Blocto wallet currently does NOT support transferring or withdrawing cryptocurrency to fiat money, credit/debit card, or bank accounts. We would suggest users send their tokens/coins to another trusty and legal exchange where you will be able to sell your cryptocurrency on the exchange.
Please remember to always consider any tax implications or regulations regarding cryptocurrency transactions to ensure compliance under Australian law. More information on this can be found on the Australian Tax Office website.
Before sending your cryptocurrencies to another wallet/ exchange, please make sure that you're choosing the correct token name/ blockchains.
To withdraw cryptocurrency to fiat from a Blocto wallet, follow these steps:
- Firstly make sure that you choose a reliable cryptocurrency exchange. Research and select reputable exchanges that support fiat currency withdrawals and are compatible with the cryptocurrencies stored in your Blocto wallet.
- Create an account: Sign up for an account on your chosen exchange. Complete the necessary verification process, which typically includes providing identification documents.
- Link your Blocto wallet: Connect your Blocto wallet to the exchange. This process may involve confirming your wallet address or scanning a QR code from the exchange platform depending on their verification process.
- Select the cryptocurrency and amount: Choose the cryptocurrency you want to withdraw from your Blocto wallet and specify the amount you wish to convert into fiat currency.
- Place a sell order: On the exchange platform, place a sell order for the selected cryptocurrency. Make sure to review the exchange rate and any applicable fees associated with the transaction.
- Complete the transaction: Once the sell order is executed, you will receive the equivalent fiat currency in your exchange account balance.
- Withdraw to a bank account: Navigate to the withdrawal section on the exchange platform and select the option to transfer funds to your bank account. Provide the necessary banking details, such as your account number and BSB.
- Verify and submit: Double-check the withdrawal details, including the amount and destination bank account, before finalising the transaction. Confirm and submit the withdrawal request.
- Wait for processing: The exchange will process the withdrawal request, which may take some time depending on the exchange's policies and the chosen payment method.
- Receive funds in your bank account: Once the withdrawal is processed, the fiat currency will be transferred to your linked bank account. Check your bank account balance to confirm the receipt of funds.
Please make sure to check all the details before sending your funds to other exchanges including the blockchain networks, token/coins, and wallet address. Sending your assets to the wrong address or blockchains would mean that they would no longer be accessible.