07/31/2022
WHY CAN’T I WITHDRAW MY CYRPTOCURRENCY?
This is one of the most frequently asked questions which we receive from our readers and clients who have either delved into the cryptocurency trade newly, been into the trade for a while or just use cryptocurrency platforms to store their wealth. Attempting to withdraw or move cryptocurrency can prove difficult for a number of reasons depending on what trading platform or wallet you use, how long you have been on it, how recently you deposited funds and how much of your current balance you are attempting to withdraw. Read on to find out reasons why a withdrawal could be problematic;
New sign in device detected
Some cypto wallets and trading platforms have very strict security protocols that are able to detect changes in access points such as new devices or different IP addresses; this is usually a safety precaution to safeguard your account and wallet. In this case your best bet is to refer to your email with which you signed up on the platform as a verification mail will usually be sent immediately strange log in attempts are detected, the platform would most likely send an email with a prompt that requires you to verify whether or not the log in attempts were made by you or a foreign entity, further verification may be required depending on what platform you make use of, with clear instructions on peculiar information to supply to verify your identity and once this is clarified the hold on your withdrawal is usually released within a specified period, usually 24hours.
Pending bank transfer
When purchasing crypto using a bank card, there is typically a waiting period within which cash leaves your account to arrive in your brokers account or that of which ever platform you intend to buy cryptocurrency from, this waiting period could vary depending on your location. Hence, even though you may have been debited for the transaction after making a deposit, you may not be able to make a withdrawal so quickly as there is usually a 72 hour holding period, systems like blockchain for instance impose a 3 day hold wherein you cannot make a withdrawal as a security measure to protect you from credit card fraud, stolen card/ unauthorized use of your card by a third party. This hold applies especially to recent trading activity to protect you as well as maintain order in the system.
Account pending verification
After opening a cryptowallet, it is required that you return to your email as a verification link would be sent to your registered email to verify your account without which you may not be able to withdraw your funds and can only make deposits.
Possible scam
Most trading platforms specify a given time when withdrawals can be made by account holders as well as other terms and conditions of withdrawal that may apply, if your experience is such that you have been trading long enough to qualify for withdrawal yet are unable to withdraw profits which are clearly visible on your dash board, this is very common when dealing with phony brokers and the first step is to report this issue to the customer support or management of the platform, when there is no response to your report within 24 to 72 hours then there is a high chance the broker or platform is a fraud and your next step should be to report the issue to a competent wealth recovery agent. One of the best fund recovery companies with a high rate of successful recovery cases to work with is www.brokercomplaintdesk.com with up to 92% success rate in recovery of lost funds from crypto, binary options and forex investment scams using their cutting-edge asset recovery technology guaranteed to offer effective class actions peculiar to your individual case in order to restore your stolen funds from the culprits.
