Cashing out means selling crypto coins or tokens in exchange for fiat money and then withdrawing the money to your bank account.
It helps to know the differences among 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 crypto funds stored at an external address, either on a crypto-to-crypto exchange that doesn’t support fiat withdrawals or in a private wallet.
In both cases, you will first have to deposit the funds at Kriptomat. Once you receive the crypto here, you can sell it and make a fiat currency withdrawal to your bank account.
Kriptomat follows strict anti-money laundering (AML) procedures, so your withdrawal must be to a bank account that you have previously used to make a Kriptomat deposit.
Making a withdrawal usually takes a few hours, but depending on the bank it can take up to three business days for the money to reach your bank account. Payments are made via SEPA (Single Euro Payments Area).
A Guide to Cashing Out Cryptos at 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 creating an account:
Step 2 – Add and Verify Your Bank Account
The identity verification process is an important step in securing your account. Afterward, you must connect your bank account and make a euros deposit.
Follow our video tutorial for adding a bank account to your Kriptomat account:
Step 3 – Deposit Crypto
Once your account is set up, you will need to send your crypto funds to your Kriptomat address.
Follow our video tutorial for receiving and depositing cryptocurrencies:
Step 4 – Sell the Crypto
You will have to sell your crypto funds to convert them to euros before withdrawing the money to your bank account.
Follow our video tutorial for selling cryptocurrencies:
Step 5 – Withdraw Euros
You can 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 bank accounts, you will first have to select the bank account you want to use.
Follow our video tutorial for withdrawing your funds from Kriptomat to your bank account:
That’s it! Now you know how to cash out your crypto funds in the safest and easiest way.