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How to withdraw via Bitcoin?

Article ID: 98572 Email Print
Question
How to withdraw via Bitcoin?

Answer

Withdraw funds from accounts in any traditional (non-crypto) currency: we’ll convert the funds into BTC and send them on to your wallet.

 

Fees:
For Bit accounts: Bitcoin transaction fee* only (calculated at the time of transaction, approx. BTC 0.0001-0.0005)
For other currencies: Bitcoin transaction fee* and 1.5% conversion fee

 

FXChoice processing by Finance Department: up to 24 hours
Processing on the Bitcoin network: 30 min to 2 hours

 

Account currencies: BTC (no conversion); USD, EUR, and all other non-crypto currencies.

 

CONTENT:

 

The tips on using Bitstamp in this article are for general reference only and based on the Bitstamp website at the moment of publication. We are not affiliated with Bitstamp and do not pretend to be able to provide assistance with using their services. Please refer to Bitstamp FAQ and contact them at support@bitstamp.net for up-to-date guidance or assistance.

 

1. Sign up and get verified with Bitstamp

 

1a. Create a Bitstamp account
Open your browser and go to https://www.bitstamp.net/. Click either ‘Register’ or ‘Create account’. You will be forwarded to the ‘Open free account’ page. Fill in the form, tick the box to agree with Bitstamp’s terms and conditions and click ‘Register’.

 

 

You'll see a notification confirming that your registration is complete and that you'll receive your user ID and password via email. 
Check the email in your inbox and take note of both the client ID and password for your account. Then return to the Bitstamp website and click ‘Log In’. Enter the relevant username and password details.

 

1b. Change password and begin the verification
When you first log in to Bitstamp, you'll see a notification that your password is out of date. Click the link to change your password. On the new screen, enter your current password in the field at the top. Next, put your new password into the fields.

 

 

1c. Upload your ID and submit the verification request
Start the verification process by going to https://www.bitstamp.net/account/verify. You'll first be asked to choose between a personal and corporate account. If you're a private individual, click ‘Personal Account’.

 

 

The next verification screen will ask you to verify your ID and enter your name, residential address, date of birth and declare whether you're a US Citizen or resident for tax purposes. 
Scroll down and click the ‘Browse’ button to upload the image of your ID. Use the fields below to enter the dates of issue and expiry.
The next step is to submit your proof of address. Click the ‘Browse’ button to upload your proof of address. This must be either a bank statement, a utility bill (such as a gas bill) that is no more than three months old, or a government document such as a tax certificate. You cannot use your ID here, even if it shows your address. 
Click ‘Submit Verification Request’ at the bottom of the screen. Bitstamp will review the information and documents you provided. If they are valid, your account will be verified in 2-3 working days. You must wait for this to happen before you can buy Bitcoins.

 

1d. Enable two-factor authentication

Enabling two-factor authentication means Bitstamp will request a special code from your mobile device when signing in or processing transactions. To use it, you'll need a suitable app for your phone such as Google Authenticator or FreeOTP, which are free to download on the iTunes and Google Play stores (for iOS and Android, respectively).
Go to https://www.bitstamp.net/account/security/two-factor-authentication and click ‘Enable two-Factor Authentication’. You will see a QR code which you can scan in using your mobile app.

 

2. Withdraw BTC into your wallet

In the Withdrawal section of Backoffice, select Bitcoin, fill in the form (the list of accounts to withdraw from will contain accounts in BTC as well as in all traditional currencies); paste your wallet address**, and confirm the withdrawal request.

 

The withdrawal request will be processed by our Finance Department within 24 hours and then initiated on the Bitcoin network, which generally takes an additional 30 minutes to 2 hours until completion.

 

Requests received during non-working hours (weekends, holidays, or after the specified cut-off time) will be processed by our Finance Department the next working day within 8.5 business hours. In the event of downtime and upon system recovery, requests will be processed in receipt date/time order.

 

**Wallet address can be found in your crypto exchange account (if you wish to send BTC directly into the account) or in your local wallet software settings.

 

3. Convert BTC into USD via Bitstamp

If you withdrew to your Bitstamp wallet address, you can peruse their FAQ to get familiar with their tools. Sign in to your Bitstamp account and proceed to the Buy/Sell section.

 

Select a type of order from the menu on the left and fill in the form. Read Bitstamp FAQ on the types of orders.

 

Once the order is executed, the USD/EUR will be in your Bitstamp account and available to withdraw via bank transfer or SEPA. Navigate to the Withdrawal section and fill in your banking details. As with most bank transfers, it should take up to 5 business days for the funds to show up in your bank account. Learn more about withdrawing from Bitstamp in FAQ.

 

*The Bitcoin transaction fee is charged on all transactions on the Bitcoin network and is what keeps it going. The transaction fee is paid to the miners and calculated dynamically at the time of the transaction, depending on the total transaction volume currently in the network.


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Article Details
Views: 560 Created on: Feb 13, 2019
Date updated: Feb 13, 2019

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