There is an opinion that it is better to keep your savings in cryptocurrency. This storage is more secure and private: thanks to high-tech encryption, your funds are harder to steal or trace.
Of course, most often this is true, but there are situations when you need to convert cryptocurrency into cash, since not all goods and services can still be paid with Bitcoin. In most cases, you will not be able to pay with crypto for dinner at a restaurant or buy the necessary groceries in a supermarket.
So, let’s answer the question: how to convert crypto to cash?
This can be done in two ways: through a third-party broker and on a cryptocurrency exchange. We propose to take a closer look at both options.
Online exchanger or third-party broker
This is a simpler type of conversion. However, the commission for such a transaction is higher, and it may take more time than on a cryptocurrency exchange. In addition, you need to consider the risk of falling into the trap of scammers. Therefore, it is strongly recommended to use only the services of trusted brokers.
With this type of conversion, the procedure is as follows:
- You choose a broker with the most favourable conditions;
- Determine the type of transaction (which crypto you are exchanging for which type of fiat currency);
- Specify your bank/e-Wallet details;
- Transfer the agreed amount of crypto to the broker’s account;
- Receive the agreed amount on your card or e-wallet. If you have agreed with the broker in person, you can obtain the due amount in cash.
This is a more profitable exchange option. Online platforms offer lower fees than brokers, and some of them charge no fees at all. In addition, you have the opportunity to sell your crypto at a higher rate.
At the same time, the exchange procedure is more complicated due to the need to create trading orders and be familiar with the interface of the platform. Moreover, not all crypto exchanges offer the option of trading from crypto to fiat.
In this case, the conversion process looks like this:
- Research and registration on one of the trusted exchanges that meets your requirements (for example, LocalBitcoins, CoinBase, etc.);
- Currency selection;
- Establishing a price for the crypt or selling it at market value;
- Buyer expectation;
- Withdrawal of received funds to a card or an electronic wallet.
Certainly, the process of converting cryptocurrency to cash requires some market research and choosing the most suitable method for you. However, if you put in some effort the first time, you definitely won’t have any trouble later on.
When to convert your crypto to cash?
The reasons why you make such a decision may be different. It can be a need to urgently buy something, pay a bill or simply decide to convert your savings into a more stable currency in your opinion.
If you closely follow the fluctuations of the cryptocurrency market, then such a decision can be made:
- When the price of your cryptocurrency has reached the desired maximum;
- In connection with the forecast of a sharp drop in the value of your cryptocurrency.
In any case, only you can answer the question «Can I convert cryptocurrency to cash now»?
Your crypto and cash in one account
We present to your attention the financial portal www.grapherex.com. This innovative solution combines a lot of useful and convenient features:
- eWallet – regardless of whether it is fiat or crypto currency, you can be absolutely sure of the complete confidentiality and security of your transactions;
- Messenger – making a video call, sending files and audio messages or just chatting in a private or group chat, you are sure that your data is duly encrypted and completely safe;
- Debit card – with the help of a fast-issuing virtual Visa card, you can top up a crypto account, withdraw cash from ATMs, pay online and offline, exchange crypto and fiat currency at a profitable rate and much more;
- Cryptocurrency Exchange – a convenient platform for the cryptocurrency exchange. Using the grapherex.com app, you will know how to make a deposit and/or withdrawal of crypto quickly and at a favourable rate;
- Crypto Payments – you can safely and privately trade, make transactions or subscribe to popular services with cryptocurrencies;
- NFT and Gamedev – here you can store and trade your characters including using an e-wallet and a debit card.
Grapherex Ltd offers to download an application that includes all the listed functions and some other features absolutely free of charge for both Android and iOS devices.
The company takes all appropriate measures to ensure the security of both the customers’ personal data and transactions related to their financial resources. These measures include, but are not limited to, modern encryption based on TLS protocols, E2E encryption, certain anti-fraud department procedures and other effective tools.