Cashing Out Of Cryptocurrency
In this article I will show you the easiest way to convert cryptocurrency to cash in 2021.
Crypto exchanges are the obvious first choice, and one of the most popular methods of cashing out crypto. While there are a lot of exchanges that only deal in crypto, and offer only trading pairs that allow users to exchange one cryptocurrency for another one, there are also those that allow users to exchange specific cryptos for USD, EUR, GBP, and alike. To sell cryptocurrency: Select Buy / Sell on a web browser or tap on the Coinbase mobile app. Select the crypto you want to sell and enter the amount you want to withdraw. Select Preview sell Sell now to complete this action. When initiating a withdrawal of a sell from your fiat wallet to your bank account, a short holding period will be placed before you can withdraw the fiat from the sell.
I will also give you a step by step guide exactly on how to exchange your crypto to cash, so keep reading.
The way to do it is through the trading platform Coinbase.
The steps you need to take to be able to sell cryptocurrency on Coinbase are the following:
- Create an account on Coinbase.
- Connect your bank account to Coinbase with a deposit from your bank account.
- Convert crypto to cash into your bank account.
Coinbase is a fully regulated and licensed cryptocurrency exchange from the USA and it’s also one of the most trusted exchanges when it comes to money transactions and storing coins.
The only thing you need to do is to connect your bank account with a first deposit and then you are able to convert cryptocurrency to USD or any other fiat currency.
It takes a little bit of time to transfer the coins to Coinbase and then get connect your bank account but it’s definitely the easiest and safest platform to do it.
To sell cryptocurrency for cash on Coinbase takes about 2-5 work days before you will see your money in your account.
How to convert Cryptocurrency to cash – Step by Step
So the first thing you want to do is to visit the exchange and create an account.
It’s very easy and it only takes a few minutes.
When you are done creating your account you want to choose a fiat currency and make a first deposit with your bank account
I used EUR but you can use USD or GBP.
When you have made a deposit with either EUR, USD or GBP you are free to convert cryptocurrency to cash into your bank account.
Now, after you have registered with Coinbase, let’s go through everything step by step.
Convert Cryptocurrency to Cash – Step 1
On the first page of Coinbase, click Portfolio at the top section.
This will take you to your portfolio where you will be able to see your assets, which is either fiat currencies or crypto.
Cash Out Cryptocurrency – Step 2
Next you want to click the top fiat currency in your list.
For me it is EUR but you might see GBP or USD.
How to sell Cryptocurrency for cash – Step 3
After you click your fiat curreny you will see this:
What you want to do here is to click the Deposit button to the right.
Here you can acutally see some of my withdrawals to my bank account.
Convert Cryptocurrency to USD – Step 4
After you click Deposit you will see this window:
Fill in the name of your bank and your full name connected to your bank account.
This is information Coinbase will use to accept your bank transfer to the platform.
Convert Cryptocurrency to cash – Step 5
When you have filled in this information and clicked Continue, this window will pop up:
This is the Coinbase bank account information.
This is the bank account you are going to send your funds to, from your own bank account.
How to convert Crypto to cash – Step 6
The last thing you want to do is to make a bank transfer from your own bank account to this bank account.
It will take a little while for the funds to arrive, but after that you have connected your account to Coinbase.
This is how to sell cryptocurrency for USD, GBP, or EUR.
As you can see, it’s very easy to cash out crypto, it only takes a few days for the bank transfers to go through.
When that is done you can convert crypto to cash as often as you want.
How to sell Cryptocurrency for USD
If you live in the USA or any other country and you want to convert cryptocurrency to USD you are very lucky.
The way to sell your crypto for USD is very simple.
The only thing you need to do is to create an account on Coinbase and then connect your bank account.
Coinbase is one of the best cryptocurrency and altcoin exchanges on the market today.
The way you do it is to make a first deposit with your bank account.
Then when it’s connected to the exchange you are able to convert crypto to USD into your bank account.
The transaction might take anywhere from 2-5 workdays, but that’s worth it if you want a safe way to cash out your cryptocurrency.
Now you know how to sell cryptocurrency for USD and if you need a guide to help you, check the step by step guide at the beginning of this article.
Conclusion
This has been a step by step guide on how to convert cryptocurrency to cash.
If you are interested in how to cash out crypto, how to sell cryptocurrency for USD, or how to sell crypto in general, this guide is all you need.
The best way to sell your cryptocurrency is through Coinbase and in this guide I’ve laid out exactly how to do it in a simple format to follow.
It’s pretty easy to do it, the only thing that takes time is the bank transfers between the Coinbase account and yours.
Once you bank account has been connected to Coinbase you are free to cash out crypto.
FAQs
Can Cryptocurrency be exchanged for cash?Yes, it can. The easiest way to exchange cryptocurrency for cash is through Coinbase.
How do I cash out Cryptocurrency?There are three steps to cash out Cryptocurrency.
1. Create an account on Coinbase.
2. Connect your own bank account with a bank transfer deposit.
3. After you have connected your bank account you can now sell cryptocurrency for cash to your own bank account.
Coinbase lets you convert cryptocurrency to USD, GBP, or EUR.
Read the this step by step guide to learn exactly how to do it.
Bitcoin How To Cash Out
Coinbase lets you sell Cryptocurrency for cash in a very easy way.
Read this tutorial to know exactly how to do it.
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Anton Palovaara, Trader since early 2015 and experienced Account Manager at an International CFD-broker.
Cashing In Cryptocurrency
Now sharing his trading insights and helping Cryptocurrency and Bitcoin traders learn more about how to approach the markets.