What is BKEX?
Being a relatively new trading platform, the BKEX exchange launched in 2018, attempting to cater more to professionals and casuals alike. This may be evident in its offerings, which can range from spot, copy, and derivative trading to staking and providing various market insights. As for its cryptocurrency selection, it does not disappoint with its support of more than 1,200 tokens.
Other than that, the exchange is based in the British Virgin Islands, at least according to its Crunchbase profile. However, the exchange is an independent operator and is therefore not under any international regulator’s influence.
BKEX exchange is currently suspended.
How to Withdraw Crypto on BKEX?
In this guide, we will be focusing primarily on the withdrawal procedure at BKEX, which, similar to other cryptocurrency exchanges, can be fairly uncomplicated and should not take too much of your time.
Step 1. Visit the BKEX Website
While you can withdraw through its mobile application, our main focus here is its website. However, since the process tends to be similar except for maybe slight variations, it may still be worthwhile going through this guide if you are a mobile user.
So, you can start the withdrawal procedure by opening your desktop browser and going to its official website. Once there, click the Log In button at the top and sign into your account.
Step 2. Navigate to the Withdrawal Page
On the BKEX homepage, hover your cursor over the Assets option, and from that drop-down menu, click on Wallet Account.
On the wallet page, select the Withdrawal option, which will then direct you to the page where you can withdraw your funds.
Step 3. Select Network and Token
On the withdrawal page, you can select the token you want to withdraw; however, as an example, we will use the USDT token here. Still, you can use the search bar to look for the tokens you feel like withdrawing, and once you have found them, the amount you can withdraw, or the available balance, will then be displayed.
Now you will have to select the correct network that supports the token you choose. Since we are using USDT as an example, the networks available for the token will likely be either ERC-20 or TRC-20, so you can select either of them.
One thing worth highlighting here is that you have to see to it that the tokens and networks you choose correspond to the withdrawal addresses (or deposit addresses from the platform you are depositing to) you enter or paste within the relevant field. In other words, try to choose the same networks and tokens on both the deposit and withdrawal platforms. If you don’t, you will not be able to recover your funds, as you will lose them.
Step 4. Enter Withdrawal Amount
After you have added the token you wish to withdraw, the withdrawal address, and the correct network, enter the number of tokens you want to withdraw from BKEX. Once you have reviewed every detail, i.e., made sure you haven’t gotten anything wrong, you can click the relevant button below to proceed with your withdrawal.
Step 5. Complete Security Verification
Here, you may have to verify that it is you, in fact, who is withdrawing funds from BKEX. This will be done by entering the 2FA and email verification codes. So, open the Google Authenticator application on the mobile device you are using, and then copy the code that will be generated for your account here.
Return to the BKEX withdrawal page and paste the 2FA code and the code sent to your email address. Once you have done so, confirm your withdrawal and simply wait for it to be processed. And that is it; this is what the withdrawal at BKEX will entail. However, there are a few additional things that need to be mentioned.
For one, tokens are subject to minimum withdrawal amounts, which can be adjusted depending on the existing conditions of the market, and the details concerning them can be seen on the withdrawal page of BKEX.
Other than minimum withdrawal limits, you also have maximum withdrawal limits on BKEX, which can increase if you have fully completed the KYC process it comes with. Still, if you haven’t gone through it, you can withdraw up to 2 BTC every day.
Other than withdrawal addresses, you may also have to fill in memo tags if the tokens you are withdrawing require them to (not all do), such as XRP, for instance.
FAQs
How Much Withdrawal Fees Does BKEX Charge?
The withdrawal fees will vary from token to token. However, according to what we have gathered from coinmarketfees, the fees here may be comparably higher than those of other prominent exchanges like Binance and Gate.io. For instance, on BKEX, the withdrawal fee for USDT is around $10, and for BTC, it’s approximately $15. As for Binance, on the other hand, the withdrawal fees for USDT and BTC fall well under $1.
Can I Withdraw Fiat From BKEX?
No, the BKEX exchange does not support fiat withdrawals at this moment. The only way you may be able to do that is through its P2P trading service. Still, if, for any reason, you do not want to try out its P2P trading service, the only other way would be to transfer your funds to an exchange that does support fiat currency withdrawals and then withdraw through it.
How Long Does a Withdrawal Take on BKEX?
Withdrawals on BKEX can take anywhere from 10 to 15 minutes. However, there can still be instances where it may take considerably longer.Around the end of May 2023, the exchange suspended its withdrawals, claiming it was due to its users’ funds being used in money laundering and that it was cooperating with the relevant law enforcement agencies to solve the issue. So far, we haven’t received any updates regarding whether it has resumed withdrawals or not, so be mindful of that if you are a newcomer who is interested in what this exchange has to offer.
