How to convert cryptocurrency to fiat money

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Although peer-to-peer exchanges offer you more choices, there are risks to be aware of, such as dishonest parties. Dispute processes are available, however. As the name suggests, they work in a similar way to a conventional ATM, letting you withdraw cash immediately. There may also be a verification process such as a text message, for added security. If you need cash in a hurry, they can be a quick and relatively anonymous option for converting Bitcoin into fiat.

Bitcoin Debit Card Binance is one of a number of crypto companies offering a debit card. If you already have one, it's by far the fastest way of turning your crypto into fiat—although as the conversion is happening at the point of sale, it only works for immediate purchases. Bitcoin debit cards can be used anywhere that conventional debit cards are accepted—but they draw funds from your Bitcoin wallet on whichever crypto platform they're associated with, rather than from a bank account.

That means you can spend your Bitcoin at any merchant that accepts the debit card's brand name. Revolut offers a Mastercard option, for example, while Wirex is one of many to offer a Visa option. Many crypto exchanges now offer a debit card in certain territories, including BitPay , Paxful and Binance. Our first ever crypto debit card is here, thanks to our partnership with terniotoken. There are some disadvantages, though. Providers typically charge transaction fees and impose spending limits.

Can I use PayPal to convert Bitcoin into fiat? In November , online payments provider PayPal introduced crypto buying and selling features. However, for the time being PayPal restricts users to holding crypto on its platform. You can't transfer crypto out of PayPal's digital wallet except to make purchases using PayPal , nor can you transfer it to other accounts on or off PayPal. You also can't transfer Bitcoin from an external wallet to PayPal—so unless you want to make a purchase using Bitcoin that you bought on PayPal itself, you're out of luck.

Disclaimer The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice. Stay on top of crypto news, get daily updates in your inbox. Your Email. Often, there is no fee for topping up your balance with a wire transfer. Cashing out crypto into fiat is a very different matter.

Cons: a lack of transparency, fraud risks, slow processing, high fees, unfavorable exchange rates. The popular aggregator Bestchange features dozens of such services. Their main advantage is that they support many payment systems: bank cards, Payeer, AdvCash, PayPal, etc. However, this is also their biggest risk. These semi-official services are completely unregulated. Often exchangers send money from personal digital wallets.

If you receive a large transaction of this kind, your bank might start asking you questions — together with the tax authorities. And if the money never arrives at all, nobody will help you to get it back. The time required to process a request is another issue. Exchangers that work during daytime hours may employ just a couple of people, taking a whole day to send you the money. A lot of exchangers operate out of Russia, where the parliament has recently passed a new digital currency law.

Once it comes into effect, exchangers will face the threat of closure as their current business model becomes impracticable. This is due to the uncertain legal status of digital exchanges: banks and payment processing systems are cautious about working with crypto businesses because of the potential problems with regulators.

These platforms have all the required licenses and allow users to sell crypto for USD and euro and withdraw money to a credit card or bank account. The standard fee is about 2. Interestingly, the small Eastern European country of Belarus has emerged as a key hub for regulated fintech companies. Belarus boasts a very advanced crypto legislation: it requires exchanges to maintain high security standards, minimizing the risks of theft and fraud.

This is probably the only disadvantage of legal exchanges.