Picture this: You just made thousands of dollars from a cryptocoin that just exploded. You’ve made enough profit to want to sell your coins and take your gains, only problem is, you don’t know how or where to to sell all the “asdfCoin” you have. SO, you decide to reinvest it in another coin on the exchange and happen to lose all your profit 🙁 .
Don’t be that guy! When you want to cash out, do it! Read the rest of this article to learn the easiest ways to do so!
How to ‘Cash Out’ Your Cryptocoins
There are a few different ways to cash out your cryptocoins. Usually what you want to do with smaller altcoins is to sell them for either Bitcoin or Ether and sell those using one of the services listed below to cash out.
The most popular and straightforward option is to use coinbase. You can sell either Bitcoin, Ether, or Litecoin and it’ll get deposited straight to your bank account. However, if you are in Canada or Australia you cannot sell on coinbase. Please refer to the list of supported countries for more details.
This is probably my personal favourite when it comes to exchanging altcoins to Bitcoin or Ether. Chengelly currently has 60 different coins you can exchange between and you can even buy coins with USD funds. When using changelly, you automatically get the best current exchange rate. There are no limits and the only fee associated with this service is a 0.5% service fee that comes out of the total amount of converted coin you receive in your wallet. Once you have either Ether or Bitcoins, you can use another service on this list to cash it out.
CryptoPay.me will provide you with a plastic (and/or virtual if you want) debit card that you can use anywhere visa debit is accepted. Oh, and you can fund it with Bitcoins! When you sign up for cryptopay, they give you a bitcoin address to use to send your Bitcoins to. Once everything is confirmed you can spend those at any store you’d like and if you wanted to, you can even withdraw cash from an ATM. If you sign up using this link, you will receive 25% off the price of the plastic card!
QuadrugaCX is a Bitcoin and Ethereum only exchange. Some funding/withdrawal methods will only become available after you have verified your account. It took about 3 weeks for me, so be patient if you’re going to use this route. The best thing about this exchange is the plethora of different withdrawal methods.
Just as the name states, LocalBitcoins lets you sell your bitcoins, locally! On localbitcoins, you will be able to sell your bitcoins for a bit higher than market value. Only deal with reputable members there. Even though the transactions make use of escrow, scammers will chargeback after the coins are released (mostly with PayPal and Credit Cards). Fortunately, the rating system on the site is great so if you do some basic research you shouldn’t get burned here.
From the five methods above, you should be pretty good when it comes to cashing out your Bitcoins. As always, be sure to always activate 2 factor authentication wherever possible to keep your funds safe. Have any questions or a service you think I should add to the list, leave a comment below and i’ll reply ASAP!