For the investor, the problem of converting cryptocurrency to fiat money is a very important task. What is the point of making money on asset trading if it cannot be converted to pounds or dollars? However, not all trading platforms are allowed to withdraw cryptocurrency to bank account. But this problem is solved with the right choice of a business partner.
The principle of operation of most cryptocurrency exchanges is to exchange one coin for another. That is, they allow you to start a wallet, where the transfer of a third-person coin comes. And already with this wallet, the investor can make various transactions - change Bitcoins to ethereum, Ripple to Monero, and so on. But when the investor decides to get pounds or dollars again, he will have to look for an intermediary.
It is he who will withdraw cryptocurrency to a bank account or credit card. The reason for this complexity is that not all Central Banks have passed the relevant laws. Therefore, credit organizations are afraid to cooperate with new trading platforms. Moreover, in some countries, there is a direct ban on the provision of crypto financial services exchanges. This is the way India went, which caused many problems. Attempts by businessmen to achieve justice through the courts have not yet been crowned with success.
However, the British are much easier to act in this regard. Here the laws are more tied to common sense. Therefore, they have no question about whether you can withdraw cryptocurrency and how this action complies with the law. It is more important to find a way to make the procedure quick, convenient and safe.
There are several important rules that allow you to safely carry out transactions with cryptocurrency. The most convenient situation is when your broker has found ways to make payments.
For this usually applies:
Usually, such a set is enough. The client simply needs to choose the most convenient and profitable way to transfer payments. However, it is worth remembering that some financial institutions may require additional documentation. This is done to improve transaction security. Therefore, if an investor trades on a registered account, then it is better to immediately indicate your real details.
If the broker does not provide withdrawal services, then you can use third-party services. But for this, you have to transfer the cryptocurrency to the buyer's wallet, and only then get the money. Such a scheme attracts fraudsters, so you have to be extremely careful. Do not trust companies without reputation, and you need to carefully check every character.
Since transactions on the blockchain are irrevocable, transferring funds with erroneous data can lead to serious losses. Therefore, exchangers have created their own system for converting bitcoins and altcoins into fiat money.
They create special deposit accounts where one of the parties transfers their money. As soon as the funds of the second participant of the transaction appear on the account, this amount passes to the legal owner. However, you should be careful when choosing a business partner. It is worth remembering that the best cryptocurrency wallet to withdraw money from has a sufficient number of reviews and recommendations.
It is impossible to say that transferring cryptocurrency to Fiat is a difficult task. But experienced investors recommend carefully studying all the conditions of cooperation so that the procedure is easy and painless.