So, you hold some crypto coins and tokens and now want to cash them out. It is a great idea, especially if the coin is at its peak price. It is better to convert them into fiat money before it starts devaluating. But how to convert crypto to fiat? This guide will answer your every question. Here, we’ve explained the process in detail and mentioned the six best crypto banks you can use. Moreover, we’ve listed the top essential tools for assistance and why you should use the crypto banks. So, let’s get into the details!
Although cryptocurrency is about the non-involvement of middlemen or third parties, crypto banks are vital for smoother transactions or hassle-free operations. You may know how to convert crypto to fiat, but it will require technical knowledge. If you are a beginner, then using professional (crypto banks) help is necessary to avoid fund loss.
These entities easily convert your crypto to fiat or vice versa. Typically, reputable or government financial authorities regulate them, meaning they operate within the confines of the legal framework. So, customers are certain that legal rules and policies protect their transactions, creating an atmosphere of confidence.
Several crypto banks have partnered with traditional financial institutions, payment processors, and other economic enterprises. Because of this connectivity, users will have an easier time managing their financial affairs because they can make smooth transfers between their crypto and fiat currency accounts.
Since these banks comply with Anti Money Laundering (AML) and Know Your Customer (KYC) standards, you can take a deep breath about privacy concerns. This prohibits users from engaging in illegal activities and guarantees that their identities are checked before transactions occur.
Converting your crypto to fiat is pretty straightforward. All you need to do is select the right platform or crypto bank that supports this conversion, and you are free to convert them. First, select a crypto bank where you can convert your digital assets to local funds. If you don’t have an account on the platform, you must create one. Next, deposit the cryptocurrency you want to change since some platforms will require KYC verification for funds deposit. However, you will find several non-KYC banks online. After you deposit the cryptocurrency, go to their conversion page. Select the crypto coin and the fiat in which you want to convert. It will also cost you a minimal fee. Approve the process, and the platform will convert your funds quickly. You can withdraw them to your bank for personal use.
Since you know how to convert crypto to fiat and why you should use crypto banks for this purpose, you may want to select the best bank. So, here are the top 6 banks that support crypto to fiat conversion at minimal fees.
PlasBit is a dynamic and versatile crypto bank that the Polish government regulates. The bank started operations in 2020 and soon established its name among the leading crypto solution providers. It started with a small team, which is now a fully-grown company of more than 80 members (and still counting). And since it is the only bank on this list specifically established to provide crypto solutions, you will have more compelling and particular features on the platform.
It was started in 2019 as a financial technology company with offices in Singapore, San Francisco, and Bengaluru (India). Juno helps users receive, hold, and spend fiat and cryptocurrencies without hassle or cost. Surprisingly, the platform is not a proper bank. Instead, it operates more like a fintech company. It is a tech tool that works with Evolve Bank & Trust to offer banking features. In 2023, Juno moved from Wyre to Zero Hash as its crypto partner because Wyre was having what Juno called “operational uncertainty.” Because of this “uncertainty,” Juno briefly stopped letting customers buy cryptocurrencies and automatically changed stablecoins into USD. They also told customers to withdraw their holdings or move them to wallets they control themselves. But on February 7, 2023, the platform returned to normal activities.
On the Revolut platform, cryptocurrencies are treated like any other asset. The company was established in 2015 to offer digital banking solutions and other financial services, including online banking, currency exchange, and international money transfers. Since 2017, the website has allowed customers to buy, sell, and keep cryptocurrency in their accounts.
Ally started in 2009 and has changed how people manage their money. It has become popular with people who want a modern banking experience because of its easy-to-use platform and focus on the customer. It lets you connect your Ally Bank account to your Bitcoin holdings, allowing you to view your traditional and digital budgets in one location. Managing your financial assets should become less complicated due to this integration, which is the project’s purpose.
Since its founding in 1828, BankProv has had a long history of serving its customers by delivering various financial services with a customer-centric focus. It is an excellent financial institution that provides adaptable banking solutions. It concentrates on technology for expanding enterprises, particularly in the bitcoin industry. Despite being one of the oldest banks, it introduced cryptocurrency exchange in 2020, reflecting its progression into the modern world. Its old name was The Provident Bank, shortened to BankProv in (the same) 2020. In addition to its crypto adapting, it also concentrates on other fields, such as the financial technology industry and the renewable energy sector.
The United Services Automobile Association (USAA) was founded in 1922 by a group of Army officers who struggled to obtain automobile insurance. Since then, it has developed into a reliable provider of various services, including banking, investments, insurance, and more. The company displayed a growing interest in digital currencies before their widespread adoption. In 2015, they partnered with Coinbase to handle the challenges posed by the management of cryptocurrencies and to meet the associated needs. The connection between your Coinbase accounts and the usaa.com account summary can be made through USAA. When you connect your wallet, you can check your balances and keep track of your transactions. Your USAA FSB account will not be linked directly to Coinbase, so if you want to buy or trade cryptocurrency, you will still have to use the Coinbase website. The USAA Financial Services Branch does not currently accept cryptocurrency as a means of payment or store any cryptocurrency. By linking your Coinbase and USAA accounts, you will have the convenience of viewing all of your cryptocurrency holdings on the summary page of your USAA account.
While crypto banks will allow you to conveniently convert crypto to fiat, using some calculators and tools will make your decision even more effective. Here are a few tools to make informed decisions and make profits or convert your digital funds at the right time.
A crypto calculator is a must for everyone who is dealing with cryptocurrencies. These calculators provide an updated crypto coin value and help you calculate a certain coin’s prices in any fiat currency. Crypto Calculators let users change different cryptocurrencies into regular currencies like the US Dollar or Euro. This feature is helpful for users who want to keep track of the real-time value of their crypto investment in multiple fiat currencies. These calculators are connected to online marketplaces and update their prices every few seconds. You get the exact value at that moment based on multiple factors. You can also select several other crypto coins to analyze which one is more profitable than the other and invest in that particular digital asset.
A Crypto Profit Calculator is a specialized tool meant to aid users in exploring the potential gains or losses from their cryptocurrency investments or trades. Users can estimate how much profit they will earn on a specific investment in a certain cryptocurrency. Here’s how you can calculate it. Enter the date and amount that you purchased your cryptocurrency and the amount you invested. Then, from the subsequent drop-down box, choose the type of cryptocurrency you wish to use. For example, if you have Bitcoin, you should select BTC, but if you have Ethereum, you should choose ETH. After that, press the Calculate button, which will tell you the current value of your investment and the return that you may expect from it. Some profit calculators also allow you to enter investment and exit fees for a better profit estimation, so your digital wallet will earn more.
A real-time display of cryptocurrency costs is called a Price Ticker, sometimes called a cryptocurrency fee ticker. This tool provides users with up-to-the-minute information regarding the cost of various cryptocurrencies. Price tickers are frequently found on the websites of cryptocurrency exchanges, financial information systems, and mobile applications. They collect real-time prices from several cryptocurrency exchanges that continuously update them every second or two. These figures contain actual prices with an up or down arrow, indicating whether the price has risen or dropped from the value seconds later. It also indicates whether that crypto coin is purchased or sold out at that moment. The ticker shows these records in a person-friendly way, often as a scrolling or updating listing of cryptocurrency symbols (for example, BTC for Bitcoin) along with their present-day fees in fiat currencies such as USD or EUR.
A crypto history calculator is often overlooked, but expert and professional crypto traders understand its significance. It allows you to calculate a cryptocurrency’s price on a certain date at a specific time. You can consider it like a crypto calculator with a time machine. It gives you the value of (say) 1.793 BTC on the 8th of January 2023 at 2:38 PM. Some history calculators also come with current price indicators, helping you to understand how much the price has increased or dropped since then.
Converting your crypto coins to fiat currencies is easy with several providers. All you need to do is select the right platforms with minimal conversion fees, and you are set to go. Using crypto banks for this purpose is an excellent option since they deal professionally with the processes. We’ve listed you six best crypto banks, along with how to convert crypto to fiat. Moreover, you also know some tools to help during conversion. So, pick a bank that suits your style, and convert your cryptocurrency to fiat money today.