How to correctly exchange cryptocurrency for rubles

When withdrawing funds from the exchange, you can incur significant losses: lose part of the capital on commissions or lose all the money due to scammers. Such cases are not uncommon, but they can be …

When withdrawing funds from the exchange, you can incur significant losses: lose part of the capital on commissions or lose all the money due to scammers. Such cases are not uncommon, but they can be avoided if you know which services and payment methods are best not to use.

The cryptocurrency market has grown over the past year, with many coins hitting historic highs in value. For example, on January 19, the Ethereum rate reached $ 1.44 thousand, and on January 8, Bitcoin set a record, approaching $ 42 thousand. Many users may have a need to transfer their cryptocurrency into dollars or rubles. We will tell you which methods are the most popular, and how not to lose money on this.

Online exchangers

Exchangers allow you to sell cryptocurrency for rubles and receive funds in various ways, including to a bank card. Usually, all exchangers work on a similar principle. To cash out digital money you need:

  1. Select the asset to be exchanged;
  2. Specify the method of receiving rubles;
  3. Enter the required data;
  4. Confirm the withdrawal request.

After that, the service will send the wallet number to which you need to conduct the transaction and indicate the amount to be sent. Having done all this, you must click the "paid" button. After processing the transaction, the exchanger will transfer the funds.

Usually the whole process takes 10-15 minutes, if more time has passed, you should contact support and find out the reason for the delay. If the transaction did not go through due to a customer error, his cryptocurrency will most likely be lost forever. Therefore, you need to carefully check the details.

On average, the commission is 4-5%, sometimes higher. Special aggregators will help you choose exchangers and compare them according to different parameters. On them, you can filter services by reviews, output methods and, most importantly, by courses. This will help you find the most profitable option.

It is better to choose an exchanger from those that have been working for 3 years or more, since "mature" services value their reputation, advised Nikita Zuborev, senior analyst at He stressed that it is better to avoid platforms that use electronic payment system card details for interbank transfers. Therefore, before carrying out the operation, it is important to check with the support from which bank accounts the transfer will be received.

“Ideally, if you can find the cash-in option (cash replenishment – edition) when exchanging. You lose in efficiency – it may take more than an hour for the courier to reach the ATM / terminal – but you win the most in the safety of recharging your card. The likelihood of subsequent sanctions with such a replenishment is minimal, ”Zuborev said.

p2p sites

It is also possible to sell cryptocurrency for rubles and withdraw funds to a bank card or electronic wallet through p2p platforms such as LocalBitcoins or Binance p2p. On such services, the exchange of digital money for fiat money takes place between two people, and the platform itself acts as a guarantor. Commissions when using p2p services can be significantly lower than with other withdrawal methods, and, for example, on Binance, they are completely absent.

P2p platforms work as follows:

  • You transfer cryptocurrency to the platform;
  • Place an order to sell an asset at a certain price or agree to another person's offer. At this point, the platform temporarily blocks your coins – until the end of the transaction;
  • Then the counterparty must execute the order;
  • After the application has been executed and the funds have been credited to the account you specified, you will need to confirm receipt of the funds. When you do this, the platform will send your assets to the party to the transaction.

This way, the platform ensures that you receive rubles before sending coins to a stranger. But it cannot guarantee that the user who transferred the funds to you does not use, for example, a stolen card for this. To mitigate these risks, it is safer to make deals with reputable users. p2p services keep track of the number of transactions performed by clients and show the percentage of success. The higher these indicators are, the more trust the trader deserves.

Zuborev continued that there are risks associated with the source of funds when using p2p platforms. It is most risky to use small peer-to-peer trading participants. There is a high probability that the money transferred by the party to the transaction could be involved in any criminal activity, the analyst warned. According to him, if the bank suddenly misses such an operation, but your bank account may be blocked later, in case of an official request from the Ministry of Internal Affairs.

“Such cases, unfortunately, are not uncommon,” stated Zuborev.

He clarified that less risky payments will be from large p2p-trading participants who have proven themselves over the course of several years. The risk of receiving "dirty money" remains, but as a rule, the senders themselves try to avoid such transfers.

Stock exchange

Many trading platforms provide an opportunity to withdraw rubles to a bank card. It is more convenient and safer than using exchangers. But commissions for withdrawing directly from the exchange can be much higher, since trading platforms use the services of counterparties.

When you withdraw a cryptocurrency from an exchange, it first sends funds to a third-party service. It, in turn, sends the transaction to the client. As a result, costs are overstated.

But this is one of the most popular and transparent ways. Many crypto exchanges disclose the details of their activities. Among the disadvantages is the vulnerability of centralized sites. They attract increased attention of hackers, so there is a possibility of loss of funds as a result of, for example, hacking.

When choosing trading platforms, Dmitry Volkov, CTO of the CEX.IO crypto exchange, recommended using those on which the identity verification procedure (KYC) is implemented. It is also important that the platform complies with anti-money laundering measures. Compliance with these standards increases trust and transparency and ensures the safety of clients' funds, the expert explained.

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