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How Can I Send Fiat Currencies From COINQVEST to a Digital Wallet?

In COINQVEST’s dashboard you are able to hold a mix of fiat and cryptocurrencies. However, external digital currency wallets are not able to hold fiat currencies such as USD or EUR. If and when you wish to move fiat currencies to a digital wallet outside of COINQVEST, follow these steps.

  1. You will first have to swap it with a cryptocurrency we support. You can do this from your dashboard. Find the swap button and follow the directions, making sure to select the cryptocurrency you desire.

  2. You will need to establish a digital currency wallet (crypto wallet). The cryptocurrency you have chosen may, in part, determine the wallet you download and register with. Here you will want to do a little research into which wallet is appropriate for you. Read our FAQ on crypto wallets FAQ - What Digital Wallets Work Best with COINQVEST? Make sure the wallet you choose is compatible with the digital currencies we support. However, most, if not all major wallets can hold the cryptocurrencies we support. If you plan to hold XLM, Lobstr and Solar are good wallet options.

  3. Click the withdraw button in your dashboard and input any information requested. Be sure to input the correct public key wallet address or the transaction may fail. The address is often a long alphanumeric string, so copy and pasting is a good way to lessen mishaps.

  4. Depending on the blockchain you’ve sent your funds to, the transaction may take anywhere from a few seconds to a few minutes to show up in your wallet. There may be fees associated with your transactions.

Some considerations for this process:

  • Be sure to enter the correct public key wallet address. If you make a mistake here, your funds may be unrecoverable.
  • Check your destination wallet address. If you are transferring ETH for example, be sure you are sending funds to the correct ETH address in your wallet.
  • Understand the varying security levels and options of different wallet categories.
  • As a general rule, on one end, exchange wallets (custodial wallets) are convenient, but the least secure and are vulnerable if the exchange is compromised.
  • On the other end, hardware wallets (non-custodial wallets) from companies like Ledger, Trezor, or GridPlus, are the most secure, but also carry heavy owner responsibility. If you lose/forget your secret key, or lose the wallet, funds may be irrecoverable.
  • Downloadable application or desktop wallets (non-custodial wallets) lie somewhere in the middle of the above wallets in terms of safety. Data is stored locally, and is vulnerable to attacks on your device. You will also need to remember and store your private keys securely.

Last Update: Apr 21, 2022

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© COINQVEST LLC 2018-2022 · Terms of Service · Privacy Policy · KYC/AML Policy · Anti-Fraud Policy · Data Processing · License COINQVEST LLC (Company Number 0000970546) is a limited liability company incorporated at 54 Jedności Street, 65-018 Zielona Góra, Poland. COINQVEST LLC reports to the General Inspector of Financial Information and is authorized by the Polish Ministry of Finance to provide virtual currency exchange and custody services under Virtual Asset Service Provider number RDWW-311. Licensed and Regulated in the EU © COINQVEST LLC 2018-2022 · Terms of Service · Privacy Policy · KYC/AML Policy · Anti-Fraud Policy · Data Processing · License
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