How to conveniently withdraw cryptocurrencies to fiat money

fiat money

You can sell cryptocurrency in several ways: through a seller on a peer-to-peer service, directly on a crypto exchange, or through an exchanger. Each option of fiat money has its own advantages and disadvantages.

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Peering service- fiat money

P2P sites usually act as intermediaries between buyers or sellers, sometimes also as guarantors. It’s like a bulletin board: the seller posts their terms, the buyer chooses the seller, they negotiate the terms, and close the deal. Large services say that they check both buyers and sellers and guarantee the safety of the operation. However, it is with P2P transactions that scammers are most common. Every time you choose a seller, you must be aware of the risks you are taking. Carefully study the guarantees that the site promises. 

Withdrawal directly from the exchange

This option is available to users of large centralized crypto exchanges that provide the possibility of deposits and withdrawals in several fiat currencies. There are not many of them relative to the total number because to provide such a service, the exchange needs to enter into partnerships with additional payment providers and maintain reserves of different national currencies in its accounts.

In addition, this creates additional difficulties for the exchange not only in the form of new partners but also in bringing the terms of use and systems of the exchange in line with the laws of different countries. It seems that this increases the security of transactions but, in fact, increases the risk of blocking. When withdrawing funds from a centralized exchange to a bank card, there is a risk of transaction cancellation because due to strict regulations in certain countries and the uncertain position of governments in others, banks often refuse to accept funds from crypto exchanges.

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For these two reasons, many crypto exchanges prefer to operate on a “crypto-to-crypto” model.

If you use a large exchange where it is possible to withdraw funds in fiat, pay attention to commissions and limits since it is often more profitable to withdraw cryptocurrency and then exchange it through an exchanger or a peer-to-peer platform.

Crypto exchanger

It is easier to choose an online currency exchanger than a private seller or buyer, at least because such sites usually have a lot of users. You can find reviews on the Internet, study partners, find information about the reputation of the exchanger, and conduct a test transaction. Reliable cryptocurrency exchangers openly publish the terms and conditions of use, which is also important: the client can study all the nuances to protect himself from unexpected troubles or problems.

When choosing a service for an exchange, pay attention to pages on social networks, communication with clients, the availability of reserves on balance sheets, openness, and transparency of information.

Crypto exchangers offer two options for selling cryptocurrencies: online with the withdrawal of funds to a bank card and offline for cash. The first option is suitable for small amounts and everyday transactions. A great example is when the money ran out at the airport. The second one is more often chosen for converting large amounts in one transaction and when they do not want to keep funds in bank accounts.


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