Exchanging your coins for cash may be a bit confusing. Especially if you are new to this crypto-space.
So, I’ll clarify what you have to do, in order to cash out.
There are quite a few platforms that offer the option to withdraw in fiat currency.
The ones that I’m aware of are BitPanda, Binance, Coinbase, and Kraken, but there are a lot more.
For the purpose of this post, I’ll use BitPanda as an example, but the process should be similar in whichever platform you chose to use.
I’ve been using BitPanda for more than two years, and I’m very satisfied with their website, team, fees, and the overall experience they are providing.
A very important thing to know is that every single one of these services will require you to go through KYC, in order to be able to receive the money directly in your bank account.
That’s because of laws, I guess.
Also, if you don’t know how to start with crypto in the first place, you should visit this post, where I share some tips on the topic: How to Start with Cryptocurrencies (Tips for Beginners)
I strongly recommend reading it before proceeding with this one.
First of all, you have to make a deposit.
Let’s assume you already have some crypto, but it’s stored somewhere that you can’t exchange it for fiat currency.
So, you have to first search for a site that offers the option to exchange to cash.
Then, check the list of coins and tokens they are operating with, and see which currencies they support.
If they don’t support the exact coin you would like to get rid of, you have to first exchange it for Bitcoin, Ethereum, or some other coin, in order to be able to transfer those funds to the platform you have chosen.
Here are the crypto currencies that BitPanda supports: https://support.bitpanda.com/hc/en-us/articles/115003970665-Which-cryptocurrencies-does-Bitpanda-support-
The fiat currencies that they work with at the moment are EUR, USD, CHF, and GBP.
A very nice addition to their service is the option to buy Gold, Silver, Palladium, and Platinum.
And you can buy fractions of those, as you can do with any other cryptocurrency.
Next, verify you information.
You can do this either before, or after you have deposited into your account.
It doesn’t really matter.
So, go to “my account” and complete the process of verification.
It’s really simple, and all you have to do is to just follow some steps.
The whole thing takes a few minutes.
Then, sell the crypto you would like to exchange for fiat.
Simply, go to your wallets tab and you will see all of the different assets you have.
You can choose to hide the ones that you have none of, so it’s easier for you to see your available balances.
Then, just click on the crypto you want to sell, and another window will appear.
You will see a bunch of options there… Select sell.
The next step is to choose to which fiat currency you want to exchange it to.
When you finish with that, your funds will appear in your selected currency wallet.
Lastly, withdraw your funds.
Again, this is really simple.
Go to your wallets, click on the fiat wallet that you have exchanged your coins to, and select withdraw.
They will give you a few different options for withdraw, so choose the one that is the most suitable for you.
That’s it. You have now cashed out your crypto.
I’d like to finish this post with a few very important tips, which you should keep in mind.
1) Always put a very strong password for your account (full of different symbols, numbers, and letters)
2) Always set up a two-factor authentication for accessing your account
3) Always use a legitimate email address, because you will be verifying your withdraws through it
4) Always remember: “Not your keys, not your crypto”
Obviously, you can HODL your funds on a platform like this one, but there is always a risk of losing everything.
As you may have seen, I don’t keep any money on there, no matter how much I like the company.
So, be sure to have a wallet to which you are in possession of the private keys.
Of course, I have to shill you my referral link, so we could earn 10 Euros each: https://www.bitpanda.com/?ref=1237622369948321977
Also, follow me on Twitter.
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