How to Withdraw From KuCoin To Bank Account

How to Withdraw From KuCoin To Bank Account

Cryptocurrencies
by Julian Lopez-Acosta
293
If you're an avid cryptocurrency trader on KuCoin, but have yet to switch any of your cryptos to fiat, or you simply want to move all your crypto to an external wallet, you may be wondering: how to withdraw from KuCoin?
KuCoin holding money and ETH

As you may know by now, holding your funds in an exchange is a recipe for failure—they’re constantly under attack from hackers, they’re often mismanaged, as seen in the infamous Mt. Gox and QuadrigaCX scandals, and you don’t actually hold any crypto if you keep it inside of an exchange.

So if you’re keen on transferring your crypto to fiat or pulling out your crypto from the exchange, this article is for you. I’ll answer a range of questions related to “how to withdraw from KuCoin.”

But first and foremost, to withdraw from KuCoin:

  1. Click the Wallet icon in the top right corner of the homepage
  2. Click the Withdraw button towards the right of your screen
  3. Fill in all the details in the Withdraw Crypto screen
  4. Enter the 6-digit trading password and 2FA code

How to withdraw from KuCoin

Say you just bought some ETH on KuCoin, and you’re ready to withdraw it to your cold storage.

Thankfully, withdrawing any kind of crypto on KuCoin is relatively easy. First, click the Wallet icon in the top right corner (marked by the ‘1’). 

Then, hit the Withdraw button towards the right of your screen (the ‘2’). 

This will take you to the Withdraw Crypto screen. From here, fill in all the details, including the coin you wish to withdraw, your wallet address, and the network or blockchain of the associated coin (most of the time, it’ll be the first option to pop up). Next, click Confirm, and the security verification window will pop up.

You’ll have to enter your 6-digit trading password, the verification code you’ll receive by text or email, and the 2FA code. Click Submit, and you’re all done!

Quick note: make sure your crypto is in your Main or Trading accounts. And although I mentioned selecting the first network you see, you’re not required to do so. If you opt for another network, check to see how the network functions.

Can I transfer money from KuCoin to a bank account?

It’s no secret KuCoin doesn’t have the best of relationships with governments from all over the world. For example, the Ontario Securities Commission (OSC) banned KuCoin and ByBit from operating within the Canadian province due to “trad[ing] securities without a prospectus”.

What does this mean for transferring your money from KuCoin to a bank account? Well, you can’t. At least not directly.

How do I withdraw from crypto to cash on KuCoin?

You’ll have to send your crypto to another regulated exchange supported by the government (e.g. Coinbase), then withdraw it to your bank from there. A bit of a pain in the rear, but what can you do about it—KuCoin is one of the best exchanges in terms of low trading fees and quick transactions.

There are quite a few exchanges you can send your crypto to: Binance, Coinbase, and Crypto.com are the most popular options. 

We’ll only be looking at how to withdraw from KuCoin to Coinbase so that you can receive some sweet dollar bills for your virtual currency.

How do I withdraw from KuCoin to Coinbase?

Before we get started, ensure you have accounts with both exchanges and that you’ve moved the crypto you want to sell for fiat to your Main account.

For the first step, open KuCoin and Coinbase in your browser. Next, log into both accounts, as this will streamline the process.

Then, head over to Coinbase and click Send/Receive in the top-right corner (‘1’). You’ll get a pop-up with two tabs: Send and Receive. Next, click Receive (‘2’), then select the asset (‘3’) you have in your KuCoin Main account that you wish to exchange for fiat.

Copy the address below Asset (‘4’), then switch to the KuCoin tab.

The next couple of steps will be the same as withdrawing crypto from KuCoin. First, click the Wallet icon in the top right corner, then hit the Withdraw button towards the right of your screen (the ‘2’).

Select the coin you wish to sell for fiat under the Coin dropdown menu (‘1’), paste the address you copied from Coinbase in the Wallet Address textbox (‘2’), then select a network to transfer the crypto under the Network dropdown menu (‘3’). 

And again, like I said in the first section of this article, a security verification window will pop up. Enter all the required information and click Submit.

For the last step:

  1. Switch back over to the Coinbase tab
  2. Select Buy/Sell (‘1’) in the top right corner
  3. Click the Sell tab (‘2’) in the pop-up
  4. Look for the asset you transferred over to your Coinbase from KuCoin in the Sell box (‘3’)
  5. Pick between the Add to options (‘4’) to receive USD or whatever your native currency may be for your sold crypto.

For the most part, you can either sell your crypto and deposit the fiat into your PayPal or bank account. Since we’re opting for the latter, choose the bank for which you want your fiat deposited.

Before you click the big blue Sell button (‘5’) at the bottom of the pop-up, put in the amount you wish to exchange for fiat. Now click the Sell button, and you’re done!

How long do I have to wait to withdraw from KuCoin?

Since KuCoin is a centralized exchange, not only does the speed of the blockchain affect withdrawal times but so does the company’s manual transaction process.

So, all in all, KuCoin withdrawals typically take around 30 minutes. The thing is, the larger the transaction, the longer the withdrawal time. Also, network congestion on the platform may create delays in withdrawals.

Why can’t I withdraw from KuCoin?

There are several reasons why you may not be able to withdraw from KuCoin:

  1. Withdrawal service may be temporarily disabled for maintenance for specific wallets.
  2. You may suffer from a temporary, 24-hour suspension of withdrawals if you’ve changed your 2FA, trading password, phone number, email, or your phone isn’t bound. 
  3. You’ve reached the limit for how many coins you can withdraw for a cryptocurrency every 24 hours (for example, Bitcoin has a 5 BTC limit per day).
  4. You don’t have enough leftover cryptocurrency to pay for network fees.

How much does KuCoin charge to withdraw?

The short answer? It depends on the token. On top of a varied network fee, you’ll also have to keep in mind that there is a minimum amount you can withdraw per asset. 

Click here to see the complete list of withdrawal fees and minimum amounts on KuCoin.