One common question everyone comes across who uses a trading platform is whether the platform allows cash withdrawal and the procedure for such withdrawal. If you are using the NiceHash platform, you might have also thought of this question. If yes, we have a post that will help you know if you can withdraw from the NiceHash platform and how to withdraw money from NiceHash.
NiceHash is a popular marketplace for buying and selling computing power or hashing power. The idea is quite similar to cryptocurrency exchanges—however, your bid is on hash power instead of crypto coins. Though many traders use the platform, there isn’t any clarity if you can withdraw funds from this platform or not.
We can see many trading platforms are available for investors. They do not allow their users to make fiat withdrawals. NiceHash is one of the common platforms used by various investors. You can’t directly withdraw money from this platform. Then, how to withdraw money from NiceHash? You need to use an exchange like Coinbase to withdraw money.
Are you still, Confused? Don’t Worry! This post will help you solve all your doubts and confusion. It will cover all the necessary details to help you know if you can withdraw money from NiceHash and how to withdraw money from NiceHash. Let us read more to get all the information related to cash withdrawal from this platform. Without any further ado, let us learn how to withdraw money from NiceHash.
What Is NiceHash?
NiceHash is an online marketplace to purchase or sell computing power or hashing power. The idea behind this is similar to cryptocurrency exchanges, but the commodity that you bid on is hash power instead of crypto coins. You can rent your hashing power on NiceHash if you own a mining rig or if you need hashing power, you can buy it from NiceHash. This platform allows buyers and sellers of hashing power to meet their demands.
The platform charges a minimal transaction fee for each buy or sell transaction. It claims to be the largest cryptocurrency mining marketplace which its user base cannot contradict. We must know the pros and cons before learning how to withdraw money from NiceHash.
What Are The Pros And Cons Of NiceHash?
Here we have mentioned the pros and cons of NiceHash that you must be aware of before understanding how to withdraw money from NiceHash. Let us quickly check them out.
Pros of NiceHash
- It is a stable platform.
- Good for beginners as it is beginner-friendly
- No long-term contracts
- It is a less risky platform
- You can have access to an internal wallet
Cons of NiceHash
- It is not profitable enough.
- It is unsuitable for long-term investments.
- It includes wallet transaction fees.
- A disadvantage of middleman third party
Let us now find out if you can withdraw fiat money from this platform and how to withdraw money from NiceHash.
Does NiceHash Support Fiat Withdrawals?
You must be looking for an answer to if NiceHash supports fiat withdrawals and how to withdraw money from NiceHash. Well, the answer is simple, NiceHash doesn’t support fiat withdrawals. Hence, you cannot directly withdraw money from the NiceHash platform. Though the platform is quite popular among traders, it doesn’t allow users to cash out their money.
Now, the question is how to withdraw money from NiceHash if it doesn’t support fiat withdrawals? Well, we have a way to solve this. You can use any popular exchanges such as Coinbase, Crypto.com, etc. Keep reading further to know how to withdraw money from NiceHash using these exchanges.
How To Withdraw Money From NiceHash?
We have listed the steps to learn how to withdraw money from NiceHash. Let us spill some light on the procedure to withdraw money from NiceHash.
Step 1: Login To NiceHash
The first thing you need to do to understand how to withdraw money from NiceHash is log in to your NiceHash account. Once you’ve logged in, navigate to the Wallet tab. You’ll find the Withdraw button below the Available Balance on the left side.
Step 2: Add Address
You now need to add a new withdrawal address. Just click on the Add new Withdrawal Address on the Withdraw dropbox. Head towards the next step after this.
Step 3: Login To An Exchange
Log in to the account on your preferred exchange that supports fiat withdrawals. Navigate to the wallet address. and paste the address to the BTC withdrawal address field. Add the address name and press the Verify.
Step 4: Verification
The next step will be to complete the Two-factor Authentication. You will be asked for the 2FA code. It is a security feature to ensure you are adding a new withdrawal address or someone else.
Step 5: Confirmation Code
You will receive a Confirmation Code in your email. You need to copy it and paste it to the required field. This is a feature for protecting your account.
Step 6: Review And Confirm
You will now be directed to the withdrawal interface, and you’ll find the wallet address and the name you’ve given to it. You can make a withdrawal by simply selecting the wallet, typing the Amount you would like to withdraw, and pressing the Review Withdrawal button. You can then confirm and press the Withdraw button.
This is how to withdraw money from NiceHash. It will take some time to process the transaction. Once confirmed, you can withdraw money from NiceHash using any preferred exchange.
This post covers everything you need to know about withdrawing money from your NiceHash account. We hope you have understood how to withdraw money from NiceHash. You can now work on withdrawal from your NiceHash account and tell us about your experience.
Frequently Asked Questions
Q1. Can I Withdraw Money From NiceHash To My Bank Account?
A. No, NiceHash doesn’t allow users to withdraw money to their bank account directly. However, you can use a mediator like Coinbase to withdraw money from NiceHash to your bank account.
Q2. Why Can’t I Withdraw From NiceHash?
A. There might be some reason you cannot withdraw from NiceHash, and your withdrawals are locked. Your account may be inactive, or you have reset your password and don’t have two-factor authentication enabled.
Q3. Can You Withdraw Bitcoin From NiceHash To Coinbase?
A. Yes, it is possible to make a withdrawal from NiceHash to Coinbase. You need to follow a similar procedure as for the regular blockchain withdrawal.
Q4. What Is The Minimum Withdrawal From NiceHash?
A. You can withdraw as little as 0.00002 BTC from the NiceHash platform.