Looking to withdraw some funds or cryptos from FTX? Been waiting a while and not seen it go through?
I’ve been there. Waiting hours on some exchanges and being frustrated as my funds aren’t withdrawn quick enough.
In this post, I’ll go through how long a FTX withdrawal should take.
I will also cover some issues causing withdrawals to take longer and reasons it could be delayed.
How long does a FTX withdrawal take?
On average FTX says that they aim to process most crypto withdrawals within minutes.
Some larger withdrawals have to go through a manual review process. The manual review can take up to a few hours. You will likely only experience this if you are withdrawing in the millions of dollars.
When you withdraw stablecoins through your USD balance, you may experience delays. This is because stablecoins are limited by how quickly they are created and redeemed. If there isn’t enough available then FTX will have to have some created for you.
Stablecoin withdrawals can take up to 6 hours on weekdays and you may experience up to a 24 hour wait on weekends.
When you withdraw you can track your withdrawal by heading to the “Wallet” tab and then clicking on “Withdrawals”.
On here you will see your pending transactions which will be marked as “Requested”. Requested means FTX has not yet sent your withdrawal. The transaction has not been broadcast yet.
Once a withdrawal has been sent by FTX, it will be listed as “Completed”.
When a withdrawal is marked as Completed, you will see a transaction ID next to it. This will link to a block explorer, so you can easily track the transaction.
Why is my FTX withdrawal stuck at Requested?
If your withdrawal on FTX is stuck on “Requested”, this likely means that theres a delay or hold up.
Another reason is additional security checks are required. This is only usually done for very large withdrawals which require manual approval.
This could take several hours to be approved.
How long does a Fiat Withdrawal take on FTX?
Fiat withdrawals take one weekday to be processed. Although some cases are known to take longer.
Once they are processed you can expect to wait a day for a wire transfer to be deposited into your bank account.
FTX cannot process wire transfers on weekends.
SEPA transfers for Euros or other country based payment methods, may take several days to process.
Why can’t I withdraw from FTX?
There are three reasons why you are most likely unable to withdraw from FTX.
These reasons are:
- You recently made changes to your FTX account email
- You have recently disabled or reset your two-factor authentication
- You have recently reset your password on your FTX account
If you have done any of these, you will be locked out from withdrawing for 24 hours.
The reasons these are in place is for security purposes, to protect your account from hackers.
What should I do if my FTX withdrawal has not arrived?
To check whether your withdrawal has been sent you need to do several steps.
First you need to head to “Wallet” which can be found in the top left of your screen.
Once you are on the wallet, you need to click “Withdrawals” which is a tab along the top of your balances.
You should now see a list of withdrawals you have made from your account.
Withdrawals can be in two states, “Requested” or “Complete”.
If the withdrawal says “Requested”, then you simply have to wait for FTX to process your withdrawal.
If it says “Complete”, then you should see a TxID (Transaction ID) located next to it.
If you click the above TxID it will take you to the block explorer. On here you can see the Blockchain live and what transactions are being processed.
Your transaction will require a certain amount of confirmations before its processed. This varies between blockchains.
Bitcoin is usually deemed as confirmed with 1-6 confirmations.
You should check the destination address and make sure it matches where you are sending it.
If the address is correct, then check the amount of confirmations.
If everything checks out and looks correct, then it’s most likely either a delay or an issue with your destination address.
What is the minimum withdrawal from FTX?
FTX does not have a minimum withdrawal amount for cryptocurrencies.
You will have to pay fees on some withdrawals if you are not staking their FTT token.
Is it easy to withdraw from FTX?
Withdrawing from FTX is incredibly easy.
All you have to do is head to your “Wallet” and look at the list of balances you have.
Each currency has several buttons on the right of it.
You should see “Deposit”, “Withdraw”, “Convert” and potentially “Stake” or “Lend”.
If you click on “Withdraw” you will see the instructions to withdraw the currency.
Most fiat currencies will give you instructions on how to withdraw to your bank account.
Cryptocurrencies will require a address to withdraw to.
Withdrawals for cryptos are fast and fiat is usually within a day.