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Crypto to fiat exchange: where & how to catch a good deal

Get real benefits from virtual money

Cryptocurrency gradually penetrates into everyday life: in many countries, bitcoins can already pay for a trip in a taxi, a cup of coffee or pizza delivery. However, this is rather an exception than a rule: we still use fiat money much more often. So how does one exchange crypto for cash, if most of the banks don’t support it yet? CryptoTab has some ideas for you.

Disclaimer: The legal status of cryptocurrency varies in different countries. Some of the procedures described in this article could be illegal in your area — check them thoroughly before taking any action.

Convert via online service

Cryptocurrency exchanges, such as Coinbase.com or Binance.com, are the way to go for most crypto owners. It's one of the simplest methods of exchange. But be aware, there are some restrictions for those unverified, so make sure to withdraw smaller sums to avoid them.

How it works:

After creating an account on the exchange site, you'll have to link it with your card/bank account. Then you decide how much crypto you want to sell, choose the currency, and run the exchanging process. It can take anywhere between a couple of minutes to a couple of days, depending on the amount and bank you've chosen. Note that most of the exchanges will charge a small fee for their services.

Using a bitcoin ATM

Yep, you heard it right: there are Bitcoin ATMs out there. They are already presented in 78 countries — here is the map to help you find the nearest. Most ATMs allow you to buy, sell & exchange cryptocurrency, while others are limited in their functions. ATMs can be the fastest and the most convenient way to sell crypto, but one should know that they have slightly higher fees compared to online exchanges. Also, waiting for a transaction can be a real pain at times.

How it works:

Selling procedure differs depending on a particular ATM model. However, in most cases there will be 3 general steps:

Verification

In most cases, you'll need to identify yourself before you'll be allowed to sell crypto. It can be done with a login/password, pin, mobile phone, or even biometric scanner.

Send bitcoins

It can be done with a special QR-code provided by an ATM.

Get cash

You'll either get cash immediately out of the machine or get a redeem code. It allows you to get money after transaction confirmation.

Direct trade

Direct trade is another way to buy/sell crypto coins online. It is pretty similar to trading used goods on websites like Craigslist or eBay. The trading platform of this kind usually acts as a guarantor, but it's people who make deals and set prices. Bitbargain.co.uk, Localbitcoins.com, Bittylicious.com — there are plenty of sites & services supporting direct trade.

How it works:

Register, post an offer or reply to an existing one, then make a deal. Note that the selling process on direct trade platforms can be really time-consuming and sophisticating. You won't be guided or supported on these sites, so this way of selling is mostly for experienced crypto users.

Sell in person

As weird as it sounds, the modern digital currency is often traded offline, just like in the good old days. Selling in person is pretty popular, 'cause it's an anonymous, profitable and fast way of exchange. Of course, meeting in person with strangers brings some risks and demands some precautions, but benefits outweigh shortcomings.

How it works:

You can find offers on direct trade platforms, on cryptocurrency forums, among your own friends or family and so on. There are even special crypto meet-ups, where you can get a good deal. Usually, a seller and a buyer would meet somewhere in a public place with a stable Internet connection. Seller sends crypto, gets his cash — that's it!

Published: 20.05.2019

#tips #bitcoin

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