There are many ways to buy and sell digital currencies. The choice of one way or another depends, in particular, on which payment method is convenient for you to use. One option is cash. Although this method is less in demand than electronic payments, it nevertheless also has its own advantages and supporters. Today the editorial staff of Btcnewsweb.com will tell you how to buy or sell cryptocurrency for cash, and do it safely.
Buying and selling cryptocurrency through a card
If there is no need to maintain anonymity, then the easiest way is to withdraw or buy a crypt using a bank card. Almost all popular exchanges, exchangers, payment systems and other services support working with cards. And then cash can be withdrawn from an ATM. This applies to any currency, that is, you can use a ruble, dollar or other card, including cards belonging to payment systems such as uMoney. In the process, you need to remember about the legalization rules established in your country, for example, declaring all income from cryptocurrencies to the tax office.
Services through which you can sell or buy cryptocurrency from a card:
- Electronic payment systems (e.g. Payeer, Capitalist, AdvCash).
- Crypto exchangers (e.g. NiceChange, Kassa, Baksman, ABCobmen, Kursov24).
- p2p exchangers (e.g. Cryptolocator, LocalCryptos, Paxful, Bitpapa, Bitzlato).
- Cryptocurrency exchanges (e.g. Binance, EXMO, Currency.com, Cex.io)
There were times when it was difficult to buy cryptocurrency with a card, banks refused to carry out such “dubious” transactions. But these times are long in the past, now the process is not difficult and is available to absolutely anyone who wishes. The services that we cited as an example are proven and with a good reputation.
How to buy or sell cryptocurrency for cash
Now let’s look at ways to trade directly using cash, without intermediaries in the form of banks.
There are many exchange services that have offices in large cities. By visiting them, you can buy crypto for cash during an offline meeting. To find such an exchanger:
- Go to the BestChange website (periodically blocked in Russia; in case of blocking, you can use VPN or Tor).
- Select Cash in the leftmost column, and to the right the cryptocurrency you want to receive (or vice versa, if you plan not to buy, but sell).
- Click on the button “All” above the table, next to the inscription “City” and select a settlement from the available ones.
- Explore the list of available exchangers that support this direction. For example Casher, BitPride, CryptoHonest. They are arranged in descending order of the rate’s profitability.
Next, click on the name of the service you are interested in to go to its website. Before doing this, pay attention to the indicated minimum limits. For cash, they are usually high and are measured in hundreds of thousands of rubles.
To exchange, you will need to create an application on the website and contact the operator in the chat to discuss the time and place of the meeting. At the time of the meeting, both the transfer of cash and the transfer of cryptocurrency take place.
Exchanges with direct user-to-user exchange since their inception have offered options for exchanging cryptocurrencies for cash and vice versa. Some (like LocalBitcoins) then removed this feature to comply with regulatory requirements, but some still
Using such a platform, you need to choose cash as a payment or receipt method, as well as the desired cryptocurrency. The choice of cryptocurrencies on p2p exchanges is usually small and limited to 1-3 options, among which there is necessarily bitcoin.
Verification on peer-to-peer platforms is usually not necessary unless you exchange large amounts of assets on a monthly basis. Therefore, it is enough to create an account, use the filters to find offers suitable for you, respond to them and follow the instructions. The city in which the counterparty is ready to meet is indicated next to the deal offer.
Payment systems are also developing and offer their customers various methods of depositing and withdrawing cryptocurrency. As a rule, the operation is carried out through cooperation with third-party exchange services. Payeer and AdvCash payment systems can be cited as examples:
- Payeer. Commission from 0%. The exchanger used is Cryptex.eu. Currencies: USD, EUR, RUB. Minimum: 500 USD / 500 EUR / 50,000 RUB.
- Advcash. Commission from 0% to 7%, depending on the currency. Currencies: USD, EUR, RUB. Minimum: 3000 USD (including in rubles) / 3000 EUR.
To withdraw, the user must independently write to the exchange office at the contacts indicated on the site and express their desire to exchange. At the same time, EPS are not responsible for the operation of third-party services, so you need to keep in mind that in case of any kind of problems, the technical support of the payment system is unlikely to help you.
Using a specially designed card, you can find cryptomats that currently exist in Russia. There are few of them, and they are installed only in large cities. Working with a cryptomat is similar to the work of a regular ATM and allows you to sell or buy a cryptocurrency for cash by specifying your wallet address.
The cryptomats are equipped with QR code scanners, so it is not necessary to enter the address manually, but you can simply bring your phone with a QR code. Then be sure to check the correctness of the scan. There are certain limits on operations that are indicated on the screen and must be taken into account in the interaction process.
The method is considered the least reliable, since in this case there are no services and regulatory authorities that could guarantee the integrity of the transaction. You have to take a potential contractor’s word for it. To search for potential sellers and buyers, thematic groups in social networks and forums are used:
During the negotiation process, the contractors discuss the time and place of the meeting, usually busy places are chosen. Since there have already been unpleasant precedents with this method of exchange, you need to be extremely careful and not go alone. Otherwise, this method takes place at least because there are no commissions in it, except for the network commission when transferring a crypt.
Why selling and buying cryptocurrencies for cash is popular
Commissions and anonymity are two key reasons for using this exchange method. Any online exchange services charge significant commission fees, since this is their earnings; when exchanging cash, the fees are minimal.
As for anonymity, this is the surest way to maintain your confidentiality – after all, all cards and wallets are usually tied either to a phone number or to an e-mail, and some even require verification with a passport. So all your transactions are visible.
Many people do not use banks and do not have bank cards for various reasons. The method of exchange for cash is also suitable for them.
Advantages and disadvantages of the method
✅ Anonymity of transactions, impossibility of control by the authorities and tax authorities.
✅ Low commission fees.
✅ The ability to conduct a transaction with a guarantee through specialized trading platforms.
❌ There are a lot of scammers or criminals if you use unofficial sites (forums, social networks).
❌ You need to go to a meeting with a counterparty or to the office of the exchanger.
❌ The service is relevant mainly for large cities.
As you can see, there are a lot of options for buying and selling cryptocurrency for cash – among them you can easily find the one that suits you. The main thing is to be careful, to use only proven authorized services, to carefully study all the conditions in advance. And then the exchange will be profitable and convenient for all parties involved in the transaction. Do not forget to create a secure cryptocurrency wallet in advance, where you will store the purchased assets, if you do not already have one.