How to correctly exchange cryptocurrency for roubles. Step-by-step instructions
There are several ways to legally and safely withdraw digital assets, e.g. bitcoin. We explain the whole process in detail
There are many options for withdrawing cryptocurrency and exchanging it for fiat money. This can be done through exchangers, directly from exchanges, for cash in person and other ways. We tell you in detail about each of them, about possible risks and commissions and explain if and how to pay taxes.
The most popular way to withdraw cryptocurrency is through exchangers. Special services allow you to sell cryptocurrency and then send the money to a bank card, a payment system like PayPal and others.
Step by step, it looks like this:
an exchanger is selected;
you specify the cryptocurrency and the amount to be withdrawn;
in return, the exchanger specifies the amount you want to receive, in rubles for example, and the address you want to send the coins to;
user transfers coins to the specified address. In some cases after that, the exchanger's website needs to click on the "paid" button. If this is not done, the money will not be transferred;
when the cryptocurrency arrives at the exchanger's address, its employees will process the transaction and transfer the funds to the user's account.
Important: When using an exchanger, you have to transfer exactly the amount of coins that was agreed upon in the transaction. Otherwise, you might lose money because the service does not recognize the transfer
Usually the process takes about 10-15 minutes, sometimes faster. If it took longer, it is worth contacting the technical support service and find out what caused the delay. There are various reasons for the delay. For example:
The delay may be due to the congestion of the cryptocurrency network, in such cases the transactions are confirmed slowly;
In case of a data error while filling out the application, the cryptocurrency is likely to be irretrievably lost.
Fees average between 1% and 10%, in rare cases much higher. The fees depend on:
on the cryptocurrency the user withdraws;
its inventory at the service;
ways of withdrawal and other factors.
In addition to the fees of the exchanger itself, part of the fees will fall on external payment systems such as Yandex.money. Then there will be a fee for withdrawal to a bank card. This has to be taken into account.
There are special aggregators that help users in selecting exchangers. On such services you can filter services by withdrawal method, by prices, by customer reviews and other parameters.
It is important to remember that there is always a risk of running into fraudsters. This can be a phishing site, copying the interface of a real site, or an exchanger, which was originally created with the purpose of deception. Therefore, when using an unfamiliar service, you should be careful and preferably try with a small amount. However, you should also consider the fact that criminals may miss a small transaction and freeze a large one.
Another popular way to buy and sell cryptocurrency is through exchanges. Many exchanges now have a direct bank card withdrawal feature. This is convenient and most often safe, but fees can be higher than those of exchanges.
When cashing out cryptocurrency, the exchanger transfers the funds to a third-party service, which then transfers the money to the user. In this case, the user pays a double commission, which can total up to 4-5%. You should always check the withdrawal terms before taking any action.
When withdrawing cryptocurrency, be aware of the risk that the exchange rate may drop drastically. For example, on June 22, bitcoin fell below $29k for the first time since January of this year. It is safer to withdraw funds in Stablecoin, which are cryptocurrencies whose exchange rate is pegged to the dollar, for example. The best known of these is the Tether USDT token.
To prevent losses due to a sharp drop in the exchange rate, there is a freeze feature. Some services allow you to temporarily freeze the price at which the cryptocurrency will be sold. Typically, for 15 minutes. However, additional fees may be charged for this option.
Cryptocurrency can also be cashed out using cryptomats, which are analogous to ATMs. Each of them has its own digital address. The user can transfer funds to it and thus cash out bitcoin and several other popular coins.
However, cryptomats have their drawbacks:
High fees, often exceeding 5%;
Low prevalence. According to cryptocoinmap.ru, there are only 7 in Moscow;
The risk of using a fraudulent device.
Another risky way to exchange cryptocurrency is a cash transaction. For example, transfer digital assets when you meet and receive money. It is important that such transactions can only be done with people you know well and trust. Otherwise, there is a risk of not only losing money but also putting your life at risk.
There are many ways to get cheated. Partner