How to Convert Crypto to Fiat Safely, Legally, and Easily

OWNR Wallet cash out crypto

How do you convert crypto to fiat? Well, despite the adamant urging of HODLers to never sell, cashing out of your cryptocurrency is a fairly simple feat. Here is some advice about cashing out your crypto to fiat, courtesy of OWNR Wallet

Withdraw via Online Exchanges

Online exchanges are one of the most popular interfaces for “cashing out” cryptocurrency to fiat. Depending on the exchange, the steps usually involve completing a withdrawal application. More streamlined processes usually involve approving the withdrawal via 2FA. 

Online exchanges differ from cryptocurrency exchanges in that they solely focus on converting crypto to fiat, and charge a pretty high markup for the service. Exchange commissions usually vary from 4% to 7%.

It’s best to select an exchange that has established a reputation of over a minimum of two to three years of good work in the market. It also helps to test withdrawing a small amount of cryptocurrency rather than the bulk of it. 

Withdrawing Crypto to Fiat via Cryptocurrency Exchanges

Cryptocurrency exchanges require you to have an account in order to be able to trade or exchange cryptocurrency. 

If the exchange offers for crypto-to-fiat exchange, exchanging your BTC, ETH, or stablecoins is a pretty simple process. 

However, not all exchanges have cash withdrawal options.

The vast majority of exchanges don’t charge any fees for withdrawals but be sure to do your research on what to expect when dealing with a particular exchange. 

 It’s worth noting that most big exchanges are custodial organizations, which means they keep all of your transaction data. If you hold cryptocurrency on any third-party exchange, any party, including hackers, can in theory access it. These events are very unlikely, but worth mentioning. The majority of cryptocurrency that has been stolen comes from large exchanges, such as Mt. Gox. 

We don’t recommend using an exchange account for storing your funds, only for trading.  

Peer-to-Peer Exchanges

P2P exchanges are similar to freelance platforms, in a sense. You either post your own offer or search for someone else’s and respond to it. When you agree to a deal, the platform locks the funds that participate in the deal until it’s done. Then, both you and the other party confirm the reception of funds. 

The disadvantage is that commissions are not stated directly, so they can be rather high. 

P2P platform also cannot guarantee that the party you want to sell crypto to for their fiat is not using a stolen card. 

In fact, you might never know the source of their funds. If you want to use a P2P platform, pay attention to their successful deal rate and make sure the company is well-reputed, which means they are using some AML/KYC tools.

P2P exchanges also generally require a much higher degree of trust than the other options. 

Crypto ATMs

Cryptocurrency ATMs are safe, quick, convenient, transparent, albeit not cheap. 

Some commissions may come up to 25% of the deal. However, this transaction is done almost entirely by yourself. Think of it as withdrawing cash or exchanging your money for a local currency on a trip abroad. 

Crypto  ATMs are distributed unevenly throughout the world, so it’s not a very reliable option for those on the go. For example, there are over 1000 in the NYC city district, but only 5 in Paris. 

Exchange via Cryptocurrency Ecosystems and Prepaid Cards

Cryptocurrency ecosystems, such as OWNR Wallet, are like a fully-sustaining neighborhood of services. You don’t need to leave to access everything you need regarding your cryptocurrency. Within one system, OWNR has a non-custodial hot wallet, built-in exchange for trading, and features designed with security and convenience to mitigate the drawbacks of the options described above. 

OWNR supports all top market cap coins, as well as all Ethereum-based tokens.

If you dread the hassle of calculating exchange commissions when withdrawing your crypto, you can simply order a Visa prepaid card and continuously replenish it with cryptocurrency. The card issue expenses are not much different from a regular bank card, and all this can be done within the OWNR application at a transparent cost. The cost for the ordering of a card is 30 Euros and monthly service fees amount to 1.50 Euro. 

 The card is delivered globally and can be immediately added to payment interfaces like Apple Pay.

Using the Visa prepaid card, you can withdraw cash anywhere at any ATM machine. Being linked to the OWNR platform, you can check the balance on the OWNR app at any moment.  

Final Thoughts: How to Convert Crypto to Fiat

There are a wide variety of ways to cash out your crypto to fiat, and as the options above indicate, it comes down to fees, convenience, and security. 

OWNR is a licensed option to easily cash your cryptocurrency out in a non-custodial fashion. OWNR Wallet is a private limited company based in Estonia founded in 2018 and boasts over 400,000 users for all of its products. It gears its offerings towards beginners, professional traders, developers, and enterprises. 

The OWNR crypto ecosystem includes a wallet (iOS, Android, Windows, Mac OS, Linux), a crypto purchase gateway, visa prepaid cards, exchange APIs, and individual OTC services. It has Estonia License FVT000406, the USA, and Canadian Money Service Business license (MSB registration number 31000168328178 and MSB registration number M20029873.)

Be sure to be mindful of any cryptocurrency taxes incurred during your withdrawal! 


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Alex Moskov is the Founder and Editor-in-Chief of CoinCentral. Alex leans on his formal educational background (BSBA with a Major in Finance from the University of Florida) and his on-the-ground experiences with cryptocurrency starting in 2012. Alex works with cryptocurrency and blockchain-based companies on content strategy and business development. He privately consults entrepreneurs and venture capitalists on movements within the cryptocurrency industry.

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