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You can sell cryptocurrency in several ways: through a merchant on a peer-to-peer service, directly on a cryptocurrency exchange, or through a cryptoexchange. Each option has its own advantages and disadvantages. Crybex specialists tell how to exchange bitcoin in Ukraine and other cities quickly, safely and profitably.
Peer-to-peer service
P2P sites usually act as intermediaries between buyers or sellers, sometimes also as guarantors. It is similar to a bulletin board: the seller publishes his terms, the buyer selects the seller, they agree on the terms and conduct the transaction. The major services claim to verify both buyers and sellers and guarantee the security of the transaction. However, it is in P2P transactions that scammers are most common. Each time you choose a seller, you should be aware of the risks you are taking. Carefully study the guarantees promised by the site. For example, how the issue is resolved if the other party fails to fulfill its obligations and simply disappears. But first of all, analyze whether you can trust the site itself.
Withdraw directly from the exchange
This option is available for users of large centralized crypto-exchanges, which provide the possibility of deposits and withdrawals in several fiat currencies, for example, US dollars, euros, hryvnias, rubles. There are not many of them concerning the total number, because to provide such service an exchange needs to conclude a partnership with additional payment providers and to maintain reserves of different national currencies on their accounts.
In addition, for the exchange it creates additional difficulties not only in the form of new partners, but also in bringing the terms of use and systems of the exchange operation in accordance with the laws of different countries. It seems to increase the security of transactions, but in fact it increases the risk of blocking. When withdrawing funds from a centralized exchange to a bank card, there is a risk of transaction cancellation, as due to strict regulation in certain countries and uncertain position of governments in others, banks often refuse to accept funds from crypto exchanges.
For these two reasons, many crypto exchanges prefer to operate under the “crypto-crypto” model.
If you use a large exchange, where there is an opportunity to withdraw funds in fiat, pay attention to commissions and limits, because it is often more profitable to withdraw the cryptocurrency and then exchange it through an exchanger or peer-to-peer trading platform.
Cryptoexchange
It is easier to choose an online currency exchanger than a private seller or buyer, at least because such sites usually have many users. You can find reviews on the Internet, study partners, find information about the reputation of the exchanger, conduct a test transaction. Reliable cryptocurrency exchangers openly publish the terms and conditions of use, which is also important: the customer can study all the nuances to protect themselves from unexpected troubles or problems.
When choosing a service for the exchange, pay attention to pages in social networks, communication with clients, the presence of reserves on balances, openness and transparency of information.
Cryptocurrency exchangers offer two options for selling cryptocurrencies: online with withdrawal to a bank card and offline for cash. The first option is suitable for small amounts and everyday transactions. A great example is when you ran out of money at the airport. The second option is more often chosen for converting large sums in one transaction and when they do not want to keep money in bank accounts.
When choosing to sell cryptocurrencies for cash, check the geographical possibilities of the cryptocurrency exchanger, because some only open offices in major cities.
