How to Withdraw Crypto | 6 Ways to Cash Out Crypto (2024)

With the growth of crypto adoption, more and more people are using crypto for daily activities. Therefore, understanding how to withdraw crypto is crucial.

The good thing is, withdrawing crypto is easier now than ever—thanks to the rise of crypto cards, crypto automated teller machines (ATMs), and platforms that allow users to convert crypto to cash easily.

Let’s discuss different ways of withdrawing crypto to help you determine which method is the best option for your needs.

6 Different Ways of Withdrawing Crypto

The most common ways of cashing out crypto involve using:

1. Crypto Payment Platforms

Aside from allowing you to send crypto payments quickly, some crypto payment platforms also enable you to withdraw funds using an international bank account number (IBAN). All you need to do is convert your cryptocurrencies to cash (e.g., euros), connect your IBAN to the platform, and withdraw.

2. Peer-to-Peer (P2P) Trading

Withdrawing crypto through P2P trading involves selling your crypto directly to another individual. This method offers flexibility, as you can potentially arrange the sale in any format you and the buyer agree on.

To get started, find a platform that enables P2P trading. Then, create a sell offer, connect with a buyer, discuss your terms and mode of payment, ask the buyer to send you cash, and complete the transaction by transferring crypto to them.

3. Crypto Exchanges

Crypto exchanges are known for crypto trading, but you can also use them to convert, store, and withdraw crypto. To withdraw, you need to sell your crypto for cash, and then transfer the funds to your bank account. Some exchanges also have the option to send the money directly to digital wallets, such as Apple Pay, PayPal, or other apps like Cash App.

4. Crypto Debit Cards

Some crypto companies offer debit cards that automatically swap crypto for cash when used for purchases or withdrawals. It works like traditional debit cards, but instead of drawing from a bank account, it draws funds from your crypto balance. You can withdraw funds using a crypto ATM.

5. Crypto ATMs

You can withdraw crypto using an ATM by either connecting your wallet address to the machine (typically through a QR code) or, as mentioned, using a crypto debit card.

The machine will ask you to choose which cryptocurrency to withdraw, enter the withdrawal amount, and confirm the transaction.

6. Over-the-Counter (OTC) Trading

OTC trading allows you to withdraw crypto by selling it directly to a buyer, usually a high-volume trader or an institution. OTC trading is great for large transactions because they avoid slippage, which is the change in a cryptocurrency's price due to large orders. OTC trades are often done through a broker.

To withdraw crypto through OTC trading, you must find a broker, set up an OTC trading account, place a sell order, receive a quote, confirm the trade and transaction, and then receive your payment.

How to Withdraw Crypto to Your Bank Account

The exact process of withdrawing crypto to your bank account may vary depending on the platform you will use. If you're using Ka.app, here's a step-by-step guide.

a. First, you must convert your crypto to cash.

1. Log in to Ka.app.
2. Go to the home screen, and look for the crypto you want to convert. Let’s use KASTA as an example.
3. Tap the swap icon.
4. Choose Euro (EUR). We want to convert the crypto to EUR so you can easily transfer it to your bank account.
5. Enter the amount of crypto you want to convert to EUR.
6. Confirm the conversion.

b. Withdraw your cash via IBAN.

1. Go back to the home screen, and tap EUR.
2. Tap the withdraw icon.
3. Enter your bank info: name, IBAN, bank code, and reference code (optional).
4. Enter the amount you want to withdraw.
5. Confirm the withdrawal by entering your passcode.
6. Wait for the money to arrive in your bank account.

Final Thoughts

Whether you want to cash out profits, pay bills with crypto, or use crypto for shopping, withdrawing crypto allows you to enjoy your assets in a tangible way.

And when it comes to learning how to withdraw crypto, your security should be a top priority. Remember to double-check your transaction details, secure your passwords, be aware of phishing scams, and use reliable platforms that prioritize safety and security.

If you’re a Bitcoin holder, read how to cash out Bitcoin easily.

FAQ

Can I withdraw crypto directly to my bank?

Yes. Many crypto platforms allow you to withdraw crypto and transfer them directly to your bank account. Turnaround times, transaction fees, and the entire process may vary for each platform.

How do I cash out crypto to real money?

As mentioned above, there are different ways of cashing our crypto. One of the most common ways is using a crypto payment platform. To do this, you'll need to create an account on the platform, deposit your crypto into your account, and then convert them to cash. Then, you can connect your bank account to the platform and withdraw.

Remember, each platform has its own fee structure and withdrawal procedures, so it's worth doing a bit of research to find the one that best suits your needs.

How can I locate transaction IDs?

Locating your transaction ID, or 'hash', after withdrawing crypto is easy, but the exact process may vary depending on the crypto wallet or exchange platform you're using.

In most wallets or exchange platforms, you can start by navigating to your transaction history. This is often found in a section labelled 'History', 'Transactions', or something similar. In this list of transactions, find the specific one where you cashed out your crypto. Clicking on it should open up more details about the transaction, including the transaction ID. This ID is a long string of numbers and letters, and it's unique to your transaction.