.

    You must get these from the receiving exchange/wallet to which you are sending the XRP, XLM, EOS and add it to the withdrawal form on WazirX.

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    Read more - How do I Deposit/Withdraw Ripple (XRP), Stellar (XLM) or EOS

⚠️Important: Always check the destination address carefully. If you enter the wrong destination address or enter the destination address of the wrong coin, it will be lost forever and there is nothing we can do.

  1. On the Home screen, tap on the Funds tab
  2. Select the coin you want to Withdraw
  3. Tap on the Withdraw button at the bottom
  4. Type or paste the Destination Address.

    You can also scan the QR code if that is visible in your receiving wallet/exchange

  5. Enter Coinamount you want to move. (Pro Tip: Tap on Withdraw All if you want to move the full coin balance from your wallet)
  6. Add any Remarks for your own reference.

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    (The remark will only be seen in your WazirX account and not your receiving account)

  7. Tap on Proceed. You will be shown a confirmation screen. Cross-check the destination address carefully. Withdrawal requests cannot be cancelled after submission.
  8. Swipe to Confirm.

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    You will be sent a One Time Password (OTP) on your mobile

  9. Enter your OTP & Click on confirm.
  10. Open your email & click on Approve this withdrawal button in the confirmation email you receive.

    Note: If you are withdrawing XRP, XLM, EOS, you will be asked to enter your Destination address as well as Destination Tag or Memo.

    You must get these from the receiving exchange/wallet to which you are sending the XRP, XLM, EOS and add it to the withdrawal form on WazirX. Read more - How do I Deposit/Withdraw Ripple (XRP), Stellar (XLM) or EOS

⚠️Important: Always check the destination address carefully.

How do you deposit and withdraw money from cryptocurrency

If you enter the wrong destination address or enter the destination address of the wrong coin, it will be lost forever and there is nothing we can do.

  1. On the Home screen, tap on the Funds tab
  2. Select the coin you want to Withdraw
  3. Tap on the Withdraw button at the bottom
  4. Type or paste the Destination Address. You can also scan the QR code if that is visible in your receiving wallet/exchange
  5. Enter Coinamount you want to move.

    How to Withdraw Cryptocurrency to your Bank Account - (How to Cash out Bitcoin to Bank Account)

    (Pro Tip: Tap on Withdraw All if you want to move the full coin balance from your wallet)

  6. Add any Remarks for your own reference.

    (The remark will only be seen in your WazirX account and not your receiving account)

  7. Tap on Proceed. You will be shown a confirmation screen.

    How do you withdraw a big amount of money?

    Cross-check the destination address carefully. Withdrawal requests cannot be cancelled after submission.

  8. Swipe to Confirm. You will be sent a One Time Password (OTP) on your mobile
  9. Enter your OTP & Click on confirm.
  10. Open your email & click on Approve this withdrawal button in the confirmation email you receive.

    Note: If you are withdrawing XRP, XLM, EOS, you will be asked to enter your Destination address as well as Destination Tag or Memo.

    You must get these from the receiving exchange/wallet to which you are sending the XRP, XLM, EOS and add it to the withdrawal form on WazirX. Read more - How do I Deposit/Withdraw Ripple (XRP), Stellar (XLM) or EOS

⚠️Important: Always check the destination address carefully.

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If you enter the wrong destination address or enter the destination address of the wrong coin, it will be lost forever and there is nothing we can do.

How much time will the Withdrawal take?

Currently, withdrawals could take upto 24 hours to process. But we try to process withdrawals as fast as possible.

How do you deposit and withdraw money from cryptocurrency

Most withdrawals are processed in much lesser time than we estimate :)

For security reasons, we store most funds in a cold wallet. Sometimes, if the withdrawal requests are high and funds in the hot wallet are not enough to meet demand, we move funds from the cold wallet.

How do you deposit and withdraw money from cryptocurrency

This process usually takes longer but is a much safer and secure system.

Why do you charge a withdrawal fee?

When sending cryptocurrencies to the blockchain, a small fee must be paid along with the order so the mining network prioritizes your transaction and confirms it faster.

If a low fee is paid, your transaction may remain unconfirmed indefinitely.

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For details about the withdrawal fees and how it is applied, check Trading, Deposit & Withdrawal Fees

What is the minimum & maximum withdrawal limit?

Please refer to this article - Trading, Deposit & Withdrawal Fees

Can I move cryptocurrency from one WazirX account to another WazirX account?

No. Moving cryptocurrency from one WazirX account to another WazirX account is not possible at the moment.

How do you deposit and withdraw money from cryptocurrency

When you try doing this, you will see a Rejected error.

Are Ether (ETH) withdrawals/deposits to Smart Contract Addresses / ICOs supported?

Yes.

WazirX currently supports Ether (ETH) withdrawals to Smart Contract Addresses. However, please do not invest in ICOs using your WazirX wallet as we will not be able to support any tokens that you receive back from the ICO.

Do follow us on Twitter (@wazirxindia) and join the WazirX Telegram channel (https://t.me/wazirx) for the latest updates & announcements about WazirX.