Cryptocurrencies is seen by many as the currency of the future but not without some hurdles which are preventing them for everyday use. Fortunately, it's easy to convert them into currencies like USD or EUR through different methods.The most popular of which is through an exchange where you can buy and sell cryptocurrencies as well as withdraw it for money to your bank account. This is how it works.
1) Choose an Exchange or Conversion Service
Choose an exchange or crypto conversion service which provides the most secure and cheapest service. Examples of popular exchanges and conversion services are Coinbase, BitBay, Binance,you can also find a complete list on CryptoCoinCharts.com. Typically when one wants to withdraw their crypto for money, it’s important to compare the the amount an exchange will sell you USD or EUR for your crypto. As exchanges have different ways which they buy, sell and send your money, different services will offer different conversion rates. For example, imagine that a service sells you a cryptocurrency at 8000 € and another at 8 100 €. If all the other parameters are the same, you should choose the second service to make the most money with your cryptocurrency.
2) Register an account
With many conversion exchanges, they typically request you to create an account. Account creation can be simple or complex depending on the service you use. You usually need to enter your name, date of birth, address, email address, phone number and other personal information. For other services, additional AML/KYC information is needed so the sign up process is more in-depth. Once you have signed up and sent your Cryptocurrency to the provider and are ready to withdraw, ou will need to provide a bank account number, an electronic payment service such as PayPal or both depending on how you want to convert and send your cryptocurrency and what withdrawal options the service provider has.
3) Convert Your Cryptocurrency with a Cheap Service.
Conversion services generally charge a conversion fee. Sometimes there is a flat fee, regardless of the amount you are trading, other times there is a charge percentage on the total amount of the conversion. Compare the different fees of the different conversion services and choose the one that offers the best. Fees may change over time, so you should check them before conversion.
4) Be sure the Service is Safe
There are several ways to know if the cryptocurrency conversion site is safe. You can find sites that review conversion sites. You can also check that the site address starts with "https" (unlike "http" which is less secure). There’s more in-depth ways such as exploring if the service provider has option for two-factor authentication where to enter your account or do meaningful actions such as trading, withdrawing and other functionalities require a passphrase generated by your phone. Finally, go through a conversion site that uses a two-factor identification to make sure you'll be the only one who can approve cryptocurrency conversions. It’s security precautions like this which can help you determine if the service you are using is safe!
5) Choose a service with a quick conversion.
It’s a common dilemma that withdrawing your Cryptocurrency into money can be slow. The speed at which a conversion service can send your withdrawal is unique and dependent on several factors including the country which they are sending to, the currency and others. Some sites can take up to five days to transfer money, but other services can do it in two to three days. Make sure you understand the time it may take for you transfer to be withdrawn.
6) Withdrawing your Cryptocurrencies
The specific steps to follow will depend on the wallet where you keep your cryptocurrencies right now. In general, just click a button that says Deposit (or something similar) near the top of the electronic market.
If the cryptocurrency encryption key is displayed, you will need to enter it.
If your cryptocurrencies are in a wallet (an encrypted file), you will need to download this file to the site. Do not be afraid to contact customer service if you have problems depositing your crypto.
7 ) Put your cryptocurrency on a withdrawal card
Some markets allow you to put your cryptocurrency on a withdrawal card by automatically converting them into real currency. You could purchase an electronic withdrawal card that is actually a series of numbers that you can use for online purchases or you can use a normal withdrawal card.
These two types of withdrawal cards cost money (for electronic cards, it should be around € 5 and between € 15 and € 20 for physical cards), but they are more practical, especially if you rarely use cash.
8) Transfer the cryptocurrencies into an electronic wallet.
Some cryptocurrencies conversion services allow you to convert cryptocurrencies to real money ( dollars / Euros) by transferring them to PayPal, Apple Pay or similar
services. If this is the way you want to convert your crypto to real currency, choose the payment method for the wallet you are using. Then you simply sell them or transfer them to the service of your choice through the market menus
Converting cryptocurrencies to real money by transferring them to an e-wallet involves higher fees and lower limits than transferring them to your bank account.
However, this option may be better for people who shop online regularly and do not want to bother to transfer money from their bank to their wallet.
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