How to Withdraw Cryptocurrency from WazirX

Withdrawing cryptocurrency from WazirX is a straightforward process, but it’s important to follow the right steps to ensure a smooth transaction. This guide will walk you through the necessary steps, provide tips to avoid common issues, and answer some frequently asked questions.

Step 1: Log in to Your WazirX Account

The first step is to log in to your WazirX account. Make sure you have access to your email and mobile number linked to the account, as WazirX uses two-factor authentication (2FA) for added security.

Step 2: Navigate to the 'Funds' Section

Once logged in, navigate to the 'Funds' section located at the top of the WazirX dashboard. Here, you will see a list of all the cryptocurrencies available in your account. This section also shows your available balance for each cryptocurrency.

Step 3: Select the Cryptocurrency You Want to Withdraw

Scroll through the list and select the cryptocurrency you wish to withdraw. For example, if you want to withdraw Bitcoin, click on 'Withdraw' next to Bitcoin.

Step 4: Enter the Withdrawal Details

After selecting the cryptocurrency, you’ll need to enter the withdrawal details:

• Recipient Address: This is the wallet address where you want to send your cryptocurrency. Double-check this address, as sending to the wrong address could result in a permanent loss of funds.
• Amount: Enter the amount of cryptocurrency you wish to withdraw. Make sure the amount is within the available balance.
• Network: Select the correct network for the withdrawal. Choosing the wrong network could lead to delays or loss of funds.

Step 5: Complete the Two-Factor Authentication (2FA)

WazirX will prompt you to complete the two-factor authentication to proceed with the withdrawal. Enter the OTP (One-Time Password) sent to your registered email or mobile number, or use an authenticator app if you have it set up.

Step 6: Confirm the Withdrawal

Review all the details you’ve entered. If everything looks correct, click on 'Confirm' to proceed with the withdrawal. WazirX will initiate the transaction, and you’ll receive a confirmation email.

Step 7: Check the Status of Your Withdrawal

You can check the status of your withdrawal by going to the 'Transaction History' section. Here, you will see all your recent transactions, including pending withdrawals. Depending on the network congestion, it may take a few minutes to a few hours for your transaction to be confirmed.

Important Tips to Avoid Common Issues

• Network Fees: Be aware of the network fees associated with each cryptocurrency. These fees can vary based on network congestion and can affect the total amount received.
• Withdrawal Limits: Check the withdrawal limits on WazirX. There are daily withdrawal limits for each cryptocurrency, which can vary depending on your account verification level.
• Correct Network Selection: Always ensure that the network selected for the withdrawal matches the network of the recipient wallet. For example, if you’re withdrawing USDT on the ERC20 network, make sure the recipient wallet supports USDT on the ERC20 network.

Frequently Asked Questions (FAQs)

1. How long does it take to withdraw cryptocurrency from WazirX? The time it takes for a withdrawal to be completed depends on the cryptocurrency and the network. Typically, Bitcoin transactions take about 10 minutes to 1 hour, while other cryptocurrencies like Ethereum might take a bit longer during peak times.

2. Can I cancel a withdrawal request? Once a withdrawal request is initiated and the network has started processing it, it cannot be canceled. Ensure all details are correct before confirming the transaction.

3. What should I do if my withdrawal is stuck? If your withdrawal is stuck, you can check the transaction status on a blockchain explorer using the transaction ID (TxID) provided by WazirX. If the status shows 'pending' for a prolonged period, contact WazirX support for assistance.

4. Are there any fees associated with withdrawals on WazirX? Yes, WazirX charges a withdrawal fee for each cryptocurrency. The fee varies depending on the cryptocurrency and the network. It’s important to check the fee schedule on WazirX before making a withdrawal.

5. Can I withdraw directly to my bank account? No, you cannot withdraw cryptocurrency directly to your bank account from WazirX. You would need to first convert the cryptocurrency to INR and then withdraw the INR to your bank account.

Conclusion

Withdrawing cryptocurrency from WazirX is a simple process as long as you follow the steps carefully. Always double-check the recipient address and network selection to avoid any issues. By being mindful of the withdrawal limits and network fees, you can ensure a smooth and efficient transaction.