Now, I wrote how to withdraw DOGE.
A reader asked about how to do the same with SHIB. I wrote a tutorial for SHIBA INU tokens, even though the steps are exactly the same.
I think there is confusion going on regarding how to withdraw coins listed under the Rapid Listing Initiative on WazirX, and there should be. Since many new crypto enthusiasts are still learning about the whole system. And when a system involves money, you should always be careful and skeptical.
Rapid Listing Initiative means tokens listed under this initiative won’t support deposits or withdrawals. Meaning, you can only trade these tokens on the WazirX exchange and can’t move them in or out.
There is no option to withdraw these coins directly, but since WazirX is connected with Binance, you can transfer the balance to your Binance account and withdraw it to your wallet. Pretty easy.
The other way is to convert those coins to a “withdrawable” coin such as USDT, ETH and then withdraw it to exodus and exchange it to your desired cryptocurrency. This process is quite costly since there are multiple fees involved.
The cost-effective way is using Binance.
Let’s see how you can withdraw coins listed under a rapid listing initiative from WazirX.
Step 1: Log in to Your WazirX account
Make sure your WazirX account is connected with your Binance account. Signup for WazirX here and Signup for Binance here if you don’t have an account already.
Go to WazirX & Binance connect page here and make sure your accounts are linked together.
Step 2: Transfer the funds to your Binance account.
Open your WazirX dashboard and click on funds.
On the top, you’ll notice the “Transfer to Binance” option. Click on it and transfer whichever coin you wish to withdraw to your own wallet.
Complete the transfer. The best part is this transfer is completely free.
Step 3: Withdraw From Your Binance Wallet to Your Crypto Wallet
Login to your Binance account. Click on the wallet link on top of the header and select Fiat & Spot (“Deposit/Withdraw”) option.
Click on Withdraw button.
Select the coin you want to withdraw. In this case, the one you just transferred from your WazirX account.
Open your crypto wallet. If you don’t have one, download Trust Wallet or Exodus on your smartphone. You can later purchase a Ledger Nano or Trezor T for better security.
Copy the coin “receive” address from your crypto wallet. Paste this address in the “Address” field.
Don’t worry, if the address is wrong, Binance will show an error and not allow you to withdraw your crypto coins.
Double-check the address and make sure they both match – the one you entered in the Binance withdrawal field and the one in your own wallet.
Click on the “Withdraw” button to complete the transaction.
You will receive an email to approve the withdrawal in some cases. Sometimes, you will have to authenticate the withdrawal using both email and two-factor security.
That’s it – Congratulations.
You can now purchase any coin on WazirX and it doesn’t matter if it’s listed under “Rapid Listing Initiative”. You will still be able to withdraw them, using this method. Be it DOGE, MATIC, ADA, DOT – any coin or token.
I hope this tutorial helped you.
In case you’ve any questions or confusion, let me know in the comments below.
Since withdrawals aren’t allowed for such coins, does it mean that storing coins on the exchange is safe? No need to worry about hacks since anyway the coin can’t be withdrawn.
One of the main reasons such coins aren’t available to withdraw is liquidity. If an exchange goes down, even if the coins are safe – they are safe with the exchange. Not you. You can’t access them, so it’s equivalent to losing them.
INSANE , THANK YOU!!!
What do you think is the best resource to learn crypto trading? (If possible, I would appreciate your opinion on best resource on stock trading as well)
Trading crypto is pretty bad since the price is so volatile. You’re better of buying them and holding popular crypto, few that I’ve mentioned in this article and keep watching the price to make sure they don’t fall off of your risk appetite.
If you are talking about day trading, I won’t be the best guy to ask for an opinion since I’m very much against it.
However, if you’re talking about speculating market price through research and trade like hedge funds, all you need is a LiveMint subscription, Marketwatch, ticker tape and at least an hour of daily research. I’d recommend finishing two books – The intelligent investor and coffee can investing. Then finish Good Economics for Bad Times. There’s another great book called MacroEconomics by Alex M Thomas, a great way to get introduced to the Indian economy, but that’s a supplement.
what is the difference btwn withdrawing and selling a crypto ?
Withdrawing here means transferring the crypto coins/tokens from your exchange wallet to your personal crypto-wallet. Only then, you truly own the crypto you bought from the exchange since if you leave it in the exchange wallet, you don’t have the access to its private keys. If the exchange goes down, you won’t be able to recover the coins.
Selling means exchanging your crypto for INR or other fiat currencies, either P2P or through a spot transaction via an exchange.
I have Bought SHIB INU In Wazirx account it’s showing it’s in rapid listing can i sell this? and withdraw my money to my bank account?
If not, what is the best option to sell my Crypto ?
You should have no issues in selling it on WazirX
Hi, when you say copy-paste the wallet’s withdrawal address and paste it in Binance, you mean the wallet like Trust should be already to connected to Wazirx? How do I connect trust wallet to Wazirx?
When you install Trust Wallet, you get an address for each coin in your wallet. This address needs to be copied and pasted into the “Address” filed on the Binance withdrawal request page. You don’t/can’t connect a wallet like Trust Wallet with anything.
Refer to the image below:
How do I now sell the coin in my trust wallet?
Transfer it to crypto exchanges like Vauld, WazirX, CoinDCX, or Binance – which is where you can trade it for INR or USD.
Can I withdraw the the amount to my bank account from binance?
You can’t. But you can withdraw a cryptocurrency to a local exchange such as WazirX, sell it for INR and then withdraw that to your bank account.
If i dont have the minimum value then should i buy more to transfer it or what else i can do ?
You’ve got that right; buy enough so you can take any token out of WazirX to Binance and then make sure you store it in your crypto wallet.