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In the Cryptocurrency market, you will find a lot of firms, which will assist you to convert your Crypto to cash. Or you can do the opposite by converting fiats to Cryptocurrencies. But, these firms charge you a definite amount of fine for this service. For an alternative to this system, you can opt for e-banks or neobanks. To effectively trade Bitcoin, you may use a reliable trading platform like bitcoin billionaire
These banks are available in the digital space only! You can create your credit and debit accounts. These are offering cheaper services than conventional banks or firms. Most of these banks have their versions and this is the new standard system, which can be said as the “sell-to-card” one.
With these systems, you can convert your Cryptocurrencies to fiats. And the entire amount will be transferred to the account linked with your card.
How Do These Bank Cards Work?
To access these Bank cards, you need to create an account. This process is quite easy and you need to go through around 4 steps. These are:
Log In To Your Account:
The first step in this process will be logging in to your account service. You will have to verify your KYC and after that, you can avail personal card account.
Attach Crypto Wallets:
When the card supports Cryptocurrency, attach your Crypto wallet to the account. Then, you will have to select the Cryptocurrency you are ready to sell for fiats. Select the fiat you want to proceed with and then confirm.
Select Where Your Fund Goes:
You can choose the option where your money will go. You can either keep it in digital wallets. But in most cases, the system asks you to select a fiat account card.
Correct Transaction Details:
Before finalizing everything, make sure to double-check all the details and verify your selections. When the transactions take place, you will get a notification for the same.
Alternative Methods In The Market
If you are wondering whether there are other methods available in the market, the answer is obviously yes. You will find different competitors in the market and each of these systems comes with its merits and demerits.
Like, with Neobank, this can buy a Crypto and it supports traditional credit and debit cards. This will be the case till your card is existing under the 3D secure network. In the 3D system, you do not need to deposit any amount before buying a digital currency.
You can purchase within a moment and transactions will take place from the card account. This process is almost similar to other transactions.
If you want to try an additional Cryptocurrency exchange with cheap fees, Black Cat Card can be a good option. Or, you can select some other exchanges of similar categories.
Why Convert Crypto To Cash In This Method?
This new way of converting your digital currencies to cash can prove to be better than prior methods of Cryptocurrency transactions. These e-banks use systems that are more efficient than earlier systems. The points that make it better than other systems are:
Liquidity:
Though Cryptocurrency is a great investment option, it lacks liquidity. With the bank card, you can use Crypto anywhere, making it pretty liquid.
Speed And Convenient To Use:
The earlier ways were a bit time-consuming and complex as well. With this new version, you can skip many steps and carry out the transactions.
Your Funds Are Safe:
The bank cards ensure the safety of your funds and you will get improved security features. But, how secure the entire system is, will be worth watching in the coming times.
Customer Service:
This is the aspect that the previous exchanges or Crypto firms lack. They do not have good customer service, but you can expect them in these new e-backs.Conclusion
These new options in the market called e-banks are changing how you can convert digital currencies to cash. Or, you can have Crypto for cash without any delay. These will give you speedy transactions and your funds are safe with these neobanks.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency trading involves high risk, and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite. TaxGuru does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. By the use of the above information, you agree that Author / TaxGuru is not responsible or liable in any manner for the authenticity, accuracy, completeness, errors or any kind of omissions in this piece of information for any action taken thereof.
