In this tutorial you’ll learn how to withdraw KBC from Karatbit and turn it to cash!
In other words, I describe how to sell KBC for Bitcoin and then convert it to fiat currency.
Currently, to withdraw KBC, you have to do it indirectly. There are several ways to do it.
Here I describe how to withdraw KBC by selling it first for Bitcoin.
(By the way today is 02/20/2020!)
KBC to cash: In a nutshell
To withdraw KBC, first you need to sell KBC for Bitcoin (BTC)
Then you need to send that Bitcoin to your local exchange account
Once Bitcoin is in your local exchange account it’s ready to be converted to cash! You simply withdraw that Bitcoin in the form of your local currency into your bank account!
The minimum withdrawal amount is 0.0100000 Bitcoin. So, in order to withdraw KBC, you will need at least 24,000 KBC in your Karatbit account (including fees).
I’ll repeat, you will be able to withdraw KBC if your total KBC amount is at least 0.01 BTC.
Today (Feb 20, 2020), 0.01 BTC equals to 21,676 KBC. I used this converter to convert 0.01 Bitcoin to KBC.
In other words, approximately, you need to have a least 24,000 KBC (including fees) to be able to withdraw KBC.
How to sell KBC for Bitcoin
To withdraw KBC, first you need to convert KBC to Bitcoin.
1. To do that, you need to look for a local cryptocurrency exchange in your country (or any exchange that supports a fiat currency that you want to receive for your KBC)
In my case, it’s NDAX (Canadian exchange)
2. Then create an account with that exchange and submit all required documents needed to withdraw that fiat currency. Make sure your account gets verified
- In my case, I created an account with NDAX, submitted my ID (passport), and the NDAX agent sent me an email saying that now my account is fully verified (See Screenshot #1 below)
3. Then login into your Karatbit account
4. Then go to ‘Markets’
5. Find ‘KBC/BTC’ market and click on it – it should be the first on the list. (See Screenshot #2 below)
6. Then scroll down to ‘Sell KBC’. At the top, make sure you select ‘Market’ (Marked ‘1’ on Screenshot #3 below)
6. Then in ‘Amount’ enter at least 24,000 KBC (Marked ‘2’ on Screenshot #3 below)
7. Then click ‘Sell KBC’ button (Marked ‘3’ on Screenshot #3 below)
8. Then click ‘Ok’ on ‘Order Placed’ pop-up.
So, you just converted 24,000 KBC (or whatever the amount you entered) to Bitcoin! Now you have to turn that Bitcoin to cash.
How to convert Bitcoin to cash (fiat currency)
1. In Karatbit, go to your ‘Dashboard’ and scroll down to Bitcoin
- Now you can see some Bitcoin there (if you had 0)!
2. Then next to Bitcoin, click ‘Withdraw’ button
3. In ‘BTC Withdraw Address’ drop-down menu select ‘Save New Wallet’ (See Screenshot #4 below)
Then in ‘New Blockchain Address’ enter Bitcoin Deposit Address of your local exchange account (See Screenshot #4 and Screenshot #5 below)
If you have trouble finding Bitcoin Deposit Address, scroll down and follow a tutorial ‘How to locate Bitcoin Deposit Address in your local exchange account’
In ‘Address Label‘ enter a name for your wallet, so that you can distinguish it from others. For example, I named mine ‘NDAX wallet’ (See Screenshot #5 below)
Then in ‘Amount’ enter the amount of Bitcoin you want to withdraw. Again you need to enter at least 0.01 Bitcoin (See Screenshot #5 below)
Double check that all fields are correct and click ‘Save New Address and Submit’ (See Screenshot #5 below)
4. Then on ‘Create Withdrawal’ pop-up, confirm that you want to withdraw 0.01 BTC (See Screenshot #6 below)
- Note: Transaction fee is 0.0001 BTC
5. Click ‘OK’ on ‘Almost done. Please confirm the link in your email’ pop-up (See Screenshot #7 below)
6. Then go to your email, locate email from Karatbit, review the withdrawal again, and click ‘Approve’ (See Screenshot #8 below)
7. Then in a few moments you should get ‘Deposit is Pending’ email from an exchange you deposited your Bitcoin to (In my case it’s an email from NDAX) (See Screenshot #9 below)
To process deposit, it can take 30 min-24 hours depending on your exchange (in NDAX it took about 1 hour) (See Screenshot #9 below)
Once Bitcoin is deposited into your account you will get a confirmation email (See Screenshot #9 below)
8. Once Bitcoin has been deposited into your local exchange account you should see it in your Dashboard or Wallet (or both) (See Screenshot #10 below)
9. Now you want to turn that Bitcoin to your local currency
- This process will be more or less similar across different exchanges. So just follow general directions on how to turn Bitcoin to Canadian dollars on NDAX exchange (below)
9. Login into NDAX account, then go to ‘Wallet’ (See Screenshot #11 below)
10. Then select ‘Fiat’ (See Screenshot #11 below)
11. Then click ‘Withdraw’ at the bottom right (See Screenshot #11 below)
12. Then select ‘EFT (Direct Bank Deposit)’ (See Screenshot #12 below)
13. Then, on the right, click ‘Add Account’ (See Screenshot #13 below)
14. Enter your bank account details and click ‘Save’
15. Finally, click ‘Withdraw now’ (On NDAX, transaction fee is 25 CAD, which is a bit too pricey I think) (See Screenshot #13 below)
- Your money should be deposited into your bank account within 2 days!
How to locate Bitcoin Deposit Address in your local exchange account
Depending on your exchange, Bitcoin Deposit Address will be in different places. Look for this address in ‘Dashboard’ or ‘Wallet’ (should be more or less similar across all exchanges).
Below I describe how to locate Bitcoin Deposit Address in NDAX exchange account.
1. Login into your NDAX exchange account
2. Go to ‘Wallet’ on the left (Marked ‘1’ on Screenshot #14 below)
3. Then click ‘Deposit’ (Marked ‘2’ on Screenshot #14 below)
4. After that the Bitcoin (BTC) Deposit Address should pop-up (See Screenshot #15 below)
This is the address that you need to paste into ‘New Blockchain Address’ field in your Karatbit account (See above)
To copy Bitcoin Deposit Address, simply click on the copy icon () on the right, and paste it into ‘New Blockchain Address‘ field (See Screenshot #15 and Screenshot #16 below)
I believe this tutorial helped you turn some of your KBC into cash and now you are happily smiling 🙂
If you have any questions, let me know in the comment section below.
Lots of ways to contact me:
Cell / Telegram / WhatsApp / Viber: 1-587-225-1562 (Canada, Calgary)