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Even if you’re an experienced crypto trader, moving digital assets from platform to platform can be a challenge. Each platform has its own processes and steps to follow, and it’s important to do everything just right to avoid mistakes or losses. Withdrawing money from BitForex to your secure Zengo wallet, for example, needs to be done with care.
In this how-to withdraw money from BitForex guide, we will take you through the process, step by step, to ensure a smooth withdrawal to your Zengo account. This will ensure that you have full control of your digital assets, keeping them as safe and secure as possible.
Before beginning a withdrawal, you’ll need to download and set up the Zengo cryptocurrency wallet. Zengo is widely known for its impressive safety and security features, providing a safe haven for all crypto assets. With its innovative Multi-Party Computation (MPC) technology, Web3 firewall, and biometric protections for your assets, Zengo is the best place to store digital funds. Install the Zengo app from either Google Play or the Apple App Store, then complete the onboarding process.
After setting up the Zengo app and completing the onboarding steps, follow these instructions to withdraw your funds from BitForex to your Zengo wallet:
Log into your BitForex account. Click on “Assets,” then “Withdraw.”
Pick the cryptocurrency that you want to withdraw and choose the relevant chain name. Check that it is supported by Zengo.
Enter your withdrawal address (your Zengo wallet) or add it to your BitForex address book by clicking on “Add frequently used address,” after which you can select it. To find your Zengo address, tap on “Actions,” then “Receive,” then on the asset you wish to receive.
Enter the amount you would like to send. Ensure you leave enough tokens to cover the gas fees.
Double-check all the details before moving forward. Click “Send” and enter the 6-digit verification code that is sent to your email. Then, click “Confirm” to finalize your transaction.
To confirm the successful transfer of your funds, simply open the Zengo app. Check the main balance to see if your withdrawn amount has been added. For a more detailed transaction history, click on the history tab.
Zengo is the world’s leading Web3-ready non-custodial crypto and NFT wallet. Using Zengo, you can buy, hold, and trade a variety of digital assets both within the platform itself and via external Dapps.
Zengo takes security and recoverability to a whole new level by replacing traditional seed phrases with a biometric facial recognition feature. This combination of MPC technology and a Web3 firewall ensures the security of your digital assets at all times. With Zengo, you won’t have to worry about your digital investments falling into the wrong hands.
Unlike other platforms where you have limited access to your digital assets, Zengo offers full self-custody, giving you total control over your crypto funds and NFTs. Zengo also offers a seamless fiat onramp service, making it easy to diversify your portfolio and invest in new cryptocurrencies with fiat currencies.
Zengo offers round-the-clock customer service with a team of real people ready to assist. So, if you have any issues while using Zengo or need help with any processes, our team of customer support agents is here to help, 24/7, every day of the year, including weekends and holidays too.
Withdrawing from your Zengo wallet is straightforward. To begin, open the Zengo app, select “Actions,” and tap on the “Send” button. Choose the cryptocurrency you want to withdraw, specify the amount, and then input the receiving address. Ensure all details are correct before confirming your withdrawal.
Zengo also offers the option to withdraw crypto as fiat currency, including USD, GBP, and EUR. Navigate to the “Actions” menu, select “Sell,” pick the crypto you wish to withdraw and the fiat currency you want to receive, and specify the amount. After confirming, the funds will be transferred to your linked bank account.
Here are answers to some frequently asked questions about cryptocurrency withdrawals from BitForex.
The BitForex exchange was founded in 2017 and is based in Hong Kong. It offers a trading platform for a wide array of cryptocurrencies and NFTs, as well as financial derivatives, loans, and more than 300 trading pairs in spot trading. The CEO of BitForex, Jason Luo, leads the company’s mission to provide its users with an interface that is both powerful and easy to use. The platform is accessible via web browsers as well as mobile applications, available on both Android and iOS. BitForex sets itself apart from other exchanges with its high-performance matching engine, capable of handling up to 1.6 million orders per second.
While both BitForex and Zengo offer solutions for trading and managing cryptocurrencies, they serve different purposes and priorities. BitForex is a centralized cryptocurrency exchange platform providing a wide array of services, including trading of various cryptocurrencies, financial derivatives, and loans. Zengo, on the other hand, is a non-custodial wallet that places a strong emphasis on security. It allows its users to safely buy, sell, and trade a wide variety of cryptocurrencies while staying in full control over its assets. It’s a mobile-only application, available for both Android and iOS and offers unique features such as multi-party computation (MPC) cryptography for enhanced security and a 3FA recovery system. Additionally, Zengo provides access to NFTs, DeFi, and thousands of Dapps and offers a Web3 firewall for added security while interacting with Web3 platforms.
BitForex has varying withdrawal fees depending on which kind of crypto you’re looking to withdraw. Therefore, it is always recommended to review the fee details on the withdrawal page before confirming your withdrawal.
BitForex has different withdrawal limits for each cryptocurrency featured on the exchange, and these are both per transaction and per day. This means you have to abide by these limits when making withdrawals. If you require more information regarding a specific coin/token, please refer to its specific withdrawal page.
The duration for a withdrawal from BitForex varies based on the cryptocurrency and network conditions. However, most withdrawals are typically processed within two hours.
Possible issues when withdrawing from BitForex may include entering an incorrect wallet address, leading to lost and unrecoverable funds, or unexpected transaction fees. Always verify all details before confirming a withdrawal and review the fees to avoid any surprises. You also may find that you’re trying to withdraw an amount that is below the minimum limit. In that case, you’ll have to adjust the amount to meet the BitForex withdrawal limits.
As of July 2023, it’s not possible to withdraw crypto in fiat format from BitForex. If you wish to withdraw money in fiat, like USD or EUR, you’ll first have to move it over to the Zengo wallet and then withdraw from there to your bank.
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