Selling cryptocurrency for cash is a common goal for investors looking to realize profits or convert digital assets into usable fiat currency. Crypto.com, a leading platform for buying, selling, and managing cryptocurrencies, offers a straightforward way to sell crypto for cash through its mobile app.
Crypto.com is a trusted cryptocurrency platform that supports a wide range of services, including trading, staking, and managing digital assets. One of its key features is the ability to sell crypto for fiat currency, such as USD, EUR, or GBP, directly through the Crypto.com mobile app. Unlike the Crypto.com Exchange, which does not support direct fiat sales, the app makes it easy to convert your crypto to cash and transfer it to your bank account.
Steps to Sell Crypto for Cash on Crypto.com
To sell cryptocurrency for cash on Crypto.com, you must use the mobile app, as the exchange platform does not support direct fiat conversions. Below are the detailed steps to complete the process:
Step 1: Open the Crypto.com App
- Download the Crypto.com app from the App Store (iOS) or Google Play Store (Android) if you haven’t already.
- Log in to your account using your email and password or biometric authentication.
Step 2: Navigate to Accounts
- On the app’s home screen, tap the “Accounts” option at the bottom.
- This opens a page displaying your Crypto Wallet (where your cryptocurrencies are stored) and Fiat Wallet (where fiat funds are held).
Step 3: Select the Cryptocurrency to Sell
- In the Accounts section, select the “Crypto Wallet” tab.
- You’ll see a list of cryptocurrencies you own, such as Bitcoin (BTC), Ethereum (ETH), or Cronos (CRO). Tap the one you want to sell.
Step 4: Tap on “Sell Crypto”
- After selecting your cryptocurrency, tap the “Sell Crypto” button.
- This opens a new screen where you can choose how to sell your crypto.
Step 5: Choose “Cash” as the Sell Option
- On the Sell Crypto screen, you’ll see two options: “Crypto” (to exchange for another cryptocurrency) and “Cash” (to convert to fiat currency).
- Select “Cash” to proceed with selling for fiat.
Step 6: Enter the Amount and Select Fiat Wallet
- Enter the amount of cryptocurrency you want to sell. You can type the exact amount or tap the field to see the maximum sellable amount.
- Choose the fiat wallet where the funds will be deposited (e.g., USD, EUR, or GBP). Ensure your fiat wallet is set up with your preferred currency.
Step 7: Confirm the Sale
- Review the transaction details, including the amount of fiat currency you’ll receive based on the current exchange rate.
- A confirmation window will appear for 15 seconds, showing the exact fiat amount. Confirm the sale within this time, as the quote expires after 15 seconds.
- If the quote expires, refresh the screen to get a new quote and confirm.
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Withdrawing Funds to Your Bank Account
Once you’ve sold your crypto, the funds will appear in your Fiat Wallet. To transfer these funds to your bank account, follow these steps:
Step 1: Go to Fiat Wallet
- Return to the Accounts section in the app.
- Select the “Fiat Wallet” tab to view your available fiat balance.
Step 2: Select “Withdraw” and Choose “Fiat”
- Tap the “Withdraw” button.
- Choose “Fiat” to initiate a cash withdrawal to your bank account.
Step 3: Enter the Amount and Confirm
- Enter the amount you want to withdraw.
- Ensure your bank account is linked to the Crypto.com app. If not, go to “Fiat Wallet” > “Transfer” > “Withdraw” > “Fiat” and follow the prompts to add your bank account using a service like Plaid (for U.S. users) or manual bank details (for other regions).
- Review the withdrawal details and tap “Confirm” to complete the process.
Note: Withdrawal processing times vary depending on the bank and method. It may take 1-3 business days for funds to reach your account. Crypto.com will notify you via email or push notifications once the withdrawal is processed.
Fees and Limits
Understanding the fees and limits is crucial to avoid surprises when selling crypto and withdrawing cash. Here’s a breakdown:
- Selling Fees: Crypto.com applies a spread (the difference between the buy and sell price) when you sell crypto for cash. The spread typically ranges from 2% to 2.5%, depending on the cryptocurrency and market conditions. For example, selling $500 worth of crypto might result in $487.50-$490 after the spread.
- Withdrawal Fees: Additional fees apply when withdrawing fiat to your bank account, depending on the method:Withdrawal MethodFeeSEPA (EUR)€25 (for returns)Fedwire (USD)$20Swift$45
- Withdrawal Limits: Limits vary by withdrawal method, primarily for institutional clients but applicable to regular users in some cases:Withdrawal MethodMinimumDaily MaximumSEPA (EUR)€80€10,000,000Fedwire (USD)$500$1,000,000Swift$500$1,000,000
For the most accurate and up-to-date fee information, visit the Crypto.com Help Center.
Supported Fiat Currencies
Crypto.com supports the following fiat currencies for cash withdrawals:
- AUD (Australian Dollar)
- CAD (Canadian Dollar)
- EUR (Euro)
- GBP (British Pound)
- USD (United States Dollar)
- BRL (Brazilian Real)
- TRY (Turkish Lira)
- SGD (Singapore Dollar)
Before selling, ensure your Fiat Wallet is set up with one of these currencies. You can set up your Fiat Wallet by going to “Accounts” > “Fiat Wallet” > “Set Up” and following the prompts.
Account Requirements
To sell crypto on Crypto.com, you need at least a Starter level account, which requires basic registration. However, for frequent transactions or additional benefits, upgrading to an Advanced level account is recommended. To upgrade:
- Log in to your Crypto.com account on the desktop or app.
- Click your profile icon and select “Upgrade Account.”
- Provide required information, including name, nationality, mobile number, and ID for Know Your Customer (KYC) verification.
- Submit the details for review.
An Advanced account streamlines the selling process by eliminating the need to re-enter personal details for each transaction.
Tips and Common Mistakes to Avoid
To ensure a smooth experience, keep these tips in mind:
- Set Up Your Fiat Wallet First: Before selling, set up your Fiat Wallet and link your bank account to avoid delays during withdrawal.
- Check Your Crypto Balance: Ensure you have sufficient crypto in your wallet before initiating a sale. If your balance is too low, the app will prompt you to select a different amount.
- Understand Fees: Be aware of the 2-2.5% spread and withdrawal fees to calculate your net proceeds accurately.
- Confirm Transactions Carefully: Double-check all details before confirming, as errors cannot be undone once the sale or withdrawal is processed.
- Stay Updated: Crypto.com may update its fees, limits, or processes. Regularly check the Crypto.com Help Center for the latest information.
- Enable Two-Factor Authentication (2FA): For added security, enable 2FA in your account settings. This may be required for withdrawals in some cases.
Common mistakes to avoid include:
- Attempting to sell crypto without a linked bank account, which delays withdrawals.
- Ignoring the 15-second confirmation window, causing the quote to expire.
- Not completing KYC verification, which may limit your ability to withdraw funds.
Conclusion
Selling crypto for cash on Crypto.com is a simple and secure process when using the mobile app. By following the steps outlined—opening the app, selecting your crypto, choosing the “Cash” option, and confirming the sale—you can convert your cryptocurrency to fiat currency in minutes. Withdrawing funds to your bank account is equally straightforward, provided your Fiat Wallet and bank account are set up.
Be mindful of the 2-2.5% spread and withdrawal fees, and ensure your account meets the necessary requirements. With supported currencies like USD, EUR, and GBP, Crypto.com makes it easy to access your cash. For the latest details or support, visit the Crypto.com Help Center or contact their 24/7 support team.
Start selling your crypto for cash today and take control of your digital assets with confidence!
