Many crypto owners wonder how to turn cryptocurrency into cash. It would seem to sound absurd. After all, crypto is precisely created to give up fiat. Nevertheless, this asset is not yet a full-fledged means of payment in most countries. Also, the high volatility of crypto leads many people to look for ways to convert digital assets into cash to avoid losses. So, one way or another, we need to find a way to convert your cryptocurrency into cash safely.
Now we will tell you how you can exchange cryptocurrency for cash. We will consider all possible ways to cash out your crypto and assess the risks so that you can choose the safest option. If you need to exchange cryptocurrency for cash, then finish this material to the end. We’ll also look at ways to exchange NFT.
How to convert your crypto into cash?
There are several methods to cash out your crypto without risks. Everyone chooses the most convenient option, based on its reliability, speed, and benefits. The main thing is to carefully analyze the available exchange platforms.
This is the easiest way to exchange cryptocurrency for fiat. You can order transfers of funds on exchange at any time by choosing a suitable option. Large crypto exchanges have a great number of cryptocurrencies in circulation. So there are no problems even with the exchange of large amounts. The advantages of this method to convert crypto into cash:
- A much larger selection of exchange pairs.
- Flexible adjustment of payment methods filter.
- Verification depends on the exchange you select.
- Less chance to run into scammers.
The only disadvantage is the high commissions for crypto transactions, that crypto exchanges can set for withdrawal.
Some services allow decentralized exchange directly between users, one of which wants to convert cash for cryptocurrency, and the other vice versa. The absence of an intermediary in P2P exchange is both a plus and a significant disadvantage. The advantage is the ability to set the terms of the exchange independently, while this transfer option involves increased risk.
An ATM is equipment that allows customers to perform simple operations without the help of a bank representative. But how does an ATM help you convert coins into cash? Essentially, an ATM enables you to do almost everything you can make in a physical branch.
So, except for taking out a loan, investing, or paying certain bills, you can use an ATM for most operations, including withdrawals and deposits. A crypto ATM works the same way, except that it handles both fiat and digital currencies, making it a hybrid machine.
These are convenient, accessible 24/7 services, to make a transfer to fiat currency. To convert Bitcoin to cash, and withdraw crypto to your card, you only need to perform a couple of simple steps. The pros are obvious, but there are also significant disadvantages:
- Lack of guarantees directly from the service.
- It is not always possible to find an exchanger for your bank.
- It is also possible to run into fraudsters.
Nevertheless, it is necessary to choose the services carefully, to avoid falling for the tricks of fraudsters. Be sure to read the reviews before you are going to convert coins or tokens to cash in the online exchanger.
If you keep your crypto assets with a broker, then just contact them. In this case, choose one of the best options to spend your crypto for cash. If you are a client of large brokers (for instance, Webull or Robinhood), the simplest option to convert crypto to cash is to use their platform. That way you can quickly convert crypto and get money in your account, then continue trading again.
How do you convert an NFT to cash?
It’s very simple because NFTs are also digital assets, so you can transfer these tokens into cash. So, how can you turn NFTs into real money? There are several steps to follow:
- First, you have to sell the NFT, usually for ETH.
- Next, you will need to send digital assets to your wallet, just don’t forget the commission.
- Send the digital money in your wallet to your exchange account.
- Once the crypto gets into such an account, you can turn it into various fiat.
In the last step, you can use any of the above methods to turn NFTs into cash. The most important thing is to research feedback and commissions to use only reliable exchange services and avoid scammers. This is the only way you can safely convert crypto into real money.
How long does it take to see the withdrawn funds in my bank account?
When you’re going to spend your crypto for cash, you should be concerned about the timing of withdrawals. It usually varies on several things, including the time the request was made and the institution receiving your money. In most cases, withdrawals take 1 to 3 business days before you see the money in your account.