How to Cash Cryptoсurrency: Four Proven Methods

The Coin Shark compiled the most effective ways to withdraw earned cryptocurrency.

#1: Getting via exchange

With this method, it’s easiest to cash such known currencies as Bitcoin or Ethereum, because almost everyone works with them. But there are also sites that work with a lesser known currency.

Initially, you need to find an exchange that supports the required currency pair (ETC / USD, etc.). The easiest way to do this is to find the right pair in the top exchanges. This option requires more time, but it’s more reliable. On little-known exchanges, there is a risk of coming across scammers.

Algorithm of actions

  1. After registering on the selected exchange, you need to replenish your wallet or account by crediting it with the appropriate cryptocurrency from the crypto-wallet.
  2. After that, the owner of the cryptocurrency has to put it on the exchange at the rate he considers profitable. If the average price for the demanded currency is set, the buyer is found and the transaction is accomplished. Instead of the crypto currency, dollars (or another currency) appear on the account.
  3. You can direct them, for example, to a Visa or MasterCard. Some exchanges support WebMoney and other payment systems. Options are usually available in the “Funds withdrawal” section, where you can choose the most convenient one.

# 2: Cashing Cryptocurrency through the exchanger

Exchange services – the first thing that search engines offer to those who want to withdraw cryptocurrency. In terms of functioning, they are very diverse. They differ in everything, namely : courses, commission, speed of work, banks and payment systems, where you can withdraw funds. Based on the above listed criteria, you can choose the right one.

There are so many exchangers that it is impossible to manually study the currency rate on each one. Therefore, there are special monitoring sites for currency rate in different currency exchangers.

Do not rush to exchange the currency in the exchanger with the best rate. It is necessary to look at the commission, which is charged for withdrawal of funds. It often happens that on exchangers with good rate the commission is so high that it is much more rational to use services of a site with worse rate, but smaller commission. For example, some charge 10% of the withdrawal amount, and some – 3%.

When withdrawing funds to an international bank card, it makes sense to check sites in other languages: there you can find a more favorable rate and conditions. The good point of exchangers is that if necessary to withdraw funds to a card with less common currency (Ukrainian hryvnia, Uzbek soums, etc.), you can almost always find a suitable service. On the other hand, the withdrawal of money to such card without conversion from international currency significantly limits the list of suitable services, which means that, most likely, you will have to pay at best the average commission, and at worst – very high. The speed of work and the quality of support can be also lower compared to the sites exchanging cryptocurrency for dollars or euros.

Algorithm of actions

Technically, the withdrawal of funds through the exchanger is simple:

  1.  It is required to enter the purse number and card number or account for crediting money.
  2. The speed of withdrawal of funds may take from a few minutes to 24 hours, although sometimes it can be 2-3 days.

# 3: Cashing crypto currency with WebMoney

WebMoney works with Bitcoin, and this currency can be directly transferred to the electronic purse WM. It will be necessary to have at least a formal certificate (in the account there must be passport proved by the scans, etc., personal data). If you have it, you can create a wallet for bitcoins – WMX.

Algorithm of actions

Further actions are all standard:

  1.  The address for transferring bitcoins is put down, crediting takes place
  2. Then they can be converted into another currency or withdrawn to a bank card.

For both actions, a commission is charged – less than on exchange sites, but more than on many exchanges. It may vary depending on the speed of the operation. So, operations with bitcoins via WebMoney, lasting more than a day, are cheaper than “urgent” operations. For the latter you will have to pay 0,8% of the amount.

# 4: Withdrawal crypto currency with the help of individuals

The most risky way of cashing cryptocurrency.

On the websites and forums dedicated to crypto-currencies, currency traders can be often found. If they want to cash crypto-coins, they offer fiat money at a favorable rate and vice versa.

There are usually no guarantees: with equal probability, traders can turn out to be honest people and scammers. But, if you deal with an honest buyer, you can sell the crypto currency at a favorable rate.

Algorithm of actions

With this method, you can negotiate the transfer of money through a convenient bank or payment system, i.e., the final payment for cashing of funds will be minimal.

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