How to withdraw assets in LOBSTR (step-by-step guide)

Modified on Fri, 16 Sep 2022 at 01:09 PM

1. Look for the 'Deposit/Withdraw' icon or buttons

The Withdraw option is available for those assets where the Withdraw button is displayed. The button appears provided that the issuer/anchor of the token allows exchanging the token.  

On mobile apps, open the Assets page and look for the 'Withdraw' button on the Asset Details screen. 

Alternatively, you can click on '+' at the top right of the Assets page and tap 'Withdrawable'. 



2. Select the asset and сhoose the 'Withdraw' option

On the Assets page, select the asset you want to withdraw to an off-chain account and tap the 'Withdraw' button.

The 'Withdraw' option will only be displayed if your asset balance is greater than zero.



3. Specify the information required for withdrawal

At this step, you should specify the amount to withdraw, the destination account you want to withdraw your funds to, and any other information required for the withdrawal process. 

The additional (destination) tag is required for some currencies, Ripple (XRP) being one of those. Don't forget to include the tag to avoid a loss of funds.

For example, if you want to withdraw ETH token issued by, you should specify the amount to withdraw and an off-chain Ethereum address your funds will be sent to. 


4. Provide KYC details, if required by the anchor

Some asset issuers (anchors) may require you to create an account in their service and provide a list of personal information or identity document to deposit or withdraw funds. 

This information is usually collected only once and is required to ensure compliance with Know Your Customer (KYC) / Anti-Money Laundering regulations and the compliance programs of banking partners. 


5. Review the withdrawal details

At this step, carefully review the full withdrawal details.

Make sure to take into account the withdrawal fee, the minimum withdrawal amount, and the time estimated to receive the crypto on your off-chain account. 

When you've read the instructions in full, use the 'Withdraw' button to initiate the withdrawal process.

You will need to enter the one-time password provided by the Google Authenticator or Authy app on your device if you have 2FA for transactions enabled for your LOBSTR account 

That's it. The funds should arrive in your off-chain wallet in the time specified by the issuer of the asset. 

Contact anchor support using the email address specified on the Withdraw page if you are having issues with your transaction. 

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