Withdrawal of funds from the FTX crypto exchange

Withdrawal of funds from the crypto-asset platform FTX is possible both in the form of cryptocurrencies and fiat currencies. In order to be able to withdraw money, you need to register on the website ftx.com, undergo facial verification, verify identity and connect 2FA. In case the user changes the email address the account is registered to, or the user has changed the password, or reset the 2FA, withdrawal of funds from crypto exchanges will be blocked for 24 hours.

Cryptocurrency withdrawal

To list Cryptocurrencies from the account on the exchange, you need to click on the tab “Wallet” and go to the wallet page. Here you should select the “Withdrawals” function, on the right side of which you should click on the “Make withdrawal” button. In the table that opens, select the desired cryptocurrency. The table allows you to switch the list only to crypto or only to fiat.

If 2FA-authentication is not connected, the system will not allow to withdraw funds. If the user’s wallet meets the requirements, there will be a “Withdrawal” button on the right side of the selected cryptocurrency line. Client specifies the amount of cryptocurrencies to be withdrawn (MAX option allows to withdraw all coins on deposit), then enter the address of the wallet, to which the coins are transferred. To confirm the transaction, you must once again verify that the address and coins are correct. If the address is incorrect, the exchange will not be able to return the missing coins. If everything is correct, the user should click “Send SMS”, get the code, and confirm the withdrawal with it.

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In most cases, crypto-assets are withdrawn within a few minutes. The transfer of large amounts lasts longer, sometimes several hours, because it is processed manually. Withdrawal of large amounts of Stablecoins can take up to 6 hours on weekdays and even longer on weekends. USD Stablecoins and other Dollar Stablecoins are withdrawn at a ratio of 1:1 to USD, with zero commissions, provided that the user leaves 150 FTT (internal token of FTX crypto exchange). If there are no coins in stacking, the fees are charged as for the output of ERC-20 format tokens.

Stablecoin USDT can be transferred in ERC-20, TRC-20 or SPL format. The system itself determines the blockchain to which the token is withdrawn, at the address specified by the user in the wallet. If the volume of withdrawal of stabelcoins exceeds the volume of trades, the exchange can take 0.10% of the transfer amount, informing the client about it in advance. To withdraw bitcoins in an amount less than 0.01 BTC is charged if the user has already withdrawn BTC without a fee earlier in the day.

Fiat withdrawal

Fiat currencies are withdrawn through conversion or to a personal bank account. The list of all fiat currencies available for withdrawal is placed in the wallet, by the button “Fiat” you can leave only fiat currencies in the table. To be able to withdraw funds outside the exchange, you need to generate a special password. In the upper right corner of the exchange site, the user should click on the nickname, select “Settings” in the drop-down menu and go to the settings page. On the page on the left, select the section “Security” and on the page “Account Security” click “Password for withdrawal”, make up a complex password and enter it in the line “New password for withdrawal” and click on “Set Password” in the lower right corner of the service.

To transfer fiat currency to an off-exchange account, you need to go to the “Wallet” page, select the desired currency in the table, and click on the “Withdraw” button. In the center of the interface you will see the withdrawal service for this currency, where you will need to select “Fiat”. Next, you will need to fill in the information of the bank account to which the money is withdrawn, the data of the place of residence and other information. Therefore, when registering on the cryptocurrency exchange it is important to specify accurate information, and this information must correspond to what is specified in the bank account.

Also, even before processing of account data, you need to ask your bank if it accepts transfers from cryptocurrency deposit. If yes, what commissions will be charged on transaction. Then you’ll have to confirm the transaction with 2FA, agree with withdrawal conditions, if they fit, check all entered data once again, make sure it’s correct and click “Withdraw”. The transaction will be confirmed by password. Money in American dollars will be credited within a business day. For other currencies this standard does not apply.

Transactions of $5,000 or more are commission-free, but only once a week. The next free transfer will be after seven days. Provided that client keeps 25 or more FTTs in stacking, fiat withdrawals and less than $5k will be free. Cryptoexchange may impose restrictions on transfers from the exchange, for example, if it detects spam withdrawals. As for the conversion, you need to select the appropriate tab in the “Wallet” section and follow the instructions.