Have you recently started using Bittrex but don’t know how to withdraw money from the exchange? Perhaps you are looking to move your funds to a different Cryptocurrency exchange? We’re here to help you with our step-by-step guide that’s going to walk you through the whole process with ease. Let’s begin!
How to Complete a Bittrex Withdrawal
Simply follow these four easy steps:
- Step 1.
We’ll assume that you’ve already done this step and that’s choosing a suitable digital wallet for storing your digital coins in the first place. You need to make sure that the wallet supports the currency that you want to exchange your cryptocurrencies for.
Although you’re free to use any third-party wallet you like, we recommend using the Bittrex wallet instead, because it’s very intuitive and can be used to store multiple cryptocurrencies at the same time.
- Step 2.
Once you’ve decided on a wallet, sign in to your Bittrex account. In the top-right corner on their site, you’ll spot the “Holdings” button. Click on it and select the wallet address that you want to withdraw money from or input it manually. Click “Withdraw”.
- Step 3.
Insert the Recipient Wallet Address and the Quantity that you want to take out of your wallet. Always double-check the information from your input because you don’t want to risk losing your funds by accident.
Some cryptocurrencies may require a payment ID or some kind of memo, tag, or message that will be sent together with the coins. Once again, make sure you provide the correct details. Then, click “Withdraw”.
- Step 4.
If you have activated the two-factor authentication when you were registering for your account, you’ll be asked to insert the six-digit code and then press “Confirm”. If you haven’t, this is a good time to enable this security method. This will verify the transaction and give the green light for the platform to process it. At this point, you’ll just have to sit back and wait for the funds to reach your account.
Frequently Asked Questions
Are There Any Rules for Withdrawals?
There’s only one rule listed on the platform’s official website. It says the following: “The minimum withdrawal for all coins must be greater than 3 times the fee. For example, BTC has to be 0.00150001 or greater as the fee is 0.0005. ”
How Much Time Does It Take for the Funds to Show up in My Wallet?
We can’t say for sure because the transfer depends on a couple of things. But it’s definitely not going to be instantaneous. Every transaction needs to be verified by the network users before it’s confirmed and entered into the blockchain. Different coins have their own hash rate, mining methods, and a different number of miners.
Here’s how you can check the status of your transaction:
- If you’ve sent the transaction request correctly, it will appear under “Withdrawals” on the Bittrex Balance Page. If you can’t find it there, wait for 24 hours before contacting customer support.
- You can access the public blockchain and insert your transaction ID to check its status. If the transaction says “Broadcast,” it means it still hasn’t been verified by the miners. If it’s not there, check the “Pending Withdrawals” section. If you see the comment “Invalid” or “Unauthorized” next to your transaction, it won’t go further.
- Sometimes traders forget to authorize their transaction so make sure you’ve input the 6 digit code. Check the receiving address again. Unfortunately, If you got it wrong, you lose your money forever.
- Are you sure you had enough money in your wallet to cover for both the transaction and the fee that comes with it? You don’t? In such cases, the money won’t leave your account until you add enough to cover both costs.
- Finally, check if your transaction meets the minimum requirements. Remember, it has to be at least three times the fee. Some currencies have their own minimum requirements as well. If you fail to meet such tiers, your transaction won’t go through.
What Are the Withdrawal Fees?
Bittrex doesn’t intend to profit out of withdrawal fees but since every cryptocurrency has its own network transfer fee built into it, the platform has to charge a small amount to cover this fee. The amount is shown at the end before you confirm the transaction, so you always have the option to change your mind and cancel it.
Final Notes
As we illustrated to you, withdrawing money from Bittrex is quick and simple, so there’s nothing to worry about. The only thing you should keep an eye on is the differences in fees for different cryptocurrencies. That, and making sure you enter the right information before hitting the send button.
