Many exchanges and platforms offer to buy bitcoins for rubles, dollars, and euros, both from a card, electronic wallets, and bank transfers. At the same time, replenishment from a bank account is often not even subject to commission. This is understandable because the task of the sites is to attract as much liquidity as possible.
A completely different thing is the reverse exchange of crypto for fiat. Trading platforms are not in a hurry to part with client fiat, so commissions can be many times higher than when depositing. In addition, if the application is filled out incorrectly, there may be problems with crediting funds to the account, sudden fluctuations in the exchange rate, long delays, and even loss of funds.
Below we will analyze the three main ways to cash out cryptocurrency, their advantages, and risks.
Pros: good choice of payment systems, lack of registration
Cons: opaque, risk of fraud, long processing time, high fiat withdrawal fees, poor exchange rate
Many users see the advantage of exchangers to exchange nano to usd that they are anonymous: when making an application, you do not need to go through verification. However, this is also the main risk. Exchangers are small private organizations that no one regulates. They operate in the “grey zone” of the law, and all operations are carried out “on trust”.
Often money is sent through the cash desk of communication stores or from private electronic wallets. Receiving a considerable amount to the account may raise questions from the bank’s security service and the tax office. Not to mention that in case of loss of funds, you are unlikely to be able to return them.
Regulated crypto exchanges
Pros: Virtually no risk, reasonable exchange rate
Cons: verification required
So far, few trading platforms on the market allow you to withdraw crypto to a card or account. This is due to the uncertain legal status of exchanges: banks and processing systems are reluctant to work with crypto businesses, fearing problems with regulators.
To cash out crypto, you need to pass verification. This is perhaps the only drawback of legal exchanges. On the other hand, the exchange rate is usually better than in exchangers since it is formed on actual trading with a large amount of liquidity. In addition, exchanges work directly with banks and therefore can offer lower fees, while exchangers are forced to use more expensive ways to send funds. Finally, if you need an official document confirming the transaction, the exchange will provide it without any problems.
Pros: a variety of offers and payment systems
Cons: risk of fraud, verification required
On P2P platforms, you are dealing with private sellers: the site only acts as an intermediary. This is an analog of Avito, only for buying and selling cryptocurrency. Anyone can publish their offer and choose a convenient payment method.
Finally, please note that you will likely not be given any checks. Therefore, this method of exchange is suitable only for individuals and small amounts that will not arouse suspicion from the bank and tax. Large operations will have to be split up.
What is the best way to exchange siacoin to usd? It all depends on your priorities. If security and a favorable rate are essential to you – or you need documentary evidence – then it is worth spending 15 minutes to verify a legal exchange and subsequently constantly enjoy all the benefits.
If you want to maintain privacy and are ready to put up with increased risks and delays, then choose a regular online exchanger. However, keep in mind that with the introduction of new legislation, the era of exchangers may end, so regulated exchanges may be the only profitable way to cash out cryptocurrency in a year.
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