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F.A.Q's



Why is Coindirect closing down?

We are announcing that after 5 years, Coindirect will be closing down its retail service and will be focusing our efforts on our B2B business. We are bullish on Crypto and our focus in the space will now be completely focused on delivering a world-class service to businesses. 

 

When will Coindirect close down?

The Coindirect website and  mobile app will remain accessible until the 24th of January 2023. On the 24th of January 2023, access to your account will be disabled and our agreement with you will terminate. 

We ask that all our customers withdraw their crypto and fiat assets from the platform before the 24th of January 2023.  We recommend doing this as soon as possible to ensure you don’t have to rush the process.

Please note that you are only able to withdraw cryptocurrencies to an exchange or wallet that supports them. Please pay extra attention to the wallet address & network you’re sending funds to. 

 

I am a business customer, what do I do?

If you are currently using Coindirect for your business, please contact our support team at this email address: support@coindirect.com. 

 

How do I withdraw my funds?

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.  
  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. Please note that you are only able to withdraw cryptocurrencies to an exchange or wallet that supports them. Please pay extra attention to the wallet address & network you’re sending funds to. 

 

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

  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’.
  2. You will need to enter the wallet address that you wish to send the crypto 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)
  3. Make sure you are sending to a wallet that supports the correct network (e.g ERC20 for ethereum tokens)
  4. Enter the amount you want to send and then enter your password or 2FA code to confirm the action and send

For large transaction we recommend that you send a smaller test transaction to ensure you have captured all the necessary details correct.

 

Please note: that you are only able to withdraw cryptocurrencies to an exchange or wallet that supports them. It is critical that you conduct your own research regarding specific exchanges and their supported token policies before executing any transactions. Please pay extra attention to the wallet address and networks you’re sending funds to. Coindirect cannot help recover funds lost due to incorrect transaction execution.

 

What happens if I do not withdraw my funds in time?

Access to your account will be disabled on the 24th of January 2023. If you have not completed the withdrawal of your funds before this date, please contact support@coindirect.com.

 

When should  I move my funds out of Coindirect wallet?

We ask that all of our customers withdraw their crypto and  fiat assets from the platform before the 24th of January 2023 

Please note that you are only able to withdraw cryptocurrencies to an exchange or wallet that supports them. Please pay extra attention to the wallet address and network you’re sending funds to. 

 

What if I do not have enough funds to cover the fees?

Please contact support@coindirect.com and we will do our best to help you.

 

What if I make a mistake and transfer the tokens to the wrong exchange?

Coindirect cannot help recover funds lost due to incorrect transaction execution.

Please note that you are only able to withdraw cryptocurrencies to a wallet and network that supports them. Conduct your own research regarding specific exchanges and their supported token policies before executing any transactions. Please contact our support team if you have any questions

Once again, please pay extra attention to the wallet address and network you’re sending funds to.