Withdrawing your funds from a cryptocurrency exchange is a crucial step for any investor. This guide provides a clear, step-by-step walkthrough for both TWD and cryptocurrency withdrawals on BitoPro, one of Taiwan's prominent exchanges. Whether you're cashing out to your bank account or transferring digital assets, understanding this process is key to managing your investments effectively.
Preparing for Your BitoPro Withdrawal
Before initiating any withdrawal, ensure you have completed the following prerequisites:
- Your BitoPro account is fully registered.
- Your account identity verification (KYC) is approved.
- Your preferred bank account for TWD withdrawals is successfully linked and verified within the platform.
Confirming these three items will enable a smooth withdrawal process. BitoPro offers two primary methods: TWD (New Taiwan Dollar) bank withdrawal and cryptocurrency (virtual asset) withdrawal. We will explore both in detail.
1. TWD (Fiat Currency) Withdrawal
This method is ideal for users who want to convert their cryptocurrency holdings into traditional currency and transfer it directly to their local bank account.
Pros:
- Extremely user-friendly and straightforward, similar to standard online banking.
- Provides the reassurance of direct fiat currency deposit into your bank account.
Cons:
- A small transaction fee is applied for banks other than Far Eastern International Bank (FEIB).
- The processing time is slower compared to crypto withdrawals, typically taking one business day.
2. Cryptocurrency Withdrawal
This process involves transferring digital assets from your BitoPro wallet to an external private wallet or another exchange's wallet. It's analogous to a wire transfer between different financial institutions.
This method is commonly used by two types of investors:
- Long-term Holders: Investors who purchase cryptocurrencies on an exchange and then transfer them to a private, secure wallet for safekeeping, mitigating risk associated with leaving assets on an exchange.
- Advanced Traders: Users who utilize BitoPro for its easy TWD on/off-ramp services but prefer to execute trades on larger, more feature-rich global exchanges. They convert TWD to stablecoins on BitoPro and then withdraw them to another trading platform.
Pros:
- All transactions are recorded on the blockchain, offering transparency and immutability.
- Transfers are usually very fast, often completing within minutes.
Cons:
- The process can be complex for beginners, requiring knowledge of wallet addresses and network types.
- Blockchain network fees (gas fees) are incurred for every transaction.
Step-by-Step Withdrawal Guide: BitoPro Mobile App
Follow these detailed instructions to successfully withdraw your funds.
Method 1: How to Withdraw TWD (Fiat)
Step 1: Open the BitoPro app and tap on the "Wallet" icon located in the bottom-right corner of the screen.
Step 2: Inside the Wallet section, tap on the "Withdraw" button, usually found at the top of the screen. A pop-up with important notices will appear; read it carefully as it contains information on minimum/maximum withdrawal amounts, fees, and estimated processing times. Tap "I Understand" to proceed.
Step 3: Ensure the selected currency is "TWD" (it is typically the default option).
Step 4: Enter your withdrawal details.
- Under "Withdraw to," select your pre-verified bank account.
- In the "Amount" field, enter the quantity of TWD you wish to withdraw. The minimum single withdrawal is 100 TWD.
Step 5: Review all the information for accuracy and tap "Withdraw."
Step 6: You will be taken to a confirmation screen. Check the email address associated with your BitoPro account for a 6-digit verification code.
Step 7: Enter the verification code in the app and tap "Confirm."
Upon successful verification, you will see a confirmation message. Your TWD withdrawal request has now been submitted and will be processed.
Method 2: How to Withdraw Cryptocurrency
This guide uses transferring USDT from BitoPro to a Binance wallet as an example. The core principles apply to withdrawals to any external wallet.
Step 1: Navigate to the "Wallet" section in the BitoPro app and tap "Withdraw." Dismiss the initial information pop-up by tapping "I Understand."
Step 2: Instead of TWD, search for and select the cryptocurrency you wish to withdraw (e.g., "USDT"). Another informational pop-up will appear; acknowledge it.
Step 3: This is a critical step. Select the appropriate network (also called wallet type or chain). For this example, we choose "Binance Smart Chain (BSC)." The network selected on BitoPro must match the network on the receiving end (e.g., Binance). 👉 Explore more strategies for selecting the right network to avoid costly errors.
Step 4: Obtain the deposit address from your receiving wallet.
- Open the app of the destination exchange/wallet (e.g., Binance).
- Find the "Deposit" or "Receive" function for the specific cryptocurrency (e.g., USDT).
- Select the exact same network you chose in Step 3 (e.g., "Binance Smart Chain (BEP20)").
- Copy the wallet address provided (a long string of characters or a QR code).
Step 5: Return to the BitoPro withdrawal screen. Paste the copied wallet address into the "Withdraw to" or "Address" field.
Step 6: Enter the amount of cryptocurrency you wish to withdraw. Note the minimum withdrawal amount and network fee.
Step 7: Tap "Withdraw." You will be prompted to complete an email verification check, similar to the TWD process. Enter the code sent to your email to confirm and execute the transaction.
A confirmation message will indicate that your withdrawal has been successfully initiated.
How to Confirm a Cryptocurrency Withdrawal Was Successful
After a few minutes, check the "Assets" or "Wallet" section of your destination platform (e.g., Binance). Locate the cryptocurrency you transferred (e.g., USDT). You should see the updated balance and can typically view the transaction details in your history, showing the incoming transfer. Note that the received amount will be slightly less than what you sent due to the deduction of the network fee.
BitoPro Withdrawal Fees Explained
Understanding the costs involved is essential for effective financial planning.
Cryptocurrency Withdrawal Fees: BitoPro itself may not charge a fee, but a network fee (miner/gas fee) is always required to process the transaction on the blockchain. This fee varies significantly depending on the network chosen.
Example USDT Fees:
- Ethereum (ERC20) Network: ~10 USDT
- Tron (TRC20) Network: ~1 USDT
- Binance Smart Chain (BEP20): ~0.3 USDT
Always check the fee displayed on the withdrawal screen before confirming.
- TWD Withdrawal Fee: A fee of 15 TWD is charged for each withdrawal to a bank account that is not Far Eastern International Bank (FEIB). Withdrawals to FEIB accounts are free.
Frequently Asked Questions
Q: Which withdrawal method is right for me: TWD or cryptocurrency?
A: It depends entirely on your goal. If you want to cash out to your local bank account, choose TWD withdrawal. If you need to move your digital assets to a private wallet for security or to another exchange for more trading options, you must use the cryptocurrency withdrawal method.
Q: Is it dangerous to withdraw cryptocurrency from BitoPro?
A: The process itself is secure if you follow the instructions correctly. The primary risk is user error, specifically sending funds to the wrong wallet address or using the wrong blockchain network. Always double-check the address and network type before confirming any transaction. Using the correct network is paramount to ensuring your assets arrive safely.
Q: How long does a BitoPro withdrawal take?
A: TWD withdrawals typically take 1-2 business days to be credited to your bank account. Requests made before 2:30 PM Taiwan time may be processed on the same day. Cryptocurrency withdrawals are usually much faster, often completing within 5-30 minutes, though this can vary based on network congestion.
Q: What is the minimum amount I can withdraw?
A: The minimum for TWD withdrawals is 100 TWD. For cryptocurrencies, it varies by asset and network. For example, the minimum USDT withdrawal is generally 10 USDT, but you must have enough to also cover the network fee.
Q: What should I do if my withdrawal is delayed or doesn't arrive?
A: First, check the transaction status (TXID) on a blockchain explorer for crypto withdrawals. For TWD, wait the full business day processing time. If there is a significant delay or problem, your first point of contact should be BitoPro's customer support with your transaction details.
Q: Can I cancel a withdrawal after I've submitted it?
A: Once a cryptocurrency withdrawal is confirmed on the blockchain, it is irreversible. TWD withdrawal requests may potentially be canceled if they are still pending internal processing, but this is not guaranteed. It's best to contact support immediately if you believe you made a mistake.