Finance

How To Convert Cryptocurrency To Your Local Currency

Cryptocurrencies have been changing the way the world works for more than a decade, as individuals now have the ability to mine, make payments at local merchants, save safely or dabble in trading to multiply their money. In this guide, we will help you with a list of the best exchange platforms to convert Cryptocurrency into the local currency for cash, methods to keep it protected and useful exchange tips.

For many, the idea of earning or receiving money in the form of crypto assets presents a fantastic alternative, because cryptocurrencies have a global standard value that facilitates their trading without border limitations and is not victims of devaluations; beyond the fluctuation of the market.

However, the degree of misinformation that exists on how to convert cryptocurrencies to real Binance money is immeasurable; which generates insecurity and havoc among novice users. Therefore, we will now tell you which are the best platforms to buy or sell cryptocurrencies, tips to get better results, security methods and of course, how to convert your Bitcoins to your local currency. Alright, let’s get started!

Cryptocurrencies: How to convert them into real money?

With the globalisation of cryptocurrencies, they have become synonymous with money. However, the lack of acceptance in the services that most people use on a daily basis makes it necessary to convert crypto assets into legal tender. Although some countries have ATMs that convert Bitcoin into cash, most of the units are located in capitals or major cities, tend to have excessively high fees and only handle BTC.

For these reasons, using exchange platforms to buy, sell or trade cryptocurrencies is the best alternative, as it allows for higher profits, better return on investment, lower commissions and the possibility of exchanging almost any cryptocurrency on the market.

In general, the procedure for converting cryptocurrencies into dollars or other currencies is similar, as most platforms use P2P trading as their main source for trading. This system consists of the execution of transactions carried out between two interested parties, without an intermediary or third party, which streamlines the process of buying and selling assets. In turn, the various exchanges usually have similar elements such as:

  • Intuitive interfaces, designed to allow new users to adapt quickly.
  • Limitation for new users and no verification.
  • Unlockable levels for identity verification, days of registration, completed transactions, percentage of recommendation, among others.
  • Buying and selling commissions, which will vary depending on the chosen exchange.

In short, the best way to convert our cryptocurrencies to the legal tender of our country is by selling them on an exchange, as this is where we will obtain the best results. The main specialised platforms handle the current value of cryptocurrencies within the market, so we will not suffer from market drops or derisory prices, however, it is strictly necessary to know what are the commissions that handle the different pages; because they tend to vary considerably from one to another.

Best platforms to buy and sell cryptocurrencies

Best platforms to buy and sell cryptocurrencies

There are as many platforms to buy or sell cryptocurrencies as there are altcoins in the cryptomobile world; some have a global reach and others are local alternatives. The wide variety of options generates a competitive, active and dynamic ecosystem; however, among so many available alternatives, it is difficult to choose the one that best suits our needs. To help you in the process of choice, we bring you a list of the six most used platforms in the world to convert cryptocurrencies to dollars, euros and other legal tenders:

1. AirTM

This platform is one of the most widely used because of the variety of services it offers, such as e-wallets, currency storage, asset exchange or P2P trading. In fact, one of the most valued features of AirTM by users is the possibility of converting fiat money into cryptocurrencies or digital currencies; as well as selling the assets and transferring the money to our bank accounts.

Like most exchange platforms, AirTM does not make the exchanges; rather, it offers a P2P service for people to connect and transact without the need for a third party. Thanks to its vast network of users, it is possible to find almost any legal currency you are looking for.

Commission

AirTM maintains a flat fee of $0.40 USD for withdrawals and account funding.

Key Benefits

  • Available in over 163 countries.
  • Accepts the following cryptocurrencies: BTC, ETH, USDT, BCH, DOGE, LTC, XRP, ZEC and XMR.
  • Supports PayPal, Neteller, Skrill, Payza, Payoneer, Payeer, UpHold, Alipay, AdvCash, Tenpay and Perfect Money wire transfers.

2. Binance

In recent years, Binance has become the platform with the highest volume of transactions in the world, due to its low fees and the wide variety of currencies it handles. Although its main objective is to provide a structure for a dynamic P2P market, it is best known for providing its users with a space to trade while storing their cryptocurrencies.

On the other hand, Binance is one of the few platforms that offer services that go beyond trading; because it has options such as:

  • Academy: Where you will find tutorials to increase your knowledge about blockchain technology and cryptocurrencies.
  • Exchange: To carry out transactions with cryptocurrencies.
  • BFC: A space dedicated to showcasing the charitable actions carried out by the Binance Foundation and where users can make donations.
  • Info: All relevant information for trading such as real-time prices, traded volumes and exchange rate percentages.
  • Launchpad: Space where users can publish their own tokens.
  • Trust wallet: The official Binance wallet.

Commission

Binance is commission-free in P2P trading.

Main benefits

  • The buying and selling of currencies are determined by the real market value.
  • The platform allows its users to trade more than 120 cryptocurrencies in real-time.
  • Available on iOS, Android, Mac and Windows.
  • The platform is available in more than 15 languages.

3. Kraken

Kraken is possibly the oldest exchange platform still in operation, which is why it has such a large network of subscribers. Like Binance, it offers multiple options so that its users can perform all the operations they need without leaving the website; therefore, it has a wallet, P2P trading and the option to trade.

Commission

Kraven maintains a fixed commission rate of 0.26% for any transaction.

Main benefits

  • Cryptocurrency withdrawals can be made directly to registered bank accounts, as long as they handle fiat currencies such as USD, EUR or GBP.
  • All services in one place: exchange, e-wallet and trading.

4. Bit2Me

Bit2Me’s platform has many similarities with AirTM; due to the fact that both can exchange cryptocurrencies through P2P trading, although its main focus is on the cryptocurrency market. Being a company registered in Spain, it requires official identity documents from its users in order to provide a service free of identity theft.

Commission

Bit2Me is commission-free in P2P trading.

Main benefits

  • Platform specialised in cryptocurrencies with a Spanish origin seal.
  • It has Hal Cash, a system that finds ATMs compatible with the platform for cash withdrawals.

5. LocalBitcoins

LocalBitcoins is the best-known cryptocurrency platform worldwide, due to the security it offers its users and the many recommendations it receives from them.

Commission

LocalBitcoins maintains a fixed commission rate of 1% for any type of transaction.

Main benefits

  • It is the platform with the most registered users worldwide.
  • It handles the main fiat currencies such as USD, EUR and GBP.

6. ATMs

ATMs have revolutionised the world of cryptocurrencies, thanks to the ease with which users can enter their data and withdraw cash. Some ATMs also have the ability to perform bi-directional transactions, so you can exchange BTC to fiat money and buy cryptocurrencies using cash or credit card. Most ATMs work using the BTC token, although some support other popular cryptocurrencies such as ETH, USDT or LTC.

Fee

The final fee will vary according to the country in which the ATM unit is located; however, all ATMs maintain a flat fee of between 8-10%.

Main benefits

  • Exchanging Bitcoins for instant cash couldn’t be easier.
  • They are available in most countries around the world.

Security methods: How to protect our crypto assets

Blockchain technology is one of the most secure technologies in the world, due to the network of decentralised and encrypted protocols on which it is based. However, while most users go with the mission of making good-faith exchanges, others go with the intention of defrauding or embezzling the balance of their wallets. To avoid falling victim and protect your cryptocurrencies, implement the following security methods:

1. Paper wallet

The main disadvantage of cryptocurrencies is that they are online, so they can be subject to cyber-attacks. For this reason, many users choose to keep their cryptocurrencies offline by using paper wallets; which are sheets of paper containing the private keys that allow access to the assets. However, these benefits have their downsides: not all wallets support receiving cryptocurrencies from offline wallets and the process to convert them into real money is a bit more extensive.

2. Cold wallet

Cold wallets are external storage devices specifically designed to store cryptocurrencies securely; they are kept away from the dangers of the network. But, like paper wallets, cold wallets require more steps in the process of converting cryptocurrencies to fiat money, as they require special software to be installed to extract the assets and transfer them to the platforms that allow them to be traded. This means that the more protected the cryptocurrencies are, the more complicated it will be to convert them into real money.

3. Foreign exchange market

Exchanges are digital money exchange platforms, where any individual can buy or sell cryptocurrencies using other assets or fiat money. Most of these transactions are carried out under P2P trading, i.e. directly between two users without intermediaries. This situation has led many fraudsters to choose exchanges to carry out their schemes; receiving the assets of inexperienced users and disappearing without a trace.

To avoid this misfortune, it is necessary to carefully analyse the trader’s reputation, especially his completion rate, the ratings of other users and his certification by the platform.

4. Exchange rate

There will be occasions where for various reasons we will not be certain that the transactions made will go through normally; as this is the main drawback of P2P trading. For this reason, many veteran traders advise splitting the transaction into parts; in this way we can buy or sell fractionally and thus protect our money. On the downside, we will find ourselves subtracting a higher commission rate, but we can be sure that if something goes wrong, we won’t lose all our money.

Tips and tricks for converting cryptocurrencies to dollars

Tips and tricks for converting cryptocurrencies to dollars

In short, trading cryptocurrencies can be very simple once you have chosen one of the various platforms out there and made a couple of transactions. However, the crypto-ecosystem is so vast and varied that it is worth approaching it with as much information as possible. For this reason, we will provide you with some tips and tricks with which you can maximise the experience of converting your cryptocurrencies into your local currency:

Trading short positions: In the trading world, the action of selling cryptocurrencies at times when they are fluctuating is known as “opening short positions”, which allows you to generate income through a fall in the price of an asset. To make the most of this type of business, it is ideal to trade with registered brokers such as 24Option or eToro; as they are known to be stable, secure and reliable.

Analyse the market: Since its inception, the cryptocurrency market has been in constant fluctuation, so learning to recognise up and down points can be a skill that takes time to develop. However, in recent weeks, cryptocurrencies such as Bitcoin, Dogecoin and Shiba Inu have fluctuated so wildly that even experienced traders have been taken by surprise. To avoid falling victim to fluctuations, it is necessary to stay ahead of the curve by following influencers, top traders or Reddit forums where people comment on the best moves to make.

As we have seen, there are many alternatives available for converting cryptocurrencies to dollars and other legal tenders, all without the need for major financial procedures and from the comfort of our electronic devices. Although we have presented eight exchange platforms, there are many more in the crypto-ecosystem, so we advise you to analyse which one best suits your needs, in order to get the most out of each transaction.

On the other hand, it is essential that every time you make a financial transaction such as exchanging cryptocurrencies to dollars, buying assets using fiat money, making payments in establishments or buying cryptocurrencies by paying with other tokens, you follow the security methods.

Although blockchain technology is one of the most secure technologies available, it is necessary to be cautious when engaging in P2P trading, as on some platforms we can find scammers offering offers that are very attractive to the eyes of a novice. For this reason, it is best to be cautious in order to enjoy the benefits of using cryptocurrencies magnificently.

Now that you know how to convert your Bitcoins to your local currency, which platform will you use?

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