How to convert cryptocurrency to cash through an exchange?
Cryptocurrency exchanges are the most convenient and secure way to convert cryptocurrencies stored on a crypto wallet into fiat money. With their help you can exchange crypto for the most popular national currencies.
Let’s see how to turn crypto into cash using WhiteBIT and Trust Wallet, the cryptocurrency trading platforms as an example. If you do not have an account on an exchange, you will need to create one. Go to WhiteBIT official website and click "Sign UP", enter your email address and create a password. Then go through the verification process to confirm your identity. When you register, go to the "Balance" tab and select "General".
Find the cryptocurrency you want to transfer from your wallet, click "Deposit" and copy your deposit address, specifying the desired type.
Now go to the SmartChain page on the Trust Wallet app. Select the digital asset you want to cash out. Then you will be redirected to a page where you will need to click on the icon “Send”. Paste the deposit address you copied earlier into the “Recipient Address” field. Submit the amount to send and confirm the withdrawal. Wait a bit until the cryptocurrency appears in the account.
Once you have crypto on your balance, you can convert it to fiat money in two ways: exchange or P2P trading. In the first case, you need to transfer funds from the general balance to the trading one by pressing the “Transfer” button and then you need to click on “Exchange”. In the new window, choose the fiat currency you want crypto to be exchanged into, check exchange rates and fees and if everything suits you, submit the amount and confirm the exchange. Fiat will appear on the corresponding balance in a few seconds.
Once you have crypto on your balance, you can convert it to fiat money in two ways: exchange or P2P trading. In the first case, you need to transfer funds from the general balance to the trading one by pressing the “Transfer” button and then you need to click on “Exchange”. In the new window, choose the fiat currency you want crypto to be exchanged into, check exchange rates and fees and if everything suits you, submit the amount and confirm the exchange. Fiat will appear on the corresponding balance in a few seconds.
P2P trading is an exchange that takes place between exchange users. In this case you do not deal with the exchange, but with a person who wants to buy cryptocurrency with fiat money. To do this, you need to place an order, where you need to submit the amount of crypto that you want to sell, the desired price and type of order (descriptions of each are presented on the exchange). The advantage of such an exchange is the absence of fees and intermediaries, but sometimes it is difficult to find someone who wants to make a deal with you.
As soon as the exchange is completed, fiat appears on your account. The only thing that is left is to withdraw it from the exchange to a debit or credit card. Go to the "Trading balance" section and click "Transfer" next to the fiat funds that you received. Choose "Total balance",submit the withdrawal amount and confirm the transaction.
The money is instantly available for withdrawal. To carry out the transaction, click "Withdraw" next to the desired fiat ticker. Then enter your card number, submit the amount and other info, and then request a withdrawal. After a while, the money will appear on your debit/credit card.
