How to Transfer Crypto: A Guide to Bank Transfers

How to Transfer Crypto: A Guide to Smooth Cryptocurrency Transfers

You have studied tons of information before diving into the pool of crypto trading and have finally managed to make a killing – traded your first asset and even made a profit. Another question comes to mind: how to transfer crypto to bank account?

Your finances are right there, but the last step remains: how to transfer crypto to your bank account and what are the ways of doing it?

Initially, cryptocurrency is transferred mostly as fiat money, meaning you have to sell your crypto first and then make the transfer. There are various ways how to transfer crypto, and in this article, we have summarized major key points that should be considered:

• P2P platforms: P2P or peer-to-peer platforms execute transactions between two users, without a third party involved. The transaction is handled between two traders: basically, you sell crypto to another user in exchange for preferred fiat currency, which the buyer wires to your account.
• SWIFT transfers: all exchange platforms have different features, and some support SWIFT wire transfers. The process itself is quite simple – to be able to withdraw funds, you must sell crypto for dollars, euros or other currency and then make a transfer directly to the bank account.
• Prepaid crypto cards: particular reliable platforms, like Binance, issue special types of debit cards, which have the feature of allowing you to trade digital assets. Later, you can decide how to spend your gain: go on a shopping spree, withdraw it or wire money to a bank account.
• Bitcoin ATM: another advanced way of withdrawing money is via a convenient Bitcoin ATM. These ATMs provide an opportunity to use Bitcoins for transactions: sell them for fiat money, and later transfer it to a bank account.

So now the question of how to transfer crypto does not seem so complicated, does it? You have plenty of options to choose from, and with detailed step-by-step instructions, everything can be quite manageable:

1. If you are a newcomer to the crypto trading world and are merely considering options of investing in cryptocurrency, then you have to begin with setting up and verifying your trading account on the exchange platform. Remember to analyze the market and always choose the option that generally corresponds to your needs and investment goals.
2. Account verification is a standard procedure that requires your personal information and a valid ID. To transfer the money to the bank account in the future, you have to create a link between the platform and your bank account. This process is quite straightforward and takes only several minutes.
3. To start your trading journey, the account has to be funded with either fiat currency or any crypto listed on the platform. If you are a beginner, then funding the account with fiat money is a good starting point.
4. Always study which crypto is supported on your selected platform beforehand, set an investment goal and trade away!
5. When you finally see that your transactions started to become profitable and the earnings are growing, ready to go to your bank account, then it is time to sell crypto and make a transfer.

Even though cryptocurrency trading can be extremely tricky at times, if you do not jump in headfirst, but rather start structuring the information flow slowly, then it is nothing to be scared of. Visit https://ellyx.com/ and learn more about crypto trading and how you can diversify your investments.