Withdrawing funds from Deribit

Cryptocurrency derivatives exchange Deribit any transactions are possible only after verification of the registered account on the site deribit.com.

Conclusion

Functionality crypto exchanges in terms of money withdrawal is very limited: users have only one way to transfer funds from the account and only in the form of cryptocurrencies and this is clearly a disadvantage of the system. Money in this service can be transferred both to external addresses and to addresses within the system. Logging into the service is done through the profile menu.

Withdrawal from the deposit is possible in BTC, ETH, coins SOL and tokens USDC. You can switch to the desired cryptocurrency at the top of the site. Even after verification, it is not possible to transfer money to a third-party account from the exchange immediately, there must be a minimum period, which is specified in the service. Such limitation is also valid later, when transferring coins to any new address.

The minimum period can initially be zero, but in this case the transaction will be completed after two hours. The minimum period can be valid for up to 60 days. If the transaction started according to the same minimum period, and at this time the time limit was extended, the withdrawal is completed according to the same minimum period and only then the changes come into effect. The exchange claims that the programmed delay when switching to a new address is necessary to prevent hacking of the account.

The exchange has a limit on the amount of withdrawal. For new users it is 200 BTC, 2000 ETH, 10 thousand SOL and 1 million USDC. Under the limits there are parameters of money transfer from the platform: trading balance, profit per trading session, available balance, commission per transaction, final balance after transaction completion and how much money the user will receive at the end.

The withdrawal algorithm in Deribit account is standard: the transaction amount is entered, the address to which the money is transferred is specified, the priority (the importance of the transaction) is set, and the “Withdrawal…” button is used to withdraw the crypto from the user’s deposit. Before sending money, it is necessary to make sure that all entered parameters are correct, especially addresses, their correspondence to selected cryptocurrencies, and accuracy of recipient’s wallets.

Priority determines the amount of commission, which affects the speed of the transaction. Exchange commissions are not charged for sending funds. Withdrawal takes from a few seconds to a few minutes, but can drag on for hours if the cryptocurrency network is overloaded or the balance on the exchange’s hot wallet is insufficient. Bitcoin transactions are most likely to be delayed. In this case, you just need to wait for the funds to be credited, as the cryptocurrency exchange cannot speed up this operation. Also, there is no need to increase commission for a transaction that is already being processed, as it will no longer affect the speed. But if the withdrawal is clearly delayed, you need to contact Deribit support. You can also ask for advice in the telegram channel of this crypto derivatives platform.

Before starting a transaction, the user may see a warning that coins should be transferred only to a personal wallet and not to another crypto-platform account. That’s why it’s necessary to make sure that the address is accurate again. In case the address is entered incorrectly, coins will disappear. When withdrawal is completed (or not completed), Deribit sends a notification to the email to which the account was registered.

At the bottom of the service is placed “Address Book”, which contains all the addresses of transfers. Money can be sent each time to the same address, although it is considered correct to change them for greater transaction security, and a new address can be generated in the address book. Below this service is a history of all transfers from the user’s account to third-party wallets. There is also a “Transfer” section on the exchange, and it has the same restrictions on terms and limits, but transfers here are only possible from the main account to a subaccount.

Test network

Withdrawal transactions can be tested in the simulated version of the platform, TEST.DERIBIT. This is a full-fledged demo version of the exchange, on it you need to register separately, to another address and under another name, and during transactions you need to make sure that you use conditional test cryptocurrencies, which are purchased there as well, and transactions are made to simulated addresses. Some peculiarities of funds transfer from Deribit exchange cannot be called standard. Therefore, even when registering, it is recommended to carefully study the terms of service and privacy policy, geography of financial services provided, algorithm of money withdrawal, as well as reviews of this financial structure.