Converting cryptocurrency into traditional fiat has become a popular option as digital assets gain more acceptance. This enables you to access the value of your crypto investments and use the funds for real-world transactions. In this article, we will provide a step-by-step guide on how to convert cryptocurrency to real money.
Turning Crypto to Fiat
To understand how to convert crypto to fiat, read this guide:
- Select a reliable exchange. There are various popular exchanges available such as Coinbase, WhiteBIT, Kraken, and Bybit. You should investigate the fees, security measures, supported cryptocurrencies, and available fiat options for each platform and choose the one that meets your requirements. The WhiteBIT exchange, for example, offers the most convenient crypto converter and low commissions.
- You first need to create an account by giving the necessary information and following the verification process. This usually entails submitting personal information and identification documents to comply with KYC regulations.
- To transfer your funds from the exchange to your bank balance, you must connect your bank account to the exchange first. That is a necessary step to deposit the converted funds into your actual bank balance.
- Go to the deposit section and choose the crypto you want to convert. Then, get the deposit address for that specific crypto from the platform. To finish, use your personal crypto wallet or exchange account to move the desired amount of assets to the deposit address provided.
- Wait for your crypto deposit to be confirmed, then go to the trading section of the exchange. Look for the trading pair that matches your deposited assets with fiat you want to turn them to. For instance, if you deposited BTC and want to convert it to USD, search for the BTC/USD pair.
- Go to the trading interface and enter the amount you want to sell. Set a specific price or choose the market order option to sell at the current rate. Double-check your order and confirm the operation.
- Once your order to sell crypto is completed, it will be changed into the needed fiat currency. Then, head to the withdrawal section, select your bank balance that is linked to your account and indicate how much you want to withdraw. After confirming the information, initiate the withdrawal process.
Please be patient and wait for the withdrawal transaction to complete. It takes some time to convert cryptocurrency from the exchange to your bank balance may vary. Keep an eye on your balance to track the arrival of the funds.