Welcome to this post, where we are going to see how you can withdraw your funds from FTX to your bank account and to another wallet or Exchange.
FTX allows us to withdraw money to our bank account, but at this moment, we can only do it by bank transfer, and we will need to verify our account if we have not done it previously.
Also, we will see another way if you want to withdraw the money and have it the same day in your bank account, without having to wait for it to arrive after a few days.
From FTX to your bank account
To be able to withdraw our money, we will first need to transfer it to USD, as we saw in another guide and that you can find in our page, you can see how to transfer from your cryptocurrencies to USD.
With USD, we will be able to withdraw it to our bank account, for the moment only with bank transfer to an account with our name. We will go to wallet and search for USD. Click on withdraw or withdraw, and select withdraw fiat.
Here, a panel will open to include the information of the transfer. The first thing to indicate is the amount you want to withdraw. Next, select US domestic wire or international if your bank is outside the USA. Include all your bank account information, and once verified, you must use the two-factor authentication to confirm the withdrawal. Click withdraw and you are done. The money will be on its way to your bank account and you should receive it in a few days, depending on where your bank is located.
It is important to know if your bank has fees on foreign transactions, if you are outside the USA, you may be charged a fee for receiving foreign money, so check before withdrawing and paying a high fee.
From FTX to Binance
There is a way to withdraw your money faster and using your credit card, and that is through Binance. Since this Exchange allows withdrawals with this method and you will be able to withdraw your money in a few minutes and have it available in your bank account. So let’s see how to do it.
Although first you will need a Binance account and pass the verification or KYC on the platform to be able to withdraw money without problems. If you don’t have a Binance account yet, you can create one just below to follow the steps.
What we will do in this case, is to withdraw USDT from FTX to Binance and once in Binance exchange them for our currency to finally withdraw them to our bank account. The operation is the same if you want to withdraw cryptocurrencies to another Exchange or wallets, as long as you use the same network you should have no problems.
We will go to FTX, and we must have USDT, as it is the most used cryptocurrency. If you do not have it or you have USD, exchange them in convert for USDT for it. Once you have USDT, click on withdraw or withdraw. Here, we will indicate in amount the amount of USDT we want to withdraw, and we will have to go to binance to copy the address, which we will later paste in FTX.
In binance, we will go to wallet and spot wallet. Search for USDT and click on deposit and select the trc20/tron network. Copy the trc20 network address and go back to FTX and paste it. You can click on save address if you are going to use that address again.
In withdrawal method we indicate the tron TRC20 network, and finally we must indicate the double authentication code to verify the withdrawal. Click on withdraw and you are done. With this, first check that all the information is correct before withdrawing the funds, make sure you enter the address and the network indicate trc20.
After a few minutes, we will be able to see the USDT in our balance.
With the usdt in the Binance balance, the next step is to exchange them for your currency, in this case euros. Go to market, fiat market and look for the euro/usdt pair or your currency pair. Here, we will have to go to buy, and we will change the usdt for euros or the currency that you have and use to withdraw. Indicate the amount you want to withdraw, and in this case click on buy eur.
Then we will go to the main panel, and we will see that we have euros or the currency we have decided to exchange. If this is the case, click on withdraw or withdraw. Here, we will go to fiat and select our currency, and the way we want to withdraw the funds. Either by credit card with a 1% commission, but it arrives immediately, or by bank transfer with a 0.80€ commission. Indicate the amount you want to withdraw and click on continue. If you have used the bank card, you will be able to see the balance in a few seconds in your bank account.
I hope this has helped you to learn how to transfer your FTX funds to your bank account paying the lowest possible commissions and in a fast way. Remember that if you don’t have an account with binance, you can create one just below.