How to cash cryptocurrency

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You can also read our guides on fiat to crypto exchanges for more information on how to use the fiat gateways that the exchanges offer. How to convert Cryptocurrency to cash — Step by Step So the first thing you want to do is to visit the exchange and create an account. Step 1 On the first page of Coinbase, click Portfolio at the top section.

This will take you to your portfolio where you will be able to see your assets, which are either fiat currencies or crypto. Step 2 Next, you want to click the top fiat currency in your list. Step 3 After you click your fiat currency you will see this: What you want to do here is to click the Deposit button to the right.

Here you can actually see some of my withdrawals to my bank account. Step 4 After you click Deposit you will see this window: Fill in the name of your bank and your full name connected to your bank account. This is information Coinbase will use to accept your bank transfer to the platform. Step 5 When you have filled in this information and clicked Continue, this window will pop up: This is the Coinbase bank account information. This is the bank account you are going to send your funds to, from your own bank account.

Step 6 The last thing you want to do is to make a bank transfer from your own bank account to this bank account. It will take a little while for the funds to arrive, but after that, you have connected your account to Coinbase. When that is done you can convert crypto to cash as often as you want.

The way to sell your crypto for USD is very simple. Though it charges you some fees, it is highly secure and very fast. All you have to do is link your bank account to the exchange company and the cash will be deposited into your bank account. To look at the cheapest exchanges, click on the link below: Cheapest Cryptocurrency Exchanges [] 2. It is an over-the-counter cryptocurrency trade facility.

One of the main perquisites of this method is that it offers anonymity. That is, the seller, the buyer and the sale details always remain private. The intermediate who facilitates these transactions is also known as the OTC broker. The broker connects the buyer and the seller by matching the requirements and conditions of the clients. This service is cheap and offers you the best deal if you are patient and trade at the right time.

Kraken is one such company which deals in OTC services. Peer-to-peer Peer-to-peer, or P2P is another such method that helps you in converting crypto to fiat currency. These transactions can be facilitated with the help of apps like LocalCryptos or Paxful.

One big advantage of this service is it maintains anonymity. Apps like Localbitcoins take crypto from the seller in escrow. In this way, it is neither with the buyer or even the seller but the company. Once the seller confirms that the fiat currency has been received, the intermediary company will send the bitcoins to the buyer.

There is also flexibility in the mode of receiving your payment, that is PayPal, bank transfers or cash deposits. But this might be very risky due to scammers. So, another better option is to find someone who is interested in the trade. It is better to take help of lawyers or accountants who are experts in crypto exchanges. Cryptocurrency ATMs. These are quick and reliable. They are not available everywhere and hence can be availed only if you live near one such ATM.

Conclusion Although we provided you with four choices to cash out large sums of cryptocurrency, you can choose one which satisfies your needs and is convenient for you. Even though these sound easy, you should also consider the limits for withdrawal, taxes and bank movements before you cash out cryptocurrency.