Cryptocurrencies are a tasty asset, but using them in everyday life is still challenging. HODL is also not consistently profitable. The March events are still fresh in my memory, after which BTC and top altcoins lost half the price at once.
When investing in virtual money, you need a plan B that allows you to convert savings into fiat money with minimal losses quickly.
How to Exchange Cryptocurrency
The easiest and most popular way to exchange bitcoin to eur is the online exchanger. An online exchanger is a site that accumulates money deposits in different currencies and sets the exchange rate. Today, dozens and hundreds of exchangers operate, so the rate is as close to the market as possible.
The exchange goes like this:
- chose an exchanger;
- specified input and output currencies;
- indicates the wallet with money and the wallet to which you want to withdraw;
- pressed the confirmation button;
- cash on the card/account/another wallet.
The terms of the exchange depend on the type of authorization. Some services are checked manually – the procedure takes an average of 10-15 minutes. Sometimes several hours. Fully automatic services first require verification in the system, which takes 1-2 days. But all subsequent exchanges will be instant.
Commissions. Their value is usually floating and depends on the current exchange rate set by the service. The average price is 2.5-10%, but sometimes it can be more. How much exactly the exchanger will take for his work depends on such moments:
- cryptocurrency liquidity;
- remaining stock on exchange accounts;
- withdrawal method (bank account, another wallet, payment system, etc.);
- market demand.
It is better to look for an online exchange service not by Google but on aggregator sites. Considerable resources have been working for years and value their reputation, so they have already collected dozens, hundreds, and even thousands of reviews.
I chose assets, ran through the conditions, and chose the best rate – I got a profit. You can almost always find even more favorable conditions if you register in the loyalty program of a particular exchanger. Breaking through top sites for bonuses will help you save as much as possible at the right time.
Cons and pros
Cons of withdrawal through the exchanger:
- You can choose the current course.
- Have loyalty programs.
- Need to pay a double fee.
- The exchange rate does not always correspond to the market.
Is it worth converting coins to fiat currency?
If you urgently need to exchange litecoin to dollar, the question disappears by itself. In other cases, it does not hurt to evaluate the appropriateness of the conclusion. Do not forget that the deposit becomes thinner due to commissions and fees, and secondly, income taxes.
Unfortunately, they only work with top coins. Exotic coins cannot be withdrawn through them, or the rate will be too unprofitable due to low liquidity.