How To Withdraw Money From Onchain Wallet – Complete Beginner’s Guide

You must have started using crypto and now the biggest question that comes up is “how to withdraw money from Onchain Wallet?” Most people have this confusion. Crypto is in the wallet, but when you need cash then you do not understand what to do. In this blog, I will tell you simple steps by which you can withdraw your crypto from Onchain Wallet.

What is Onchain Wallet?

First of all let’s clear this. Onchain Wallet is basically a wallet that works directly on blockchain. Meaning here you can send and receive your Bitcoin, Ethereum or any crypto store. This is not like a custodial wallet where the exchange has control. In this you have full control.

But the problem is that there is only crypto in the Onchain Wallet, not fiat money (like INR, USD, EURO). That is why you cannot directly “withdraw to bank.” For that you have to take help of an exchange.

Read also: On-Chain Wallet Customer Service: Get Expert Help

Is Direct Withdraw Possible?

Simple answer: No.

You cannot send money directly from your Onchain Wallet to the bank. Why?

• Because there is crypto inside the wallet, not cash.
• Bank does not accept crypto.
• There should be an exchange in between which can convert crypto to fiat (cash) and send it to the bank account.

Understand that Onchain Wallet is a locker in which crypto is kept. If you want to spend it, then first it has to be converted into cash through the exchange.

Step by Step – Withdraw Money from Onchain Wallet

Now let me explain the whole process in very simple words:

1. Choose an Exchange

First of all choose a trusted exchange from where you can sell crypto and take money to your bank. Example: Binance, Coinbase, Kraken, WazirX (for India), KuCoin, etc.

2. Create an account and verify it

If you don’t have an account, sign up on the exchange. You have to do KYC there (ID proof, photo, bank details). This is important because without KYC you will not get the withdrawal option.

3. Copy the deposit address

Go to the exchange and take the deposit address of the crypto you want to send. For example, if you want to send BTC, copy the BTC deposit address.

⚠️ Keep in mind – choose the right network (ERC20, BEP20, BTC network, etc.), if it is wrong, the money will be lost.

4. Send from Onchain Wallet

Now go to your Onchain Wallet.

• Click on the “Send” option.
• Paste the address you copied from the exchange.
• Enter the amount and confirm it.

In some time (depending on blockchain speed), the crypto will arrive in the exchange wallet.

5. Convert crypto to fiat

Once the crypto has arrived in the exchange, now it has to be converted to fiat (cash). Go to the “Trade” section of the exchange, select your pair (BTC/INR, BTC/USD, etc.) and sell.

6. Withdraw from bank

Now your exchange wallet will have fiat balance.

• Go to the “Withdraw” option.
• Choose a bank account.
• Enter the amount and confirm.

Money will be transferred to the bank account in a few hours or one-two days.

Common Problems Faced by Beginners When They Withdraw Money from Onchain Wallet

• Choosing the wrong network: Most people make this mistake. Always double-check.
• Minimum withdrawal limit: Every exchange has a minimum limit. Balance less than that cannot be withdrawn directly.
• Fees: Every place charges a small transaction fee (wallet transfer + bank withdrawal). Check first.
• Delay: Sometimes it gets delayed due to bank holiday or network congestion.

Tips For Safe Withdrawals

• First do a small test transfer. If everything is correct then send a bigger amount.
• Always keep 2FA enabled. Security is most important.
• Save a record of the transaction – it will be useful for tax and proof.
• Never use an unknown exchange or shady platform.

Example to Understand

Suppose you have 0.05 BTC in your Onchain Wallet. You want to withdraw it to the bank:

1. You created a Coinbase account and completed KYC.
2. Copied the BTC deposit address from Coinbase.
3. Sent 0.05 BTC from the Onchain Wallet.
4. 0.05 BTC arrived in the Coinbase wallet.
5. You sold it and got $1500.
6. Now after withdrawing, $1500 arrived in the bank account.

See? It’s that simple.

Conclusion

Withdrawing money from Onchain Wallet seems difficult in the beginning, but once you understand the process, it is simple. Just remember – direct bank transfer is not possible. You have to follow the route:

Onchain Wallet → Exchange → Bank

Do a small test transfer, choose the right exchange and easily transfer your money to your bank account.

The crypto world seems complex, but if you follow step by step, you will be able to withdraw your funds securely and safely.

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