How to withdraw money from KuCoin to bank account

How to withdraw money from KuCoin to bank account

Robert McDougall 

August 10, 2022

Cryptocurrency

You most likely have found this page because you have made some money from trading crypto on KuCoin, and now you want to withdraw your profits to your bank account. The problem is that you can't seem to sell your crypto, or withdraw your money. This is because KuCoin does not accept fiat withdrawals, so you cannot withdraw money straight from KuCoin. The next question you probably have is:

How do I get my money out of KuCoin?

The good news is, you are able to get your money from KuCoin. The way to do this is by withdrawing your crypto from KuCoin to another crypto exchange, sell it there, then withdraw your money to your bank account. This is easy to do, and in this simple guide, we will take you through each step, with plenty of screenshots.

There are six easy steps to withdraw money from KuCoin to your bank account. I will describe each of these steps in more detail below, with screenshots at each stage, to make it extremely easy to follow:

Step 1: Choose a crypto exchange

Step 2: Create an account

Step 3: Verify your account

Step 4: Send crypto from KuCoin into your new crypto exchange

Step 5: Sell crypto for fiat currency

Step 6: Withdraw your money into your bank account

Step 1 - Choose a crypto exchange

Your first step is to decide on a reputable and trusted crypto exchange that is easy to use, and accepts fiat withdrawals to your bank account. I recommend any of the best crypto exchanges; they are all safe and legitimate crypto exchanges. In this how-to guide, I will be using screenshots from my Kraken account (read review) to show you how to withdraw money from KuCoin. Kraken is available in most countries, including the US, supports various fiat currencies, and has 24/7 live chat to help you if you get stuck. If you want to follow along easily step-by-step, you can also sign up with Kraken.

Top 3 Recommendations

#1

Kraken

   Best Overall  

Rating

4.9

#2

Gemini

Most Secure

Rating

4.6

#3

Uphold

Wide Range of Assets

Rating

4.4

If you are considering all your options of how to get money out of KuCoin, our article on the best crypto exchanges may be useful.

Step 2 - Create an account

The process is easy to create an account with Kraken. Click on the following link: https://r.kraken.com/ which will take you to the Kraken homepage. Click on 'Create Account' in the top right corner, and you will see a screen like the image below. Enter your email, choose a username and password, select your country details, then click 'Create Account' underneath.

Step 3 - Verify your account

After creating your account, you should be automatically prompted to verify your Kraken account. You need to verify up to the 'Intermediate' level to be able to deposit crypto, sell it and withdraw money. This requires verification of your personal information and identity. If you have skipped the verification prompts and you need to verify your account now, click on your name in the top right corner, then click on 'Get Verified' as shown in the screenshot below. Click on the Verify button to begin verification.

Step 4 - Send crypto from KuCoin to your new crypto exchange

Once your Kraken account has been verified, you can send the crypto from your KuCoin account into your Kraken account. In Kraken, click on 'Funding' in the menu at the top of the screen (circled in red in screenshot below), then click on 'Deposit' (circled in yellow below). A pop-up will appear, and you can type in the search field which crypto you wish to deposit from your KuCoin account. In this guide, we will send USDT as an example. 

Click on the crypto asset you wish to transfer from KuCoin into Kraken, and you will be taken to the deposit screen, as shown below. For USDT, choose TRC20 as the withdrawal fees are much lower (only 1 USDT). Click on 'Generate deposit address' below that, to create an address for your first withdrawal.

Now you should see a string of letters, which is your deposit address (shown in the screenshot below covered by the red rectangle). Copy that address by clicking the large blue 'Copy deposit address' button at the bottom.

In your KuCoin account, click on the Wallet icon in the top right corner. When the dropdown menu appears, click on 'Main Account' (see screenshot below).

Next, click on the 'Withdraw' button (see arrow in screenshot below), and your screen should now look like the one below. Choose which coin you want to send to Kraken. In our example, we are withdrawing USDT, so I have selected that. In the Wallet Address field, paste the address that you copied from Kraken (covered by the blue rectangle below), and select the Network below. As mentioned above, if you use TRC20 the fees are lower, at only 1 USDT, so select TRX (Tron). 

Choose the amount you wish to send (in our example, 500 USDT), then click the green 'Withdraw' button at the bottom. A confirmation pop-up will appear. Check your details, and click 'Confirm Withdrawal'.

Step 5 - Sell crypto for fiat currency

Your cryptocurrency can take up to 30 minutes to arrive in your Kraken account. You can check whether it has arrived, by clicking on 'Funding' in the top menu, then scrolling down to your list of Crypto Assets. In our example, it took less than 10 minutes to arrive. As you can see in the screenshot below, the USDT is now in my Kraken account. Now we can sell it for fiat currency.

Click on the 'Buy Crypto' button in the menu at the top. I know we are trying to sell crypto, but trust me, we can do that easily from this screen. You will see a screen like the one below; click the 'Sell' button.

The screen will now look like the one below. You can choose how much crypto you wish to sell. In our example, we select the 'Max' button, then click 'Review'.

A confirmation screen will now appear, with the details of your transaction, including the total amount of fiat currency you will receive. Once you are happy with that, click the purple 'Confirm' button.

You will now see a new screen that confirms that you have successfully sold your crypto for fiat currency. 

Step 6 - Withdraw your money into your bank account

You have successfully converted your crypto to fiat currency, now the final step is to withdraw your money to your bank account. Click on 'Funding' in the menu at the top of the screen, and then next to your fiat currency (in our case, US Dollar), click the Withdraw icon (shown by the red arrow in the screenshot below).

You will be taken to a screen like the one below. Select the withdrawal type from the dropdown box, and then click 'Continue' to add the bank account details you wish to withdraw to. After you have added the bank details you will be able to process the withdrawal of money straight to your bank account. Congratulations, you have managed to send money from KuCoin to your bank account, via Kraken!

If you get lost at any point in this process, the great thing is that Kraken has 24/7 live chat support available, so you can easily get assistance, no matter what time of day or night. 

Frequently Asked Questions:

Can you withdraw from KuCoin to bank account?

KuCoin does not allow fiat withdrawals to your bank account. However, there is an easy way to get your money out, using another exchange, for example Kraken. Follow the steps in this guide, and you will get money out from KuCoin to your bank account.

Why is KuCoin not allowing me to withdraw money?

KuCoin is built primarily as a crypto trading platform, so it does not have support for fiat markets or fiat withdrawals. Not to worry, you can get your money out using a different crypto exchange, such as Kraken. Read through our article and follow along step-by-step to withdraw your money from KuCoin. 

Can I withdraw fiat from KuCoin?

Unfortunately, you cannot withdraw fiat directly from KuCoin. However, if you create an account on a different exchange that supports fiat withdrawals (eg: Kraken), you will be able to withdraw your money. Read our guide above to see how to do this.

How do I withdraw from crypto to cash on KuCoin?

KuCoin does not accept selling your crypto to cash, as there are no fiat markets. The way to convert your crypto to cash is to send your crypto to another exchange, such as Kraken. Then you sell your crypto on Kraken, and withdraw cash to your bank account. This guide will show you exactly how to do it, with detailed screenshots at every step of the way.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

To view our privacy policy read this breakdown.


Tags


You may also like

Swyftx vs CoinSpot

Swyftx vs CoinSpot

Swyftx Referral Code

Swyftx Referral Code
>