Crypterium has developed the fastest way to cash out cryptocurrency. From now on, you can send your digital currencies straight to your bank card anywhere in the world in under 1 minute. Works with MasterCard (VISA coming soon) Minimum cash out: 2 EUR (per transaction) Maximum cash out: 990 EUR (per transaction) Commission: 2,5 EUR + 2.5%. Option 1: Trade Crypto Directly for GBP. This option is the easiest, but is only available with certain (larger) cryptocurrencies. Updated March 2020: there are now a variety of easier options for cashing out your crypto directly to British Pounds (GBP). Below are the GBP and EUR trading pairs for two reputable exchanges: CEX.io and Coinbase.

Lately, there have been a lot of people wondering how to cash out large amounts of bitcoins safely.

Whether it be that they became one of the famed crypto millionaires, they are on their way to being one, or just out of simple curiosity.

Figuring out how to cash out large amounts of bitcoin is a good problem to have.

Because it means you made it!

A lot of people claim that they got involved in the cryptocurrency space because of the tech, but we all know that the majority of investors are just here for the money.

And for the ones that actually made it big, we decided we’d help them out by detailing how to cash out large amounts of bitcoin and safely deposit them into their bank accounts.

Let’s get into it.

How Is Cashing Out Large Amounts Of Bitcoin Different Than Cashing Out Small Amounts Of Bitcoin?

First off, we need to understand that there is a big difference between withdrawing large sums of bitcoin versus small sums of bitcoin.

The reasons are intuitive, but let’s touch on them here.

Life-changing Money

Depending on who you are, this could be life-changing money.

Wealth is a very relative term, and “large amounts” may mean different things for different people.

Whatever a “large amount” means to you, just bear in mind that you’re going to want to treat the withdrawal of this money seriously.

Withdrawal Limits

Cashing Out Of Cryptocurrency Exchange

Most exchanges have withdrawal limits.

Some are only a couple thousand, some are tens of thousands, and some even go up to one hundred thousand.

Either way, you must know the withdrawal limits of the exchange you’re working with so that you don’t send all your money to your exchange address only to have it sitting there without the ability to take it out.

Bank Freezes

If there are unusually large amounts of funds being deposited into your bank account, the bank may get suspicious.

They may even freeze your account.

This is why you must plan accordingly so that this does not happen.

Taxes

And then, of course, there are taxes.

The taxes on large amounts of bitcoin are going to be much larger than small amounts (obviously).

You’re going to want to keep in mind the tax implications of the funds you withdraw.

Can You Cash Out Your Bitcoin To Fiat?

For the record, yes, you can cash out your bitcoin to fiat currency.

Newbies, be aware: you can convert your BTC to fiat just as you initially converted your fiat to BTC.

You just have to understand the process of doing so.

Which is exactly what we’re talking about here (for large amounts, that is).

Talk To A Lawyer For Tax And Legal Purposes

The very first thing you must do when cashing out large amounts of bitcoin is to talk to a lawyer or a tax accountant immediately.

All countries have different tax implications.

You need a cryptocurrency tax specialist to guide you through the exact process of depositing your funds at the lowest rates possible.

Of course, there will be a fee to do so.

But the fee will be nominal compared to the amount the accountant will be able to save you with his experience and expertise.

With large amounts that could be life-changing for you and your family, it is 100% worth it to speak to a professional to get clear instructions on how to best navigate your situation.

Speak To Your Bank

The next step would be to speak to your bank.

You have to warn them of the deposits you’re about to make.

If you don’t, they may become suspicious and freeze your account.

Even still, you may discover that they will not even accept your deposits anyways.

Depending on the bank you are with, they may not accept cryptocurrency-related deposits into their accounts.

The market is still so new and not all banks are on board yet.

If this is the case, you may need to register an account at a different bank.

Which is why you want to speak to them as soon as possible, so that you can set this up with as little hiccups as possible.

Possible Methods Of Cashing Out Large Amounts Of Bitcoin

This is going to depend on exactly what your lawyer and accountant tell you.

Typically, there are a few popular options that they recommend.

To get yourself familiar with their recommendations based on your own personal situation, we have listed the usual options below.

Cryptocurrency Exchanges

Connecting your bank account to an exchange and depositing the funds directly into your account is a very popular way to withdraw your BTC.

However, different exchanges have different withdrawal fees (some high, some low) and also have different daily, weekly, and monthly withdrawal limits.

Based on how much you’re taking out at a time could really affect which crypto exchange is recommended.

If the fees are too high or the limits too restricting, they may point you in a different direction.

Over The Counter (OTC) Brokers

OTC brokers are people who specialize in purchasing bitcoin OFF of an exchange, not on.

They usually deal with large amounts, and some of their biggest clients are billion-dollar financial institutions.

Depending on how much money you have, you may be directed to take this option.

They can usually give you a good deal for a large amount, and also avoids the slippage that may happen on exchanges.

Peer-To-Peer

This is similar to OTC because it also happens off of an exchange.

But peer-to-peer could be with anyone, not just professional OTC brokers.

If the lawyer or accountant have been in this space for years (which they should be) they may be connected to people who specialize in large purchases on bitcoin, but may not necessarily be professionals.

With this option, it is highly recommended that you trust your lawyer.

With such large sums of money, you want to make sure you aren’t getting swindled at any point.

Get Know Your Customer (KYC) Verification

If you are vying for the exchange option, you will need to get KYC verification on the exchange in which you are going to be withdrawing your funds.

To avoid money laundering and criminal activity, it is required that larger exchanges know a bit about their customers for large transactional withdrawals.

So you will definitely want to set this up beforehand so you aren’t waiting when the time comes to withdraw.

Sometimes it could take a few days – if not weeks.

Break Up Your Withdrawals In Incremental Portions Just To Be Safe

Instead of withdrawing all of your BTC all at once, it is sometimes advised to withdraw only a portion of your bitcoin incrementally over time.

This is to avoid something going wrong with your lump sum withdrawal that can result in you losing all of your money.

That would be the last thing you’d ever want to happen.

Some people even recommend to withdraw small portions of your total balance across different withdrawal methods.

Which means withdrawing on different exchanges AND on OTC or peer-to-peer.

This is an extra precaution taken to ensure your one withdrawal method does not screw you over in some way.

This spreads your risk so that you don’t put all your eggs – or BTC – in one basket.

Report Your Taxes

And, lastly, when all is said and done and your money is safely in your bank account…

REPORT YOUR TAXES.

Some investors like to get cute and try to weasel their way out of it.

But at the end of the day, there is a high chance that you may get caught.

In our opinion, it is best to simply pay the taxes rather than to try to hide your earnings and be constantly paranoid about the government finding out.

If you really made a huge amount of gains, you should be able to pay the taxes and still be happy.

Withdrawing And Cashing Out Large Sums Of Bitcoin – A Conclusion

In conclusion, there are standard procedures that need to be taken in order to withdraw large amounts of BTC.

You need to speak to a lawyer or tax accountant, inform your bank, and pay your taxes.

There are also popular ways to cash out your bitcoin, but the specific steps should be given to you by a lawyer based on your own specific, exact situation.

Hopefully, you will one day be able to deal with this.

Until then – HODL on!

In this article I will show you the easiest way to convert cryptocurrency to cash in 2021.

I will also give you a step by step guide exactly on how to exchange your crypto to cash, so keep reading.

The way to do it is through the trading platform Coinbase.

The steps you need to take to be able to sell cryptocurrency on Coinbase are the following:

1. Create an account on Coinbase.
2. Connect your bank account to Coinbase with a deposit from your bank account.
3. Convert crypto to cash into your bank account.

Coinbase is a fully regulated and licensed cryptocurrency exchange from the USA and it’s also one of the most trusted exchanges when it comes to money transactions and storing coins.

The only thing you need to do is to connect your bank account with a first deposit and then you are able to convert cryptocurrency to USD or any other fiat currency.

It takes a little bit of time to transfer the coins to Coinbase and then get connect your bank account but it’s definitely the easiest and safest platform to do it.

To sell cryptocurrency for cash on Coinbase takes about 2-5 work days before you will see your money in your account.

How to convert Cryptocurrency to cash – Step by Step

So the first thing you want to do is to visit the exchange and create an account.

It’s very easy and it only takes a few minutes.

Cashing Out Of Cryptocurrency Exchanges

When you are done creating your account you want to choose a fiat currency and make a first deposit with your bank account

I used EUR but you can use USD or GBP.

When you have made a deposit with either EUR, USD or GBP you are free to convert cryptocurrency to cash into your bank account.

Now, after you have registered with Coinbase, let’s go through everything step by step.

Convert Cryptocurrency to Cash – Step 1

On the first page of Coinbase, click Portfolio at the top section.

This will take you to your portfolio where you will be able to see your assets, which is either fiat currencies or crypto.

Cash Out Cryptocurrency – Step 2

Next you want to click the top fiat currency in your list.

For me it is EUR but you might see GBP or USD.

How to sell Cryptocurrency for cash – Step 3

After you click your fiat curreny you will see this:

What you want to do here is to click the Deposit button to the right.

Here you can acutally see some of my withdrawals to my bank account.

Convert Cryptocurrency to USD – Step 4

After you click Deposit you will see this window:

Fill in the name of your bank and your full name connected to your bank account.

This is information Coinbase will use to accept your bank transfer to the platform.

Convert Cryptocurrency to cash – Step 5

When you have filled in this information and clicked Continue, this window will pop up:

This is the Coinbase bank account information.

This is the bank account you are going to send your funds to, from your own bank account.

How to convert Crypto to cash – Step 6

The last thing you want to do is to make a bank transfer from your own bank account to this bank account.

It will take a little while for the funds to arrive, but after that you have connected your account to Coinbase.

This is how to sell cryptocurrency for USD, GBP, or EUR.

As you can see, it’s very easy to cash out crypto, it only takes a few days for the bank transfers to go through.

When that is done you can convert crypto to cash as often as you want.

How to sell Cryptocurrency for USD

If you live in the USA or any other country and you want to convert cryptocurrency to USD you are very lucky.

The way to sell your crypto for USD is very simple.

The only thing you need to do is to create an account on Coinbase and then connect your bank account.

Coinbase is one of the best cryptocurrency and altcoin exchanges on the market today.

The way you do it is to make a first deposit with your bank account.

Then when it’s connected to the exchange you are able to convert crypto to USD into your bank account.

The transaction might take anywhere from 2-5 workdays, but that’s worth it if you want a safe way to cash out your cryptocurrency.

Now you know how to sell cryptocurrency for USD and if you need a guide to help you, check the step by step guide at the beginning of this article.

Conclusion

This has been a step by step guide on how to convert cryptocurrency to cash.

If you are interested in how to cash out crypto, how to sell cryptocurrency for USD, or how to sell crypto in general, this guide is all you need.

The best way to sell your cryptocurrency is through Coinbase and in this guide I’ve laid out exactly how to do it in a simple format to follow.

It’s pretty easy to do it, the only thing that takes time is the bank transfers between the Coinbase account and yours.

Once you bank account has been connected to Coinbase you are free to cash out crypto.

FAQs

Yes, it can. The easiest way to exchange cryptocurrency for cash is through Coinbase.

There are three steps to cash out Cryptocurrency.
1. Create an account on Coinbase.
2. Connect your own bank account with a bank transfer deposit.
3. After you have connected your bank account you can now sell cryptocurrency for cash to your own bank account.

Coinbase lets you convert cryptocurrency to USD, GBP, or EUR.
Read the this step by step guide to learn exactly how to do it.

Coinbase lets you sell Cryptocurrency for cash in a very easy way.
Read this tutorial to know exactly how to do it.

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Anton Palovaara, Trader since early 2015 and experienced Account Manager at an International CFD-broker.

Now sharing his trading insights and helping Cryptocurrency and Bitcoin traders learn more about how to approach the markets.