How To Withdraw From Kucoin To Bank? Unfortunately, you cannot withdraw fiat directly from KuCoin. You will be able to withdraw your money, though, if you open an account on a different exchange that permits fiat withdrawals. Read our guide to see how to withdraw from Kucoin to the bank.
How To Withdraw From Kucoin To Bank
The good news is that KuCoin allows you to receive your money. To accomplish this, transfer your cryptocurrency from KuCoin to another cryptocurrency exchange, sell it there, and then transfer the proceeds to your bank account. This is simple to perform, and we will walk you through each step with lots of screenshots in this short guide.
Money can be withdrawn from KuCoin to your bank account in just six simple steps. I will describe each of these steps in more detail below, to make it extremely easy to follow:
Step 1: Choose a crypto exchange
Choosing a trustworthy cryptocurrency exchange that is user-friendly, supports fiat withdrawals to your bank account, and is reputable is the first step. I advise using any of the top cryptocurrency exchanges; they are all reliable and trustworthy. In this how-to guide , I chose Kraken to withdraw money from KuCoin.
Step 2: Create an account
Creating a Kraken account is a simple process. Visit the Kraken website first. You will get a screen similar to the one below when you click the "Create Account" button in the top right corner. Enter your email address, pick a username and password , choose your country, and then click the "Create Account" button that appears below.
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 cryptocurrency exchange.
You can transfer the cryptocurrency from your KuCoin account to your Kraken account after your Kraken account has been validated. Select "Funding" from the menu at the top of the screen in Kraken, then select "Deposit." When a pop-up window appears , enter the cryptocurrency you want to deposit from your KuCoin account in the search field. We will use USDT as an example in this article.
You will be directed to the deposit screen as soon as you click the cryptocurrency asset you want to send from KuCoin to Kraken, as seen below. Select TRC20 for USDT as the withdrawal fees are significantly less (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'.
Next, click on the 'Withdraw' button. Choose which coin you want to send to Kraken. In the Wallet Address field, paste the address that you copied from Kraken, 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, and you just need to click the 'Sell' button.
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
The last step is to withdraw your funds to your bank account after successfully converting your cryptocurrency to fiat money. Select "Funding" from the menu at the top of the screen, and then click the Withdraw icon next to your fiat currency (in this case, the US Dollar).
Click "Continue" to add the information for the bank account you want to make the withdrawal from after selecting the withdrawal type from the drop-down box. You will be able to conduct the withdrawal of money directly to your bank account once you have added the bank information.
Congratulations, you have successfully used Kraken to transfer money from KuCoin to your bank account!
Conclusion
At any time during this procedure, if you get lost, 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.
How To Withdraw From Kucoin To Bank? Well, I hope now you know.
