3 FREE and NEAR-INSTANT ways to withdraw from FTX

Is your USDC or BTC still stuck on the FTX withdrawal page? Need a quick way to get out of FTX? I will cover three options for FTX withdrawals and one bonus tip for those who still have FTT stuck on FTX.

Contents

What Happened to FTX?

For those of you who are still in the dark, FTX is facing concerns of insolvency issues that may or may not cause a collapse of FTX. However, it is in your best interest to protect your own funds and to “survive” by taking out whatever assets you have in FTX now to avoid a repeat of Celsius. There are many different options for you to withdraw your funds that may cause you a headache, so without further ado, let’s go into the methods.

FTX to Kucoin via USDT

I have frequently used both FTX and Kucoin interchangeably as Kucoin offers way more token options than FTX and this has become a favourite method of mine to get USDT out of FTX to Kucoin for free.

Why USDT? Currently, it has the most liquidity at the moment, along with BNB, BUSD, and Avax, information courtesy from another Tele user. You can of course use BUSD, USDC, or other stables to get out. But some coins may be facing congestion and liquidity issues based on my Telegram chat observation. I did this at 8pm SGT and was able to successfully withdraw in one minute without any issues. However, bigger amounts of USDT may face problems, NFA. Tron Network was instant and free for me. You can also use other networks such as ERC20 but this may incur more fees.

Look for your USDT deposit address under the main wallet in Kucoin.
Copy and paste your Kucoin USDT deposit address to FTX’s USDT withdrawal address.
Make sure you pick Tron Network.
Check your address, enter your amount, and click on withdrawal.

FTX to Metamusk via BNB

Okay, so this second method is not exactly free but it should still cost lesser than ERC20 (Ethereum) transactions. Essentially, you can pick any coin you want, but I pick BNB simply because it should be one of the cheapest and most reliable options out there. Metamusk is a DeFi wallet, and it’s the second-best option after a cold wallet.

Look for Binance Smart Chain (BSC) network and copy the address for BNB. For those who don’t have BSC network, refer to this guide to add it to your Metamask.
Paste the address to your FTX withdrawal address, and ensure the network is BSC.
Check your address, enter your amount, and click on withdrawal.

FTX to Cold wallet

Cold wallet is essential to every crypto investor as they help to add an extra layer of security to your cryptos so no one can touch them. They would need your physical wallet and your password at the same time to gain control of your cryptos. If you have a cold wallet, you are most likely a crypto veteran and know what to do 😊 If have yet to purchase one, you can look up Trezor or Ledger wallets. “Not your keys, not your coin.” It is the best option for those who are serious about crypto investments. It works the same way, copy-paste your desired address to the FTX withdrawal address and you are good to go!

Unstaking your FTT

I know…your FTT is locked for 14 days when you try to unstake it right? Don’t panic! There is a way to get your FTT out in an instant but you have to pay a 10% fee to unlock it. You have to weigh the pros and cons, but for me, I figured a 10% fee is a small price to pay for a good sleep and to get back my FTT.

Click on your portfolio on FTX, and look for the word “stake” under your FTT holdings to the right.
Once you are at the FTT withdrawal page, scroll down and look for unstake FTT, it should be somewhere in the middle.
Click on unstake now or schedule it for unstake in 14 days
If you already clicked schedule unstake, you may scroll down to ‘Unstake History’ and click on unstake now (10%fee)

My opinion

In my opinion, it is best to take it out now as the risk factor has gone up significantly and there are much better alternatives out there than FTT. My best wish is that FTX stays operational as it is one of the only good low-fee exchanges and on-ramp options out there, but better be safe than sorry. Stay safe and live life to the fullest!