Deposit and withdrawal: how money gets in and out of an exchange
Short answer
A deposit puts money into your exchange account: you buy crypto with local currency, or send crypto in from somewhere else. A withdrawal takes it out: you sell for local currency and send it to your bank, or send crypto to your own wallet. Start with a small amount the first time.
- Crypto withdrawals carry a network fee, which depends on the coin and the network.
- Once crypto is sent, you can't pull it back. Check the address, network and memo first.
In one line
A deposit is money going into the exchange; a withdrawal is money coming out. Sending crypto to another address is a crypto withdrawal.
An example
- Deposit: you buy 100 USDT with your local currency, or send 100 USDT in from your own wallet.
- Withdrawal: you sell your USDT for local currency and send it to your bank, or send the USDT to your own wallet.
Fees
Crypto withdrawals have a network fee that depends on the coin and the network you pick. The fee rebate only covers the trading fees you pay when you buy and sell, so withdrawal fees aren’t included.
Related
FAQ
Do deposits cost anything?
It depends on the method. Exchanges generally don't charge for crypto sent in from elsewhere. For cards, P2P and other local methods, check the fees and limits on the exchange's own pages.
My withdrawal is stuck and someone says I must pay an "unlock fee" first. Should I?
No. Anyone who says you have to pay before you can withdraw is running a scam. If a withdrawal is stuck, only ask the exchange through the help centre on its official site.
Can I withdraw to someone else's bank account?
Generally not. Bank withdrawals usually have to go to an account in your own name. Don't borrow anyone else's account.