The cryptocurrency market is booming and arousing the curiosity of more and more people. If you are new to the world of crypto-currencies, we invite you to take a look at this article explaining how to convert bitcoin (or other crypto-currencies) into euros. You can also consult our more general pages on the subject.
Several mechanisms allow convert your cryptocurrency in euros and or dollars in order to use them easily in everyday life. Although the operation may seem tedious, in reality it is very simple and quite quick to perform.
Through an exchange platform
Many people who have invested in Bitcoin (BTC) or other cryptocurrency want to convert them into euros at some point. Transferring cryptocurrencies to a bank account is a common and very simple practice. Here’s how to sell your crypto-currencies for euros.
Exchange your crypto-currencies directly for euros
Some exchanges offer to sell your cryptocurrencies directly in euros (or other FIAT currencies) to receive them directly in their bank account. This is for example the case on the cryptocurrency wallet ZenGo. It is a 100% mobile and intuitive application that facilitates the purchase and sale of cryptocurrencies.
To sell your crypto-currencies with ZenGo, nothing could be simpler. Go to the “Sell” section of the application. For now, ZenGo only allows the sale of Bitcoin in Euro. If you want to convert another cryptocurrency into euros, you will therefore necessarily have to convert it into BTC beforehand.
Then select the FIAT currency you want to convert, then enter the amount you want to sell. In this case, we carried out the operation in Euro. The equivalent amount in BTC will be automatically calculated.
When the transaction is finalized, the money will arrive in your bank account within a few days. As you can see, selling cryptocurrencies for euros is a very simple and quick process.
Among the platforms that offer this possibility, there is also eToro, a reputable trading platform that allows you to trade cryptocurrencies in a few clicks.
Note that a variable commission depending on the platform is charged for each exchange or withdrawal. For information at ZenGo, 1.99% of the amount is debited during the withdrawal operation as well as network fees. Before finalizing each transaction, ZenGo allows you to view the fees.
Convert your crypto-currencies into euros before withdrawing them
Other platforms offer to convert your cryptocurrencies into euros on a Fiat wallet before sending them to your bank account. This intermediate step is not always optimal since it adds an additional operation and, consequently, costs.
Regardless of the method for convert your cryptocurrencies into eurosyou will have to carry out an identity verification KYC (know your customer), if you have not already done so when registering on said platform. The withdrawal functionality in euros may not be accessible without this operation. Carrying out your KYC consists of validating your identity with the platform in the context of the fight against money laundering in particular. This step is classic, it will ask you for an identity document and proof of residence (water, gas, electricity bill or other supporting documents). Your KYC being validated, you can now request the transfer.
By using a bank card linked to his cryptocurrency account
Rather than converting your cryptocurrencies into euros and transferring them to your bank account, another alternative is to get a bank card that will be directly linked to your cryptocurrency wallet. This will allow you to pay in euros while using your cryptocurrency balance.
More and more players are offering this type of service. This is particularly the case with the crypto-currency platforms Binance or Crypto.com, which have developed a bank card in partnership with Visa. Users will be able to spend their crypto-currencies to pay for their purchases in fiat currency.
Although this option seems interesting at first glance, it should be kept in mind that the processing fees for each operation are quite expensive. In addition, several users have noted quite frequent payment refusals.
By using Bitcoin ATMs
The Bitcoin ATM are a simple and fast solution that allows you to sell your crypto-currencies in euros. These work like traditional bank distributors, you just need to go there with your bitcoin address to receive your euros.
On the other hand, although practical, this solution is still not very accessible due to the low number of bitcoin ATMs that exist today. In France, at the end of 2019, there are only 3 assets at Montpellier, Nice and Rouen. But some countries are more advanced, like the United States (more than 5000) or our neighbors swiss (near 100).
Website coinatmradar.com lists most of the bitcoin ATMs in operation in the world, according to them, there would be close to 6500 currently across the globe.
This article on converting crypto to euros is coming to an end. We hope that our explanations will guide you in your first purchases of crypto-currencies. Ultimately, we recommend going through the ZenGo app to buy, convert or sell cryptocurrencies because ease of use comes first. ZenGo is available on mobile and tablet under iOS and Android. Creating an account takes just a few minutes.
Other articles for the most novices will be published soon on various topics including how and / or spend your cryptocurrencies, mistakes not to make when you want to invest and many others.