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Withdrawals

Withdrawals

 

Fiat Withdrawals

 

Which countries are supported for fiat withdrawals?

 

We currently support fiat withdrawals for our South African (ZAR), British (GBP), and European clients (EUR).

 

 

How do I make a Fiat withdrawal?

 

Initiating a Fiat withdrawal is very easy and simple to do!

 

Follow these steps to make a fiat withdrawal to your local bank account:

 

1.  Navigate towards the menu on the top right-hand side of the app and then select your name. Then select “Manage Bank Accounts”.

 

 

 

 

 

2.  Add your bank details by selecting “Add a bank account” and then accurately filling-in all of the required information.

3.  Next, go to your ZAR/EUR/GBP wallet in the “Wallets” section of your Coindirect account. This can be viewed by selecting the “home” button.

4.  Click the “Withdraw” button in your ZAR/GBP/EUR wallet.

5.  Enter the amount that you want to withdraw to your bank account (take note of the fee that will be deducted).

6.  Choose your bank account from the “Withdraw to” dropdown list.

7.  Enter your Coindirect account password or 2FA code to confirm the action.  Add hyperlink on how to enable 2FA, link will send customers to the 2FA page)

 

8.  Click “Withdraw”.

 

Please note: Your withdrawal will first need to be released from the Coindirect system into a processing queue.

Once in the processing queue, our finance team will release the payment to your bank account.

Payments are made twice a day on business days. The status of your withdrawal will be updated once payment has been successfully made.

 

 

How long does it take for a Fiat withdrawal to reflect.

 

Once you’ve requested your withdrawal, it will first need to be released from the Coindirect system into our processing queue. In certain cases, this will be automatic and instant, but in other cases, particularly if you are a new customer or the withdrawal exceeds certain limits, the withdrawal may need to be manually reviewed and released.

Once in the processing queue, our finance team will make the payment to the banking details provided. Payments are made twice a day at 9 am and 3 pm (GMT + 2) on business days only. Cutoff times will be 8.30 am and 2.30 pm respectively.

Please allow 1 to 3 business days from when the payment is made, for the withdrawal to reflect in your bank account.

The total time to receive your withdrawal will thus depend on what time of day you initiate your withdrawal, the withdrawal value, whether you’re an established customer of ours and which bank you bank with.

 

Limits and fees on withdrawing Fiat.

 

Please note that we may need to manually review withdrawals exceeding certain limits, so there may be a slight delay before the withdrawal is released to the processing queue.

 

***FEES??*** (Confirm with finance)

 

 

 

Trade brokers and Third Party withdrawals

 

For the safety of all our clients, please note we do not approve or accept trader broker transactions and third party withdrawals or any third party access to your Coindirect account.

 

Your Coindirect account should be treated like a bank account, only you should carry out transactions and have access to your account.

 

 

 

 

Cryptocurrency withdrawals

 

How to make a Cryptocurrency withdrawal

  1. Log into your Coindirect account and select the “‘Home” button. Find and select the wallet you wish to send from and then click ‘Send’.

You will need to enter the wallet address that you wish to send the digital currency to. Make sure that you're sending like for like (for example, only send BTC to a BTC wallet address, ETH to a ETH wallet address, etc). 

 

2. Enter the amount of coins you want to send and then enter your password or 2FA code to confirm the action

 

Please note: Coindirect now displays the withdrawal fee to you on this screen.

 

 

 

How long does it take for a cryptocurrency withdrawal to reflect?

 

Cryptocurrency withdrawals are usually fairly instant, however please bear in mind that each crypto currency has a different transaction time on the blockchain.

 

Sometimes withdrawals need to be manually reviewed for security purposes. Also note that enabling 2 factor authentication (2FA) will reduce the chances of your withdrawal having to be manually reviewed.

 

If you have not yet done so, you can set-up 2FA by following these steps:

https://help.coindirect.com/hc/en-us/articles/115002442374-How-to-enable-two-factor-authentication 

 

What if I sent my cryptocurrency to the wrong wallet address?

 

Failing to use the correct wallet address will result in your cryptocurrency being lost and unfortunately will be irretrievable.

 

 

 

Checking the status of a cryptocurrency withdrawal

 

You need to allow some time for the necessary blockchain confirmations to be completed. This time can vary, and depends on a number of factors.

 

You can check the status of a cryptocurrency withdrawal by going to the relevant blockchain explorer website (see below), and entering either the appropriate wallet address or the transaction/hash ID.

 

If sufficient time has passed, and you still can not locate your withdrawal on the blockchain, you can submit a ticket with our Helpdesk (help.coindirect.com), containing  your details along with the wallet address or hash ID, so that we can assist you.

 

 

The below table includes a link to the blockchain explorer for each currency so that you can check the status of your transaction. Simply enter your Coindirect wallet address or transaction Hash into the blockchain explorer to check its status.

 

 

Coin

Currency Code

Link to blockchain explorer

Ark

ARK

https://explorer.ark.io/

Bitcoin

BTC

https://live.blockcypher.com/

Bitcoin Cash

BCC

http://blockdozer.com/insight/

Cardano

ADA

https://cardanoexplorer.com/

Civic Coin

CVC

https://etherscan.io/token/Civic

Dash

DASH

https://explorer.dash.org/chain/Dash

Digibyte

DGB

https://chainz.cryptoid.info/dgb/

Dogecoin

DOGE

https://dogechain.info/

EOS

EOS

https://etherscan.io/token/EOS

Ethereum

ETH

https://etherscan.io/

Ethereum Classic

ETC

https://etcchain.com/explorer

Golem

GNT

https://etherscan.io/token/Golem

IOTA

IOT

https://iotasear.ch/

Lisk

LSK

https://explorer.lisk.io/

Litecoin

LTC

http://explorer.litecoin.net/

Lumen

XLM

https://stellarchain.io/

Monero

XMR

https://moneroblocks.info/

NEM

XEM

http://explorer.ournem.com/#/

NEO

NEO

https://neotracker.io/

NXT

NXT

https://nxtportal.org/monitor/

OmiseGO

OMG

https://etherscan.io/token/OmiseGo

Qtum

QTUM

https://etherscan.io/token/Qtum

ReddCoin

RDD

https://live.reddcoin.com/

Ripple

XRP

https://ripple.com/build/ripple-info-tool/

SALT

SALT

https://etherscan.io/token/Salt

Siacoin

SC

https://explore.sia.tech/

Steem

STEEM

http://steemistry.com/steem-block-explorer/

Stratis

STRAT

https://chainz.cryptoid.info/strat/

Tether

USDT

https://omniexplorer.info/

Tronix

TRX

https://etherscan.io/token/Tronix

VeChain

VEN

https://etherscan.io/token/0xd850942ef8811f2a866692a623011bde52a462c1

Verge

XVG

https://verge-blockchain.info/

Waltonchain

WTC

http://waltonchain.net/

ZCash

ZEC

https://explorer.zcha.in/

 

 

Common queries regarding cryptocurrency withdrawals

Why do my NEO and/or Cardano (ADA) withdrawals keep failing?

 

When withdrawing either NEO or Cardano (ADA), please ensure that the value you enter in is a whole/round number without decimals, in order for the withdrawal to go through. E.g. 2 and not 2.34.

 

 

Withdrawing Litecoin (LTC) to a Segwit address. 

 

Coindirect does not allow LTC withdrawals to a Segwit address that does not begin with an ‘L’.

You must convert the Segwit address to a legacy address before sending from your Coindirect wallet.

 

 

Why does my Digibyte withdrawal keep failing?

 

Please ensure that the destination wallet address begins with a ‘D’, before sending Digibyte from your Coindirect wallet.

 

 

Where do I find my XRP destination tag?

 

If you click on your XRP wallet and you select “receive”, you are provided with a wallet address and a destination tag. You must use this destination tag for all of your XRP transactions.

 

Please note that failing to use the correct wallet address and destination tag results in your XRP being lost and irretrievable.