Disclaimer: Gigworker.com is not an investment adviser and does not offer financial advisory services. The information provided in this article should not be regarded as such. This article is only intended for educational purposes.
Do you hold cryptocurrency and want to turn it into cash?
Many crypto platforms offer excellent benefits when buying and selling cryptocurrency.
One of them is Crypto.com, a cryptocurrency exchange company with a wide variety of crypto finance options and benefits.
However, many people struggle with handling their assets, and some are even intimidated by the high risk of buying and selling crypto.
Also, Crypto.com has an interface with many bells and whistles that might scare off potential crypto enthusiasts.
Don’t fret; we have you covered.
In today’s article, we’ll show you how to sell on Crypto.com, discuss the advantages and disadvantages, and how to utilize all the benefits offered by the platform correctly.
- Why You Should Consider Selling Crypto on Crypto.com
- Problems With Selling Crypto on Crypto.com
- What You’ll Need to Sell Crypto on Crypto.com
- How To Sell Crypto on Crypto.com: Step-By-Step Instructions
- Things to Consider When Selling Crypto on Crypto.com
- Frequently Asked Questions
- How Long Does It Take for My Withdrawn Funds to Appear in My U.S. Bank Account?
- Are There Any Fees When I Withdraw Funds From My Fiat Wallet to My Bank Account?
- Which Cryptocurrencies Can I Sell and Make USD in the App?
- How Can I Link My Bank Account to the App to Withdraw Money?
- Is It Profitable to Buy and Hold Crypto in 2023?
- Is Crypto.com Safe?
- Similar Tutorials to Check Out
- Wrapping Up
Why You Should Consider Selling Crypto on Crypto.com
Founded in Hong Kong in 2016, Crypto.com is a Singapore-based crypto exchange platform with straightforward buying/selling methods that make it a comfortable hub for many crypto traders.
Crypto.com has a mobile and desktop app, a crypto marketplace, an NFT marketplace, and its very own Crypto DeFi wallet with lots of benefits if you use it within their platform.
Both the desktop and mobile app versions have a convenient wallet interface that allows you to check the marketing trends with a clear overview.
But, what makes them stand out from other platforms like Coinbase are a couple of exciting benefits:
- A wide selection of cryptocurrencies: With over 250 cryptocurrencies, Crypto.com allows you to tap into the vast blockchain ecosystem to diversify your assets according to your needs. What’s more, they deal with over 20 fiat currencies that are super easy to convert into crypto.
- Low fees and no hidden costs: Compared with other platforms, Crypto.com has low prices for depositing money via bank or wire transfer. Buying and selling coins comes at an actual cost without hidden fees, and it takes a small fee for credit purchases if you’re using their mobile app.
- Safe, secure, and insured: Crypto.com is famous for its reinforced-granite cybersecurity. The Crypto.com wallet is secured with multi-factor authentication protocols, biometrics, phone number, and authentication verification systems. In addition, if your account gets hacked, Crypto.com allows you to restore up to a quarter of a million in unauthorized withdrawals, where your lost assets will be refunded.
- Earning interest: Crypto.com allows crypto holders to stack interest rates, and their lowest interest rates are arguably more beneficial than most high-yield savings accounts you find elsewhere. If you stack your CRO, which is their very own cryptocurrency, Cronos, the maximum interest rate can go up to 10%.
Problems With Selling Crypto on Crypto.com
There is no perfect crypto exchange platform.
Crypto.com has its downsides, which can be cumbersome for some crypto traders.
Here are some of the most significant issues that are plaguing Crypto.com:
- Questionable customer service: Lots of users criticize Crypto.com’s 24/7 support, especially for their poor response time. In the crypto world, this is unacceptable, especially when people are dealing with serious financial issues that require immediate attention.
- Not very easy to use: While the platform has a compelling and abundant interface with over 250 coins at a constant overview, this may look cluttered and overwhelming to most users. Many buttons, tiny objects, and many services make the app too tricky to navigate, especially for newbie users.
- Lack of educational resources: Unlike Binance, Crypto.com lacks blockchain classes and tutorials. The blockchain world has abundant terminologies, and newbie traders require proper educational resources to be more comfortable trading on platforms.
- Cashback rewards only come in CRO: Crypto.com’s cashback rewards are only paid out in their own currency, CRO, and they can only be cashed out via GBP, which is not a viable option for most U.S. citizens. If you don’t want to deal in CRO, the cashback rewards go down the drain.
What You’ll Need to Sell Crypto on Crypto.com
Besides an I.D. that states you’re above 18, there’s nothing much you’ll need to sell your cryptocurrencies on Crypto.com.
Here’s what you need:
- A Crypto.com account: To sell crypto on Crypto.com, you’ll need to register an account, as well as register it with proper documents and identification.
- Cryptocurrency: Obviously, you need to have crypto in your Crypto.com wallet in order to participate in the market.
- A bank account: To transfer your sold funds, you must link your bank account to your wallet. Depending on the wallet you choose to withdraw the funds to, there are varying bank transfer fees. Please check their official guidelines here.
How To Sell Crypto on Crypto.com: Step-By-Step Instructions
Before you begin selling your assets on Crypto.com, you must ensure that you already have your Fiat Wallet set up on their website.
Otherwise, you can only trade with cryptos but won’t be able to sell or withdraw your crypto as USD in cash.
Setting up the payment method in advance is essential before you do anything else.
Once you’ve set up your wallet, filled in the personal details and financial info, and chosen your currencies, you can follow these steps to sell your crypto.
Step 1: Click “Trade” on Your Crypto Wallet
Provided that you have verified and activated your Fiat Wallet, you need to open the app and click the ‘Trade’ button on your app’s main menu, right next to your crypto coins.
Step 2: Accounts and Fiat Wallet
Go to the ‘Accounts’ section, then ‘Fiat Wallet,’ and press ‘Sell Crypto.’
Step 3: Double-Check the Currency
You need to carefully consider which crypto and how much you want to sell.
This process converts your funds from crypto to a fiat wallet, so you must be extra careful when picking the coin you want to transform.
Tip: If you live in the U.S. and your bank account’s chosen currency is USD, you should pick the USD Fiat Wallet to avoid any additional fees.
Step 4: Select the Crypto You Want to Sell
Once you’ve decided which currency you want to convert to fiat, press the ‘Cash’ button.
Step 5: Confirm the Amount
The ‘Sell’ screen will appear, and you must enter the amount of currency you want to sell.
Please note that you can withdraw a maximum of $100,000 per day.
Step 6: Confirm Your Choice
As soon as you proceed with the step, you’ll be greeted with the Crypto.com fees on your screen.
If you agree with the transaction fees, press ‘Confirm’ to finalize the process.
Congratulations. You have successfully made a sale and turned your crypto into USD funds.
The funds stay in your Crypto.com wallet; if you want to withdraw them, there’s another withdrawal process to consider.
Depending on how you’ve set up your sources, you can read the official step-by-step withdrawal process on Crypto.com.
Things to Consider When Selling Crypto on Crypto.com
Being well-informed and considerate when buying, selling, or trading cryptocurrency is imperative.
Unfortunately, no formulas or rules are set in stone when one should sell crypto.
That being said, here are some things to consider when trading your assets:
1. Watch When the Value Increases
Always remember to keep a close eye on the crypto assets you have on the market.
The smaller profits you gain as a hedge can play a critical role in avoiding potential losses.
You can put them on your watchlist and set notification boards when they double or triple in value.
This is usually an excellent time to sell at least a fraction of them to gain solid profits.
2. Know When to Cut Your Losses
Once you see that a particular crypto asset isn’t going anywhere with its long-term value, you should consider selling them either completely or more than half.
Most investors and traders have a problem with becoming too attached to their promising cryptocurrencies.
The key is to know when to let go to save on profits as much as possible.
When you see other cryptocurrencies surpassing your chosen one, it’s probably high time you sell it and invests in something more promising.
3. How Much Are You Planning to Sell?
Always consider how much of which crypto you’re going to sell.
Cutting portions of your assets can be more profitable than going for a high-risk, high-reward move in completely liquidating an asset when the price jumps.
If you think the crypto you plan to sell will probably reach even higher, it’s better to sell fractions and see what happens next.
Frequently Asked Questions
Here are some interesting questions and answers you might find helpful.
How Long Does It Take for My Withdrawn Funds to Appear in My U.S. Bank Account?
The withdrawal processing period usually lasts 3-5 business days, while withdrawals to the Crypto.com app are much faster.
Are There Any Fees When I Withdraw Funds From My Fiat Wallet to My Bank Account?
Crypto.com doesn’t charge processing fees when you withdraw funds from your wallet to your bank account.
Which Cryptocurrencies Can I Sell and Make USD in the App?
All 250 cryptocurrencies are available for trading, buying, and selling as U.S. dollars.
If you want to see all the cryptocurrencies available on Crypto.com, read here.
How Can I Link My Bank Account to the App to Withdraw Money?
You need to set up a USD Fiat Wallet from the app and link your bank account before you can withdraw money.
Please read the complete guide here.
Is It Profitable to Buy and Hold Crypto in 2023?
Yes, 2023 is a very convenient year for purchasing and holding cryptocurrency, especially one with a solid long-term value like Bitcoin.
While this investment opportunity may be true, selling certain cryptocurrencies in 2023 could yield more rewarding outcomes.
Is Crypto.com Safe?
Yes, you can trust Crypto.com with your cryptocurrency.
Thanks to its many cybersecurity measures, multi-factor authentication, biometric security features, and authenticator verification system, Crypto.com users can have peace of mind with their platform.
Most importantly, Crypto.com is insured for $360 million against damage or theft.
In January 2022, Crypto.com suffered a $34 million cyberattack affecting over 400 users.
However, all users were promptly and fully reimbursed, and additional security measures were implemented concerning account protection.
Similar Tutorials to Check Out
If you’re interested in more crypto trading resources or other ways to make money, feel free to check out these tutorials:
- How to Sell NFT Art in 2023 (A Step-By-Step Guide): While the market for NFTs has calmed down, it’s still a viable window of opportunity for digital artists to create NFTs and make money, as you’ll see in this tutorial.
- How to Trade Bitcoin: A Beginner’s Guide: If you’re an absolute beginner and want to start with Bitcoin, this tutorial will show you the works.
- Manage Your Money: 8 Best Investing Apps of 2023: This list will show you the best investing platforms and apps you’ll need to tap into the stock market with ease.
Crypto.com is very convenient for people who like to trade on the go.
While they have decent fees and occasional discounts, our advice for you is to compare the fees with other platforms before you consider selling your crypto.
Otherwise, you can start trading, investing, staking, or selling your assets today.
Feel free to share your thoughts and opinions on Crypto.com or any ideas in the comments below!