Cryptocurrency has become popular among investors and financial firms over a decade and traders are getting a good profit. After trading what are the different ways to convert digital assets into fiat by transferring and converting into cash? Let’s discuss this in this article.
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Let’s understand the various ways of converting
- Selling crypto over exchange: One easy way to convert crypto to cash is to sell your crypto to a centralized server to withdraw money from a bank account. You will then exchange the money for cryptocurrencies, which you can sell, get cash from, and, if you wish, transfer back to your bank account.
- Use of broker to sell crypto: if you have tied up to the broker company for digital asset trading it is the easiest method for converting crypto to cash. It will take only one step to execute the transaction or trade and all other things will be carried out by the broker. Thus after completing the process, the cash will be transferred to the corresponding bank.
- P2P Trade: Selling cryptocurrency directly in peer-to-peer trading platforms. It is the most useful method because it allows traders to sell their crypto at the best rate as per the market standards. Once both parties agree on the rates transactions are carried out by the platform and cash is transferred to the seller at the exchange rate.
- Cash-out with ATM: Cashing out with Atm is equally like selling out in the crypto market but a little bit different way. Crypto ATM provides a QR code of the address to which currency needs to be transferred and after a few minutes, cash will be in your hand.
Trading multiple cryptocurrencies
Some cryptocurrency exchanges do not allow direct conversion into USD, so we need to take an indirect route. First, we need to trade or buy the crypto into some other currency, then convert it to USDT, and finally, convert that asset into dollars.
