Buying bitcoins or other coins are sometimes not as tricky as withdrawing cryptocurrency from the exchange. Many exchanges have high withdrawal fees and require complex verification. This article will analyze how to start your coins to fiat.
Withdrawing money from the exchange directly
This is the most transparent way to withdraw money using the exchange interface. Your account on the platform’s website offers options for depositing and withdrawing funds.
To withdraw cryptocurrency from the exchange, you will need to verify your identity using a passport and confirm a bank card or other account where you transfer money. Banks and payment systems cannot conduct transactions on the condition of anonymity, and the exchange discloses your data to them. This is partly related to the lengthy processing: the operation can drag on for several days.
The disadvantage of this method of withdrawing money from the exchange is a high commission. In addition, businesses do not support all payment methods; this point should be clarified in advance. Well, if anonymity is important to you, choose another withdrawal method.
Withdrawing money through an online exchanger
Exchangers allow you to exchange your coins for rubles or other fiat money and withdraw cryptocurrency from the exchange conveniently: to a bank card, to an electronic wallet, to an Internet bank, and so on. The withdrawal scheme for most exchange services will be approximately the same:
Choose a cryptocurrency for sale and a method of transferring fiat money to you,
Enter your contact and billing information
Confirm withdrawal request.
In response, the exchanger will send you the wallet address for transferring cryptocurrency and the amount. Once you share the coins there, click the “Paid” button. The exchanger will process the transaction and transfer the money to you.
Here is a simple form you need to fill out to withdraw bitcoins in rubles to your YuMoney wallet through the Shakhta exchanger
You can choose an exchanger using aggregators – for example, BestChange. Such sites rank exchange services regarding reserves, user reviews, and rates. Trust money to services that have been working for at least three years. The more impressive the experience and reputation of the exchanger, the higher the quality of services and technical support. For example, Shakhta has been operating for six years and has thousands of positive customer reviews.
P2P platforms
These are platforms where you find a counterparty from the list of offers. Such platforms are similar to bulletin boards: the cryptocurrency seller needs to write down how many and what kind of coins he sells, how much he wants to raise, and how to get it.
The scheme for withdrawing cryptocurrency through the P2P platform is as follows:
The seller transfers his cryptocurrency to the site,
Then he places an order to sell the asset on the site, and his funds are blocked at that moment,
The buyer fills the order and transfers money to the seller,
As soon as the seller confirms the receipt of funds, the cryptocurrency from the site is sent to the buyer’s wallet.
The advantage of P2P platforms is low and sometimes zero commissions. However, the cards are not verified there, so you do not know anything about the origin of the funds. Your account may be blocked if the card has been stolen or hacked. The site will not insure you from such situations. Therefore, before withdrawing cryptocurrency from the exchange through the P2P platform, study the counterparty – choose those who have worked for a long time and have a good reputation.
Summary
There are three main ways to withdraw cryptocurrency from the exchange to fiat: the exchange’s interface, an online exchanger, and P2P platforms.
The withdrawal from the exchange itself is the most transparent. However, it is fraught with high commissions and verification requirements. If anonymity and savings are essential to you, you should choose another method.
Transfer through Internet exchangers does not reveal your identity and is carried out quickly. A commission is also charged here; the rate differs from the exchange rate. When choosing an exchanger, pay attention not only to the rate but also to the quality of service and technical support. Old large exchangers, such as Shakhta, exclude the situation of losing money during the withdrawal.
P2P platforms allow you to transact directly with a cryptocurrency buyer. The site guarantees money transfers. However, it does not protect against using stolen cards and money obtained illegally by the counterparty. Choose proven and long-standing contractors.
