So you wish to cash out your cryptocurrencies despite the fact that you can already use them in a lot of places? We completely understand, so we have prepared this guide which will tell you everything you need to know about cashing out on Kriptomat!
First of all, what does it mean to cash out your crypto? Well, it is simply a process of selling your bitcoin or any other coin for fiat money, and then withdrawing the money to your bank account.
Second of all, you need to understand the difference between the basic types of trading platforms and exchanges. Most cryptocurrency exchanges do not give you the option to deposit or withdraw funds using euros. However, there are the so-called “fiat gateways” where you can do it, and Kriptomat is one of them.
The process of cashing out
There are a couple of different scenarios. For example, it is possible that you have bitcoin on some external address, either on a crypto-to-crypto exchange that doesn’t support fiat withdrawals, or on a private wallet.
In both cases, you will first have to deposit your bitcoin to your Kriptomat account. Once you receive your bitcoin, you can sell it and then you can make a fiat currency withdrawal to your bank account.
Kriptomat is also following strict anti-money laundering (AML) procedures, so you will have to make a withdrawal to the same bank account that you already used for at least one prior fiat deposit.
When making a withdrawal, it usually takes a few hours, but depending on the bank it can take about 1-3 working days for the money to reach your bank account. Payments are made via SEPA (Single Euro Payments Area).
Guide for cashing out Bitcoin using Kriptomat
We have prepared a detailed step-by-step guide for the entire withdrawal process in the scenario where you don’t even have an account on Kriptomat.
Step 1 – Register
Follow our video tutorial on registering to Kriptomat:
Step 2 – Add and verify your bank account
You will have to complete the identity verification process, which is an important step in securing your account. Afterward, you will have to connect your bank account and make a euro deposit.
Follow our video tutorial for adding a bank account to your Kriptomat account:
Step 3 – Deposit bitcoin
Once your account is set up, you will need to send your bitcoin to your Kriptomat bitcoin address. This essentially means that you will have to locate your Kriptomat bitcoin address.
Follow our video tutorial for receiving/depositing cryptocurrencies to Kriptomat:
Step 4 – Sell bitcoin
You will have to sell your bitcoin to euro before you can withdraw the funds to your bank account.
Follow our video tutorial for selling cryptocurrencies:
Step 5 – Withdraw euros
You can now specify the exact euro amount that you wish to withdraw to your bank account (you can withdraw a portion of your funds or all of them). If you have multiple added bank accounts, you will first have to select the bank account to which you wish to make a withdrawal.
Follow our video tutorial for withdrawing your funds from Kriptomat to your bank account:
And that’s it! Now you know how to make a crypto cashout in the safest and easiest way.
We always wish to make every process as simple as possible. If there is anything in the withdrawal process that you didn’t understand, please don’t hesitate to give us your feedback! Every opinion is greatly appreciated. 🙂