How-to: withdrawing euros and crypto

Introduction
Welcome to the detailed guide that will navigate you through the fascinating world of cryptocurrency. In this step-by-step guide, we unfold the process of withdrawing cryptocurrency and euros. Whether you are new to the crypto world or simply looking to refresh your knowledge, this guide has everything you need to sharpen your skills.

What is a Wallet?
When first encountering the world of cryptocurrency, the term ‘wallet’ may seem confusing. Simply put, a wallet is a digital wallet where you can securely store your cryptocurrencies. It’s not just a place to keep your digital coins safe; it also allows you to make transactions. It is the bridge between you and your digital assets.

Withdrawing Crypto to Your External Wallet
What is an External Wallet?
Like you, Knaken uses wallets to store our customers’ cryptocurrencies. Your Knaken account thus also functions somewhat like a wallet, but without the risk of losing your keys. An External Wallet is a wallet that you manage yourself and for which you hold the keys. 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 adding a wallet. This article provides information on how to do that best.
Step 2: Once you have added your wallet and the verification has been processed, choose the coin you wish to withdraw or send.
Step 3: Click on ‘Withdraw’ and fill in the amount you want to withdraw.
Step 4: Choose the wallet in which you want to keep your coins. Remember to add a description if necessary.
Step 5: Review 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 using a penny check or by verifying your bank account. If you have previously conducted an iDEAL transaction with the relevant account, it is already saved in your Knaken account.
Step 2: Select the desired amount of euros you wish to withdraw.
Step 3: Choose the account where you want to receive the euros.
Step 4: Double-check the information and confirm the withdrawal.

Withdrawing Crypto in Euros to Your Bank Account
The Selling 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 varies depending on the device you are using:
With the app:
Go to the coin you want to sell in the app.
Press sell and fill in how much you want to sell. If you want to sell everything, you can press 100% below the transaction overview.
Then you can confirm your order and receive euros in your account.

With the portal:
Navigate to the coin you want to sell in the coin table under the dashboard.
Click on sell.
Then you will get a menu where you can indicate how much you want to sell.
The final 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 via a penny check or by verifying your bank account. If you have previously conducted an iDEAL transaction with the relevant account, it is already saved in your Knaken account. Thus, 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 money.
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. Ensure you upload two photos or screenshots taken from your transaction history and your wallet address in your wallet software. A screenshot from a blockchain scanner showing an address and history is not sufficient. We want to see that you actually have access to the wallet. Another common mistake is forgetting to include a code in the description of the penny check. This means we cannot identify which account the penny check belongs to. Always double-check that you are entering the correct information. This applies to a penny check, but certainly also to all other crypto transactions. Mistakes can easily happen, but the consequences are permanent as there is no one who can reverse your transaction.

Additionally, here are some tips for those who manage their own wallet alongside a Knaken account. Always ensure that you secure your external wallet. You do this by keeping your keys safe, preferably in a physical location, like a safe. It is also crucial to always check the wallet address carefully before making a deposit to this wallet. As I mentioned earlier: mistakes can easily happen, but the consequences are permanent in the crypto world.

Conclusion
Although depositing and withdrawing cryptocurrencies seems like a fairly simple procedure, it is important to be aware that each step must be executed with the necessary attention. We hope that this guide will make your experience with 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 in the crypto world. Save this article for future reference and do not 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. Our hope is 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 assist a beginner.

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