As crypto assets gain popularity and acceptance worldwide, there is a growing need for a seamless process to convert them into traditional fiat like the US dollar, Euro, or other local currencies. This ability to withdraw cryptocurrency provides liquidity, flexibility, and access to a wider range of financial services for individuals and businesses.
Converting crypto to fiat enables users to access the value of their digital assets and use it for various purposes such as buying things and services, paying bills, investing in projects, or covering personal or business expenses. This process helps to connect the digital and traditional financial worlds, allowing users to make use of familiar economic systems and infrastructure.
To cash out crypto, people usually use exchanges or platforms that provide ways to transfer digital assets into regular currencies. These platforms allow for a smooth exchange, so users can sell their coins and get the same value in their preferred fiat currency directly deposited into their bank cards. The best crypto exchange for this purpose is a centralized platform. Such exchanges support popular fiat currencies and offer an easy-to-use interface. Now let’s see how to withdraw cryptocurrency to bank account.
Steps on Turning Crypto to Fiat
Here is a basic guide on how to cash out crypto:
- Make sure to use a cryptocurrency exchange that allows you to convert your digital currency to real money and transfer it to your card, as not all exchanges offer this option.
- To meet regulatory and security requirements, you will usually have to pass the verification of your identity. It typically requires you to provide identification documents like a passport or driver’s license, etc.
- To link your bank account, connect it to the cryptocurrency exchange. This requires sharing your bank details like the account number and routing number, which may vary depending on the platform.
- Send the amount you want to transfer from your personal wallet to your exchange wallet. On the exchange, select “Deposit” and follow the instructions to generate a deposit address for the specific crypto you wish to deposit.
- Deposit your crypto into your exchange account. Then, go to the trading section and select the pair that corresponds with your desired crypto and fiat currency (such as SOL/USD). Next, place a sell order for the amount of crypto that you want to convert into cash.
- Review the conversion details, such as the amount of fiat currency you will receive after fees and any conversion rates, to confirm their accuracy.
- Access the exchange’s “Withdraw” option. Choose your linked bank account where you want to send the money. Enter the withdrawal amount. Verify the withdrawal and carefully review any applicable fees.
- It may take some time to withdraw cryptocurrency depending on the internal procedures of the platform you use. The exchange will inform you about the progress and provide updates regarding the transaction status.
Always refer to the official documentation or customer support of the cryptocurrency exchange you are using for information on the specific steps and requirements for withdrawals. This is important because every platform may have its own unique requirements. Contact customer support if you need any assistance or have any questions.