Crypto enthusiasts already know that to exchange crypto for cash means cashing out your digital assets or selling them. Regardless of what you call it, it is crucial to know that you need the best way to do it. This means using fast, secure, convenient, and affordable platforms such as CEX, and DEX, or selling to individuals you know.
For beginners, settling on an option to suit your needs could be an uphill task, especially if you don’t have any clues or information. That is why you need this informative article to learn the best ways to exchange crypto for cash. Keep reading to find out more.
Exchange Crypto for Cash Through a CEX Platform
A centralized exchange, commonly known as CEX, is a platform that facilitates buying and selling cryptocurrencies instantly. When you exchange crypto for cash, the platform will buy your crypto instantly and send cash to your bank account, credit or debit card, or your internet money platform.
These platforms require users to register and get an account with them before they buy or sell cryptocurrencies with them. The good thing is that they accept a plethora of cryptocurrencies and payment options giving crypto enthusiasts a lot of options. All you need to do is choose one that suits your needs.
Exchange Crypto for Cash Through a DEX Platform
A decentralized exchange, also called DEX, is an exchange that promotes peer-to-peer crypto exchange. To exchange crypto for cash, you need to list as a seller and wait to be connected to a buyer who is willing to pay in cash or as per your preference.
Most of these platforms are relatively new on the market and their goal is to create a crypto community where investors can trade without the use of brokers. Hence, the commission is lower than using a CEX platform.
Exchange Crypto for Cash Through a Physical Exchange
Most physical exchanges are managed by CEX platforms. They operate like a bank or a forex exchange outlet where you sell your crypto for cash to the exchange through the help of an agent.
Some popular crypto exchanges have started opening physical outlet offices in big cities around the world to help people exchange crypto for cash. They also charge commissions for the services, but they are excellent for beginners who are afraid of losing their investment to fraudsters and hackers. You can also walk out of the office with cash in your hands if you do not want it wired into your bank account.
Exchange Crypto for Cash Through a BTC ATM
Have you heard of ATMs that facilitate the exchange of cryptocurrencies? They look like usual cash ATMs managed by banks, but these booths are more sophisticated. They are self-service booths where you can exchange crypto for cash without a hassle.
Fortunately, the number of BTC ATMs is increasing by the day and they are accepting more crypto services than just Bitcoin and the major cryptocurrencies. So, check the nearest one and use it conveniently, especially when traveling and needing cash to fund your trip.
It is easy to exchange crypto for cash using these expert-proven ways for both beginners and seasoned crypto enthusiasts. It is important that you dig deep to understand how each works and its pros and cons before making the right decision.