Cryptocurrencies have seen explosive growth and mainstream adoption in recent years, with more and more people investing in digital assets like Bitcoin, Ethereum, and thousands of others. According to a report by Crypto.com, the global cryptocurrency market is expected to reach $4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030.
As crypto investing has become more popular, so has the need for user-friendly platforms to buy, sell, and manage digital assets. Crypto.com has emerged as a leading exchange, offering a wide range of features for crypto enthusiasts and novice investors alike. In this comprehensive guide, we‘ll dive into how to sell your cryptocurrency on Crypto.com and withdraw the proceeds to your bank account in USD.
Why Sell Crypto for USD on Crypto.com?
There are many reasons why you might want to sell some or all of your crypto holdings and cash out to a fiat currency like US dollars. Maybe you want to lock in profits after a bull run, free up money for a large purchase, or simply diversify your investment portfolio. Whatever the case, Crypto.com makes it simple to sell your digital assets and withdraw the funds to your bank account.
Crypto.com has quickly become one of the most popular and trusted exchanges in the world since its founding in 2016. With over 50 million users across 90 countries, Crypto.com has handled over $400 billion in trading volume as of 2021. The platform supports 150+ cryptocurrencies and offers a wide range of products beyond the core exchange, including a Visa debit card, crypto wallet app, NFT marketplace, and more.
Some of the key benefits of using Crypto.com to sell your crypto for USD include:
- User-friendly mobile app and exchange interface
- Competitive fees (0.4% or less per trade)
- High liquidity for major crypto assets
- Fiat wallets for USD and 19 other currencies
- Ability to withdraw USD directly to your linked bank account
- 24/7 customer support
- Strong security record with ISO/IEC 27001:2013 certification and 100% cold storage of user funds
Step-by-Step Guide: How to Sell Crypto for USD on Crypto.com
Now let‘s walk through the process of selling your crypto and withdrawing the USD to your bank account on Crypto.com.
Step 1: Set Up Your USD Fiat Wallet
To sell crypto and withdraw USD on Crypto.com, you first need to set up a USD fiat wallet on the platform. Here‘s how:
- Open the Crypto.com app and tap the "Accounts" tab
- Tap "Fiat Wallet"
- Tap "Set Up New Currency" and select "USD"
- Follow the prompts to enter your personal information and residential address
- Depending on your country, you may need to provide additional verification to set up USD deposits and withdrawals:
- US residents: Enter SSN and upload a photo ID
- UK residents: Provide proof of address
- Once your USD fiat wallet is approved, add your bank account details for withdrawals
The fiat wallet verification process typically takes 1-2 business days. Be sure to carefully follow the instructions and provide accurate information to avoid delays.
Step 2: Sell Your Crypto
With your USD fiat wallet set up, you can now go ahead and sell your crypto assets:
- On the Crypto.com app home screen, tap "Trade"
- Tap the "Sell" tab
- Select the cryptocurrency you want to sell
- Tap "Fiat Wallet" and select your USD wallet
- Enter the amount of crypto to sell or the USD amount to receive
- Review the estimated price and fees and tap "Sell"
- Confirm the transaction details to complete your sale
The USD proceeds from your sale will be deposited directly into your USD fiat wallet on Crypto.com. The platform charges a competitive fee of 0.4% or less for crypto trades.
Step 3: Withdraw USD to Your Bank Account
With the USD from your crypto sale in your fiat wallet, you can now withdraw the funds to your linked bank account:
- On the Crypto.com app, tap "Transfer" on the bottom menu
- Tap "Withdraw" and select "Fiat"
- Choose USD as the currency and enter the amount to withdraw
- Select your linked bank account as the destination
- Confirm the withdrawal details and submit
Crypto.com processes USD withdrawals via ACH bank transfer in the US and UK and via SEPA in Europe. Withdrawals typically take 1-3 business days to arrive in your bank account after being processed.
Withdrawal limits depend on your account verification level:
- Basic: $1,000 USD daily
- Enhanced: $10,000 USD daily
- Obsidian, Icy White, or Rose Gold: $2,000,000 USD daily
Understanding the Technical Side: How Crypto Selling Works
When you sell cryptocurrency on an exchange like Crypto.com, there‘s a lot happening behind the scenes to execute the trade and update the blockchain ledger.
At a high level, a crypto sale on an exchange involves the following steps:
- You place a sell order for a certain amount of crypto at a specified price
- The exchange matches your sell order with one or more buy orders from other traders
- Once a match is found, the exchange facilitates the trade by:
a. Debiting the crypto from your exchange wallet and crediting it to the buyer
b. Debiting the agreed-upon fiat amount (e.g. USD) from the buyer and crediting it to your fiat wallet - The exchange broadcasts the transaction to the applicable blockchain network to update the ledger
- The blockchain network confirms the transaction and adds it to the next block
- The updated balances are reflected in your and the buyer‘s wallets
In reality, a single sell transaction is usually broken up and matched across multiple buyers to achieve the best price and optimize liquidity. Exchanges like Crypto.com also use complex algorithms and order book management to handle a high volume of transactions efficiently and securely.
The Societal Shift Towards Digital Assets
The ability to easily sell cryptocurrency and cash out to fiat is a key aspect of the broader societal shift towards embracing digital assets. As mainstream adoption of cryptocurrencies continues to grow, user-friendly exchanges like Crypto.com are playing an important role in making this new asset class accessible to the masses.
Beyond just investing, cryptocurrencies and blockchain technology are starting to transform industries like finance, gaming, art, and more. The rise of decentralized finance (DeFi), non-fungible tokens (NFTs), and other crypto-based innovations is creating new opportunities and disrupting traditional systems.
However, for cryptocurrencies to truly go mainstream, it‘s crucial to have trusted and easy-to-use platforms for buying, selling, and managing these digital assets. Crypto.com is at the forefront of this movement, with a strong focus on security, compliance, and user experience.
Some of the key ways Crypto.com is supporting the growth and adoption of cryptocurrencies include:
- Offering a wide range of crypto assets and trading pairs
- Providing a user-friendly mobile app and exchange interface
- Integrating with Visa for crypto-backed debit cards
- Supporting fiat currencies and bank transfers
- Investing heavily in security and compliance
- Engaging in partnerships and sponsorships to drive awareness and education
- Building out an ecosystem of crypto-based products and services
As the world continues to embrace digital assets, exchanges like Crypto.com will play a vital role in bridging the gap between traditional finance and the crypto economy.
Crypto Taxes: What You Need to Know
It‘s important to note that selling cryptocurrency for fiat currency like USD is generally considered a taxable event in most jurisdictions. When you sell crypto for more than you originally paid for it, you realize a capital gain that needs to be reported on your taxes.
The specific tax rules and rates can vary depending on your country of residence and individual circumstances. However, here are some general guidelines:
- Keep detailed records of all your crypto transactions, including purchase dates, prices, sale dates, and proceeds
- Calculate your capital gains by subtracting your cost basis (original purchase price) from your sale price
- Report your crypto gains on the appropriate tax forms and pay any taxes owed
- If you sell crypto at a loss, you may be able to deduct the loss on your taxes to offset other gains or income
Consult with a tax professional who is knowledgeable about cryptocurrency to ensure you are complying with all applicable laws and maximizing your tax efficiency. Crypto.com provides transaction reports and other tools to help with your record-keeping, but it‘s ultimately your responsibility to properly report and pay taxes on your crypto activity.
Here are some additional resources on cryptocurrency taxes:
Crypto.com Security and Trust
When it comes to selling crypto and withdrawing funds, security and trust are paramount. You want to be sure that your digital assets and personal information are safe and that you‘ll actually receive your USD when you cash out.
Crypto.com takes security very seriously and employs a range of measures to protect user accounts and funds:
- 100% cold storage of user crypto assets in offline, air-gapped vaults
- ISO/IEC 27001:2013 certification for information security management
- Multi-factor authentication (MFA) support
- Whitelisted withdrawal addresses to prevent unauthorized transfers
- 24/7 system monitoring and incident response
- Compliance with global regulatory requirements
Crypto.com also has a strong track record of safeguarding user funds and has never experienced a major security breach. The company maintains comprehensive insurance policies to protect against losses and partners with trusted banks and payment providers for fiat transactions.
The Future of Crypto.com and Digital Assets
Looking ahead, Crypto.com is well-positioned to continue growing and innovating in the rapidly-evolving world of cryptocurrency. The company has ambitious plans to expand its suite of products and services, drive mainstream adoption of digital assets, and support the development of the broader blockchain ecosystem.
Some of the key areas of focus for Crypto.com include:
- Expanding support for fiat currencies and payment methods
- Adding more crypto assets and trading pairs
- Enhancing the user experience on the app and exchange
- Building out the DeFi, NFT, and blockchain gaming ecosystem
- Expanding the Crypto.com Visa card program
- Investing in research and development of new blockchain technologies
- Forging strategic partnerships and sponsorships to drive adoption
As the crypto industry matures and gains mainstream traction, user-friendly platforms like Crypto.com will play an increasingly important role in onboarding the next wave of users and supporting the growth of the digital asset economy.
Conclusion
Selling cryptocurrency and withdrawing USD is a straightforward process on Crypto.com. With competitive fees, strong security, and a user-friendly interface, it‘s a top choice for cashing out your crypto gains.
To recap, the main steps are:
- Set up a USD fiat wallet on Crypto.com
- Sell your crypto asset(s) and deposit the USD proceeds to your wallet
- Withdraw the USD to your linked bank account
While Crypto.com is a great option, be sure to compare the features and fees with other reputable exchanges to find the best fit for your needs. And remember to stay on top of your crypto taxes and consult with a professional as needed.
Ready to cash out some of your crypto gains? Download the Crypto.com app and get started today. With a few taps, you can be on your way to having USD in your bank account and one step closer to your financial goals.
Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Always do your own research and consult with a qualified professional before making any investment or financial decisions.
