Converting crypto assets to cash is important for investors and users because even though digital currencies offer secure and borderless transactions, many people prefer traditional cash for different reasons. This brief introduction will discuss how to convert BTC to real money.
Steps to BTC to Cash Exchange
To work with digital currencies and exchange them for real cash, you need to choose a credible crypto exchange that supports the function of fiat withdrawal. Make sure that the platform is trustworthy, has a proven history, and operates within your region. An example of a reliable service is WhiteBIT.
Here is how you convert crypto to real money:
- To begin using the selected platform, you need to create an account by providing your personal details, verifying your identity (KYC), and setting up security steps such as 2FA. On WhiteBIT, it takes just a few days.
- To link your bank account to the platform’s account, you may be asked to provide your banking details and pass a verification process to comply with regulations. It is impossible to work with fiat without passing KYC.
- To deposit BTC, send your assets from your digital wallet to the BTC wallet address provided by the platform. To ensure a smooth transaction, follow the deposit instructions provided by the exchange.
- To convert BTC to dollars or euros, go to the trading section of the platform after your BTC has been deposited. Look for the BTC/fiat trading pair, select the amount of BTC you want to give and complete the trade.
- To withdraw fiat from your account, you need to sell your Bitcoin first. The funds will then appear as your preferred fiat currency, such as USD or EUR. Then, follow the exchange’s withdrawal guidelines to move the assets to your bank account. Be sure to provide all the necessary details for this transfer.
- In order to withdraw funds, some exchanges and local regulations may require extra verification procedures such as confirming your identity, submitting necessary documents, or undergoing a security review period.
When your withdrawal request is accepted by the platform, the approved amount in fiat currency will be transferred to your bank card or account. Upon processing and approval, you will receive real money. That’s it. Now you know how to cash out Bitcoin.
Please be aware that there may be bank fees for turning your digital assets into real money, which could affect the final amount you receive. To see how the process works in practice, visit the WhiteBIT website and choose a demo trading option. In it, you can choose demo assets and conduct operations to navigate the interface and the platform’s features.