How do I legally and safely withdraw cryptocurrency? What are the instructions for a beginner?

There are at least six ways to exchange bitcoin for traditional money. We will tell you how to do it cheaper, whether you have to pay taxes, and in which case the bank can block your card

There are many options for withdrawing cryptocurrency and exchanging it for fiat money. This can be done using exchangers, directly from exchanges, for cash in person, and in other ways. We tell you in detail about exchangers, about the possible risks and commissions, and explain whether you need to pay taxes and how to do it.

Exchangers

Exchangers are the most popular way to withdraw digital coins. These are special services that allow you to sell cryptocurrency for fiat money, and then send it to a bank card, payment system like bitcoin to euro, and others.

Cryptocurrency cashing is done as follows:

the user chooses the exchanger;

indicates which cryptocurrency and how much he wants to withdraw;

in response, the exchanger determines the amount received, for example, in rubles, and also indicates the address to which the coins should be sent;

the user transfers coins to the specified address. In some cases, after that, on the exchanger's website, you must click the "paid" button. If you do not, the money will not be transferred;

when the cryptocurrency arrives at the address of the exchanger, its employees will process the transaction and transfer funds to the user's account.

Important! When using an exchanger, you need to transfer exactly the number of coins that were negotiated in the transaction. Otherwise, the service will not see the transaction and funds may be lost.

Usually, the process takes about 10-15 minutes, sometimes faster. If more time has passed, write to the technical support of the service and find out what is the reason for the delay. It can happen due to the congestion of the cryptocurrency network, in such cases, transactions are confirmed slowly. Or you could have made a mistake in the data when filling out the application. In this case, the cryptocurrency is likely to be irretrievably lost. Therefore, check the details very carefully.

Exchangers charge commissions for their services. Their value can vary from 1% to 10%, in rare cases - significantly exceed this value. The amount of fees depends on the cryptocurrency that the user withdraws, on its stock at the service, on withdrawal methods, and other factors.

When withdrawing funds, you should also take into account the internal fees of payment systems. For example, you will give 1-2% to the exchanger for a transfer to Yandex. Money. And then you also need to pay the payment system for transferring funds, say, to a bank card. For this reason, sometimes it is better to withdraw directly to a credit card, even if this is not the most advantageous offer.

Special aggregators will help you choose the exchanger with the best rate. On these, you can filter services by withdrawal methods, prices, user reviews, and other parameters.