Knowing how to trade cryptocurrencies is great, except that it prevents you from using your winnings, which may be irritating if you have a lot of wealth locked up. This post will demonstrate how to sell cryptocurrencies in order to facilitate this procedure.
There are many viable methods for selling cryptocurrency. In this article, you will see how to sell cryptocurrency. Despite the abundance of information on what cryptocurrency is and how to trade it, you must also ensure that you can sell it. This doesn’t have to be tough; selling on an exchange requires just four steps. However, there are other approaches you may choose based on your preferences.
Additionally, there is a distinction between selling and withdrawing your money. Selling transforms cryptocurrency into fiat money, but it must be withdrawn before it can be deposited into a bank account or converted into cash.
The simplest method to trade cryptocurrency
Your credit card issuer or the bitcoin exchange may stop the transaction. The majority of major U.S. credit card issuers prohibit bitcoin transactions, while some levy additional fees.
Coinbase and other cryptocurrency exchanges do not take credit cards. Coinmama and CEX.io both allow Visa and Mastercard as payment methods.
Therefore, to buy cryptocurrency with credit card, you must have a credit card company and a cryptocurrency exchange that enables the activity, such as Trastra. Pay for cryptocurrency purchases with cash or use your Trastra card to pay USD to a bank account.
Expenses from the exchange
When exchanging dollars for Bitcoin or another cryptocurrency, most exchanges impose a 10% fee. In addition to a service fee, the exchange may assess a credit card cost.
As usual, bitcoin exchange fees apply to each purchase. Credit card transactions incur a 5% charge. A purchase of $1,000 would cost $50. You will need sufficient returns to break even.
Fees are assessed by the card issuer for cash advances
Your credit card issuer will likely see the bitcoin transaction as a cash advance, comparable to an ATM withdrawal. This is undesirable because it presumably has the following drawbacks:
- Cash advance service fees. This one-time charge is typically 3 to 5 percent of the amount of the cash advance. If you withdraw $200 in cash advance, you will be charged between $6 and $10.
- The rate of interest increased. Numerous credit cards carry a higher APR on cash advances compared to purchases.
- No grace period. If you pay your credit card balance in full each month, interest is often not levied for 21 days. Advances on cash attract interest instantly.
- Reduce credit limit. Some credit cards include a separate, lower credit limit for cash advances than the total credit limit.
- No rewards on credit cards. If the issuer of your credit card considers crypto transactions to be monetary equivalents, you will not get cashback, points, or miles. It will not count towards the spending requirement for the welcome bonus.
Again, the card issuer determines whether a cryptocurrency transaction is termed a cash advance. Before initiating a transaction, you should call the number on the back of your card to verify its validity.
How else may cryptocurrency be acquired?
It is possible to purchase bitcoin using a credit card, however, the majority of major U.S. providers and exchanges do not accept credit cards.
Electronic bank transfers are a superior and more prevalent method of utilizing the money to pay for bitcoin transactions. Several exchanges accept cryptocurrency payments. You may Sell Litecoin to credit debit cards using a Visa debit card issued by TRASTRA. More: https://trastra.com/coins/sell-ltc-to-credit-debit-card/.