The exchange of cryptocurrencies for fiat today can be done in several different ways, which differ from each other in commissions, methods of regulation, speed, and the number of actions that are required from the user. For those wishing to withdraw the crypt, there are exchanges, exchange services, some cryptocurrency wallets, electronic payment systems, p2p platforms, bots in Telegram, cryptomats. The editorial staff of Btcnewsweb.com has considered all the main directions and invites you to familiarize yourself with their features.
How to exchange cryptocurrencies for fiat: basic ways
The purpose of cryptocurrency exchanges is to trade digital coins and tokens. For this purpose, they can provide extensive functionality, different types of orders, margin or futures trading options. Also, popular crypto-exchanges make it possible to earn on all kinds of investments, receive discounts on commissions, and many others.
The main actions by which the exchange is made:
- Registration and verification. Almost all fiat cryptocurrency exchanges are regulated platforms, so you will need to verify your identity in order to withdraw the crypto in rubles / dollars.
- Quick exchange of one currency for another through a conversion tool, if there is one on the exchange (as a rule, there is one).
- Or exchange through the trading terminal by creating an order.
- Fiat money can be withdrawn to cards or e-wallets, commissions are individual for each specific path.
Examples of crypto exchanges with fiat: Binance, Currency.com, EXMO, Huobi, Cex.io, Free2ex, OKEx and others.
It is easy to exchange almost any popular and not so popular cryptocurrencies for real money through exchangers. The main thing is to choose a quality service with acceptable rates, this can be done with the help of monitoring. Exchangers support work with bank cards, electronic wallets, payment systems, and often with cash (with offices in large cities).
The procedure for exchanging cryptocurrencies through the exchanger:
- Choose a suitable payment direction.
- Enter the amount to be changed.
- Indicate the details for receiving (for example, card number).
- Create a request.
- Pay for it by transferring cryptocurrency to the issued address within a limited period of time.
- Wait for a response transfer from the system. How long it will take depends on many factors – a manual or automatic exchanger, how busy the blockchain network is, whether a bank or a payment system is quick to make a transfer.
Peer-to-peer platforms allow you to exchange cryptocurrency for fiat money without the participation of third parties to conduct transactions or store funds. Users do everything themselves – set prices, post ads, respond to them, transfer fiat. As for the cryptocurrency, it stays on a special smart contract (escrow account) until the fiat payment is confirmed.
- Go to the “Sell” section.
- Use filters to select an offer that is suitable for all indicators.
- Click “Sell”, contact the seller and provide him with details.
- Wait for the transfer of the indicated amount, confirm it.
- After that, the cryptocurrency will be released from the smart contract and transferred to the buyer. If a problem arises, for example, he does not pay, then the crypt will return back to you.
Some cryptocurrency wallets allow you to sell coins with withdrawal to a card or payment system. Commissions are often high here (up to 5% of the amount), but such is the price for convenience. Verification may also be required if the wallet operates under the KYC / AML laws.
- Log in to your wallet where the funds are located.
- Go to the “Sell Cryptocurrency” or “Buy / Sell” section.
- Enter the withdrawal amount.
- Specify the withdrawal method.
- Provide details. Detailed information about both the card itself and its holder may be required.
- Confirm the transfer.
Examples: Blockchain.com, Trustee Wallet, Matbea.
There are a fairly large number of bots in the Telegram messenger that allow you to exchange digital and fiat assets. However, there are many scammers among this number. It is best to choose a bot by following the links from the official sites to which these bots belong. In the process, they access the databases of these sites and display the results in a chat window.
Exchange via EPS
It is convenient to change assets through payment systems, converting them without commission within the same account. And EPS AdvCash, for example, works a little differently, the principle is similar to an exchanger. The user will need to transfer the cryptocurrency to the specified address, after which the fiat will be credited to his balance in the AdvCash system. Work with rubles, dollars, euros, pounds sterling is supported.
Exchange via crypto-ATM
In large settlements, you can find such devices, which outwardly resemble ordinary ATMs. How to use them to sell digital assets:
- Select the “Sell” item on the screen.
- Transfer coins to the specified address (you can use the QR code from your mobile phone).
- Take a check.
- After the time it takes to confirm the transaction, return to the cryptomat and scan the previously received check. If the transaction is successful, the device will issue cash. Some ATMs also allow fiat-to-card transfers.
Website for tracking the nearest ATMs with cryptocurrency: https://coinatmradar.com/
Cryptocurrency market prospects
Whether it is worth exchanging cryptocurrency for fiat money or is it better to postpone it, everyone decides for himself – but you can also take into account the opinions of independent experts. Against the background of the growth of the cryptocurrency market (the capitalization of which is now almost $ 2 trillion), analysts have identified several main “trends” of the industry, which the sphere will follow in 2021.
Due to the pandemic, the world is covered by the financial crisis. In an attempt to smooth it out even a little, the government began to actively print money, as a result of which the US dollar index fell to its lowest values for the first time in several years. Meanwhile, the cryptocurrency economy, by contrast, is experiencing a surge. Many people and companies have lost faith in fiat.
What can be expected in the near future in the cryptosphere:
- Recognition of cryptocurrencies as international means of payment. A start has already been made – the PayPal payment system made it possible to store, buy and sell digital currencies in wallets. The user base of this service exceeds 340 million people, so this is definitely a step towards mass adoption.
- The exit from the pandemic (vaccination) will not affect the position of bitcoin and other cryptocurrencies. Some of the liquidity will return back, but crypto assets will continue to be used to diversify risks. Moreover, the world economy will recover until at least 2022.
- Bitcoin will replace gold as a defensive asset against inflation. Since November, an influx of gold into the crypt was clearly observed. JPMorgan Chase & Co predicts this trend will continue throughout 2021.
- The launch of Ethereum 2.0 will create an auspicious area for the continued development of the DeFi and stablecoin domains. This is an ambitious project – previously, no blockchain of such scale as Ethereum has transferred the entire ecosystem to the new network, while keeping the old one. Ethereum 2.0’s PoS model makes the network attractive to investors looking for passive income opportunities.
- The area of NFT is actively developing (tokenized assets, each of which represents a unique unit and can serve as a confirmation of authorship or ownership of something. NFTs today are created and sold by large companies, athletes, actors, and the direction is in demand.
- It is expected that regulators will tighten the KYC & AML policy. At the moment, it is especially difficult to regulate the DeFi sector, for this reason, this sector is almost never used by institutional investors, in whose heads regulation = security. As for centralized systems, they have long been in contact with regulators in order to expand the list of available jurisdictions.
- Central banks around the world are planning to issue their own digital tokens this year to join the crypto movement. The digital yuan is already working, the digital ruble has been announced, etc. The widespread adoption of such tokens will help the government track cash flows throughout the country’s economy, as well as make currencies more international.
2020 has done a lot for the cryptoindustry, and 2021 continues to lead it in the same direction, consolidating the results.
The available methods of exchanging cryptocurrency for fiat, in most cases, also allow the reverse operation. It is very important to choose services only with a proven track record that are present in the list of authorized monitors. For example, an exchange can be selected using the CoinMarketCap, CoinGecko sites. Exchangers – through BestChange. On our site, we also post reviews of exceptionally honest services with a license to operate and with a positive reputation among users.