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How to Withdraw Cryptocurrency Legally and Safely?
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This article is not a direct offer, recommendation, or endorsement of any products, services, or companies mentioned. Blockgeeks.com does not provide investment, tax, legal, or accounting advice. Crypto is risky, do your own research, invest safe.
Guidelines for newbies from OWNR Wallet
One of the main questions cryptocurrency users face is the question of cashing out the crypto. Here are some pieces of advice about converting their coins to fiat.
Online exchanges
This is one of the most popular and fastest ways to cash out your coins. You complete a withdrawal application and receive a wallet number where you send crypto you want to exchange. You also provide a means of receiving fiat. Depending on the exchange, it could be a web payment service account or even a bank account. Exchange commissions usually vary from 4% to 7%, but keep in mind that you will also be charged for receiving funds.
It’s best to choose exchanges that have a lot of reviews and have been on the market for at least 2-3 years to avoid fraud.
Cryptocurrency exchanges
You need to have an account at one of them to be able to trade or exchange cryptocurrency. But not all exchanges have cash withdrawal options.
You need to consider is that big exchanges are custodial organizations, which means they keep all the transaction data. That’s why they become the most popular target of hack attacks. The majority of cryptocurrency that has been stolen comes from big exchanges. You should never use your exchange account for storing your funds, only for trading. Another big drawback is that it could take you months to get a verified account with a deposit with some of the major players.
Peer-to-Peer exchanges
P2P exchanges work in a way that is similar to a freelance platform. You either post your own offer or search for someone else’s and respond to it. When you agree to a deal, the platform locks the funds that participate in the deal until it’s done. Then both you and the other party confirm the reception of funds.
The disadvantage is that commissions are not stated directly, so they can be rather high. P2P platform cannot guarantee that the party you want to sell crypto to for their fiat is not using a stolen card. In fact, you might never know the source of their funds. If you want to use a P2P platform, pay attention at their successful deal rate and make sure the company is well-reputed, which means they are using some AML/KYC tools.
Crypto ATMs
Safe, quick, convenient, transparent, albeit not cheap. Commissions may come up to 25% of the deal. But you make the entire deal by yourself. It’s almost like withdrawing cash or exchanging your money for a local currency on a trip abroad. Provided that you have a crypto crypto ATM nearby. They are distributed very unevenly throughout the world. There are over 1000 in the NYC city district, but only 5 in Paris. So, if you have easy access to one and are in a big hurry, it is a viable option, else, you will lose a lot of funds.
Cryptocurrency ecosystems
Cryptocurrency ecosystems, such as, OWNR wallet, are like sustainable neighbourhoods, you don’t need to leave one to get access to everything you need for life. Within one system, you can have a non-custodial hot wallet, an built-in exchange for trading and levels upon levels of security and comfort which negate all the drawbacks of the previously described options.
OWNR supports all top Coinmarketcap coins and all Ethereum-based tokens. If you dread the hassle with calculating exchange commissions, you can order a Visa prepaid card and simply replenish it with cryptocurrency. All this can be done within the OWNR application at a transparent cost. The card issue expenses are not much different from a regular bank card. It’s delivered globally and you can immediately attach it to your Apple Pay.
Using the Visa prepaid card, you can withdraw cash anywhere, at any ATM machine. You can also pay with this card anywhere regular bank card payments are accepted, check your balance using the OWNR app on your phone, and replenish it instantly with cryptocurrency.
OWNR is fully legal and licensed so you don’t have to worry about the security of your deals or the source of the fiat funds. Look into fintech novelties that strive to provide comfortable, affordable, safe and legal!
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