Have you received crypto as a reward (e.g. from writing a review on dining.gifts or using the Brave browser) or received a gift from a family member in crypto or have invested in crypto before and want to cash it out now? Then you should know ways to cash it out.
In this article, I will talk about the crypto exchange Binance. Binance supports 70 national currencies and is a great option to cash out your crypto almost anywhere in the world.
Tutorial Outline:
1) Check if Binance has a withdrawal method for your currency
2) Exchange your crypto to your local currency
3) Withdraw fiat
By the way, if you want to register on Binance, with this referral link, you get a 10% discount on every trade commission: https://accounts.binance.com/en/register?ref=L0JWBNMS (or code L0JWBNMS)
1. Check what withdrawal methods are accepted for your currency
In Binance, the first thing is to check what withdrawal methods are accepted for your currency
Go to Wallet-> choose Fiat and Spot
Choose Withdraw
Choose Withdraw Fiat
Select Your Currency
You will see different withdrawal methods for different currencies. For example, you can withdraw USD via wire transfer (SWIFT) with a fixed fee of 15USD. For other currencies, you can withdraw it to your Visa/Mastercard.
2. Exchange Your Crypto to Your Local Currency
Once you checked that your fiat currency is supported on Binance, and you are happy with the withdrawal method, you will need to convert your cryptocurrency to the fiat currency.
In Binance, Go to Trade -> Spot -> find your pair: your cryptocurrency – your fiat currency (e.g. BTC/EUR). Sometimes there is no direct pair so what you can do is convert your crypto to BUSD (stable coin) and then convert BUSD to your fiat currency. For example, if you want to swap HIVE to UAH, you can convert HIVE to BUSDand then convert BUSD to UAH.
If you want to withdraw USD, there is no USD for trading on Binance, so you will need to convert your crypto to BUSD instead. When you withdraw fiat, Binance will automatically match your BUSD to USD in the ratio of 1:1. For further details on how to withdraw USD from Binance learn here.
3. Withdraw fiat
After you have converted your cryptocurrency to the fiat currency you chose on Binance. Go to your wallet on Binance again -> Withdraw fiat -> Select the fiat currency and then:
Fill in the amount you want to withdraw
Select withdrawal method (e.g. bank card, bank transfer)
Fill in the necessary details
Confirm the transaction (Binance will send you email/phone authentication code)
And that’s it
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