Key Takeaways

• To withdraw money from MEXC to a bank account, you need to use a separate crypto exchange.
• The process involves six steps: choosing a crypto exchange, creating an account, verifying your account, sending crypto from MEXC to the new exchange, selling crypto for fiat currency, and withdrawing the money to your bank account.
• Kraken is recommended as a user-friendly and secure crypto exchange for this process.
• MEXC does not allow direct fiat withdrawals, but by following the guide, you can easily withdraw your money using Kraken or another exchange that supports fiat withdrawals.

Step 2 - Create an account

The next step is to open an account with the crypto exchange of your choice, in our guide, this will be Kraken. Click on this link: https://www.kraken.com/ which will take you to the Kraken homepage. Click on 'Create Account' in the top right corner, and you should see a page like the screenshot below. Type in your email, create a username and password, enter your country details, and then click 'Create Account' at the bottom.

Step 3 - Verify your account

Once you have created your account on Kraken, it should take you through the verification process. You have to verify your account up to the 'Intermediate' level in order to deposit crypto into the account, sell it, and withdraw money. Don't worry, the Kraken verification process doesn't take long, and it just requires verifying your personal info and identity. If you skipped the verification earlier, and you want to verify your account now, click on the name in the top right corner, then click on 'Get Verified' as shown in the screenshot below. Click on the 'Verify' button to start the process.

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

When your Kraken account has been verified, it is time to send cryptocurrency from MEXC into your new Kraken account. In Kraken, click on 'Funding' in the menu at the top (circled in red in the image below), and then click 'Deposit' (circled in yellow in screenshot below). A pop-up window will appear, and then you can type in the name of the coin that you want to send from MEXC. In our guide, we are going to send USDT.

Click on the cryptocurrency you want to send from MEXC to Kraken, then you will be taken to the deposit screen, as shown below. For USDT, select TRC20 since the withdrawal fees are lower (only 1 USDT). Then you click on 'Generate deposit address' underneath (as shown by the arrow), to create a crypto wallet address for your first withdrawal.

You will see a long string of characters, which is your deposit address (covered by the red rectangle in the image below). Copy that address by clicking the large 'Copy deposit address' button at the bottom.

Log into your MEXC account, and click on 'Wallets' in the top right corner (circled in red below), then click on 'Overview' in the dropdown menu. You should then see your available cryptocurrencies. Find which one you wish to withdraw to Kraken, and click the 'Withdraw' button to the right of it. In this guide, we will be withdrawing USDT.

Your screen should look similar to the one below. Paste your wallet address that you copied from Kraken (shown below covered by the red rectangle). Select your withdrawal network (for USDT, we suggest TRC20 as the fee is only 1 USDT), then choose the amount you wish to withdraw. In our example, we withdraw 500 USDT, as you can see below. When you are ready, click the green 'Submit' button, and follow any prompts to confirm and finalize the transaction.

Step 5 - Sell crypto for fiat currency

It can take up to 30 minutes for your crypto to be transferred to your Kraken account, although usually it is much quicker. To see if your crypto is in your Kraken wallet yet, click on 'Funding' in the top menu, then scroll down to your list of Crypto Assets. As you can see in our screenshot below, the USDT is now in my Kraken account. We can now proceed to sell this for fiat currency. 

In the menu along the top, click the 'Buy Crypto' button. Yes, we are looking to sell our crypto now, but the quickest way to get to the sell crypto page is through the 'Buy Crypto' button. You should now see a screen like the image below. Click on the 'Sell' button.

Now your screen will look similar to the one below. You can choose how much of your crypto you want to sell. In this guide, we select the Maximum, which is 500 USDT, and then click 'Review'.

A confirmation screen like the one below will appear. You can check the details of your transaction, such as the total amount of fiat currency you will receive, the fees, and the price of your coin. Once you have checked that your details are correct, click the purple 'Confirm' button.

Congratulations, you have successfully sold your crypto for fiat currency! The final step is to withdraw your money to your bank account.

Step 6 - Withdraw your money into your bank account

Click 'Funding' in the top menu, then next to your fiat currency (in our example, US Dollar), click the 'Withdraw' icon (indicated the red arrow in the screenshot below).

You will now see a screen like the one below. Choose your preferred withdrawal type from the dropdown box, and then click 'Continue' to add your bank account details. When you have done that, you can withdraw your money directly to your bank account. That's the end of the process; you have successfully withdrawn your money from MEXC to your bank account, using Kraken.

If there are any points along the way where you get lost, Kraken's 24/7 live chat support team can definitely assist you with any issues.