How to Withdraw Crypto From Exchange Accounts as BitMEX and CoinEx Shut Down

To withdraw crypto from exchange accounts safely, you need the right wallet address, the right network and a test transfer before the full amount. There are two ways to withdraw from crypto exchange platforms: send coins to an external wallet, or sell them for fiat and withdraw crypto to bank account money the exchange pays out by transfer or card. The topic is urgent: BitMEX stopped trading on September 23, 2026, and CoinEx ends spot trading on September 29 and closes withdrawals on December 22. This guide covers both routes, the Coinbase flow as an example, fees, timings and what to do if your exchange is closing.

Key takeaways

• A crypto withdrawal is irreversible: check the address, the network and the memo before you confirm.
• Send a small test amount first, then the rest.
• The network sets the fee and the speed: Tron, Solana and BNB Smart Chain are usually cheaper and faster than Bitcoin or Ethereum.
• To cash out to a bank account, sell crypto for fiat on the exchange first, then withdraw by bank transfer or card.
• If an exchange announces a closure, withdraw early: CoinEx charges 5% a month on balances left after December 22.

Transfer vs withdrawal explained

A transfer moves crypto inside the exchange: between your own sub-accounts (for example, spot and funding) or to another user of the same platform by email or user ID. It happens in the exchange's internal ledger, so it is instant and usually free, and nothing is written to the blockchain.

A withdrawal moves crypto out of the exchange to an external wallet address. It is a real on-chain transaction: you pay a network fee, wait for confirmations and cannot reverse it. A few more terms you will meet along the way:

• Network is the blockchain that carries the transfer. USDT exists on Tron (TRC20), Ethereum (ERC20), BNB Smart Chain (BEP20), Solana and others.
• Memo or tag is an extra identifier that coins such as XRP and TON need when you deposit to an exchange.
• TXID (transaction hash) is the unique ID of your transfer, used to track it in a block explorer.
• Self-custody means you hold your private keys and seed phrase yourself instead of leaving coins with an exchange.

How to withdraw crypto from exchange accounts: step by step

1. Copy the destination wallet address. In your wallet app open "Receive", or on another exchange open "Deposit", and choose the coin and network.
2. Select the same network on the exchange. The option is usually called "Send" or "Withdraw"; the sending and receiving networks must match.
3. Add the memo or tag if required. Without it, a deposit lands on the exchange's shared address and only support can credit it.
4. Send a test amount first. Use the minimum allowed and wait until it arrives.
5. Enter the full amount. The exchange shows the fee and the amount that will arrive. Balances below the minimum cannot be withdrawn.
6. Confirm with two-factor authentication. Usually an authenticator code plus an email link. Some exchanges hold new addresses for 24-48 hours.
7. Track the TXID in a block explorer until the status changes from pending to confirmed.

Withdrawing cryptocurrency from Coinbase

Coinbase is the most common example, and its flow mirrors the steps above. On the website or in the app choose Send crypto, pick the asset and the amount, then enter the destination address or choose a recipient, select the supported network and confirm with two-factor authentication. Sending to another Coinbase user by email is an internal transfer: instant and free. Sending to an external wallet is a withdrawal: Coinbase does not add its own fee, but you pay the network fee, which varies with congestion.

Two Coinbase specifics catch people out. Only the available balance can be sent, so crypto bought with a bank transfer stays on hold until the payment clears. And if Coinbase suspects that someone else is using your account, it can delay the send until you verify your identity or wait up to 72 hours.

How to withdraw crypto to bank account or card

Exchanges do not send bitcoin to a bank. To cash out, sell the crypto for fiat currency such as USD or EUR on the exchange's spot market or "Sell" page, then withdraw the fiat balance. Most large exchanges, including Coinbase, Binance and Kraken, offer bank transfer (ACH, SEPA or wire); some add debit card payouts or PayPal. Fiat withdrawals require completed identity verification, and limits depend on your KYC level; how that works is covered in our guide to crypto exchange KYC.

Two alternatives exist. Peer-to-peer (P2P) trading lets you sell crypto directly to another user who pays you by bank transfer; make sure the payment comes from the buyer's own account, because third-party payments are a common fraud pattern. Crypto ATMs also convert coins to cash, but their fees are usually far higher than an exchange's.

Selling crypto for fiat is a taxable event in most countries. In the US it triggers capital gains tax; in Russia gains are taxed at 13% up to 2.4 million rubles of annual profit and 15% above that. Export your transaction history before you close the account.

How long does a withdrawal take and what does it cost?

The exchange processes the request in minutes to a few hours, then the blockchain confirms it:

Fiat withdrawals are slower: card payouts can arrive within hours, while bank transfers usually take one to three business days. A low-fee blockchain transaction can wait for hours when the network is congested.

The crypto withdrawal fee depends on the network more than on the exchange. Ethereum is usually one of the most expensive networks for USDT, while Tron, BNB Smart Chain and Solana are cheaper. Exchanges often charge a fixed amount, so one large withdrawal costs less than several small ones. Check the minimum too: at EIDEX, for example, the minimum USDT withdrawal on Tron is 10 USDT, as listed on our fees page. Daily withdrawal limits rise with your verification level.

Common mistakes when you withdraw from crypto exchange accounts

• Wrong network. Ethereum and BNB Smart Chain addresses look identical. Coins sent on the wrong one can often be recovered only by the recipient's support, usually for a fee.
• Wrong address. Clipboard malware and address poisoning swap the destination. Check the full string, not just the first and last characters.
• Missing memo. A deposit without the tag can take weeks to sort out.
• Fake support. Real exchange staff never ask for your seed phrase, private keys or 2FA codes.
• Leaving coins on an exchange you do not use. For long-term holding, a hardware wallet keeps keys offline; see our guide to hardware wallet security.

What to do if your exchange is closing

Dates from the official announcements:

According to CoinEx's September 15 announcement, a balance left behind shrinks to 40% after a year at 5% a month and to zero after 20 months. Past collapses were worse. Mt. Gox lost about 850,000 BTC in 2014 and began repaying creditors only in July 2024. FTX creditors started receiving payouts in February 2025 with bitcoin valued at $16,871, the price at the time of the bankruptcy, according to the FTX recovery plan.

When a closure is announced:

1. Check the notice on the exchange's official website; "new withdrawal site" links are usually phishing.
2. Close positions, unstake assets and sell tokens that trade only on this exchange.
3. Export your transaction history for taxes.
4. Withdraw crypto from exchange custody in two steps: a test amount, then the rest. Do not wait for the last week.