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How do I cash out my cryptos?

Crypto cashout

January 7, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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Due to large trading volumes, supply and demand regulations, and the capital invested, cryptocurrency is very popular. But, the market is risky and quite tricky. Apart from understanding how it works and learning how to buy and sell your coins, you must also learn how to cash out my cryptos. The procedure can bit a bit time-consuming, but it is well worthwhile. 

This article will discuss the factors to consider before cashing out your cryptocurrency and how you can do so using various methods. Without further ado, let us dive in!

What factors should I consider before I cash out my cryptos?

Whether you want to convert your cryptocurrency to USD, Japanese Yen, GBP, or any other currency, you must consider several factors. For instance, if you choose to withdraw your funds through PayPal, you must research to find exchanges that accommodate it. Likewise, if you intend to cash out a large sum in one transaction, you must consider your type of bank account. It is vital to also read the local tax regulations to prevent freezing of your account. 

Also, you should consider the crypto market volatility. If you are looking to make a profit, you need to do it quick. When the prices drop during negotiations, you are likely to suffer loss. You should also pay attention to the type of security protocols your exchange provides. 

Some of the factors to consider before cashing out your cryptos include:

  • The amount of money you want to withdraw, whether a large or small sum,

  • Whether you want to deposit the funds into your PayPal or bank account,

  • The steps and transaction fees charged by each process,

  • The time spent for you to receive the money in your account,

  • Your preferred currency and local laws governing the transaction.

Ways to cash out my cryptos

1.    Through a cryptocurrency exchange

Also known as a third-party broker, a cryptocurrency exchange is the most widespread way to cash out my crypto. Not only do these exchanges have the proper security measures, but they also charge reasonable fees to ease the transaction. Some cryptocurrency exchange platforms include Coinbase, Bitstamp, and Kraken. 

If you choose to use a cryptocurrency exchange, you will need to create an account with your preferred platform. Next, you have to submit the required identification documents and then deposit or buy crypto into the setup account. Once the exchange receives your crypto, you can then cash out to fiat currency using a bank transfer. Exchanges do not allow the direct conversion of crypto to cash. You have to send the money to a bank account or any other electronic payment system and then pay extra fees to the bank or payment system to cash out.

When choosing an exchange, it is vital to read through their rules and regulations. Most of them have specific regulations about withdrawals. You would not want to deposit your crypto assets to find that they charge a large amount of money as a transaction fee. 

Also, most exchanges will only allow you to cash out your cryptocurrency using the bank account you deposited funds from. Thus, users have to deposit a small amount of fiat currency before making a withdrawal. Although it may slow down the transaction, this step aids in preventing money laundering and complies with International AML regulations.

The duration it takes to withdraw your money from an exchange depends on your residing country and your preferred exchange. Usually, it takes about one to five days to cash out your Bitcoin. Also, it is worth noting that brokers use the SWIFT payment method to change Bitcoin to USD and SEPA for customers who request withdrawals in Euros. Also, some third-party exchanges accept PayPal withdrawals for EU and US account holders, facilitating a fast and timely process.

2.     Cash out my cryptos via peer-to-peer exchange

Even though exchanges are a secure and reliable way to withdraw your crypto into fiat currency, users lack anonymity and cannot negotiate transactions. If you want control over your funds and an anonymous approach, peer-to-peer exchanges are an ideal option.

Although they lack a central governing authority, peer-to-peer exchanges, like Paxful and LocalBitcoins, are quite secure as the transactions occur between the users without any intermediary. The process may be time-consuming and complicated to close, but the users have total control of their funds' price. 

If you opt to use a peer-to-peer exchange, all you have to do is open an account, confirm your identity, find a buyer, and make a transaction of your liking. Most of these exchanges have a rating system, allowing you to choose buyers depending on their online reputation. 

Furthermore, various payment methods are on these platforms, including a bank transfer, gift vouchers, cash deposits, Payoneer, Skrill, Neteller, Western Union, and PayPal. All these modes of payment have different transaction fees and waiting periods. So, it is best if you research them and read about their terms and conditions.

Peer-to-peer exchanges are relatively safe, but you should always be wary of fraudsters. As a rule of thumb, it is advisable to always go for exchanges that offer an escrow service, which is an adequate safety level that ensures you lock your crypto away until confirmation of payment from the buyer.

Conclusion

Due to all the technicalities involved, the process to cash out my crypto into fiat currency can be a lengthy process. It can take anywhere from a few hours to a few days. So, you must take all the necessary measures before deciding to cash out your cryptos. Otherwise, you could end up losing good profits. 

Likewise, you must take enough time to undertake independent research on which exchange platform is most suitable for your needs. Read the terms and conditions of each service provider and take note of the transaction fees as well as client reviews. As a result, you will be able to make a more educated choice without compromising the safety of your coins, cryptocurrency, and personal information.

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