Although cryptocurrencies have become extremely popular and are now embraced by both individuals and businesses for making and accepting payments, those who have them still need to convert them to fiat currency sometimes. This may be for many reasons, such as to make a payment where the digital coins are not accepted or to mitigate any losses due to the erratic fluctuations in the value of cryptos.
Are you wondering how to go about cryptocurrency withdrawal? This article looks at some ways you can use to withdraw crypto.
Withdraw Cryptocurrency from a broker exchange
If you’re holding some significant amount of cryptocurrencies, such as Bitcoin, Ethereum, or others, the chances are that you bought them from crypto exchanges. You can sell the coins on the same platform you bought them. There are many exchanges where you can buy and sell digital currencies. Some of them are more reputable than others so you need to be careful when you select where to purchase or withdraw crypto.
Some of the considerations when choosing a reliable exchange where to do your cryptocurrency withdrawal include:
- Fees charged
- Customer support
- Turn-around time
As you choose an exchange to withdraw crypto, you should consider one of the best exchanges out there — Nakitcoins. If you want a quick, secure and straightforward way to cash in your crypto coins, you can withdraw cryptocurrency on Nakitcoins into your bank account via your bank card, so you can spend the cash anywhere you wish. Selling cryptos, especially Bitcoin, and receiving the money via your bank card is one of the fastest options there are if you want quick cash.
The beauty of choosing to withdraw cryptocurrency on NakitCoins.com is that you can sell and get your cash in either euros or US dollars, and you only need to provide the correct details of the bank cardholder. You do not need to open an account, and there are no Know Your Customer (KYC) procedures. The fee is also quite friendly- 4%.
Withdraw Cryptocurrency from a crypto ATM
There are crypto ATMs where users can buy and sell digital coins. Because Bitcoin is the leading cryptocurrency, there is a Bitcoin ATM system, and even with the coin becoming more popular, these automated machines will be more helpful. The Bitcoin ATMs are connected to the internet enabling users to link to various exchanges and wallets to buy and sell Bitcoin. In addition, one can use cash or a bank card to buy or sell Bitcoin at the ATM.
To withdraw cryptocurrency, specifically Bitcoin, from a Bitcoin ATM, you follow the following procedures:
- Use a BTM locator or do a Google search to locate your nearest Bitcoin ATM.
- Once at the BTM, choose ‘withdraw cash.’
- Key in the amount of Bitcoin you want to cash out
- Transfer Bitcoin from the wallet or exchange using the QR code displayed
- After the transaction is processed, you can withdraw your cash
Although cryptocurrency withdrawal via an ATM is convenient and fast, they have high transaction fees.
Use peer-to-peer exchanges(P2P) to withdraw crypto
Besides the broker exchanges, you can use peer-to-peer exchanges to cash your digital coins. One of the common peer-to-peer exchanges is LocalBitcoins, which is used by sellers worldwide. The beauty of P2P platforms is that you can choose a payment method that works best for you and the buyer. You need to create an advert and state your price; the exchange charges you a fee, for example, 1% of the total proceeds, and the deal is done. However, you have to verify you are dealing with an honest buyer, so only sell to buyers with 100% positive reviews. Luckily, platforms such as LocalBitcoins have an escrow system, and the buyer only gets the cryptocurrencies once the seller confirms they have received payment.
There you have some ways to withdraw cryptocurrency if you have been seeking the know-how to cash out your coins. You can make cryptocurrency withdrawal via broker exchanges, crypto ATMs, or Peer-to-Peer(P2P) exchanges