Withdrawing cryptocurrencies means transferring them from your Young Platform wallet directly to an external wallet, without converting them into euros. If you want to convert your cryptocurrencies into euros and then send them to your bank account via bank transfer, check this guide.
Cryptocurrency Withdrawal Guide
Follow these steps to send cryptocurrencies from your wallet on Young Platform to external wallets, in compliance with Travel Rule regulations.
1. Start the transaction
- To send cryptocurrencies, click on “Send” from the homepage and select the cryptocurrency you want to withdraw.
- Alternatively, you can navigate to the Wallet section, choose the cryptocurrency you want to send, then 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 external wallet address has already been saved, select it from your list of saved addresses.
- New address: If this is your first time sending cryptocurrencies to this wallet, add a new address. Click on "New address" and copy/paste the wallet address or scan the QR code. Do not type the address manually to avoid errors.
Check the details Carefully check that the wallet address, Memo/Tag (if required) and additional details are correct. Some cryptocurrencies require a Memo or Tag, such as Stellar, Ripple, Algorand, EOS.
Memo/Tag type If the destination platform requires you to specify the type, remember that Young Platform always and only uses Memo ID type memos.
3. Self-declaration of the external wallet
When you add a new address, you must declare who owns the wallet:
Select from the menu:
- “My wallet”: declare that the wallet belongs to you.
- “Third-party wallet”: declare that the wallet belongs to someone else. In this case:
- Enter the first name and last name of the owner.
- Confirm that you are authorised to use this address.
Wallet details Select the network you want to use for the transaction from the drop-down menu. In addition to standard networks (Bitcoin Segwit, Ethereum ERC-20 and native protocols), Young Platform supports numerous networks for the main cryptocurrencies: check the Fees and prices page.
Additional details Add a label to easily identify the saved address (e.g. “Mario Rossi Bitcoin” or “Wallet Metamask Ethereum (ERC-20)").
If you plan to use a different network for the same wallet, save a new address and specify the network in the label. Example: "Metamask ETH, Network Arbitrum" or "Metamask ETH, Network Optimism".
4. Specify the wallet type
After declaring the wallet owner, define the type of wallet:
Select from the menu:
- Private wallet (non-custodial): If the wallet is self-hosted. Please note: for transfers to a self-hosted wallet under €1,000, your self-declaration is sufficient; from €1,000 upwards, you are asked to prove that the wallet is yours using a cryptographic signature.
- 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.).
You can only send to addresses registered to you when using a private wallet (self-hosted): transfers to other people's self-hosted wallets are not possible. The “Third-party wallet” declaration therefore only applies to wallets on an exchange or another platform.
CAUTION: If you cannot find the platform you use in the list, contact us: we will try to get in touch with the platform to evaluate network integration.
Save details Once you have completed these steps, click on “Continue” to save the address. You only need to do this once. For subsequent sends to the same wallet on the same network, you will just need to select it from your saved addresses.
CAUTION: If you have registered an incorrect address, you can delete it and repeat the procedure from scratch to enter the correct one.
5. Enter the amount and choose the address
- Enter the amount of cryptocurrency to transfer.
- Choose the wallet address from your saved ones or create a new one by following the instructions above.
Caution: It is essential to select the address with the correct network to avoid losing cryptocurrencies.
6. Limits and required information for transactions
- Enter the amount, respecting any minimum withdrawal limits based on your Account Level. If you want to increase your limits, read this guide.
For information on supported currencies, fees and minimum withdrawal amounts, check the Fees and Prices.
7. Check and confirm
- Check the transaction preview and confirm that everything is correct.
- Complete the transaction by entering the OTP code received via SMS or email, or the code generated by Google Authenticator.
The preview also shows the total costs, which is the Young Platform fee plus the network fee. Remember that blockchain operations are generally irreversible: a transfer to an incorrect address or network can result in the permanent loss of your cryptocurrencies.
Once you confirm the transaction, the cryptocurrencies will be sent to the external wallet.
Withdrawal status
From the transaction details in your history, you can follow the progress of the withdrawal through these steps:
- Withdrawal requested
- Compliance check
- Sent to blockchain
- Confirmed
Up to the "Sent to blockchain" step, you can cancel the withdrawal from your Transfer History. Cancellation is no longer possible after sending to the blockchain.
On the "Compliance check" step you will find a way to contact Support.
Please note: no duration is specified for the compliance check. If the withdrawal processing takes longer, Young Platform will notify you.
Processing times and supported networks
Transfer receipt times can vary depending on the cryptocurrency, the chosen network and, in the case of transfers to other platforms, the time required for their evaluation and response.
In addition to standard networks (Bitcoin Segwit, Ethereum ERC-20 and native protocols), Young Platform supports the following networks for the main cryptocurrencies: check the Fees and prices page.
Precautions to follow and solutions in case of errors
To ensure a correct transfer of cryptocurrencies and avoid issues, follow these precautions:
- Mandatory Memo/Tag: Always enter the Memo/Tag required for cryptocurrencies like Stellar (XLM), Ripple (XRP), Terra (LUNA), Algorand (ALGO) and EOS. Omitting this data could prevent the transaction from completing.
- Network selection: Make sure you select the correct network before confirming the transaction. 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”).
- Check details: Carefully check the wallet address, the Memo/Tag (if required) and all entered details. Transactions to incorrect addresses or incomplete due to 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, immediately contact the destination platform and request the return of the funds to Young Platform.
- Once you receive confirmation of the return, send all transaction details to Young Platform to receive support for recovery.
- Report the issue to Young Platform as soon as possible: a late report can affect the outcome of the request.
CAUTION: Transactions sent with incorrect data may not be recoverable. Young Platform disclaims any liability for errors due to the wrong network or a missing Memo/Tag, but offers support to facilitate recovery when possible.