You can also use peer to peer exchanges like localbitcoins.com (thou the now impose stick KYC rules) to convert you cryptos especially BTC to fiat and vise versa. If you are not a fan of KYC you can pick another peer to peer exchange from the list
- Help: A list of LocalBitcoin alternatives (P2P marketplaces)
You can look through your favourite exchanges and the choose the best rates.
Bestchange.com is also a good site for comparing rates of different exchangers
Topic: Best way to cash out from Coinbase (fees/spread margin etc) (Read 178 times)
Thanks for the tips guys. Will check out Binance for sure.
1. Convert XTZ to BTC. Withdraw BTC from Coinbase to Bitstamp. Sell BTC on Bitstamp and withdraw EUR to bank account (SEPA transfer).
This wouldn't be a good choice if you opt out to converting your XZT back to BTC since Coinbase is known to underprice their rates considerably compared to it's current fair market value. If you would like to maximize the money you invested in XZT looking for a direct buyer for it should be the best approach so you can avoid fees and commissions from exchanges for their withdrawal method. Looking for a direct buyer wouldn't be that hard here in the currency exchange section just use a trusted escrow if you would be trading it to a untrusted member.
I just bought 3000 XTZ on Coinbase and I'm wondering what's the best way to cash out to FIAT when the time comes to sell in the future?
(I live in europe, so I use Bitstamp to buy Bitcoin. Transfered 1 BTC to Coinbase and converted it to XTZ. They took $130 for that conversion, by the way.)
So what's the best alternative here to get the lowest fees/spread margin.
1. Convert XTZ to BTC. Withdraw BTC from Coinbase to Bitstamp. Sell BTC on Bitstamp and withdraw EUR to bank account (SEPA transfer).
2. Sell XTZ to EUR on Coinbase and withdraw using SEPA transfer.
3. Withdraw XTZ to another exchange with lower XTZ/BTC conversion fee/spread margin. Then withdraw BTC to Bitstamp.
(I live in europe, so I use Bitstamp to buy Bitcoin. Transfered 1 BTC to Coinbase and converted it to XTZ. They took $130 for that conversion, by the way.)
So what's the best alternative here to get the lowest fees/spread margin.
1. Convert XTZ to BTC. Withdraw BTC from Coinbase to Bitstamp. Sell BTC on Bitstamp and withdraw EUR to bank account (SEPA transfer).
2. Sell XTZ to EUR on Coinbase and withdraw using SEPA transfer.
3. Withdraw XTZ to another exchange with lower XTZ/BTC conversion fee/spread margin. Then withdraw BTC to Bitstamp.
You should cut Coinbase out entirely next time.
If you transferred the 1 BTC to Binance instead, you would have paid only 0.001 BTC (0.1%) in fees to convert to XTZ: https://www.binance.com/en/trade/XTZ_BTC
I would do the same thing on the other side of the trade. You could probably also save considerably on fees by cashing out bitcoins on Binance Jersey or another lower fee exchange instead of Bitstamp. Converting bitcoins to EUR costs 0.1% and EUR withdrawals are free: https://www.binance.je/fees.html
I think it would be best if you could buy XTZ on some EU based crypto-exchange, and there seems to be such an option here. I can't say it works because I don't trade with altcoins, but maybe this might be an alternative to Coinbase.
If I were you, I would choose option number 2, simple because you have XTZ and you want fiat to your bank account. What you need to check is how much each of these options actually costs you, and choose the best one accordingly.
If I were you, I would choose option number 2, simple because you have XTZ and you want fiat to your bank account. What you need to check is how much each of these options actually costs you, and choose the best one accordingly.
I just bought 3000 XTZ on Coinbase and I'm wondering what's the best way to cash out to FIAT when the time comes to sell in the future?
(I live in europe, so I use Bitstamp to buy Bitcoin. Transfered 1 BTC to Coinbase and converted it to XTZ. They took $130 for that conversion, by the way.)
So what's the best alternative here to get the lowest fees/spread margin.
1. Convert XTZ to BTC. Withdraw BTC from Coinbase to Bitstamp. Sell BTC on Bitstamp and withdraw EUR to bank account (SEPA transfer).
2. Sell XTZ to EUR on Coinbase and withdraw using SEPA transfer.
3. Withdraw XTZ to another exchange with lower XTZ/BTC conversion fee/spread margin. Then withdraw BTC to Bitstamp.
(I live in europe, so I use Bitstamp to buy Bitcoin. Transfered 1 BTC to Coinbase and converted it to XTZ. They took $130 for that conversion, by the way.)
So what's the best alternative here to get the lowest fees/spread margin.
1. Convert XTZ to BTC. Withdraw BTC from Coinbase to Bitstamp. Sell BTC on Bitstamp and withdraw EUR to bank account (SEPA transfer).
2. Sell XTZ to EUR on Coinbase and withdraw using SEPA transfer.
3. Withdraw XTZ to another exchange with lower XTZ/BTC conversion fee/spread margin. Then withdraw BTC to Bitstamp.
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