Cryptocurrency is the currency of new age. The currency is gaining the attention of the potential investors with good fortune possibilities in the future. Thus, it is no surprise that young generation is actively participating and investing it’s hard-earned money on the cryptocurrency. However, it is not acceptable for the payments of daily nature until now.
Thus, the problem arises as to how to convert your cryptocurrency into cash? Well, that’s not really very easy due to its fluctuating nature. But the process is easy for sure.
The conversation of cryptocurrency to cash can be bit expensive due to it’s lack of status as an acceptable form of payment. You ought to pay some tax on the profits from it.
There are two methods in general which are
- Through a broker
- Through an exchange
Some important tips to keep in mind while converting are as follows
- There will be exchange fees, taxation which is applied by the third party through which you are converting.
- The fees will increase with the no. of tokens to be converted.
- If you’re using broker method, then you should be aware that it would take a while probably one or two working days.
METHOD – 1
Through an exchange
This method mirrors the usual foreign currency exchange method.
In this method, you need to deposit your digital money on an exchange platform. There are several sites available such as WazirX, CoinDCX, CoinSwitch Kuber, Unocoin. Once you’re done, the only step left is to put in request to withdraw.
For the sake of demonstration, we’ll choose WazirX.
Step 1: Open the WazirX app and choose ‘Funds’ from the menu.
Step 2: Select INR from the drop-down menu to view your account transactions, deposits, and withdrawals.
Step 3: You’ll notice two options at the bottom of the screen: ‘Deposit’ and ‘Withdrawal.’
Step 4: Select the Withdrawal option, where you may input the amount, you wish to withdraw. Now type in the amount and hit the submit button.
Step 5: You will receive an email shortly requesting your approval for the withdrawal. The monies will be shown in your account immediately after you have validated.
Through a broker
This method allows you to have more secretive transaction. All you need to do is sign in yourself into a peer-to-peer exchange site and even set the location you want your buyer from. And it’s done, wait until you find a suitable buyer to sell your currency.