In this text, we’ll explain how to exchange bitcoins for money in the safest and most favorable way. Here, we’re about to elaborate a few ways that will answer the question of how to turn bitcoins into money, and it’s up to you to choose the one that suits you best.
All these ways have their advantages and disadvantages, and we’ll write about what to pay extra attention to. If you’re interested in buying bitcoins, see how Bitcoin prices change on the market.
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Exchange of bitcoins for paper money, i.e. fiat money, is possible through local Bitcoin buyers, domestic exchange offices, crypto ATMs, and stock exchanges.
If you want to work with local buyers and sell bitcoins for cash, this can be a good option but, unfortunately, there are fewer and fewer such buyers. Additionally, this kind of purchase is less and less safe, so local sellers who used to sell in person, list their offers on the peer-to-peer Bitcoin marketplaces like LocalBitcoins or Coinbase where money payments are made through the account, which includes the extra percentage.
Unfortunately, the further away you’re located from the countries of the Western world, there are usually not too many offers on these platforms.
The next option is the exchange office. They are usually a good solution for users who don’t want to do the sales themselves but would rather hire an intermediary. If this is the way you prefer, find out what the conditions are, and how exactly to do business.
Exchanges charge a commission of 3 % to 8 % depending on which one you choose. Some require verification and some don’t; sometimes payments can be made relatively quickly, while sometimes you have to wait for a while. They also have a minimum amount that you can buy or sell, so that’s another thing to look out for.
Find out everything you are interested in advance so that you don’t have any doubts or be at a loss.
Another potential option is to use crypto ATMs to exchange bitcoins for money. To use the ATMs you need to be verified and the service fee will be included in the price.
Again, if you’re in a less developed country, you’ll have a very small number of crypto ATMs at the disposal. We hope that, for the better functioning of crypto transactions on a global level, the situation will change in the future and that most of the planet will be covered with as many such ATMs as possible.
Let us immediately note so there’s no confusion – it’s possible to withdraw only or mostly strong currencies on the stock exchanges. For those lesser-known and weak currencies, the number of stock exchanges is very limited. For some currencies, there’s only one stock exchange in the world.
On each of the more reputable stock exchanges, full verification of withdrawal orders is required. Withdrawal is done without problems and complications on the foreign currency account (FCA).
But there are a few things you should pay attention to in order to properly exchange bitcoins into (fiat) money:
- The first and foremost is – choose a stock exchange that’s reliable, search the Internet, or better yet – consult with community members.
- You can’t withdraw money to whatever bank account you want in every country through any stock exchange, so if you don’t have an account on any stock exchange, this should be a matter for research.
- The next item is to check what the service fees are and whether there are any “hidden fees” or not. Most stock exchanges have links on their websites where the prices for fees are listed in detail.
In the case of money withdrawal, it’s important to know:
- what’s the fee for depositing bitcoins that you want to transfer to fiat money
- what’s the fee for selling on the stock exchange
- what’s the fee for sending money to your bank account
These fees aren’t the same on all stock exchanges. For example, the fee on some stock exchanges for the withdrawal of fiat currencies is around 3 % but in some places “service charge” and ”commission charge” are added to that, which in total can be around 10 % – and that’s really a lot.
As we said at the beginning of the article, all these options have their pros and cons. If there’s no better option, compromise is the natural solution.
TheBitcoinNews.com – Bitcoin News source since 2012
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