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The Complete Guide to Cashing Out Your 1inch Wallet

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Time to read: 10 min

A Critical First Step: Is Your Wallet Functional or Watch-Only?

Before attempting any withdrawal, you must confirm the status of your 1inch Wallet. Many user issues arise from a simple misunderstanding between a functional wallet and a 'watch-only' wallet.

  • A functional wallet is one you control fully. You created it yourself or imported it using its 12 or 24-word seed phrase (private key). Only this type of wallet can authorise and send transactions.
  • A 'watch-only' wallet is created by simply adding a public wallet address. It allows you to track the balance and transaction history of that address, but it cannot send funds because you do not hold the private keys.

How to check: If you do not have a seed phrase securely stored for the wallet you are viewing, or if you cannot find an option to 'Send' or 'Transfer', you are likely using a watch-only version. To gain control, you must import the original seed phrase into the 1inch Wallet app.

The Withdrawal Blueprint: Your Path from Crypto to Cash

Withdrawing from a decentralised wallet like 1inch into a traditional bank account is a multi-step process that requires a centralised cryptocurrency exchange to act as a bridge. These exchanges are regulated financial entities that can convert digital assets into fiat currency (e.g., GBP, EUR, USD).

The overall strategy is straightforward:

  1. Send Cryptocurrency: Transfer your chosen crypto assets from your 1inch Wallet to your personal account on a trusted centralised exchange.
  2. Sell for Fiat: On the exchange, sell your cryptocurrency for your desired local currency.
  3. Withdraw to Bank: Initiate a final withdrawal from the exchange directly to your linked bank account.

Executing the Transfer: Sending Crypto from 1inch to an Exchange

This is the most crucial part of the process, where attention to detail is paramount. Follow these steps carefully:

  1. Choose an Exchange: Log in to a reputable cryptocurrency exchange where you have a verified account (e.g., Coinbase, Kraken, Binance). If you don't have one, you will need to sign up and complete their identity verification (KYC) process.
  2. Find Your Deposit Address: Navigate to the 'Deposit' or 'Wallet' section of the exchange. Select the exact cryptocurrency and network you intend to send from your 1inch Wallet (e.g., 'Ethereum' on the 'ERC20' network). The exchange will generate a unique deposit address for that specific asset.
  3. Copy the Address Securely: Use the 'copy' button provided by the exchange to copy the full address string. This minimises the risk of typos.
  4. Initiate the Send in 1inch Wallet: Open your 1inch Wallet, select the asset you wish to send, and tap 'Send'.
  5. Paste and Verify the Address: Paste the copied exchange address into the 'recipient' field. This is a critical security check. Verify that the first four and last four characters of the pasted address exactly match the one displayed on the exchange's website.
  6. Enter the Amount and Confirm: Input the amount of crypto you want to send. Review the transaction details, including the network fee (gas), and then confirm the transaction. For large amounts, it is wise to send a small test transaction first.

The Final Conversion: Selling Crypto for Fiat on an Exchange

Once the transaction is confirmed on the blockchain, the funds will appear in your exchange account. The final steps are managed entirely within the exchange's platform.

  • Trade Your Crypto: Go to the 'Trade' or 'Market' section of the exchange. Find the correct trading pair for your asset and fiat currency (e.g., ETH/GBP). Place a 'sell' order to convert your cryptocurrency into fiat.
  • Initiate the Bank Withdrawal: After the sale is complete, your fiat balance will be updated. Navigate to the 'Withdraw' section of your fiat wallet, select your linked bank account, enter the amount you wish to withdraw, and confirm the transaction.

Understanding the Costs: A Quick Guide to Fees

Be aware of two primary types of fees during this process:

  • Network Fees (Gas): When you send crypto from your 1inch Wallet, you pay a network fee to the blockchain validators who process your transaction. This fee varies based on network congestion and is paid in the native currency of the blockchain (e.g., ETH for the Ethereum network).
  • Exchange Fees: Centralised exchanges charge their own fees. These typically include a small percentage fee for trading your crypto into fiat and a fixed fee for withdrawing the fiat funds to your bank account. Always check the exchange's fee schedule.
Please be advised, that this article or any information on this site is not an investment advice, you shall act at your own risk and, if necessary, receive a professional advice before making any investment decisions.

FAQ

  • Why can't I send funds from my 'watch-only' 1inch wallet?

    A watch-only wallet allows you to monitor an address but does not hold the private keys necessary to authorise transactions. To send funds, you must import the wallet using its original 12 or 24-word seed phrase.

  • Which cryptocurrency should I send to the exchange?

    For simplicity and to avoid price volatility during the transfer, many users prefer to first swap their assets into a stablecoin like USDT or USDC within the 1inch Wallet. You can then send the stablecoin to the exchange. Alternatively, you can send the original asset if the exchange supports it.

  • How long does the entire withdrawal process take?

    The process has two main stages. The crypto transfer from 1inch to the exchange depends on network congestion but typically takes a few minutes to an hour. The second stage, selling for fiat and withdrawing to your bank, can take anywhere from a few hours to several business days, depending on the exchange and your bank's processing times.

  • What is the single most important mistake to avoid?

    The most critical error is sending funds to the wrong address. Always double-check, or even triple-check, the destination address provided by your exchange. Sending a small test amount first is a highly recommended safety measure for large transfers.

  • Do I need to complete identity verification (KYC) on the exchange?

    Yes, almost all reputable and regulated centralised exchanges require you to complete a Know Your Customer (KYC) process before you can withdraw fiat currency (like GBP, EUR, or USD) to a personal bank account. This is a standard anti-money laundering requirement.

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