How to submit a withdrawal?
Your guide on how to create withdrawals from the Finrax dashboard
You can submit a withdrawal in crypto by clicking on the 'Create Withdrawal' button on the left sidebar. The status of each withdrawal can then be tracked from 'Businesses' > Your business > Withdrawals. Please keep in mind that the crypto withdrawals require roughly ~10 minutes to be broadcast on the Blockchain network.
Follow the steps below in order to submit a withdrawal request:
- 1.Select a business from the dropdown - Finrax currently supports crypto withdrawals only from your Crypto allocation bucket. Important - you will not be able to spend your EUR or USD holdings in a Crypto withdrawal. On the list, you'll be presented with all your businesses where you have a positive balance of Crypto.
- 2.Select a withdrawal account- Given that your business is configured to keep balance in fiat and crypto currency, at this stage you'll be able to pick from which of the balances the withdraw amount should be deducted.
- 3.Choose a withdrawal currency - This is effectively the Cryptocurrency you wish to withdraw. We support 9 cryptocurrencies for payouts.
- 4.Choose a display currency - This is the Fiat currency in which you can denominate your withdrawal amount. In other words, instead of typing in 0.00051235 BTC you can simply write 'I'd like to withdraw 20 EUR worth of Bitcoin'. This works well for fiat-led operations.
- 5.Withdrawal ID - Your reference to the payout for your own records.
- 6.Recipient address - Here you need to enter the address of the beneficiary. Make sure to double-check the recipient's address is correct or alternatively select an already whitelisted address by clicking on the "Choose" button. Note that the option of choosing a whitelisted address is visible only if you have the "Manage Whitelisted Addresses" permission.
- 7.Amount - Enter the amount either in Fiat or Crypto. By filling in one of the boxes, the other will be automatically calculated.
Once you fill in all the requested fields, you'll need to click on 'Verify' which will present you with a screen where you can verify your input. Finally, you will have to enter the 2FA code, linked to your account and Submit the withdrawal.