Cryptocurrency are made to be used as a general medium of exchange for purchasing goods or services and have their store values. You should always be aware of the tax consequences of selling any asset. If you book a capital gain, you may owe a lot, and the tax rate will depend, among other things, on the holding period. If you sell at a loss, then you may be able to claim a write-off. However, if you anticipate a crypto rebound, staying put and waiting out the downturn might be preferable. The following are five different ways you can cash out your crypto. The fiat onramp, futures and margin trading exchange, passive income services, and many more are among the impressive suite of crypto services it has developed.
5 Ways to Cash out Your Crypto Coins
Following are the 5 ways to cash out crypto:
1. Use a centralized exchange to sell cryptocurrency
This is basically one of the easy ways to cash out your cryptocurrencies, such as USTC crypto or SHIB price. The “buy / sell” button on KuCoin is simple to use; you can select the cryptocurrency you want to sell and the amount. You will quickly convert cryptocurrency into cash, which will show you in your cash balance. If you want, you can move the money to your bank account there from there. Even though selling cryptocurrency on KuCoin is a popular option, if you don’t own the coins, it’s best to use the exchange that holds them. Binance, FTX, and Kraken are some other options.
2. Sell crypto through your broker
If a broker holds your crypto coins, work with that broker. For instance, if you are a customer of KuCoin which offer extensive crypto trading, it will be easiest for you to carry out a trade on their platform, and be can be done with it.
You will be ready to trade once more with the cash in your account after the trade is completed.
3. Opt for a peer-to-peer trade
You also have the option of a direct trade, in which you sell your cryptocurrency to another person directly rather than through a third party. An online peer-to-peer platform that lets sellers find the best offers through an exchange is the most common method; however, if necessary, it is possible to do so in person.
With a web based distributed exchange, you can sell cryptographic money online in return for dollars. KuCoin runs a well-known online peer-to-peer platform called P2P, which escrows your crypto after agreeing to a trade. An exchange frequently facilitates these transactions. KuCoin will officially release the crypto to the buyer on a certain platform once you verify that you have received the funds from the buyer by checking the transaction record in the payment account.
4. Cash out at crypto ATM
According to the California-based crypto ATM Company Hermes Bitcoin, cashing out at an ATM is the same as selling crypto. Using crypto, you can immediately access cash at ATMs. Crypto ATMs operate differently from conventional ATMs. To make a money withdrawal and sell your crypto from the ATM, the machine gives a QR code to which you send your crypto. You only have to wait for a few minutes before you get your money.
5. Trading one cryptocurrency for another and then cashing out
You can get your money by trading one cryptocurrency for another and then cashing out. Some exchanges don’t let you buy or sell some cryptos in dollars, so you’ll have to basically find a different way to get your money. Before finally converting to dollars, you may need to transfer or convert your cryptocurrency to another popular currency, such as Tether, depending on the exchange you use.
Conclusion
Traders can sell their cryptocurrency in a variety of ways. Popular cryptocurrency exchanges are always a good bet because they are dependable and well-known. Online platforms with peer-to-peer selling may also make it possible to pay in various ways. You can get quick access to your cryptocurrency for a significantly higher commission by using a Bitcoin ATM, which is more convenient. Surely all these options are accessible and comfortable.
