Posted by Frank Gogol in Crypto | Updated on November 15, 2022
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.
Table of Contents
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.
- Open KuCoin and scroll down to find the log-in button.
- On the platform, click Assets. On the mobile app, this tab can be found at the very bottom of the interface.
- 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.
- First, input your 6-digit trading password.
- 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.
- Then, go to the Google Authenticator app on your mobile device.
- A code will show up on your screen. Take note of this.
- 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
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
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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Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
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