How to withdraw crypto to your bank account
Bitcoin is undoubtedly one of the most popular cryptocurrencies and its value has grown tremendously over the years. Due to this, several crypto traders treat it like an investment, the kind that can be bought and held onto for long-term gains.
But a lot of bitcoin owners wonder how to withdraw crypto to their bank account and there can be multiple answers for this one. A while a lot of this could rise on where you’ve stored your bitcoin, read on to know how your crypto assets can be encashed.
Through cryptocurrency exchanges
The easiest and perhaps the most convenient method for cryptocurrency conversion is via an exchange or a trading company. This method has a lot of similarities to the forex exchange systems that facilitate conversions at international airports. In order to get cash for your cryptocurrency token, in this case, Bitcoin, you have to first deposit it with the exchange. They will then pay you its value in the currency of your choice by transferring the money to your bank account. However, before depositing your cryptocurrency with any exchange, make sure that they conduct transactions in the currency of your choice.
Here’s a step-by-step process of how you can go about this:
Step 1: Go to your exchange’s mobile app or website, and click on ‘Fund’
Step 2: Choose the currency option to view your account transactions, available funds and withdrawal details.
Step 3: Usually, you should be able to find ‘deposit’ and ‘withdrawal’ options at the bottom of your screen.
Step 4: Select the withdrawal option and add the amount you wish to withdraw. Click on ‘submit’ to initiate the transaction.
Step 5: You should get a verification email to authorize the transaction. The funds will be transferred to your account in some time.
Arguably, this is one of the most secure ways to withdraw crypto to your bank account. However, it may take roughly 4-6 days for the money to reflect in your account. Additionally, you would have to bear a transaction fee that varies from exchange to exchange.
Through peer-to-peer network
If you would prefer a faster transaction to be done anonymously, you can sell your Bitcoin to another trader, on a peer-to-peer exchange platform. All you have to do is register on a trusted peer-to-peer exchange platform and select your buyer’s location. Once you have entered your preferred location, scan the marketplace for prospective buyers. Typically these platforms support an escrow option. This makes sure that your Bitcoin is not transferred to the buyer until you confirm that you have received the payment.
Therefore, you should always research the platform you’re carrying out your transaction on so your Bitcoin is secure and safe from potential fraudsters. You do not want to end up losing both your money and your crypto taken.
Watch out for scams
It is wise to never lose sight of the fact that cryptocurrency continues to be a fairly new and unregulated financial market. You could come across many potential fraud schemes that would offer help to withdraw crypto into your bank account. In some cases, the promotions may be too good to be true. You could be offered low fees or higher conversion rates; always be cautious. Once you lose your hard-earned money in the cryptocurrency market, there’s no possible way to get it back.