The process of cashing out cryptocurrency is not as easy as transferring to a bank account or getting an exchange with fiat currency. All cryptocurrency experts meet the need to cash out their cryptocurrency for different purposes. Let’s move forward to the most common cheap, fast and reliable crypto to cash options.
- P2P: You can sell your cryptocurrency at premium rates by using peer-to-peer services, including Localbitcoins or Bitbargain. P2P is a time-consuming option because sometimes you also need to send some documents for verification first, and after approval, you will become a seller. You also need a bank account that allows fast payment methods. The fraud risk, in this case, is modest that you can also alleviate by increasing buyers’ eligibility criteria.
- Face-to-face exchange: The bitcoin market is the best place to find a buyer to sell your cryptocurrency for hard cash. Usually, it’s a public place, and it’s the most profitable way to sell on high premium rates 30-35% more than the market. Although it’s a profitable one but the risk associated with it is also high. With a safety plan and necessary steps, you can also lessen the risk.
- Exchange trading: it’s the most expeditious and secure way to convert crypto to cash. But the only drawback is that you have to sell your cryptocurrency at the current market price, and you also have to pay an exchange platform fee which is a penalty for you because you have been selling your crypto for more than you have purchased it. There is minimal risk of fraud because popular exchanges like Coinbase and CEX are associated with this.
All the options mentioned above have their pros and cons. The exchange of cryptocurrency to cash mostly depends on the time frame when you sell; it’s more challenging to sell crypto than to purchase it in final words.
Randal has been following the crypto space since 2013. He is a passionate advocate for blockchain technology, and believes that it will have a profound impact on how people live their lives. In addition to being an avid blogger, Randal also enjoys writing about developments in the industry as well as providing useful guides to help those who are new to this exciting frontier of finance and technology.