Withdrawing cryptocurrencies involves transferring them directly from your Young Platform wallet to an external wallet without converting them into euros. If you wish to convert your cryptocurrencies into euros and transfer them to your bank account via wire transfer, please refer to this guide: Sell cryptocurrencies on Young Platform.
Guide to Cryptocurrency Withdrawal
Withdrawing cryptocurrencies from your Young Platform wallet to external wallets is straightforward. Follow these steps while adhering to the Travel Rule guidelines.
1. Start the transaction
- To send your cryptocurrencies, click 'Send' from the homepage and select the cryptocurrency you want to withdraw.
- Alternatively, you can navigate to the Wallet section, choose the cryptocurrency you wish to send, click on the three dots next to the buy and sell buttons and select 'Send'.
2. Select or add a new address
- Saved Address: If the address of the external wallet has already been registered, select it from the list of saved addresses.
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New address: If this is the first time you are sending cryptocurrencies to this wallet, please add a new address:
- Click 'New' to copy/paste the wallet address or scan the QR code.
- Do not type the address manually to avoid errors
Verify the Data
Carefully check that the wallet address, the Memo/Tag (if required), and any additional data are correct. Some cryptocurrencies, such as Stellar, Ripple, Algorand, and EOS, require a Memo or Tag.
Memo/Tag Type
If the destination platform requires specifying the type, remember that Young Platform always uses only the Memo ID type.
3. Self-declaration of the external wallet
When adding a new address, you must declare to whom the wallet belongs:
Select from the menu:
- "My Wallet": Declare that the wallet is your own.
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"Third-Party Wallet": Declare that the wallet belongs to someone else. In this case:
- Enter the owner's first and last name.
- Confirm that you are authorised to use this address.
Wallet Data
Select the network from which you want to execute the transaction from the dropdown menu. In addition to standard networks (Bitcoin Segwit, Ethereum ERC-20, and native protocols), Young Platform supports multiple networks for significant cryptocurrencies. Check the Fees and Pricing page for details.
Additional Data
Add a label to quickly identify the saved address (e.g., "Mario Rossi Bitcoin" or "Metamask Ethereum Wallet (ERC-20)").
If you plan to use a different network for the same wallet, save a new address specifying the network in the label. Example: "Metamask ETH, Network Arbitrum" or "Metamask ETH, Network Optimism".
4. Specify the type of wallet
After declaring the owner of the wallet, define the wallet type:
Select from the menu:
- Private Wallet (Non-Custodial): If the wallet is self-hosted. Note: If you send cryptocurrencies to a self-hosted wallet, you may need to verify ownership before completing the transaction.
- Exchange or Platform (Custodial): If the wallet is on another platform, use the search bar to select the platform name (e.g., Binance, Kraken, etc.).
ATTENTION: If your platform is not on the list, contact us. We will contact the platform to evaluate its integration into the network.
Save the Data
Once these steps are completed, click "Continue" to save the address. This operation is required only once. Select an address from the saved addresses for future transactions to the same wallet on the same network.
ATTENTION: If you registered an incorrect address, you can delete it and repeatedly start the process to enter the correct one.
5. Enter the quantity and choose the address
- Enter the amount of cryptocurrency to be transferred.
- Choose the wallet address from those saved or create a new one by following the instructions above.
Caution: Selecting the correct network address is essential to avoid cryptocurrency losses.
6. Limits and information required for transactions
- Enter the amount, respecting any minimum withdrawal limits according to your Account Level (identity verification). If you want to increase the limits, please read this guide.
- In Italy, there is a EUR 0 threshold, meaning that any cryptocurrency withdrawal or deposit must carry the additional information required by the Travel Rule.
See the Fees and Prices page for information on supported currencies, fees and minimum withdrawal amounts.
7. Check and confirm
- Check the transaction preview and confirm that everything is correct.
- Complete the transaction by entering the OTP code received by SMS or email or the code generated by Google Authenticator.
Once the transaction is confirmed, the cryptocurrencies will be sent to the external wallet.
Timing-supported networks and minimum withdrawal amounts
The transfer reception time may vary depending on the cryptocurrency, the chosen network, and the time required for their evaluation and response in the case of transfers to other platforms.
In addition to the standard networks (Bitcoin Segwit, Ethereum ERC-20 and native protocols), Young Platform supports the following networks for major cryptocurrencies: see the Fees and Prices page.
Steps to follow and solutions in case of errors
To ensure proper transfer of cryptocurrencies and avoid problems, follow these steps:
- Memo/Tag required: Always enter the required Memo/Tag for cryptocurrencies such as Stellar (XLM), Ripple (XRP), Terra (LUNA), Algorand (ALGO) and EOS. Lack of this information may prevent the transaction from being completed.
- Network selection: Before confirming the transaction, select the correct network. If you use the same wallet on multiple networks, save a different address for each network and specify it in the label (e.g., Ethereum Arbitrum or Ethereum Optimism).
- Verify data: Carefully check the wallet address, Memo/Tag (if required), and all entered details. Transactions to wrong addresses or incomplete or missing data may not be recoverable.
What to do in case of an error
- If you have sent cryptocurrencies on the wrong network or without a Memo/Tag, contact the destination platform immediately and request that the funds be returned to Young Platform.
- Once you receive confirmation of the referral, send all transaction data to Young Platform for recovery support. We're here to help you in case of any errors.
WARNINGS: Transactions sent with incorrect data may not be recoverable. Young Platform accepts no liability for errors due to faulty networks or missing Memos/Tags but offers support to facilitate recovery whenever possible.
Please note:
If you have any doubts during the process, please open a support ticket or write to support@youngplatform.com for prompt assistance.