Welcome back to VNDC 101 – a series of guidelines that aims to help everyone have a better experience using our products and a deeper look into VNDC Wallet.
After knowing how to deposit coins/tokens in VNDC Wallet from other Wallets, the most asked question we have received recently is how to withdraw. So today, in VNDC 101 #2, we will show you guys how to transfer your assets to another address.
The process to transfer your funds on VNDC Wallet depends on the cryptocurrency you want to move. Some crypto can be withdrawn to multiple, different blockchains, so take care to select the right one. The time it takes to withdraw funds differs on the method you’re using. Each blockchain will require a certain amount of confirmation for some crypto withdrawals before it appears in your wallet.
Occasionally, we might suspend withdrawals due to technical upgrades. If your withdrawal is still taking too long after checking all the possible reasons, you can get in touch with VNDC’s Help Center.
How to make a Withdrawal on VNDC Wallet? A step-by-step guide
To make a withdrawal, you should swap VNDC for USDT or other coins before transferring them to other Exchanges or Wallets that support P2P trading for your country’s currency.
In this example, we will be withdrawing USDT to Binance with the BEP20 network and go through it one-by-one
- Step 1: Log in to your VNDC account and press [USDT] Wallet on the main screen.
- Step 2: Choose [SEND ON-CHAIN]. If the cryptocurrency is issued on multiple networks, select which one you’d like to make your withdrawal on. You can choose the network you want to process in this step or later. Be extra careful with network selection. If you withdraw to the wrong address, you might lose your crypto assets.
- Step 3: Select the network you want to process. Enter the amount you want to send. You can press [Max] to enter your maximum available balance.
- Step 4: Tap on [Deposit] in your Binance account.
- Step 5: Tap on [USDT].
- Step 6: Select the same network as the one you’ve selected in step 3. Copy your USDT address in your Binance.
- Step 7: Paste it in [YOUR ADDRESS] on the VNDC Send On-chain screen. If everything is good, press [SEND].
- Step 8: Confirm your withdrawal by pressing on [SEND NOW]. Make sure that you have enough VNDC as a transaction fee.
- Step 9: Press on both [VERIFICATION] and enter the six-digit code you received in your email. Your Smart OTP will be generated automatically. SMS won’t be required. Press [SEND NOW]
If everything is in order, we will notify you in-app when the transaction is completed. Users can check their transaction detail with the icon on the top right corner.
What are transaction/sending fees?
Withdrawing funds from your VNDC Wallet account incurs fees to cover the cost of network transactions. For example, removing USDT or Ether (ETH) requires us to send the crypto to a different crypto wallet on the blockchain.
In other words, any transaction on Ethereum, Binance Smart Chain, or TRON requires a gas fee that the user must pay to miners. VNDC Wallet passes on the cost of this transaction fee to the user.
Each blockchain has its own fee schedule, so your withdrawal fees will vary from coin to coin. Fees are also dynamic and change depending on network activity. The best and most accurate way to check sending fees is to go to the [Sending On-chain] itself.
All transaction fees in-app are paid in VNDC.
Note: Users have to pass Advanced KYC first to enable sending feature. For detailed instruction, please visit: How to pass Advanced KYC.
Learn more about VNDC at: https://vndc.io/en/vndc-wallet
Update the latest news and announcements about products: https://blog.vndc.io/en