10 Easiest Ways to Convert Crypto to Cash Instantly in 2024

how to to Convert Crypto to Cash Instantly

Cryptocurrencies are considered a niche investment for a long time. It is a surprise, however, that, in the last decade, they may have finally gained mainstream acceptance. Today, phrases like Bitcoin, Ethereum, or altcoins start echoing within one's ears. These remind millions of people around the globe of what value these digital assets hold. At the same time, one often needs to change cryptocurrency into fiat money, namely into USD or EUR, for loan repayment, for covering daily costs, or simply for profit security.

Never before has it been as fast, easy, and convenient for getting crypto into cash. Here are 10 simple and fast ways to turn your cryptocurrency into cold, hard cash, both for starters and seasoned traders.

1. Cryptocurrency Exchanges: Fast and Reliable

The most accessible and the most possible crypto-to-fiat exchange was always represented through cryptocurrency exchanges, of whose names everybody knows: Coinbase, Binance, Kraken, and all the others that convert digital assets into a painless, fast, and secure transaction procedure into cash in your account.

How it works: To begin with, you'd have to open an account on a chosen exchange. Most of the exchanges demand a procedure of KYC verification that would require ID submission. Once you have verified your account, deposit crypto there, arrange a sell order, and after the trade is made, fiat currency gets automatically transferred to the linked bank account.

Speed : It depends on the exchange, but the time may range between just some minutes to 24-48 hours

Charges : You will need to pay due to charges. The charges will be ranging from 0.1% to 2% depending on the kind of exchange and even the withdrawal method you may choose.

For example, you can liquidate your cryptocurrency from Coinbase. You can immediately transfer these funds into your PayPal account which takes less than a day. For high volumes, however, Kraken might be a good option as it is liquid and allows for the execution of more rapid trades.

2. Crypto Debit Cards: Real-Time Liquidity

That would be far easier and more fluid to manage your crypto-to-cash through a crypto debit card. Companies such as Crypto.com, Wirex, and BitPay let you load the crypto onto a debit card. That instantly makes it fiat in your pocket that you can use or withdraw with an ATM.

How does it work?

You simply join a crypto debit card network, and then the card is automatically tied to your cryptocurrency wallet; you top up with the desired digital currency. Your card will cover fiat at conversion points, such as when you use it or withdraw the amount via an ATM.

Speed: It is nearly instant cash conversion at the ATM.

Conversion fees: These are relatively cheap up to around about 1 to 2%. In addition, some cards have an ATM withdrawal fee, just like for Wirex that charges about 1% on each transaction.

Case: A user cashed out $500 in Bitcoin and the objective was to spend fiat money back into the real world in a few minutes by spending through a Crypto.com Visa card. It doesn't indicate whether it does so or signifies efficiency and speed at which crypto debit cards can be applied into everyday transactions.

3. Peer-to-Peer (P2P) Marketplaces: Direct Transactions for Quick Cash

You can sell your cryptocurrency to some other individual directly through the P2P (Peer-to-Peer) websites like LocalBitcoins and Paxful, but when you are more adaptable, the cash return will occur depending upon the terms of choice for payment that you choose with your person, and it returns the cash back through a bank transfer or through PayPal, or even in a cash-in-hand transfer.

How it works: One registers in a P2P marketplace, adds cryptocurrency to the sale, waits for some person to buy it. When you have agreed on terms, then that money is received from that buyer in his preferred payment mode and after which you will release the crypto to him.

Speed: It determines just how fast a transaction is going to be with merely the response mechanism of the buyer, and perhaps mode of payment. However, in most cases, you get it done in just minutes.

Fees: In most P2P platforms, the service fee for the transaction is charged at 1-2%.

For example, you can withdraw cash directly into your bank account using Paxful almost instantly after agreeing to sell Bitcoin through which you hurry up the cashing out process.

Select a Relevant P2P Site

Utilize a service that will safeguard the proper closure of your trade.

Read reviews and ratings by other users before entering into a specific transaction with another user

Ensure that you have selected a safe method to receive your payout.

4. Bitcoin ATMs: Speed and Convenience

Bitcoin ATMs are virtually available in every major city all over this world. The Bitcoin ATM will enable you to sell your Bitcoin and withdraw the cash of your money on instant real-time basis. Most expensive among the rest, Bitcoin ATMs will enable one to cash out the crypto one of the fastest ways possible.

Here's how it works: walk into a Bitcoin ATM, scan a QR code of your Bitcoin wallet, input the amount you're looking to sell, then receive cash back from the machine.

Speed: It is done in minutes

Cost: Commission for using Bitcoin ATMs is usually pretty high, ranging from 5% to 12%.

For instance, a sample case would be a customer in New York who sold $1000 worth of Bitcoin through a Coinsource ATM and walked away with cash in under 10 minutes; they did incur a 7% fee, though.

To find the closest Bitcoin ATM there are services such as CoinATMRadar that can locate for you the machine nearest to your location, then compare fees before making a transaction.

Image Credit : Yandex

5. Crypto-Backed Loans: Access Cash Without Selling Your Crypto

Crypto-backed loans remain an option for users who may not want to sell but require liquidity. In this scenario, such platforms-Nexo and BlockFi, for instance-would allow a user to use his or her crypto as collateral so that he or she could borrow fiat currency. According to this, they will access liquidations without necessarily selling the crypto.

How it works: You input some cryptocurrency as collateral on a lending platform, which grants you the ability to access fiat currency. After repaying that loan, you get your cryptocurrency back.

Speed: Crypto loan approvals are instant; sometimes, it gets processed in minutes while other times within hours.

Fees: Crypto-backed loans have a margin ranging between 5% and 13%. The interest is normally calculated using the amount borrowed in an unparalleled standard lending platform.

Case study: He would borrow $10,000 from BlockFi because the investor did not want to sell his or her Ethereum. He would place their ETH holdings as collateral. This cash ended up in his account that same day, thus allowing him to clear pressing expenditures without losing his investment.

Advantages of Crypto Loans

You can liquidate your cryptocurrencies in cash while retaining your property.

Apply whatever funds you raise to personal business purposes you prefer

Flexible Repayment: It allows a flexible repayment option wherein you can repay the loan as and when you feel like.

Immediate Crypto Sales on Wallets

Most of the modern crypto wallets also have one feature known as instant sell. Such an ability will allow cryptocurrency owners to sell their currencies right from the wallet application. For instance, Exodus and Trust Wallet are connected directly to an exchange. This enables the owner of cryptocurrencies to liquidate its crypto holdings by abolishing the need to transfer them to some third-party platform.

How it works: Essentially, it works almost exactly like pulling out your wallet and hitting that instant sell button. You decide how much cryptocurrency you want to sell, and that fiat currency just gets deposited into whatever bank account or payment method you happen to have connected.

Processing time: It will usually take but a few minutes to process the instant sell

Fees: The fees for using instant sell are 1 percent to 3 percent.

This is perfect for users wanting a seamless way of turning their crypto to cash without even registering on a traditional exchange.

7. Payment Processors: PayPal and Venmo

Paypal and Venmo are integrated with crypto features, which let users buy, sell, and hold crypto. The platform helps one turn the crypto into cash and reflect in the bank account.

How it works: Open the PayPal or Venmo app, and go to crypto section, then click sell. Select some amount of crypto you'd like to sell, and fiat funds will be credited to your account immediately.

Speed: Practically instant where the money reflected on the PayPal or Venmo balance after just a couple of seconds

Fees: Charged by PayPal and Venmo 1.5% per transaction.

For instance, one user used PayPal to sell $500 worth of bitcoin in under a minute. He then transferred that money to a bank account. The money appeared in that bank account the next business day.

Image Credit : Yandex

8. OTC Desks: Big transactions

That means over-the-counter desks enable the private and efficient conversion of big cryptos into cash. Examples of companies that have OTC desks include Genesis Trading and Cumberland. That type of an OTC desk, therefore, allows massive trades between buyers and sellers without stirring up the general market.

How it works: The OTC desk directly matches buyers with sellers for large transactions to ensure discretion in completing the trade.

Speed: Trade usually takes a few hours depending on the size of the trade.

Fees: OTC desks usually do not charge a fee, but they make money through the spread between their buy and sell prices.

9. Gift Cards: Convert Crypto into Spendable Credit

Another relatively easy means of liquidating your cryptocurrency is by converting the same to gift cards, popular retailers' gift cards acceptable to stores such as Bitrefill and Gyft. It is an easy way to access the value of your cryptocurrency without necessarily cashing out to a bank account.

How it works: visit a gift card platform, choose your retailer, and pay using cryptocurrency, through your email or app instantaneously

Speed: within minutes

Fees: For some, it costs a small processing fee; in most cases, it is free times .

10. Cash transfers via mobile payment apps

Some P2P marketplaces allow you to cash out directly to a mobile payment app like CashApp or Zelle. No lag in the timing of having the money show up in your account, as you'll be able to access it there.

How: Sell through a P2P marketplace and select getting paid in CashApp or Zelle. The buyer will send that money directly to your account.

Speed: The money is usually available almost instantly.

Fees: P2P platforms sometimes charge a little service fee, but transfers via payment apps are usually fee-less.

Credit : Adam Venture Crypto

How to Convert Crypto to Cash: Frequently Asked Questions

How do I convert crypto to money?

There are several ways in which you can convert your crypto into real money. Such options include cryptocurrency exchanges like Coinbase, crypto debit cards such as Crypto.com, P2P platforms like LocalBitcoins, Bitcoin ATMs, and crypto-backed loans for instant liquidity.

Which is the fastest way to cash out of crypto? The fastest ways to cash out of money apart from loans and exchanges are by using a crypto debit card, or a P2P platform, or this instant sell feature via crypto wallets. Bitcoin ATMs are fast but most of the time incur higher fees.

Can you cash out of crypto for cash?

Of course, and some of the ways you can liquidate your cryptocurrency for real cash include cryptocurrency exchanges, Bitcoin ATMs, P2P sites, and even through payment processors like PayPal and Venmo.

How do I cash out easy crypto?

Some of the most evident cash-out options from crypto can be issued using crypto debit cards, sold to PayPal or even at the Bitcoin ATM when cashing out. More control over the transaction with P2P platforms would help set terms upon payment.

Knowing your options in liquidating cryptocurrency will help you decide what would work best for you. Be it speed, affordability, or even the ease of process, 2024 promises to have a way to liquidate that would fit everyone.

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