How to withdraw crypto to bank account

Many beginners wonder how to withdraw cryptocurrency to a bank account and if it is easy to do.

Everything is simpler than it might seem at first because there are numerous ways to withdraw cryptocurrency to a bank account.

You can use cryptocurrency exchanges, crypto exchangers, P2P services, e-wallets, and even crypto ATMs.

This comprehensive guide will explore each of these methods in detail, discussing their advantages, disadvantages, and the steps involved in using them.

Main ways to withdraw Cryptocurrency

Withdrawing your cryptocurrency to a bank account or a card can be done using several methods. Some of the most popular options include:

  • Crypto exchanges
  • Crypto exchangers
  • Peer-to-peer (P2P) exchange services
  • E-wallets
  • Crypto ATMs

Each method has its own pros and cons, with some being more secure or user-friendly than others.

In this guide, we will delve deeper into each option to help you find the best way to withdraw your cryptocurrency.

How to withdraw cryptocurrency from WhiteBIT?

WhiteBIT is a popular centralized cryptocurrency exchange that allows users to withdraw their crypto assets directly to their bank cards. Here is a step-by-step guide on how to withdraw your cryptocurrency from WhiteBIT:

  1. Register and verify your identity.
  2. Enable two-factor authentication for added security.
  3. Sell your cryptocurrency for fiat (e.g., USD or EUR) using either the Spot trading page or the Quick exchange feature.
  4. Transfer the fiat amount to your Main Balance.
  5. Withdraw the funds to your bank card using the available payment options.

Remember to check the fees for withdrawing fiat currencies through different payment systems on the WhiteBIT fees page.

Open WhiteBIT’s Crypto Wallet

Trying the P2P exchange services

Peer-to-peer (P2P) exchange services are a decentralized alternative to centralized exchanges like WhiteBIT.

They offer users more control over their digital assets and typically have lower fees. Some popular P2P exchange platforms include Bitcoin Global and LocalBitcoins.

To withdraw your cryptocurrency from a P2P platform, follow these steps:

  1. Register and create an account on the platform.
  2. Find an offer to sell your cryptocurrency for fiat currency.
  3. Complete the transaction with the buyer.
  4. Receive the fiat currency in your wallet or bank account.

Keep in mind that P2P platforms may have different levels of security and regulations, so always choose a reputable platform and take necessary precautions.

Try WhiteBIT’s P2P Service

How to cash out crypto through ATMs

Crypto ATMs are a quick and easy way to convert your cryptocurrency into cash.

These machines can be found in various locations worldwide and allow you to withdraw cash or transfer funds to your bank account. To use a crypto ATM, follow these steps:

  1. Find a crypto ATM near you using a service like Coin ATM Radar.
  2. Scan the QR code displayed on the ATM screen.
  3. Transfer your cryptocurrency to the provided address.
  4. Receive cash or a bank transfer.

Keep in mind that crypto ATMs usually charge higher fees than other methods, so consider the costs before using this option.

Spend your Crypto with a debit card

Special cryptocurrency debit cards allow you to spend your crypto just like fiat currency.

These cards instantly convert your cryptocurrency into your chosen fiat currency at the point of sale. Some popular cryptocurrency debit cards include the Coinbase Card and the Crypto.com Visa Card.

Features of these cards typically include:

  • Support for multiple cryptocurrencies.
  • Instant conversion to fiat currency.
  • Regular debit card advantages, such as ATM withdrawals and purchases.
  • Mobile app for account management.
  • Security features to protect against fraud.

Before using a cryptocurrency debit card, ensure that it is legal and accepted in your country.

Using e-wallets for cryptocurrency withdrawal

E-wallets are another popular option for withdrawing cryptocurrency to a bank account.

Many e-wallets support multiple cryptocurrencies and offer built-in exchange services, allowing you to convert your digital assets to fiat currency before transferring the funds to your bank account.

Some popular e-wallet options include Skrill, Neteller, and PayPal.

To withdraw cryptocurrency using an e-wallet, follow these steps:

  1. Create and verify an account with a supported e-wallet service.
  2. Link your bank account or debit card to the e-wallet.
  3. Transfer your cryptocurrency to the e-wallet.
  4. Convert your cryptocurrency to fiat currency using the e-wallet’s built-in exchange service.
  5. Withdraw the fiat currency to your bank account or debit card.

Note that each e-wallet service may have different fees and processing times, so always review the terms and conditions before using this option.

Crypto Exchangers: Quick and Easy Crypto-to-Fiat Conversion

Crypto exchangers offer a fast and simple way to convert your cryptocurrency into fiat currency. These platforms typically focus on providing the best exchange rates and instant transactions, making them an attractive option for users looking to cash out their digital assets. Some popular crypto exchangers include ChangeNOW, Changelly, and Shapeshift.

To use a crypto exchanger, follow these steps:

  1. Choose a reputable crypto exchanger platform.
  2. Provide the destination wallet address for your fiat currency (e.g., your bank account or debit card).
  3. Send your cryptocurrency to the provided address.
  4. Receive your fiat currency in the designated wallet or bank account.

Crypto exchangers can be useful for quick conversions, but always check the platform’s fees, security measures, and customer support before proceeding.

Legal and Tax Considerations

When withdrawing cryptocurrency to a bank account, it is crucial to be aware of the legal and tax implications. Different countries have varying regulations regarding cryptocurrency usage, and tax obligations may apply when converting digital assets to fiat currency. Always consult with a legal or tax professional to ensure compliance with local laws and regulations.

Conclusion

Withdrawing cryptocurrency to a bank account is relatively straightforward, thanks to the variety of methods available. Whether you choose to use a cryptocurrency exchange, a P2P platform, an e-wallet, a crypto ATM, or a debit card, understanding the advantages and drawbacks of each option can help you make the best decision. Always consider factors like security, fees, and legal implications when choosing a method to withdraw your digital assets. With the right approach, you can enjoy the benefits of your cryptocurrency investments while minimizing potential risks.

Open WhiteBIT’s Crypto Wallet