Introduction

Welcome to the detailed guide that will guide you through the fascinating world of cryptocurrency. In this step-by-step guide, we unfold the process of withdrawing cryptocurrency and euros. Whether you're new to the crypto world or just looking to brush up on your knowledge, this guide has everything you need to sharpen your skills.

What is a Wallet?

When you first encounter the world of cryptocurrency, the term "wallet" may be confusing. Simply put, a wallet is a digital wallet where you can safely store your cryptocurrencies. It's not just a place to store your digital coins safely, but it also allows you to make transactions. It's the bridge between you and your digital assets.

Withdrawing Crypto to Your External Wallet

What is an External Wallet?

Just like you, Knaken uses wallets to store our customers' cryptocurrencies. So your Knaken account also works a bit like a wallet, only without the risk of losing your keys. An External Wallet is a wallet that you manage yourself and have the keys to. This Wallet is external to Knaken.

The Withdrawal Process

To send your crypto to an External Wallet, you can follow these steps:

Step 1: The first phase is to add a wallet. This article provides information on how to do this.

Step 2: Once you've added your wallet and the verification has been processed, choose the coin you want to withdraw or send.

Step 3: Click on 'Withdraw' and enter the amount you would like to withdraw.

Step 4: Choose the wallet where you want to keep your coins. Don't forget to add a description if necessary.

Step 5: Check and confirm the withdrawal to complete the process.

Withdrawing Euros to Your Bank Account

The Withdrawal Process

To withdraw your euros to a bank account, you can follow these steps:

Step 1: Start by adding your bank account through a penny check or by verifying your bank account. If you have already performed an iDEAL transaction with the relevant account, it is already stored in your Knaken account.

Step 2: Next, choose the desired amount of euros you want to withdraw.

Step 3: Select the account where you want to receive the euros.

Step 4: Double-check the details and confirm the withdrawal.

Withdrawing Crypto in Euros to Your Bank Account

The Sell and Withdrawal Process

To sell your crypto and withdraw euros to your bank account, you can follow these steps:

Step 1: Start by selling your cryptocurrency in exchange for euros. This action differs depending on the device you are using:

With the app:

• Go to the coin you want to sell in the app.
• Click on sell and enter how much you want to sell. When you would like to sell everything, you can click 100% under the transaction overview.
• Then you can confirm your order and receive euros in your account.

With the portal:

• Navigate to the coin you wish to sell on the coin table under the dashboard.
• Click on sell.
• Then you will get a menu where you can indicate how much you would like to sell.
• The last step is to press the sell button at the bottom right.

Step 2: Just like withdrawing euros, you first add a bank account. This can be done through a penny check or by verifying your bank account. If you have already performed an iDEAL transaction with the relevant account, it is already stored in your Knaken account. And you do not need to add it again.

Step 3: Determine the amount of euros you want to withdraw.

Step 4: Choose the bank account where you want to receive the payment.

Step 5: Verify all information and confirm the withdrawal.

Common Pitfalls and How to Solve Them

Some common mistakes include uploading incorrect photos during wallet verification. Make sure to upload two photos or screenshots taken from your transaction history and your wallet address in your wallet software. A screenshot of a blockchain scanner with an address and history is not sufficient. We want to know that you actually have access to the wallet. A second common mistake is forgetting a code in the description of the penny check. This means we don't know which account the penny check belongs to. Always double-check that you enter the correct information. This applies to a penny check but also to all other crypto transactions. Mistakes can be made easily, but the consequences are permanent because there is no one who can reverse your transaction.

In addition, some tips for people who manage their own wallet in addition to a Knaken account. Always make sure to safeguard the security of your external wallet. You do this by keeping your keys safe, preferably in a physical location, such as a safe. It is also important to always check the wallet address carefully before making a deposit to this wallet. As I mentioned earlier: mistakes can be made easily, but the consequences are permanent in the crypto world.

Conclusion

Although depositing and withdrawing cryptocurrencies may seem like a fairly simple procedure, it is important to be aware that each step must be performed with the necessary attention. We hope that this guide will make your experience managing cryptocurrencies smoother and safer. Keep looking ahead, learn from your experiences, and dive into the fascinating world of cryptocurrencies with confidence and awareness! Remember that knowledge is the key to success in any endeavor, including the crypto world. Save this article for future reference and don't hesitate to repeat the steps to perfect your skills.

Depositing and withdrawing crypto and euros is a skill that forms the basis of your crypto journey. We hope that this guide will be a valuable source of information and guidance for you. Remember, when in doubt, always ask for help. The crypto community is very helpful and you will always find people willing to help a beginner get started.

Good luck on your journey through the world of digital currency - and remember, safety first! #SafetyFirst

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