How to withdraw cryptocurrency through an exchange

11 Aug

How to withdraw cryptocurrency through an exchange

Cryptocurrency has been very popular lately. Indeed, it provides a wide field of activity on the Internet and the opportunity to really get rich. However, the following question immediately arises. Bitcoins and other coins are not accepted by stores, so you will need to look for third-party services. Then, how to cash out the cryptocurrency, so that the efforts of mining it were not in vain and did not carry only a gambling interest? Is it possible to withdraw cryptocurrency to a bank card? Let’s try to understand this question in more detail.

Withdrawing cryptocurrencies to a card through exchanges

Many exchanges offer to withdraw cryptocurrency to bank cards. Among them, the most popular can be considered Binance and CoinBase. They are time-tested and have a large enough turnover not to crush customers with interest. Although sometimes it is more convenient to use to get a cryptocurrency card.

Now about two important features of working with exchanges:

  • If you want to withdraw into fiat cryptocurrency (we are talking about cashing out), you will have to wait for a while. Depending on the site, from which you will withdraw, this period may vary from 3-5 days to a week. This is due to some problematic financial solutions, alternatives to which have not yet been invented. On the other hand, which is a bit alarming and even annoying for people, it takes 10 minutes to enter money (real money) and buy the coins. But how to withdraw cryptocurrency from the exchange is much longer. Well, you will have to accept this fact and take it for granted, at least for now.
  • If you withdraw cryptocurrency through such exchanges, then, in fact, the very essence, the philosophy of cryptocurrency – its confidentiality, anonymity is lost. Yes, transfers or other transactions within crypto in crypto happen without registration and, even more so, verification. But if you decide to work with real financial institutions, with a specific central management from a bank (and cards are their tool), then be prepared to legalize and go through the verification process.

Personally for bitcoin we advise to use only popular exchanges, because there are a lot of scammers on the Internet. Commissions on different exchanges are also different. In general, from this perspective, we can make the following conclusion. Banks for some reasons do not work with crypto directly, but gladly do it indirectly through such exchanges. It is not surprising, if not you, then the place will be taken by a competitor, and the future of cryptocurrency is seen as promising.

Although now you have the opportunity to use additional resources. A convenient solution is a special bitcoin card, which will allow you to pay for your purchases from your cryptocurrency balance. This is a great option for almost anyone who has cryptocurrency and would like to simplify the process of transferring their funds into fiat money. You can get more useful information about this type of card here