When you need to move Cryptocurrency from your Armoney wallet to another wallet/exchange, you need to go through the process of Withdrawing cryptocurrency from your Armoney account.
The first step here is to get the Deposit address from the receiving wallet/exchange that you want to deposit the cryptocurrency to. The steps involved to get your Deposit address to depend on the wallet/exchange you want to deposit to. Once you have your deposit address ready with you, follow the below steps in your Armoney account -
- Click on Funds at the top right of your screen
- Select the coin you want to Withdraw
- Click on the Withdraw button
- Type or paste the Destination Address. Cross-check the destination addresses carefully.
- Enter Coin amount you want to move. (Pro Tip: Click on Withdraw All if you want to move the full coin balance from your wallet)
- Add any Remarks for your own reference. (The remark will only be seen in your Armoney account and not your receiving account)
- Click on Proceed. You will be sent a One Time Password (OTP) on your mobile
- Enter your OTP & Click on confirm.
- Open your email & click on Approve this withdrawal button in the confirmation email you receive.
Note: If you are withdrawing XRP you will be asked to enter your Destination address as well as Destination Tag or Memo. You must get these from the receiving exchange/wallet to which you are sending XRP and add it to the withdrawal form on Armoney.
⚠Important: Always check the destination address carefully. If you enter the wrong destination address or enter the destination address of the wrong coin, it will be lost forever and there is nothing we can do.
How much time will the Withdrawal take?
Currently, withdrawals could take up to 24 hours to process. But we try to process withdrawals as fast as possible. Most withdrawals are processed in much lesser time than we estimate :)
For security reasons, we store most funds in a cold wallet. Sometimes, if the withdrawal requests are high and funds in the hot wallet are not enough to meet demand, we move funds from the cold wallet. This process usually takes longer but is a much safer and secure system.
Why do you charge a withdrawal fee?
When sending cryptocurrencies to the blockchain, a small fee must be paid along with the order so the mining network prioritizes your transaction and confirms it faster. If a low fee is paid, your transaction may remain unconfirmed indefinitely. For details about the withdrawal fees and how it is applied, check Trading, Deposit & Withdrawal Fees
What is the minimum & maximum withdrawal limit?
Please refer to this article - Trading, Deposit & Withdrawal Fees