What is Withdrawal (Cryptocurrency Transaction)?

A withdrawal is the process whereby a user withdraws their funds (usually in the form of cryptocurrency or fiat currency) from one platform to another. Withdrawals are generally used to move assets between wallets and exchanges, and to exchange fiat between a bank account and fiat on-ramp service provider. Withdrawals are a type of blockchain transaction, and often come with a transaction fee that is charged by the service provider and the underlying blockchain network being used to carry out the transaction to cover network transaction fees.