Guarda Wallet and Simplex are introducing a new feature – now, you can sell cryptocurrency right in the comfort of your wallet. Cashing Bitcoin out is a feature we have been asked to have onboard for a while – so, we are proud and happy to have it go live. In this article, we will break down everything you need to know about converting Bitcoin BTC to cash.
How do I convert crypto to cash?
The question of cashing crypto out to your bank card or account is one of the basic queries that come to a user’s mind. However, the usual struggle of choosing a good service for crypto selling pops up on this stage. To make sure the choice is easier to make and there are no questions left unresolved, the Guarda team will break down the in-wallet selling feature in this article.
How do Bitcoin withdrawals work?
Basically, crypto withdrawal is a chain of transactions ultimately leading to the desired exchange sum in fiat currency ending up in one’s bank account. Cash-outs are possible with the help of online services and, in some cases, real-life Bitcoin ATMs. The latter is still not spread widely enough, but there is definitely a demand in more BTC ATMs installed all around the world.
Coming back to the question of withdrawals – the most common way to get cash for Bitcoin is by using a third-party exchange. Exchange giants have enabled selling crypto – however, making cash-out transactions in the comfort of your own wallet is not only more secure but generally handier. This brings us to the point of enabling in-wallet selling features.
Why is having in-wallet cryptocurrency selling feature important?
The ability to sell Bitcoin and available altcoins are certainly one of the functions crypto wallets need to have on board. As wallet development is progressing and the users becoming more demanding for their crypto storages to behave more like banks (in the best of ways), adding features is something service providers are always working on. Guarda is not an exception – we have partnered with Simplex to provide handy cryptocurrency purchases for fiat already, and now we are here with the ability to sell crypto for a variety of national currencies! Here’s how it works.
How do I sell cryptocurrency?
- First of all, you will need to get a wallet on Guarda or log in to your existing cryptocurrency storage.
- After this, choose the wallet you would like to use. Currently, cashing out is available for Bitcoin BTC – More coins will be added for Sell in the future. As you have picked the right wallet, select the amount of BTC to convert to cash.
Click Proceed to Check Out.
- On the next step, you will need to fill in the fields needed to proceed with crypto-to-fiat exchange: your email, bank card details and KYC information. The documents suitable for KYC are ID cards, passports or driver’s licenses, backed with your picture with the document you have used and the address.
- After all the fields are filled in and verified, choose to return to your wallet on Guarda. When you are back to the page, the selling transaction details will be shown.
- The details of your outgoing transaction are available in the History tab of your wallet – in there you can also monitor the status of your Sell order.
- Once the KYC procedure is passed, transaction status in History will be changed to “Sell. Action Required”. All you need to do on this step is to verify the transaction.
- After you have confirmed the transaction, you will be able to track the order until the fiat equivalent is on your bank card.
- Congratulations, you have just converted Bitcoin to cash with Simplex and Guarda Wallet!