After making wins from your online sports betting activities in cryptocurrency, you can choose to store these wins in crypto or you can choose to convert them into fiat. Many players decide to store their coins as cryptocurrency; though some others prefer to convert to fiat. This is understandable as fiat currency is more generally accepted at the moment. You should keep in mind that CryptoBetting has provided the best crypto sportsbooks where you can earn in Crypto.
Why convert cryptocurrency into fiat?
There are a variety of reasons why players may choose to convert crypto into fiat currency. The main reason is that players wish to cash out their earnings and although nowadays, there are companies which take Bitcoin as part of their payments, fiat is still far more generally accepted. Hence, it is common to see online sports bettors searching for methods to convert their earnings.
There are several methods of converting into fiat, the most common of them all being through reputable online Exchanges.
How do you choose Exchanges to convert your Crypto?
There are a variety of factors to be considered when you are making a selection of an Exchange for cryptocurrency to Fiat. You must always take the following into consideration:
The Structure of the Fee- Exchanges acquire their commissions making use of variety of types of fees such as liquidation fees, trading fees. So, you must always know the structure of the fees. As a trader, you should always be on the lookout for withdrawal fees. When these fees are reduced, then cashing out will be less expensive. Some of the best available withdrawal fees out there are flat rates, as the amount you wish to withdraw does not matter.
The Withdrawal Limit- In order to curb fraud and maintain security, exchanges could also apply cash-out limits. Based on the size of the amount being cashed out, taxes may apply. When it is a small amount, this may not be subjected to local taxing; however, generally, each cashing out done, is subjected to local taxing
Customer Support and User-friendliness: You must consider how easy it is to contact customer care and how responsive they are, as well as how easy it is to transact on the website.
Keep in mind that these are just a couple of the factors you should keep in mind when choosing an Exchange. There are also other things to consider such as country eligibility, liquidity, volume of the Exchange. We have recommended some Exchanges which have gained themselves a good reputation amongst crypto to fiat converters.
- Bitstamp
This takes top spot because it has no limits placed on its withdrawals. Bitstamp has been in operation since 2011. When you wish to withdraw huge amounts, this is one Exchange we recommend as basically, it is limitless. Though, for those who wish to make little withdrawals, it may not be the best choice as there is a minimum fee that can be withdrawn. Also, note that withdrawal fees are deducted. Carrying out an international withdrawal incurs about 0.09 percent as withdrawal fees, and the minimum fees must be $15. This is quite minuscule when you are withdrawing huge amounts. Some fiat currencies that can be withdrawn on the site include GBP, CAS, USD, EUR, AUD, CHF, and YEN. The cryptocurrencies that can be traded also include Bitcoin, Ethereum, Bitcoin Cash, Litecoin, XRP.
2. Kraken
Like the above, it has been in operation since 2011. This is another good exchange to convert into fiat. There are about four withdrawal levels assigned to customers, which determines how their withdrawals can be done. Upon verification, the higher withdrawal levels are opened and users can make use of these higher amounts for depositing and withdrawing. The levels are level 0 to 4. At level 0, this is for when your account got created and has no functions. Levels 1 and 2 get unlocked by filling in your basic information. Level 3 is opened upon submission of documents while level 4 is specialized for customers with a high net worth.
When compared to other Exchanges, this exchange supports more altcoins. Some of the fiat currencies supported here include CAD, JPY, GBP, EUR, and USD. Withdrawal fees are about $
These are some of our recommended exchanges. Others include CEX, OKcoin, Coinbase amongst others
Peer-to-Peer(P2P) Exchanges
Apart from the conventional exchanges, another way of cashing out is using peer-to-peer exchanges to exchange your crypto to fiat. These platforms are quite attractive as they provide options for cashing out and also keep users anonymous if they prefer to do so. They are not as suitable as conventional exchanges, however, they come in handy in some situations.
LocalBitcoins
This facilitates peer-to-peer purchases of cryptocurrency. It has been in operation since 2012. It does not charge for cryptocurrency transactions, rather revenue is received from sources like adverts. When selling cryptocurrency there, trade can be carried through methods such as Bank transfers, electronic payments.
How do you convert from cryptocurrency into Cash using these Exchanges?
As already stated, with Exchanges, you can easily sell your cryptocurrency for the supported currencies on the Exchange. So:
● First step, ensure the Exchange supports your country and your preferred currency.
● Sign Up and get your account verified
● Make a deposit of crypto into the account
● Convert your cryptocurrency to Fiat currency making use of Bank transfer or applicable
means
The entire process is quite secure, easy and simple. However, you must take note that it is not the most instantaneous method, as it can take you between a day to five days before your fiat money can be received on the Exchange from your own country.
Also, for crypto newbies who do not yet have accounts with the Exchange, it could take you weeks, even months before your approval of your account. At the moment, there are countries who have been restricted in freely transacting with cryptocurrency, and find it difficult to use Exchanges. If you reside in such a country, then fear not. Peer-to-peer exchanges have come to your aid.
Now that you are aware of where and how to convert your earnings, you can enjoy your crypto betting seamlessly and rest assured that your earnings can be converted whenever you wish with a few clicks.
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