There are many reasons why you might seek to liquidate your digital assets into fiat currency, be it to pay a bill, buy a meal, or cover an emergency. When needs must, speed is of the essence; no one has time to wait three days for a bank wire to clear. For those occasions when rapid exchange is essential, here are four fast crypto-fiat options.
Cut and Run: Quick Cash Out Considerations
“Cashing out” can mean different things to different people. For some, cashing out means circumventing the banking system (and invasive KYC) by discreetly exchanging crypto for tender they can hold in their hands. Of course, the seller first has to handle the legwork of finding a cash-for-crypto buyer whom they can meet in person. And then there are security concerns: what measures do you have in place to ensure you don’t get ripped off?
Even if you’re content to accept digital transfer of funds, you’ll need to decide which currency you want to be paid in, how much you’re prepared to lose in fees, and whether to favor bank transfer, Paypal, or another online payment option. If you’re in the midst of a major cash crisis, you must also consider the time it takes for funds to clear: while domestic wire transfers are reasonably fast, international bank transfers can take 3-5 business days. Here are some of the quickest crypto cashout options currently available.
Founded in 2017, Metal Pay is a money transfer app that acts as a gentle onramp to the world of virtual currencies – while also letting crypto-holders cash out.