How to turn your Crypto into Cash / Fiat: A Quick Guide
Convert your crypto quickly with the conversion above
So you’ve finally decided to cash in on your crypto assets. Maybe you’re taking profit from an excellent investment, or maybe you just need some extra cash to cover bills. Whatever the reason, cashing out your cryptocurrency can be a daunting task if you don’t know where to start.
Don’t worry – I’m here to help. In this blog post, I’ll guide you through converting your crypto into cold, hard cash (also known as fiat). I’ll also give you some tips on how to get the best exchange rate and how to avoid fees. So let’s get started!
Decide how much cash you need and convert your Crypto into the corresponding amount of Cash / Fiat
Anticipating the market is a tricky business, and for cryptocurrency holders especially, it’s essential to decide how much cash you need before converting your cryptocurrency into cash. Fees can add up quickly when converting crypto to fiat, so it’s important to think about gas fees that may be charged during such a transaction.
Some cryptocurrency already has their gas fees within what you are sending, such as Bitcoin and Litecoin, whereas others require a second cryptocurrency to make the transfer, such as USD Tether Tron (which requires TRX) or USD Tether Etherium (which requires ETH).
Don’t forget to check the exchange rate before converting too. Remember — whatever cryptocurrency you have in your account, you want to make sure it gets turned into the corresponding amount of cash that you’ll need!
Find a reputable online exchange that allows you to sell your Crypto for Cash / Fiat
If you are looking to sell your crypto for USD, the most important thing is to make sure you’re trading with a safe, reputable online exchange. It’s important to be aware of whether the options are regulated or non-regulated exchanges, as this will have implications for tax purposes.
Regulations and consumer protection vary depending on the country or region where the exchange is based, so take the time to find one that meets your needs and helps you feel safe in your transactions.
It’s also a good practice to send a small amount of your crypto initially to ensure that the process works out. Especially if this is the first time you are using the exchange to make, well, the exchange. Although you end up paying a bit more in transfer fees (since you would be doing two transactions instead of one), the peace of mind you receive from it would be well worth it.
Withdraw the cash from the exchange into your bank account
Withdrawing the cash from an exchange and into your bank account should be reasonably easy – wire transfer is your friend and the best way to turn your crypto into cash! It usually takes a few minutes to put in your wire transfer information (that you would have requested and received from your bank) and you’re ready.
One thing to note, however, is the withdrawal time. Different exchanges have different waiting times before the wire transfers complete. If you experience any issues with your wire transfer withdrawal, contact the exchange’s customer service team. They are likely willing and able to help get it sorted out quickly.
Depending on where you are, you can use a few exchanges to get this done,
United States – Binance
Canada – Newton
Worldwide – Changenow
Use the cash as you need it!
One of the smartest ways to manage your money is by using partial withdrawal methods! This way, it allows you to prioritise and strategically use your cash as you need it and not have it all sit in an account with no returns.
It relieves financial pressure and gives you more freedom when spending your money. It also allows most of your crypto to stay in your private wallets, allowing it to increase in value (hopefully) over a period of time. Next time you think about managing your finances, consider these partial withdrawals so that you always have what you need – when you need it.
In conclusion, converting cryptocurrency into cash can be a hassle-free process. All you need to do is decide how much cash you will need and convert your crypto into the corresponding amount of cash. Then find a reliable online exchange that allows you to sell the crypto for cash, withdraw cash from the exchange, and use the cash in your bank account as needed.
That’s it – now you’re ready to spend away! If things got too technical and confusing along the way, don’t worry – that’s why experts like me exist!
If anyone out there needs help to understand cryptocurrency or just has questions about it, reach out to me by email at mikkell@mikkellkhan.com and I’ll do my best to lend a hand!
