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 From Onchain Wallet Possible?

Simple answer: No.

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

1. Because there is crypto inside the wallet, not cash.
2. Bank does not accept crypto.
3. 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 Process to Withdraw Money from Onchain Wallet

I am explaining the whole process to Withdraw Money From Onchain Wallet in simple and easy words. If you follow the steps carefully, the withdrawal will be absolutely smooth.

Step 1. Choose an Exchange

First of all, it is important to select a trusted exchange where you can sell crypto and send money to the bank.

Tips for Choosing Exchange

1. Binance, Coinbase, Kraken, KuCoin all of these are trusted
2. WazirX is a common option for India
3. Always choose an exchange whose name and reputation is strong
   
   

Step 2. Create an account and verify it

If you do not have an account on the exchange, then create it now. After that it is mandatory to complete KYC.

KYC Requirements

1. ID proof has to be given
2. You have to upload your photo
3. You have to link your bank details
4. Without KYC you will not get the withdrawal option

Step 3. Copy the deposit address

Now go to the wallet section of the exchange and copy the deposit address of the coin you want to send.

Things to Remember

1. If you want to send BTC, then copy the deposit address of BTC only
2. Every coin has a different address
3. Pay attention if you select the wrong network, money can be stolen (ERC20, BEP20, BTC, etc.)

Step 4. Send from Onchain Wallet

Now open your Onchain Wallet and start the send process.

Steps to Send

1. Click on “Send” option
2. Paste the deposit address you copied
3. Enter the amount and confirm
4. The crypto will reach the exchange wallet in a short time (speed depends on blockchain)

Step 5. Convert crypto to fiat

When your crypto arrives in the exchange wallet, now it has to be converted to fiat (cash).

How to Convert

1. Go to “Trade” section
2. Select your pair (BTC/INR, BTC/USD, etc.)
3. Press the Sell button and the balance will come in fiat

Step 6. Withdraw from bank

Now there is fiat balance in the exchange wallet, now it has to be sent to the bank account.

Withdrawal Process

1. Click on “Withdraw” option
2. Select your bank account
3. Enter the amount and confirm
4. Money normally comes in a few hours, sometimes it takes 1-2 days
   

Common Beginner Mistakes in Onchain Wallet Withdrawals

Withdrawing money from an Onchain Wallet may seem simple, but beginners often face small mistakes that can lead to big problems. Here are the most common issues new users encounter:

1. Selecting the Wrong Network

1. One of the biggest mistakes is choosing the wrong network.
2. For example, sending BTC but accidentally selecting BEP20 or ERC20 can result in losing funds permanently.

2. Ignoring the Minimum Withdrawal Limit

1. Every exchange sets a minimum withdrawal limit.
2. If you try to withdraw less than the required amount, the transaction will not go through.

3. Forgetting to Calculate Fees

1. Crypto transfers include network fees and often exchange or bank charges.
2. Beginners who don’t consider these end up receiving less money than expected.

4. Panicking Over Delays

1. Sometimes withdrawals are delayed due to blockchain congestion, bank holidays, or technical slowdowns.
2. Many beginners worry their funds are lost, but usually, it’s just a matter of waiting.

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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