Cryptos have been on a downward tendency for months, but the crash in price of the latest week has holders rushing to cash out. Here’s how to do it.
As different crypto coins dropped 30 to even 60 percent, people looked for ways to cash out. For the past few months, crypto prices have been on a downward tendency, but in recent weeks they crashed. Despite a slight recovery, the leading crypto like Bitcoin, Ethereum, Cardana, Solana, and others are now trading at a new base value, significantly lower than last November.
Cryptocurrencies used to be less affected by stock and local and international markets. But as digital coins become more popular, they also become more connected to the global economy. Like moves made in China, drops in the New York Stock Market, announcements of possible U.S. crypto intervention or tax announcements, and crackdowns on crypto all affect cryptos, creating a domino effect. The latest drop scared off most newcomers to crypto, and crypto whales (large investors) have been speaking out to calm the markets.
Crypto coins offer a 24/7, 365 open market, but cashing out on crypto is not always as easy as buying in despite this immediacy. Each wallet provides different ways to cash out. The most popular wallets like Coinbase Binance (available in the U.S., Canada, Europe, and the U.K.) or Robinhood (for now only available in the U.S.) lets users withdraw from the web, IOS, or Andriod, with just a couple of clicks. There are, however, different conditions for withdrawing.
The Cashing Out Options
To withdraw funds from Coinbase, first users have to sell their Bitcoin, Ethereum, or listed digital assets for USD. The global action button in the Coinbase app will open a menu that gives users options to buy, sell, convert (to another crypto), send, or receive. Users have to select sell and enter the amount they want to sell, then hit ‘Preview sell,’ review the details, and then click ‘Sell Now.’ Once the sale is complete, Coinbase allows an immediate withdrawal of funds. Users just have to click on ‘Withdraw funds,’ then input the amount they want to cash out, select the destination account, and click ‘Preview Cash out.’ If all looks good for the user, they must click on ‘Cash out now’ to complete the transaction.
Coinbase allows customers to pay for crypto and withdraw funds by linking different payment methods. Bank accounts, debit cards, wire transfers, Paypal accounts, Apple Pay, or Google Pay accounts are the methods Coinbase accepts. Each payment method has different steps to add them, and withdrawal and commission times vary. Some withdrawal methods are instant others can take up to several days. Coinbase withdrawal fees are not fixed. What Coinbase does is charge the user the fees of the transaction. These fees vary depending on many elements, time, market, method of withdrawal, and other conditions.
Robin Hood withdrawals are very similar, but Robin Hood only accepts withdrawals to bank accounts. The process can take up to five days. To cash out crypto, first, the user needs to sell them, converting them to USD, like in Coinbase. Robin Hood allows for up to five withdrawals per business day per account. Withdrawals for an entire business day can not exceed $50,000. Withdrawals in Robin Hood usually take up to two business days but could take more. E-wallets today also offer VISA cards. Many users just sell their crypto to USD and use the e-wallet VISA card as payment options or withdraw directly in ATMs. Those who decide to cash out on their crypto must know that the sale of crypto to USD in the U.S. is tax regulated.
Next: How Is Digital Currency Different From Cryptocurrency?
Source: Robin Hood, Coinbase
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