Whether you’re an experienced cryptocurrency trader or just starting out with digital assets, you will eventually need to withdraw your cryptocurrency from your Deribit account to a secure, non-custodial wallet like Zengo.
In this how-to withdraw money from Deribit guide, we’ll go over all you need to know when withdrawing your assets from Deribit and transferring them to your Zengo wallet. It’s important to complete the process carefully, following all necessary steps to ensure nothing goes wrong.
First of all, make sure you have your Zengo cryptocurrency wallet up and running. The Zengo app is available on both Google Play and the Apple App Store, and it’s free to download. Zengo has earned a reputation for its unparalleled security features, including Multi-Party Computation (MPC) technology, a powerful Web3 firewall, and advanced biometrics, making it the safest non-custodial solution for your digital assets.
After setting up the Zengo app and completing the onboarding steps, proceed to follow these simple instructions to withdraw your funds from Deribit to Zengo:
Sign in to your Deribit account. Then, click on your username, which is located on the top right of the menu. Next, click on “Withdrawal” in the dropdown menu.
As soon as the withdrawal window opens, make sure you select the right token. You can choose the currency at the top left of the screen. Confirm that Zengo supports the asset that you want to withdraw; if it does not, swap it out for a supported token and start the process again.
Click on the edit button in the recipient address field, and enter the Zengo address associated with the coin and network. If you don’t know your Zengo address, simply go to the Zengo app, click on “Actions,” then click on “Receive,” and choose the desired asset.
Enter the amount you wish to transfer in the “Amount” field. It is possible that you may want to move funds from your “Margin Balance” account (or other types of account balances) to your “Available Balance” account to withdraw all of your funds.
Choose your priority level in terms of network fees, from very low to Insane (you’ll pay higher fees for faster processing times and higher priorities). Also, there is an option at the bottom of the screen to delay withdrawals for security reasons regarding the new address added to the account (for example, Zengo). You can decide whether to execute the transfer as soon as possible or wait a bit.
In order to complete your transaction, click “Withdraw” to confirm. In case you are required to complete additional security checks, follow on-screen instructions.
To confirm the successful transfer of your funds, launch the Zengo app. The main page should display your updated balance. If you would like an overview of your transaction history, click on the “History” menu item.
Zengo has established itself as one of the safest and most secure crypto and NFT non-custodial wallets on the market, with a range of useful features and advanced security technologies designed to protect your assets. With Zengo, you can buy, sell, hold, and trade a wide selection of cryptocurrencies. In addition, since Zengo is a Web3-ready wallet, it provides an easy way to safely interact with different Dapps like Uniswap and OpenSea using its integrated WalletConnect functionality.
As a non-custodial wallet, Zengo guarantees that you have total control over all of your digital assets. The moment you decide to withdraw or move your funds from Zengo to other wallets or platforms, you can do so effortlessly. Plus, with Zengo’s fiat onramp function, you can easily invest in more crypto using fiat currencies.
Zengo provides 24/7, around-the-clock customer support for any issues you might encounter while using our app. In order to contact customer support, you can use the built-in option for chat, or you can send an email. Alternatively, if you are looking for answers that are of a more general nature, you can refer to our online help center.
Withdrawing crypto from Zengo is a quick and straightforward process. When you are in the Zengo app, click “Actions,” followed by the “Send” option. Choose the desired cryptocurrency, input the amount and recipient’s address, and verify the details before completing the transfer.
Additionally, Zengo supports crypto-to-fiat withdrawals. If you wish to carry out a crypto-to-fiat withdrawal, select “Actions” from the main menu, click “Sell,” pick the crypto you want to withdraw and the fiat currency you wish to receive, and enter the amount before confirming. Once the transfer is complete, the funds will arrive at the bank account associated with your Zengo wallet.
The following are a few answers to frequently asked questions concerning withdrawing cryptocurrency from Deribit that you might find useful.
Deribit is a crypto options trading platform that launched in June of 2016. Currently, the company is headquartered in Panama. The founders of this platform hoped to create a leading cryptocurrency options exchange and spent two years on development before launching Deribit for public use. On this platform, users are able to trade perpetual, futures, and options contracts. It’s one of the leading platforms for crypto futures and perpetual contract trading. It also offers strategy tools to help new and seasoned investors alike improve their trading skills and boost their profits. The company’s CEO is John Jansen.
Deribit and Zengo are both platforms that operate in the crypto space, but they have some very big differences in terms of their focus and features. Deribit is focused on perpetual, futures, and options contracts, which is a very specific aspect of crypto trading. On the other hand, Zengo is a non-custodial crypto and NFT wallet with a focus on security and privacy. It relies on leading security technology, including MPC and biometric authentication systems, to secure user accounts and assets, minimizing the risk of funds being lost or stolen. Furthermore, Zengo is Web3-ready and includes a robust Web3 firewall, allowing users to securely interact with Dapps like Uniswap and OpenSea.
According to information we found on the web, Deribit imposes withdrawal limits, which vary based on a user’s account verification level. Therefore, if you have a verified account at level 1, you can withdraw as much as you like, but if your account is only at level 0, you will have a maximum withdrawal limit of 1 BTC or 50 ETH.
As with most crypto platforms, Deribit does its best to handle withdrawals as quickly as possible. However, withdrawal times are subject to network conditions, and some withdrawals can take longer than others. Aside from that, when adding a new external wallet to the platform, there is a custom option to delay withdrawals for security reasons, so be aware of that and take action accordingly.
When withdrawing from Deribit, users should be aware of possible challenges. In general, it’s crucial to ensure that withdrawal details, such as the amount and destination address, are accurate to avoid irreversible losses. In addition, Deribit incorporates a security feature where withdrawals to newly added wallet addresses might be subject to restrictions. The platform also has a KYC verification process, and without completing it, users might face limitations on withdrawal amounts. Another essential aspect to note is the platform’s account structure. Deribit offers different types of accounts, including margin balances and others. To successfully withdraw, funds must be in the “available balance.”‘ If not, users might find their assets inaccessible for withdrawal, even if they see a positive balance, as the funds could be allocated elsewhere within the platform.
At the time of writing this guide (September 2023), Deribit does not yet offer crypto to fiat withdrawals. If you want to transfer your crypto tokens to fiat money, like Euros, Dollars, or Pounds, you can do so by first moving the funds out of Deribit and into your secure Zengo wallet. Then, you can withdraw to fiat directly to your bank with the help of Zengo’s straightforward withdrawal process.
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