KuCoin is a big crypto exchange offering various kinds of trading options, when you start exploring the super amazing trading opportunities Kucoin offers, it is normal to want to know the best and cheapest way to withdraw your assets
After all, in the crypto space, immediate deposits and withdrawals are bound to take place depending on the situation.
In this guide, I’m going to walk you through the cheapest way to withdraw from KuCoin to a bank account.
So let’s get started!
KuCoin is a crypto exchange launched way back in 2017. Ever since, it has amassed to be one of the largest cryptocurrency exchange platforms globally with more than 10 million users,
Kucoin offer well-structured trading options to its users, such as Spot trading, p2p trading, Margin trading, Future trading lending, staking and many more
It ensures users have a variety of cryptocurrencies that can be traded, at the time of writing, Kucoin currently support close to 500 cryptocurrencies.
The exchange has a client-side interface, it is straightforward, very easy to access and friendly for beginners.
The Kucoin platform put the safety of its customers first, they ensure crypto tokens listed on its platform passed some criteria and policies. They have set a strict process for listing any coin, hence, it prevents their clients from getting scammed.
The Holders of KuCoin (KCS) are given a bonus of close to 90% of the money paid in trading fees.
Also, the company is popular among traders for its low fee when initiating a withdrawal, its fee is among the lowest (if not the lowest)in the entire crypto space.
However, The Kucoin exchange is not available in every country, They are not present in some locations due to the policies and regulations set by those nations but good news! you can still register and access some Kucoins features if your country is not supported. Although unverified users have restricted access entry.
Can you Withdraw from KuCoin?
Yes, of course, you can withdraw from Kucoins, but the process is different from what we might be used to. But, sure you can make a withdrawal and cash out.
However, Unlike Binance, and Coinbase, withdrawing Fiat currencies is a bit complex as Kucoin doesn’t provide the service to withdraw Fiat currency to bank accounts directly. for instance, you can not withdraw USD to your Local bank, SEPA, SWIFT, ACH, or any type of payment system.
Unfortunately, Kucoins users are only permitted to withdraw cryptocurrency assets (e.g Bitcoin. Ethereum etc).
So, to withdraw a Fiat currency, you will need to transfer or send your crypto asset to another platform that supports the withdrawal of Fiat currency to a bank account or any type of traditional payment system.
Ensure while sending your crypto coins that the receiving platform wallet supports the same coin.
To transfer coins unsupported by the receiving wallet, you will have to convert or swap it to a popular asset or coins well-supported by the receiving platform.
NB: You should put into consideration, the transaction cost of the selected cryptocurrency you converted/swapped to. For instance, Ethereum transfer is costly because of the elevated gas fee
That said, Depending on the information you received while withdrawing from Kucoin, it can be either a total disaster or a soft landing but despite its restrictions, withdrawing money from KuCoin is super easy,
We will be guiding you through the steps of withdrawing money from KuCoin adopting an easy and cheap approach in the following sections.
The Easy steps to withdraw from KuCoin to bank account
As we have stated earlier, Kucoins doesn’t support withdrawal to fiat currency directly, the way out is by transferring your crypto assets to a supported crypto exchange and withdrawing it as a fiat currency to your bank account.
we have simplified this process into five easy steps. we shall be illustrating these steps below
1. Choose a crypto asset to transfer
2. Create or login into an account on another crypto platform
3. Copy the receiving wallet address of the chosen crypto asset.
4. Transfer the crypto asset from the Kucoin exchange to the receiving wallet address
5. Enter the receiving platform and withdraw your money into your bank account
Choose a crypto asset to transfer and an Exchange
First and foremost, You will have to decide on the cryptocurrency you would like to transfer from kucoin to another platform since withdrawing from kucoin to your bank account directly is not an option.
I recommend any of the popular crypto assets that are well-supported in various exchanges, with Low network fees and are not subjected to high volatility, You need to protect your funds from high price movement since the withdrawal process can take a couple of minutes.
Some of the popular cryptocurrencies include Bitcoins, Xrp, Binance coins, Algorand, Xrp, Matic, Dogecoin, Polkadot and many more.
While picking a crypto asset, you might want to check the exchange that supports it, Coinmarketcap provide a full list of active cryptocurrencies and the exchange that can be traded on
For Example, suppose we decided on Bitcoin
Here is the list of popular Exchange(Markets) that support Bitcoin on Coinmarkecap
NB: This is not the comprehensive list, click on ‘See All Markets’ to see the detailed list.
Create or login into an account on another crypto Exchange
After you have decided on the cryptocurrency and the exchange to use to cash out. You will need to have an account with the selected exchange either by creating a new one or login into an existing account.
- Creating an account on another crypto exchange is quite similar to how you created your Kucoin account.
Head to the official website of your chosen Exchange (e.g Binance.com,Crypto.com)
To discover the official website of your select exchange, Search the full name of the exchange on google using the search bar. Google should show you their website
In the Homepage, Click an option to ‘create an account or Register
This option is mostly found on the site homepage’s top bar
Fill in the necessary information(which might include personal information).
There will be a need to fill in your personal information, It is often a name, gender, country, email address and phone number.
Ensure your details are correctly indicated and a certification code or link could send to your email address or phone number.
Add payment methods
The payment method is the means for deposits and withdrawals.
Some of the payment methods widely permitted include: Debit/Credit card, Paypal and Bank Transfer
Complete your KYC verification (Optional)
Depending on the exchange policy, and the features to be accessed later on, you might want to participate in the “Know your Client” (KYC) verification process.
Copy the receiving wallet address of the chosen crypto asset.
The process of finding your selected crypto wallet address varies for each crypto exchange,
For the sake of this guide, we will be using the Binance Exchange.
- Visit the Binance Website
- Enter your Account login details
- Tap on Balance as indicated on the top bar of your dashboard
- Click on the Deposit for your chosen cryptocurrency
- Copy the wallet address
Transfer the crypto asset from the Kucoin exchange to the receiving wallet address
Now, its time to visit Kucoin Exchange, input your login details to gain access to your account
Click on withdraw
2. Select the Coin you copied its receiving address from the previous exchange i.e the one you wish to withdraw.
Input the Coin wallet address copied from the other exchange, select a corresponding network, enter the amount of the selected token you want to transfer, and then tap the confirm button to proceed.
Note: Kucoin supports withdrawal from the Main account or Trading Account, ensure you transfer your funds to the supported account and have KuCoin tokens in your wallet to pay network fees for a successful withdrawal process.
3. Complete the security verification process
Transfer your crypto assets from the KuCoin account via KuCoin App on your Mobile device.
Sign in to your KuCoin account,
Click on Assets Withdraw to access the withdrawal page.
Choose a coin,(ensure it is the same coin you copied its receiving address)
Paste the wallet address
Choose the corresponding network, Enter the amount and click Confirm to proceed.
Congratulation!!! You have successfully withdrawn your crypto holding from the KuCoin account.
You can now visit the receiving wallet and check your account balance.
Enter the receiving platform and withdraw your money into your bank account
Finally, to withdraw your crypto assets into your bank account, you need to visit the account you deposited to and covert them to Fiat currency,
For example, let’s say you want to withdraw to your dollar account via the Binance Exchange
- Head to the Binance website or App
- Log in to your account
Under the wallet category located at the top bars, click on fiat and spot wallet
Choose a Fiat currency such as Usd, NGN, or EUR, and fill in the payment method, including the withdrawal info 9Ensure your bank account support the selected currency)
Follow through with the security verification procedure and click on confirm
Wait for the withdrawal action to complete, it could take a minute, hours or days, depending on the payment method
Note: Its advisable to make an inquiry on the suitable payment option suitable in your country from the selected Exchange m
For instance: For Nigerian users, the easiest and most suitable method to withdraw to a Bank account is through Binance p2p, since other payment methods are restricted.
The Cheapest Way to Withdraw from KuCoin
Withdrawing from Kucoin could be costly due to the following reasons
- Withdrawing in a smaller fraction from the Kucoin Exchange
- Selected Crypto gas Fee is high
- The exchange that receives your crypto asset has a high withdrawal fee