How to withdraw funds from Poloniex contract

How to Withdraw Funds from Poloniex ContractIntroduction:

Poloniex, a popular cryptocurrency exchange platform, offers a range of trading options, including contract trading. This guide will provide step-by-step instructions on how to withdraw funds from your Poloniex contract account.

Prerequisites:

• Ensure you have an active Poloniex account with a verified identity.
• Transferring funds from your contract account to your main account is necessary for withdrawal.

Steps:1. Navigate to Contract Panel:

• Log in to your Poloniex account.
• From the top menu, click on "Contracts."
• You will be directed to the Contract Panel.

2. Select Contract:

• On the Contract Panel, identify the contract you wish to withdraw funds from.
• Click on the "Positions" tab for your selected contract.

3. Close Position:

• If you have any open positions, you must close them before withdrawing funds.
• To close a position, click on the "Close" button in the Position tab.
• Select "Market Close" for instant execution at the current market price.

4. Transfer Funds to Main Account:

• After closing all open positions, transfer the funds from your contract account to your main account.
• Click on the "Funding" tab for your selected contract.
• In the "Wallet Balance" section, click on the "Transfer" button.
• Enter the desired amount you wish to transfer and click on "Transfer Funds."

5. Request Withdrawal:

• Once the funds are transferred to your main account, you can request a withdrawal.
• From the top menu, click on "Wallets."
• Select your desired cryptocurrency in the "Exchange Balances" section.
• Click on the "Withdraw" button.

6. Fill in Withdrawal Form:

• Complete the withdrawal form with the following information:

  • Withdrawal Address: Enter the address where you want to receive your funds.
  • Amount: Specify the amount you wish to withdraw.
  • Select Currency: Choose the cryptocurrency you are withdrawing.

7. Review and Confirm Withdrawal:

• Carefully review the withdrawal details and ensure they are correct.
• Enter the 6-digit verification code sent to your email or mobile phone.
• Click on the "Submit Withdrawal Request" button.

8. Monitor Withdrawal Status:

• After submitting the withdrawal request, you can track its status in the "Withdrawal History" section.
• Withdrawals typically take a few hours to be processed, depending on the cryptocurrency and network traffic.

Additional Considerations:

• Poloniex imposes a minimum withdrawal amount for different cryptocurrencies.
• Users may be required to pay a withdrawal fee, which varies depending on the cryptocurrency and network.
• It is recommended to use a hardware wallet or a reputable software wallet to store your withdrawn funds securely.