How to Withdraw Bitcoin (BTC)

Navigating the crypto markets can oftentimes feel overwhelming. How to buy Bitcoin, where to buy it, who to trust, how to withdraw Bitcoin, these are all very common questions, and unfortunately the answers are not always readily available. Fortunately, we’re here to change that. Since launching in 2017, our number one priority has been to offer a secure platform with fast and simple methods to buy, sell and trade cryptocurrencies.

Oobit is available to a global network of traders, offering everything from finding the best Bitcoin prices “skyscanner”-style, Oobit Direct, P2P marketplaces, to our Oobit Pass which allows you to use one KYC verification on several other platforms. We’ve refined the processes and made buying, selling and trading Bitcoin the most seamless experience that it can be. 

How To Withdraw Bitcoin (BTC) From Oobit

So you’ve bought BTC through our instant Oobit Direct feature and now want to withdraw it. Here we’re going to show you the ropes in how to withdraw Bitcoin from Oobit. 

Step 1:

Once you’re logged in, go to your dashboard, and select the red Transfer Funds option.

Step 2:

This will take you to the Transfer Funds page, from where you can deposit or withdraw Bitcoin. Here you have two options from which to withdraw BTC, select between either Send By Wallet or Send By Phone.

Step 3:

• The Send From Wallet option will take you to a page where you will need to enter your Bitcoin wallet address into the recipient address box (to where you want to send the BTC). 

We’ve incorporated a feature that allows you to save different wallet addresses with descriptions, i.e. Personal, Business, Jane, for easy and quick navigation. Select the “+ Add new address” option and fill in the details (as per pictured below). Alternatively, you can add Withdraw addresses in the settings.

Each time a new address is added, you will receive a verification code through your verified email address. Simply enter the verification code to activate the address.

• The Send By Phone option will allow you to enter the phone number of the recipient and how much you’d like to send. Note the recipients will receive the funds even if they don’t have a crypto account.

Step 4:

When you are ready to make the withdrawal, enter the amount that you would like to send, and you will see the transaction fee automatically calculated and added to your amount. After clicking Continue, you will receive an SMS verification code, once this is entered your transaction will be processed.

What To Know About BTC Withdrawals

Here are some commonly asked questions regarding BTC transactions. 

• How long will it take?

Typically BTC transactions take anywhere from 10 - 40 minutes depending on how busy the network is at that time. 

• What are transaction fees?

Bitcoin transaction fees are paid by the user and sent directly to the miner who verifies your transaction. These are worked out based on how busy the network is at the time (the more busy, the higher the fee) and are automatically calculated by Oobit and added to your amount. You can read more about BTC transaction fees here. 

• Are there any hidden costs?

No, what you see is what you get. The only extra cost is the transaction fee, which is calculated and displayed before you confirm the withdrawal.

• What are the withdrawal limits? 

Depending on your current KYC verification, the amount of BTC that you can withdraw will vary. Verified Level 1 and 2 users have a limit of 0.2 BTC, while users with the Oobit Pass have unlimited daily BTC withdrawals.