There are quite a significant number of ways to convert crypto to cash. However, depending on your unique circumstances and several considerations, some of them may be faster than others. Thus, the fastest way in one circumstance may not necessarily be the fastest in another circumstance or when other factors are put into consideration.
Keeping in mind different circumstances and various factors to consider, I have come up with a list of the top 10 fastest ways to turn your crypto into cash. Out of these different methods, you can choose the fastest way depending on your unique situation and considerations.
The following are the top 10 fastest ways to turn your crypto into cash:
1. Crypto exchange
While a cryptocurrency exchange provides the best way to convert your crypto-based digital assets into fiat currency, not all crypto exchanges support fiat currencies. Thus, it is important to choose a fiat-friendly cryptocurrency exchange.
The following are the best fiat-friendly cryptocurrency exchange platforms:
- Kraken
- Coinbase
- ByBit
- Crypto.com
- Binance
- Kucoin
- Bitstamp
- CEX.IO
- Bitfinex
- Gemini
- OKCoin
- Gate.IO
- OKX Exchange
Things to consider
In choosing a platform that can enable you to quickly and easily convert your cryptocurrency holdings to cash, the following are important things to consider:
- Whether a given cryptocurrency exchange platform supports your preferred fiat payment method or not. Some of the payment methods include direct transfer to a bank account, crypto debit cards, or credit cards, among others.
- The minimum and maximum crypto withdrawal limits per transaction or period.
- How fast the crypto exchange platform processes cash transfers via your preferred payment method.
- The amount of transaction fee charged to facilitate the transfer via your preferred payment method
- Whether a given cryptocurrency exchange platform supports such transactions within your jurisdiction
Pros
The following are some of the advantages of using fiat-friendly crypto exchanges to convert your crypto assets to cash:
- You can still carry out other cryptocurrency transactions while converting some of your cryptocurrency holdings into cash
- No need to transfer your crypto assets to a third-party intermediary to turn your crypto into cash.
- Reduces risk of exposure that would otherwise be incurred in the process of transferring your crypto assets to a third-party intermediary for processing
- Relatively lower fees (and sometimes free of charge) to convert crypto assets into cash
Cons
- More complex user interface compared to a cash app or crypto wallet
- Limited jurisdiction – compared to P2P exchange platforms, they are available in fewer countries.
2. P2P exchange
Most fiat-friendly crypto exchanges are centralized exchange platforms. Thus, they are subject to lengthy procedures, bureaucratic restrictions, and limited geographic jurisdiction.
On the other hand, Peer-to-Peer (P2P) exchanges are not subject to such restrictions and inconveniences. This is because Peer-to-Peer exchange platforms are decentralized exchanges where users engage directly with each other to carry out transactions.
Some of the best P2P exchanges include:
- Kucoin P2P exchange
- Binance P2P exchange
- ByBit P2P exchange
- OKX P2P exchange
- Huobi P2P exchange
- Gate.IO P2P exchange
- Noones P2P exchange
Things to consider
In choosing your P2P crypto exchange platform, you need to consider the following key factors:
- Reputation – this encompasses a long history of security, good practice, great customer service, and positive reviews
- You are located within the platform’s P2P cash zone
- Transaction speed
- Availability of your preferred fiat currency
- Availability of your preferred fiat payment method
- Liquidity level – this is determined by the volumes of P2P trades. The higher the volume the greater the liquidity levels. A high liquidity level makes it easy to find a matching buyer for your digital currencies. This means faster conversion into fiat money
- Escrow services – a good P2P Platform should have a provision for escrow services.
Pros
- In terms of transaction fees, P2P service is relatively cheaper than that of a centralized exchange platform.
- When it comes to P2P trading, it is easier to find your preferred fiat payment method
- Easier to convert to your preferred local currency
- Unlimited jurisdiction – provided you have an internet connection you can carry out peer trades from anywhere in the world
- Direct deposits to your cash account – you can get cash deposits either to your bank account or mobile cash wallet
Cons
- Difficulty matching P2P trades
- High risk of being scammed
3. Money transfer intermediaries
These are third-party entities that do not participate in direct trading of digital currencies. However, they facilitate the conversion from one currency to another and transfers from one account to another.
The following are some of the popular money transfer intermediaries:
(a) Cash apps
In essence, cash apps are mobile money transfer apps with a swapping mechanism. If available in your jurisdiction, a Cash App provides the fastest way to turn your crypto into cash. Cash apps are the most popular choice for mobile phone users.
Things to consider
When choosing your preferred Cash App, you need to consider the following:
- Reputable platform – security, good practice, great customer service, and positive reviews are the hallmarks of a reputable platform.
- Supported digital currencies – both fiat currencies and cryptocurrencies
- Transaction fees.
- Ease of use – generally cash apps are less complicated. Nonetheless, some are easier to use than others.
- Transaction speed
Pros
- Fast
- Easy to use
- Mobile-friendly
Cons
- Like other mobile apps, a Cash App is only available to mobile phone users
- Relatively high fees
(b) Online payment gateways
Most online payment gateways serve as intermediaries between crypto exchanges and the user’s bank account. However, some of them act as standalone platforms that accept various digital currencies for purposes of exchange. Online payment gateways are the most popular choice for web users.
Some of the best crypto-friendly online payment gateways include:
- PayPal
- Stripe
- Coinbase Commerce
- BitPay
- SpicePay
- CoinGate
- CoinsPaid
- NOWPayments
- CryptoPay
- B2BinPay
- DePay
- Crypto.com Pay
- Shopify Gateway
- Alfa Coins
- CoinsBank
Things to consider
When opting for payment gateways, the following are some of the things to consider:
- Terms and conditions – online payment gateways such as PayPal are extremely strict. It is important to read and understand their terms and conditions before using them.
- Supported jurisdiction – most online payment gateways are available in just a few countries. Make sure that your country of residence is supported.
Pros
- Provides the fastest way to turn crypto assets into cash
- Enables direct bank transfer to a user’s bank account
- Ease of use
Cons
- Stringent terms and conditions
- Limited jurisdiction
- Arbitrary withholding of funds
- High fees
(c) Virtual online crypto-friendly banks
Like cryptocurrency exchanges, these banks have no physical presence. Despite a lack of physical presence, they provide conventional banking services, in addition to supporting crypto banking services.
The following are the major digital-only banks that are crypto-friendly:
- Wirex
- Ally
- Simple bank
- Revolut
- Tangerine
- Quontic
Things to consider
In choosing your preferred crypto-friendly virtual online bank, you need to consider the following:
- Supported fiat currencies
- Supported cash withdrawal methods
- Availability of banking services within your jurisdiction
- Transaction fees
Pros
- A diverse array of investment options beyond crypto assets
- You get a traditional bank account in addition to a cryptocurrency wallet
- You can withdraw your cash via traditional ATMs
Cons
Most virtual online banks are not subject to conventional banking regulations, thus, your deposits are not insured
4. Crypto wallets
Unfortunately, due to strict KYC and AML regulatory requirements, banks avoid dealing with DeFi wallets, which are non-custodial. Thus, if you want a wallet that has support for fiat withdrawal methods, you must opt for custodial wallets belonging to leading fiat-friendly crypto exchanges, of which, the majority of them are centralized exchange platforms.
The following are the best fiat-friendly crypto wallets:
- Coinbase Wallet
- Trust Wallet. Also see how to sell your crypto on Trust Wallet.
- Kraken Wallet
- Crypto.com Wallet
Things to consider
The following are key factors to consider in choosing your best digital wallet for turning your crypto assets into cash:
- Type of crypto assets being supported
- Support for your preferred fiat currency
- Availability of your preferred payment methods
- Transaction speed
- Fast transaction processing tools such as Wallet QR Code for speedy capture of details
- Transaction fees
Pros
- Faster and more efficient
- Easier to use than crypto exchanges
Cons
- They charge relatively high fees
- Fewer types of crypto assets are supported
- They support fewer types of fiat currencies and fiat payment methods
5. Brokerage
Online brokerage firms are ideal if you are looking for customized services like huge transaction amounts or volumes, fast transaction processing, specific payment methods, etc. Thus, online brokerage firms can easily provide you with the fastest way to turn your crypto into cash, that is, instant transfers – of course, at additional fees. If you are a financial institution or a financial service provider, brokerage firms provide the best way to convert cryptocurrency holdings into cash.
The following is a list of the best online platforms for crypto brokerage:
- Robinhood
- Webull
- eToro
- Interactive Brokers
Things to consider
In choosing your best online brokerage firm, consider the following:
- Reputation – including security, credit score, customer service, and professionalism
- Supported digital currencies
- Availability of customized solutions such as accelerated transaction processing
- Fiat payment methods being provided
Pros
- Customized solutions including instant payments and accelerated transaction processing
- A wider choice of fiat payment methods including a domestic wire transfer to your bank account
- Flexible threshold in terms of the amount of bitcoin or other crypto assets that one can convert within a specific time frame
Cons
- Limited jurisdiction – their services are not widely available in many countries
- Relatively high fees compared to crypto exchanges and other methods of turning crypto into cash
- Additional fees for customized solutions
6. Crypto Debit Card
Many crypto holders consider crypto debit cards as the best way and the fastest way to turn crypto into cash. However, the availability of crypto debit cards is strictly limited to a very few countries and localities.
Things to consider
The following are things to consider in choosing the best crypto debit card for cashing out your crypto:
- Withdrawal to ATMs – you should be able to use the debit card to withdraw cash from your nearest ATM
- Cash payments – you should be able to use the card to make cash payments
- Fee structure – the fee structure should be affordable, reasonable, and competitive
- Jurisdiction – the card should be capable of being used within your jurisdiction
Pros
- Ease of use
- Offline usage
- Secure
- Extremely convenient
Cons
- Relatively more expensive – generally, withdrawing from crypto debit cards is more expensive than withdrawing through a bank account
- Less merchant support than traditional cards – only a few merchants support the use of crypto cards for transactions
- Limited availability – available in just a few countries
7. Crypto ATMs
So far, Bitcoin ATMs are the most popular crypto ATMs. It is rare to find a crypto ATM that is not a Bitcoin ATM. Crypto ATMs are like traditional ATMs except that they can turn cryptocurrencies into cash.
Things to consider
The following are important things to consider before opting for Crypto ATMs as a means of withdrawing crypto in cash:
- Availability of crypto ATM within your reach
- Supported crypto coins – Generally, most Crypto ATMs support bitcoin transactions. Just a few allow the withdrawal of other crypto coins, especially Ethers and Stablecoins. In case your nearest ATM only supports bitcoin holdings, you may need to swap your crypto into bitcoins before withdrawing.
Pros
- The most convenient to directly convert your Bitcoin holdings to hard cash
- Instant conversion from your Bitcoin wallet into cash
- Less complicated steps for crypto withdrawal
Cons
- Scarcely available – Crypto ATMs are scarcely located. When it comes to converting cash to crypto, ATMs are the least available means in the crypto market.
- Expensive – Crypto ATM withdrawal is relatively more expensive than withdrawing via traditional ATMs
8. Crypto-to-Fiat swapping apps
Another fastest way to convert crypto to cash is via swapping apps. The following are some of the popular swapping apps used by crypto holders:
- Changelly
- Simplex
- Swapin
Things to consider
Before choosing a crypto-to-fiat swapping app, the following are important considerations to make:
- Types of supported digital currencies
- The minimum and maximum withdrawal limits
- Transaction fees involved in converting crypto coins to cash
- Security measures employed to protect digital assets, including two-factor authentication
Pros
- Fast – the swapping mechanism is faster than withdrawing crypto to cash via crypto exchanges
- Easy to use – Swapping apps have a less complex user interface.
- Convenient – requires very few steps to convert crypto coins to cash
Cons
- More expensive – swapping apps charge relatively high fees compared to withdrawing directly from a crypto exchange that supports fiat withdrawals
- Supports fewer digital currencies compared to crypto exchanges
9. Gift Cards
One of the least used methods of converting crypto to cash is the use of gift cards. Though rarely used, they can be a convenient way to convert crypto coins to cash when other means are not possible. For example, some DeFi platforms don’t have a fiat withdrawal mechanism but a mechanism that allows you to buy gift cards. Once you have the gift cards, you can sell them at gift card marketplaces.
Things to consider
Before using gift cards as a means of transferring crypto to cash, you need to consider the following:
- Liquidity of the gift card marketplace – gift cards are slow to convert unless used directly for shopping. Thus, you must consider the liquidity level of your chosen marketplace in case you want to sell the gift card rather than use it for shopping.
- The discount margin – selling gift cards is done at a discounted price. It is typical for discounted prices to go as high as 25%. This discount is a significant reduction in the amount of cash you will receive. Thus, choose gift cards that have a lower discount margin.
- Gift card’s popularity – the more popular a gift card is, the easier it is to find buyers. Furthermore, since popular gift cards are in high demand, the discount margin will be much lower – typically 2.5% to 5%.
- Gift season/event – in most cases, gift cards are designed for a particular season or event. In case the gift card is pegged to a certain season/event, make sure that the gift card you are buying is relevant to that season/event in terms of timing.
Pros
- Universal – selling gift cards for cash is a universal phenomenon. Thus, once you convert your crypto to gift cards, no one will relate the gift cards with crypto.
- Shopping-friendly – if you are withdrawing cash primarily for shopping purposes, then gift cards can be the most convenient way of converting your crypto to cash.
Cons
- Low liquidity – gift cards are not easily convertible the way you would directly convert fiat to crypto. They are only a last resort when other means of crypto-to-fiat conversion are not available.
- Susceptible to irregular demand – gift cards are affected by seasons and events. Thus, it may be harder to sell them during the off-season which may come at a high discount margin.
10. F2F Transfer
Face-to-face (F2F) transfer means that the buyer and the seller meet face-to-face to transact. However, F2F transfer is not strictly about physical presence. The buyer and seller can meet over the telephone, chat app, or email. It is more about direct transfer between two individuals without an intermediary or trading platform.
Things to consider
- Trust – in F2F transfer, trust is of utmost importance. Thus, this form of crypto-to-cash transfer happens mostly between friends and family members.
- Compatibility – like barter trader, needs must match in terms of type and value of asset being exchanged.
- Safe place – it is a good idea to make sure that you are in a safe place when receiving cash
Pros
- Low transaction cost – due to the lack of intermediaries, transaction costs are almost nil.
- No need for identity verification
- No KYC and AML requirements
- The fastest way to carry out direct transfers
- Easiest way to convert crypto coins to cash
- No need to divulge personal information to unknown third-party entities
- A very cost-effective method of converting crypto to cash – no transaction fees, only network fees.
Cons
- Trust issues – even among families and friends, trust issues exist.
- Compatibility issues – just like barter trade, it is difficult to match needs and values during the F2F exchange.
- No insurance or compensation in case of breach of trust by the other party