Some people think that converting Altcoins to USD is quite difficult and risky. That’s why they fear to convert it. But, there is a simple way to convert altcoin to USD by visiting an exchange office that provides flat conversions. There are also some other ways where you can convert your altcoins.
Because altcoins are not easily convertible to fiat currency. Only some selected cryptocurrencies can be exchanged for fiat currencies. Here are some steps in which you can easily cash out your altcoin and can deposit the amount into your bank account.
Also Read: Recovery in Cryptocurrency Prices
- Choose a fiat-friendly exchange system
One of the important things is to locate an exchange center where you can get the desired fiat currency. Normally, you can convert your altcoins to USD, EUR, and GBP. You can use Coinbase and GDAX to convert the cryptocurrency. Some people use Gemini and Kraken to exchange their altcoins. Well, while choosing an exchange, remember the following points:
- Check out which coin fiat currency is available.
- Check the cost of exchange fees.
- Select a paring for the fiat currency
After selection of exchange, do some research to find out the cryptocurrencies that can be converted to fiat currency. On GDAX you can convert your cryptocurrencies like Ether, LiteCoin, and Bitcoin to EUR, GBP, and USD.
3. Choose a coin to convert
Now, you need to select a coin which can cost you less when converting to fiat currency. While converting Bitcoin, you may need to pay more fees for each transaction, but in case of Ethereum, the transaction fees are very low. To enjoy more money, you need to calculate the Network Fees and Exchange Fees. If it is less, then go for it.
- Exchanging the Altcoins
You can now move ahead to next step, i.e., exchange of altcoins for the cryptocurrency. While converting 10,000 Golem (GNT), you should sell it for cryptocurrencies like Bitcoin, Ethereum and more.
- Transfer the coins to the fiat exchange
Once you get your account for fiat exchange, you will get public key. You can use the key to transfer the converted coins to the fiat exchange.
Also Read: Growth of Cryptocurrency Market
- Sell the coins and get your desired fiat currency
Go to the pair that has the coin and fiat currency. There you can go for the option to sell and enter quantity and price. After that place the order. Once your coin gets sold, you will get to see the amount in fiat-exchange amount. Now, you can transfer the amount to your bank account. That’s it. You have converted altcoins into fiat currency.
Select the option to sell on this pairing and enter your desired quantity and price. Place the order.
One thing that you should always keep in mind that never forget to check the fees of Network and Exchange process. Always choose a way which will be cost-efficient for you.