In this guide, I will walk you through how to withdraw from crypto.com to a bank account in Canada.
This guide is part of my series on the best Canadian crypto exchanges.
Quick Guide
If you have set up a fiat wallet on crypto.com you can do the following to withdraw
- Select the crypto coin you want to sell
- Click on sell and confirm the sale
- Click on your fiat wallet and select transfer>withdraw
- Enter the amount you wish to withdraw
- Review details and confirm
- Your cash will appear in your bank account within the next 30 minutes
Also relevant: How to Cash Out Crypto in Canada
Step to Withdraw from Crypto Com to a Bank Canada
1. Set up a fiat wallet
On the crypto.com app, you need to Set up a fiat wallet. On your portfolio tab click on Fiat Wallet.
Select the fiat currency you want to withdraw in. In this case, it will be CAD. To do this click on Set up new currency and select the tab that says Canadian Dollar. It can take a couple of days for crypto.com to approve this. If it takes longer than that you can live-chat them. I know people for whom it has taken more than a week
2. Sell your crypto
Once your wallet is set up navigate to your crypto portfolio tab and select the cryptocurrency you wish to sell. Click on sell.
Make sure you are under the fiat wallet tab so that you can sell into fiat money
- Enter the amount you want to sell for canadian dollars
- Review the details and fees and click on confirm. You will need to enter your password to confirm.
3. Withdraw to your bank account
Refresh your page and you will see your fiat wallet update with the amount you sold.
Next, click on Transfer and then on Withdraw, and select “Canadian dollar”
Read the terms and note that the selected payment method is Interac e-Transfer
Interac e-transfers are instant but can sometimes take up to 30 minutes for the money to appear in your bank account.
Enter the amount you want to withdraw. The minimum amount for Canada is $100
Confirm your withdrawal after checking the details
You will then receive an email from Interac with instructions on how to complete your deposit
When you do this for the first time you will also need to select a security question
If it’s the first time you are withdrawing Crypto.com will ask you to wait a couple of days.
Crypto.com withdrawal limits
The minimum amount you can withdraw is CA$100 and the maximum is CA$ 25,000. You can make up to 10 withdrawals per day and the maximum you can withdraw in a month is CA$775,000. You can make up to 30 withdrawals in a month.
Prime users can withdraw up to CA$ 1M daily or CA$ 30M monthly
Withdrawal fees
Crypto.com charges CA$ 1.99 per withdrawal. Prime users don’t have to pay a withdrawal fee. The only other transaction fees you need to account for are the conversion from crypto to fiat money. You may not be able to convert all crypto to canadian dollars. In some cases, you may need to convert your crypto to Bitcoin or USDC and then convert that to fiat. Crypto.com will charge 0.07 in trading fees which are some of the lowest trading fees in the crypto market. Make sure you use the pro version of the app to avail of these rates.
Also be aware that you will need to pay capital gains tax on any profits. See Crypto Tax Canada for more.
Withdrawal methods
Crypto.com users in Canada seem to only be able to withdraw via Interac e-transfers. Unlike other crypto exchanges, you cannot withdraw to a debit card or make a wire transfer.
Alternatives to withdrawing cash
- crypto.com offers a prepaid card to its users from which they can directly spend their crypto. This is their main value proposition to users. So if you don’t want to go through the hassle of withdrawing to a bank account you could just use their card.
- Withdraw to a crypto wallet. This option is for those who want to store their digital assets on exchanges for safekeeping
About crypto.com
Crypto.com is a cryptocurrency exchange and financial services platform founded in 2016 by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao. Headquartered in Singapore, Crypto.com aims to accelerate the world’s transition to cryptocurrency by offering a wide range of products and services. Here’s a detailed overview:
Key Features and Services
- Cryptocurrency Exchange:
- Spot Trading: Allows users to trade a variety of cryptocurrencies.
- Derivatives Trading: Offers futures and options trading.
- Margin Trading: Provides leverage for trading.
- Crypto Wallet:
- Non-Custodial Wallet: Users can store, send, and receive over 100 cryptocurrencies securely.
- DeFi Wallet: Allows users to earn interest on their crypto assets through decentralized finance (DeFi) protocols.
- Crypto Earn:
- Users can earn interest on their crypto deposits. Interest rates vary depending on the type of cryptocurrency and the duration of the deposit.
- Crypto Credit:
- Users can receive loans by using their crypto holdings as collateral.
- Crypto Pay:
- Enables businesses to accept cryptocurrency payments and users to pay with crypto through a mobile app.
- Visa Cards:
- Offers a range of Visa cards that provide cashback rewards in the form of their native token, CRO, on purchases.
- CRO Token:
- Crypto.com’s native token is used for various services within the platform, including staking, payments, and earning higher rewards.
- NFT Marketplace:
- A platform for buying, selling, and trading non-fungible tokens (NFTs).
Also, see Why Can’t I Buy Crypto in Canada: Common Blockers.
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