Crypto.com Insufficient Funds & How to Fix Transaction Error
Do you always see Crypto.com insufficient funds when trying to deposit or withdraw funds from your wallet address into another exchange or USD fiat balances? Find everything you need to know to fix this transaction error immediately.
As an existing or first-time user of the Crypto.com website, it’s normal for you to encounter certain errors or challenges in transaction processing. In our previous article, we shed light and discussed the practical steps to resolve card declined by issuers when you want to deposit fiat currency or buy Bitcoin or any other cryptocurrencies with your debit/credit card.
In this guide, I will try to help you resolve issues with insufficient funds on Crypto.com when you try to transfer money from your wallet to a bank account. You don’t have to panic, sometimes this error usually comes up when you are yet to have a full grasp of the cryptocurrency platform and how it operates.
Some of the burning questions we’d be discussing in this article are:
- Why does it say insufficient funds on Crypto.com?
- Why does it says insufficient funds when I have money?
- How long does it take for funds to be available on Crypto.com?
- What does total balance mean on Crypto.com?
- Insufficient funds on Crypto.com – How to fix it?
How long does it take for funds to be available on Crypto.com?
Insufficient funds might occur when you try to request withdrawal multiple times because the funds or crypto is yet to reflect on the receiving accounts.
Here is what you should know, as culled from Help.Crypto.com:
A withdrawal from the Crypto.com Exchange is an on-chain transaction of transferring crypto to an external cryptocurrency address (usually a wallet or another exchange). As with all blockchain transactions, they come with a fee.
Why does it say insufficient funds on Crypto.com?
An insufficient fund on your wallet means that you don’t have available balances that can cover the value of the transactions to be processed on Crypto.com. In summary, it means what you have is not up to the money you want to use.
Normally, Crypto.com allows a minimum withdrawal of a 0.003 BTC per time (or $100 or 100 Euro), and if you don’t have a sufficient wallet balance, your instruction won’t be processed, hence insufficient funds.
Finally, make sure your available balances cover the fees charged because transferring crypto to your wallet address incurs a fee.
Why does it says insufficient funds when I have money?
What if I have money, you may ask?
Well! this may happen when you initiate a direct transfer or withdrawal from your crypto.com wallet balance instead of converting your cryptocurrencies into fiat balances (USD, Euro, GBP) before requesting a deposit into your bank account.
Crypto is a digital or virtual currency, it’s not a legal tender in most countries, at least for now, so you can’t request a withdrawal into your local bank account.
The fiat wallet in Crypto.com is a medium through which you can monetize or transfer your crypto holdings into a legal tender (real money) and if you have zero balance in it, you will most likely get an insufficient funds error as feedback in your account.
What does total balance mean on Crypto.com?
When you log in to your Crypto.com accounts, you’ll find different wallets like Exchange Wallets, Crypto Earn, Fiat Wallets or Crypto.com Wallets. Éach of these wallets is designed to facilitate specific transactions. For instance, your Exchange Wallet lets you initiate buy or sell transactions, Fiat Wallet lets you see how much you have for withdrawal while Earn is for staking to collect certain interest returns.
Now imagine that you are trying to stake some cryptos while you have the fund in your Exchange wallet, do you think it will be processed? This is one of the many reasons for Crypto.com insufficient funds.
At the top of your screen, you will see the Total balance, which shows the value of all the crypto coins you have in your account, including all the amount staked.
Crypto.com Insufficient Funds for Buy or Sell Transactions – How to fix it?
If you try to buy new coins but see an error message displaying Insufficient funds, it means you need to top up your wallet balance to cover the value of the transactions; units purchased multiplied by the price. Conversely, if it’s a sell transaction, it could be that you don’t have enough or it’s not up to the minimum threshold stated above.
I hope this guide helps in your quest to resolve insufficient funds on Crypto.com