July 13, 2020 | Uncategorized | No Comments
If you need money, you can use långuiden or, if you have spare of Bitcoin, you can opt to cash it out. The thing is, cashing out your Bitcoin or any other cryptocurrency isn’t a straightforward process as when you are trying to buy them. If you are firm with your decision of selling your Bitcoins online, then you may either chose to do direct trading, do a P2P transaction or do it through an exchange. For the purpose of this article, we will be focusing on the latter part.
Is it Good to do Exchange to get Money for Your Bitcoins?
While there are negative connotations among people for exchange, it is actually a one-stop solution with regards to trading Bitcoins. In such case when selling cryptocurrency, exchange acts as the middleperson that’s holding the funds of both the buyer and seller.
For this one, you have to setup an account with your preferred exchange. The majority of leading and trustworthy exchanges are requiring identification as well as a connected bank account. This way, you’ll have the means of withdrawing your funds. Then once done, you simply need to place a “sell offer” which states the currency you want to trade, asking price per unit and also, its amount. The exchange will be completed automatically as soon as someone matched your offer.
Once the funds are successfully credited to your account, the next thing that you have to do is withdraw them to the bank account you linked during the setup process. Sometimes, this may take a lot of time, particularly if the exchange is having some issues with its banks or perhaps, when facing problems with liquidity. In addition to that, there are banks that simply refuse outright in processing the transaction with funds acquired through crypto trading.
How much the Fee for Carrying out an Exchange Transaction?
Additionally, it is important to consider the fee you have to pay to use the exchange’s platform. To give you an example, there are exchange platforms that have a flat fee rate of 50 dollars for every withdrawal through bank transfer. The fees of withdrawal may drastically vary which depends on the exchange.
Lastly, it is necessary to take into account that despite having wallet services, these exchanges are not entirely reliable and secure in storing your funds. Some may be vulnerable to hacks and there have been times to which an exchange shut down and run away with the funds of the users. So you have to be extra careful in choosing the exchange platform.