As a cryptocurrency investor, you will inevitably come to a point where you will need to withdraw your assets from an exchange like Indodax to a secure, non-custodial wallet like Zengo to protect your assets.
In this how-to withdraw money from Indodax guide, we’ll cover all you need to know for withdrawing your assets from Indodax and transferring them to your Zengo wallet. Follow the steps carefully to ensure nothing goes wrong and no funds get lost.
Before diving into the process, ensure your Zengo cryptocurrency wallet is up and running. Zengo offers a state-of-the-art, non-custodial crypto and NFT wallet that is Web3-ready and packed with advanced security features, such as Multi-Party Computation (MPC) technology, biometrics, and a robust Web3 firewall, to protect your assets and privacy. Zengo can be downloaded from Google Play or the Apple App Store.
After setting up the Zengo app and completing the onboarding steps, proceed to follow these simple instructions to withdraw your funds from Indodax to Zengo:
Sign in to your Indodax account. Before withdrawing Digital Assets, ensure your Indodax account has been verified
Choose the withdrawal option “Wallet” from the menu to begin the withdrawal process.
Click on the “Withdraw” button beside the asset you want to withdraw. Verify that Zengo supports this token and network. If not, swap it for another compatible cryptocurrency and start again.
Read the terms and conditions of your withdrawal. Next, click on the withdrawal method “Address.” Then, choose the right network and enter your Zengo wallet address into the appropriate field provided. You can find your Zengo address in the app by tapping the “Actions” icon, then on “Receive,” and then on the currency you wish to receive.
Enter the amount you want to withdraw and click “Get OTP Code” to receive an OTP code via SMS.
Enter your OTP and click “Send” to continue. Then, confirm the transfer by clicking the link in your email.
You can verify the successful transfer by opening your Zengo app. The main screen should display your updated balance, considering your recent transaction. For an in-depth transaction history, visit the “History” section.
Zengo revolutionizes digital asset security by providing state-of-the-art MPC technology, biometric facial recognition, and advanced recoverability to ensure your digital assets are protected at all times. On top of that, it also offers a robust Web3 firewall, allowing additional peace of mind when accessing Web3 Dapps.
As a non-custodial wallet, Zengo ensures that you retain complete control over your digital investments and can move them around as you please. Moreover, Zengo’s fiat onramp capabilities make it possible to purchase additional cryptocurrencies using standard fiat money.
Zengo provides 24/7 customer support to address any issues you may encounter and provide any assistance you may require when using the Zengo wallet. Our support team is made up of real people, not bots, and they’re always standing by, ready to answer your questions and solve your problems, including holidays and weekends.
Withdrawing from Zengo is straightforward. Open the app, select “Actions,” and then “Send.” Choose the cryptocurrency, determine the amount, input the recipient’s details, and confirm. It’s as simple as that.
Additionally, Zengo offers the option of withdrawing your crypto with fiat currencies such as USD, GBP, and EUR. Go to the “Actions” menu, select “Sell,” select one of the supported cryptocurrencies and your fiat currency of choice, enter the amount, and confirm. The funds will then be transferred to the bank account associated with your Zengo wallet.
The following are a few answers to frequently asked questions concerning withdrawing cryptocurrency from Indodax that you may find helpful.
Indodax is an Indonesian cryptocurrency exchange. It was the first exchange to launch in Indonesia in 2014 and is still the biggest in the country. It has over 5 million members and supports the buying and selling of many different crypto assets, like Bitcoin, Ripple, Ethereum, and various altcoins. In addition, Indodax also boasts an extensive education platform called “Indodax Academy” to teach people about crypto assets and give them the knowledge they need before buying or selling any.
Both Indodax and Zengo allow crypto traders to buy, sell, and swap cryptocurrency assets, and although there are some similarities, they also differ significantly. Indodax, first and foremost, is a centralized cryptocurrency exchange with educational features and trading tools. Zengo, in contrast, is a non-custodial crypto and NFT wallet that places a high priority on security and privacy. It uses high-end security technologies, like MPC and 3-factor authentication, to secure user accounts and minimize the risks of any potential losses while also offering investors access to Web3 and giving them a greater sense of control over their digital assets.
If you want to withdraw funds from Indodax, you’ll need to pay a withdrawal fee. The withdrawal fee can vary depending on the asset you’re withdrawing and the network option you selected. To see the current fee, click “Wallet,” pick the asset you want to withdraw, click “Withdraw,” then choose a network. You’ll see the fee listed in the “Total Withdrawal” section.
According to their website, Indodax processes withdrawals within approximately an hour. However, the exact time it takes to see the funds in your wallet can vary depending on network conditions, security checks, and the cryptocurrency in question.
The Indodax exchange does support crypto to fiat withdrawals, but it only allows you to withdraw in Indonesian Rupiah (IDR) as your fiat currency. If you want to withdraw in other major currencies, like Euros or Dollars, it’s better to move your funds to the Zengo wallet and then withdraw to your bank account in fiat currency.
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