There are a thousand ways to convert cryptocurrency to real cash. The trend for cryptocurrency trading is rising.
How To Convert Cryptocurrency To Real Cash?
1. Peer-to-Peer:
You can use peer-to-peer services such as Localbitcoins or BitBargain and trade your cryptocurrency at a premium, sometimes pricing more than 20% over the market price.
This option, however, will take some time as you will be asked to send relevant papers for verification purposes, and only when you're approved, you will be capable of becoming a seller. Also, you will need a bank account that allows “faster payments”.
The risk carried with this option tends to be cool as you're exposing yourself to possible chargebacks. You can, however, lessen it by increasing the buyer's qualification guidelines.
2. EXCHANGE or MARGIN TRADING:
This choice is usually the swiftest and the most reliable way, but you can only sell your holdings at the current market price plus an exchange policies charge which is unquestionably fine if you're selling your crypto-currency for more than you have acquired it for.
There's habitually a minimal risk associated with this map. Most popular exchanges that allow fiat withdrawals are Coinbase and CEX.
Cryptocurrency wallet such as Coinbase and CEX is the place where your cryptocurrency is stored. Just go to the crypto account in setting, and tap on exchange. The converted amount will go to your card and you can withdraw cash from ATM.
3. FACE TO FACE:
You can manage to sell your cryptocurrency to a person via aka “bitcoin markets”. Usually, it's a public place where crypto-currency practitioners gather to exchange digital money for firm cash.
This demonstrates to be the most beneficial choice to sell because you can charge high rewards as well as add more for travel expenses and the leisure of meeting in person.
Ordinarily, you can push for a 30–35% premium above the market value, but the risk correlated with this option is high.
Although, if unavoidable safety steps are taken and a stable plan of all possible ends is in place, you can moderate the risks quite considerably. Furthermore, if you get paid in cash, the buyer can't admit a chargeback.
5. Crypto ATM:
Some disadvantages of the methods:
Using an Exchange to withdraw cryptocurrency: Eligibility varies from country to country. In some countries, banks and financial institutes don't permit the conversion of cryptocurrency to real cash.
Using cryptocurrency wallet: Not every crypto wallet, depending on region, have a feature of a credit card.
Cryptocurrency ATMs: Out of total crypto ATMs, only a few of them support the selling of cryptocurrencies. As well as they are rare to none in some countries.
Localbitcoins: Can be costlier than a conventional exchange price.
Steps to convert cryptocurrency using Localbitcoins:
Step1
Register an account on LocalBitcoins. You will get a free and defended online wallet. No supplementary apps are required. If you previously have an account, jump to the next step.
Step 2
Proceed to the main page, tap on the search box, and in the search box fill the form with the amount you want to buy in your currency, your location, and choose a payment method. If you're unsure how you want to pay, choose "All online offers" as your payment method. The site will record bitcoin traders available in your country.
Step 3
From the list of publications, choose an item from a trader with a good eminence and a high amount of deals. The response time indicator shows if a trader answers within five minutes, within 30 minutes, or slower than 30 minutes (grey). You can tap on the 'Buy' button to view more knowledge about an advertisement.
Step 4
To begin the trade, type in the blue box how much you want to buy, insert a message for the seller and click the Send trade request button to begin the trade. Be sure that you're eager to pay when clicking the button, if you don't pay once the payment window is done, the contract will be automatically canceled.
Step 5
Once you have made the payment, tick the 'I have paid' button. Once the trader has proved that your payment has been received your Bitcoin will be delivered from escrow and they are directly available in your LocalBitcoins wallet.