Cashing out on KuCoin is a way of saying withdrawing from KuCoin; and when exploring cryptocurrencies trading using any crypto exchanges like KuCoin, one of your cogent concerns would always be how to get your assets withdrawn. Hence, to withdraw means to transfer tokens from KuCoin to other platforms; meaning that the transaction is a form of withdraw on KuCoin’s side and a deposit on the side of the receiving platform.
What must you know before Withdrawing on KuCoin?
Know that KuCoin will process your withdrawal within 30 minutes. Prior to that, you must double check your token type and withdrawal address to be sure because once the withdrawal process succeeds; you won’t be able to cancel it.
To withdraw a particular asset, you must be sure that receiving wallet matches with your kind of cryptocurrency, if not, you need to convert the asset on KuCoin into a cryptocurrency that can be deposited into the other wallet. Like for instance, if you want to withdraw BTC, you must ensure that your receiving wallet can also receive BTC.
Also know that different tokens attracts different withdrawal fees charges, try to always check the fee amount on the withdrawal page by searching that token after logging in.
Furthermore, if peradventure your withdrawal amount is large and over 100,000 times of the handling fee, KuCoin will manually process your request for adequate security of your assets, and your assets will finally be transferred to your receiving wallet as determined by the blockchain.
While withdrawing, ensure that the money is in the main account and not the trading account, because you cant directly transfer from your trading account to an external wallet. Also know that there are minimum withdrawals, so check well to be sure that you have enough tokens on your main account, otherwise your transaction wont go through.
Also know that the trading password and 2-Factor Authentication security in the withdrawing process are further ways provided by KuCoin to secure you from hackers and invaders. The trading password allows you to do transactions within the KuCoin platform while the 2FA ensures that the verified user is really the one currently using the account.
How to Withdraw from KuCoin
The different stages you will have to go through before withdrawing from KuCoin are; logging in, selecting a token, confirming with 2FA, and completing your withdrawal.
Logging into Your KuCoin Account
Open KuCoin and find the log-in button.
Click ‘Assets’; mobile app users will find this tab at the very bottom of the interface.
Choose ‘Withdraw’; this option will be found at the topmost side of the mobile app interface.
Select a Token
Now choose a token from the drop-down menu, ensuring that the receiving wallet supports the token you want to withdraw, so you won’t lose your money.
Use the 2-Factor Authentication
First, input your 6-digit trading password.
Enter your email address to access the verification code, and then tap Send Code. Note that the SMS Verification option is also available, in case the email option is unavailable to you at any moment.
Next is to go to the Google authenticator app on your mobile device, take note of a code that will show up on your screen.
Now Go back to the platform and enter the verification code before the set time limit.
Take your time to go through your details and make sure they are correct.
Complete the withdrawal.
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Bottom Line
The biggest drawback of KuCoin is that it doesn’t support fiat money withdrawal and trading. It doesnt support direct bank withdrawals, bank transfers, or deposits, but you can only send and receive cryptocurrency assets like Bitcoin. You can also withdraw coins from KuCoin and transfer them to a different wallet.
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