How do I withdraw crypto to an external wallet?

Learn how to create a transfer on the Cybrid Platform to withdraw crypto to an external wallet.

Once a customer has purchased cryptocurrency on the platform, they may want to withdraw it to an external wallet. This process is similar to a funding transfer, but with some different parameters specified.

First, you'll create a quote of type crypto_transfer, with the side specified as withdrawal. In this example, we have some ETH, so let's create a quote to withdraw it by calling the POST /api/quotes endpoint with the following:

{
  "product_type": "crypto_transfer",
  "customer_guid": "your-customer-guid",
  "asset": "ETH",
  "side": "withdrawal",
  "receive_amount": 250000000000000000
}

For crypto withdraws it's important to understand any related on-chain gas fees that may be accompany the withdrawal. The response object from the POST /api/quotes endpoint will return two fields related to gas (network fees):

{
  ...,
  "network_fee": 2900000000000000,
  "network_fee_asset": "ETH"
}

The network_fee shown above is also in the base units of the currency. The above amount represents 0.0029 ETH, or approximately $5 USD at the time this article was written. Network fees on the Cybrid Platform are tracked as a liability to the partner, and subtracted from any partner trade revenue.

Now that we have our quote, we can head over to the POST /api/transfers endpoint to execute the transfer with the quote GUID received from the previous call. For this call, you'll specify the transfer_type as crypto, and supply the destination wallet in the external_wallet_guid.

{
  "quote_guid": "your-quote-guid",
  "transfer_type": "crypto",
  "external_wallet_guid": "your-external_wallet_guid"
}

Crypto transfers happen much more quickly than fiat transfers, and it should only take a couple of minutes to process an on-chain transaction.

Similar to the funding process, you'll want to use the GET /api/transfers/{transfer_guid} endpoint to monitor the state of the transfer, until the transfer enters the completed state.

Once completed, you should be able to verify the deposit by leveraging a variety of 3rd party blockchain explorer tools, such as https://etherscan.io/.