Topic: Best procedure from cryptos to EUR on a bank account (Read 166 times)

Yep, that's for sure. But I think there can be risks in both cases.

- If you use a centralized exchange:

You are not safe from having your account frozen because your bank thinks it is a suspicious transaction (knowing that when it comes to crypto, banks are very suspicious). These are cases that I have seen several times. And also people who wanted to receive large amounts (with 6 numbers) and they were so worried that they called their banker before to be sure that it will not be a problem (with all the evidence of the money used to buy x months ago, a report of their trades, screenshots, etc)

- If you use a decentralized exchange or marketplace:

The risk of being scammed of course but add to that the risk to deal with a company. I know it's funny but I can tell you that there are some companies that use themselves DEXs or P2P marketplaces. I have seen this case on Bisq for example. So if you wanted to avoid a company then you're fucked. (Remember it's mandatory for them to keep accounting records and many things).

There are ups and downs in both ways, it's up to the person to evaluate the risks and the needs.


I am always preaching about decentralization and avoiding companies, but since @OP seems new to this matter, I thought it was best to guide him to a CEX

Well, buying on a good decentralized p2p exchange also means your coin won't have any KYC attached to it. This goes out the window for selling ofc, but for buying, something like Bisq isn't just good to avoid giving a company data, but also ensures nobody (also in the future) will be able to query an exchange and know exactly how many BTC you possess. There are various reasons state actors might be interested to do such thing in the future, especially when the price will be many times the current value.

Remember, don't only factor in the cheapest way possible, your highest priority should be how do I withdraw securely, and to do that in the most secure way possible. This might actually be counter productive to keeping your fees low, but generally I would prefer to be sure that I'll be safe in the transaction, rather than paying the least possible, and then running into problems with not receiving the money.

Not without introducing a element of risk with the trade. You could potentially use a peer to peer exchange, but then you don't know who your dealing with, and the only reason I would recommend this approach is if you don't particularly want to give a company your data, that is a pretty big target for attacks. Although, exchanges generally are the cheapest option.

try BinanceP2P so that you can directly sell your crypto to people who holds EUR that want to purchase your coin. You can check the P2P market if there are active EUR to Crypto offer. It's more efficient since you will get EUR directly via bank transfer from other person which saves you a lot of fee since the buyer will gonna shoulder the fee. I'm doing this method compared when you use the fiat withdrawal on exchange which gives a much lower rate with tons of fee. Just be cautious on the reputation of the user that you will gonna deal there although binance will stand as escrow on your transaction so you are safe as long as you can check first that you received the fund before you release your coin.

https://p2p.binance.com/en

There are also some exchangers that will anonymously top up your bank account in exchange for crypto.

For example, here's a list of exchangers from USDT to EUR bank accounts: https://www.bestchange.com/tether-to-euro-cash.html (make sure you sort by "Reserves" descending because the more reserves an exchanger has, the more liquid they are, and the less likely you will run into problems exchanging with them.) Similar lists can be found on that site for other cryptocurrencies.

As from LeGaulois already written Bitstamp is also good option and never got any problems with it , i use it now since 2012 !
KYC is needed for it but the most exchanges that you can cash out have that now .
The transaction fees for a Sepa transaction for 1000 Euro is about 3 euros there , and it will be done in one day and you have it on your bank account.

Imho don't mess with exchanges, all crap. Just withdraw Bitcoin and sell them on Bisq.
Next time you buy Bitcoin, buy it on Bisq as well

I suppose you're from Europe if you're looking to cash out in EUR.

You can have a look at Kraken or Bitstamp. They are among the most popular among Europeans for those looking to sell and receive SEPA.
Apart from the trading fees, the cost of a SEPA transfer is only a few cents at Kraken (it must be 9 cents), and you receive the SEPA the next day. (Most of the time I received them the same day)

- Fx fees for 5000€: 0.2% so 5000 x 0.2/100=10€
- 10€ + 0.09€ (Fees for withdrawal with SEPA)= 10.09€

If you're looking for the 'cheapest' solution, you will hardly find something better.

In any case, with both of them, you will have to go through the identity verification process, as you would with most anything else.
If this is something you are not inclined to do, then you should follow the advice of @bL4nkcode and use a P2P platform but the fees won't be the same...

How about the p2p platform of binance, eur is supported and bank transfer as well. Though I suggest only to deal with someone who is a verified merchant in there, and with higher completion rate to avoid scammers and to avoid wasting time.

I think the best exchange to use for withdrawals is coinbase. They've done quite well in the UK and EU (they did get suspended by a UK bank but found a new one after a while and you could still withdraw via sepa)...

Binance have a lot of regulatory issues as talks have broken down between the UK's fca and Singapore's regulator is suspicious of their activities afaik. (European banks dropped support for binance after the binance UK declared they couldn't answer basic questions).

I have various coins on 3 platforms (Binance, Kucoin and Ascendex) for a total of about $5000
I'm planning to withdraw some to my bank account in Euros.
Withdrawal of Euros from Binance was "Suspended for maintenance" for a while and now disappeared altogether.
There's still the Credit Card option with a 1% fee and a limit of €168/day

I transferred some USDT to Kucoin to see if there were more options.
You can't even convert from USDT to USD or EUR on Kucoin.

At this point, I'm wondering what's the cheapest path from crypto coins on these platforms to EUR on a bank account.
The 1% fee credit card option on Binance doesn't sound that bad when you consider all the steps and commissions with other solutions such as transferring to Crypto, Coinbase, Revolut, PayPal, but maybe I wrong.

Any advice on the best way without too many transfer fees and currency conversion fees all over the place?

Thanks