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From Cryptocurrency to Cash: Exchanging Is Easier Than You Think

Crypto to cash payza

Going from cryptocurrencies, especially altcoins, to cash can be difficult. So we’ve compared the best solutions on the market for exchanging Bitcoin and altcoins to make your life a little easier.

Over the past week, Bitcoin and altcoin values have dropped dramatically. A month ago, the price of Bitcoin climbed above $3,000 USD for the first time, but on Sunday it dropped as low as $1,863.22 and remains below June’s lowest value at the time of writing. Ethereum, which reached nearly $400 in June, is now trading at half that value. And just about all other cryptocurrencies experienced a similar decline.

A cursory glance at the news coverage reveals a number of possible causes for this drop – which has seen the total cryptocurrency market capitalization decrease from a mid-June high of $115 billion to as little at $61 billion at its lowest point (so far) – but the most likely culprit is the imminence of SegWit, scheduled for August 1st.

Don’t know what SegWit is? Click here for our take on SegWit and the Future of Bitcoin.

In light of the past week (which some are preemptively calling a crash) we’ve decided to take a look at the best solutions available for cryptocurrency exchanges, and which services you can use to send Bitcoin to your Payza e-wallet or to acquire altcoins that you can later sell to Payza.

Since there are so many to choose from – hundreds of different exchanges which might seem indistinguishable to the casual Bitcoin user – we’ve collected the results from 10 different recent Best-Of lists from leading crypto publications, including Bitcoinist, The Merkle and 99 Bitcoins, to create the ultimate Top 5 list:

  1. Gemini

Unlike most others on this list, Gemini is a fully regulated exchange licensed in the US, meaning that they’re held to a similar set of rules and standards as a bank. Gemini sports a great, minimalist user interface but you can only trade in Bitcoin, Ether and USD and the service is only available in 42 states, Canada, the UK, Hong Kong, Japan, Singapore and South Korea.

PROS: Highly secure, user-friendly design, great analytics tools, no deposit or withdrawal fees.

CONS: Limited to USD, BTC and ETH, available in only a handful of locations.

  1. CEX.IO

Founded in London, England in 2013, CEX.IO trades in most major cryptocurrencies and support USD, EUR, GBP and RUB fiat currencies. The platform is intuitive and user-friendly but also powerful enough for professional traders, and has a good reputation for security.

PROS: Accepts credit cards, mobile-friendly, worldwide availability.

CONS: Long verification process, high deposit fees, limited customer support.

  1. Bitstamp

Making it onto over half of our lists, Bitstamp is the oldest exchange standing, having launched back in 2011. Both EUR and USD are accepted and multiple deposit methods (including credit card) are supported. As the third-largest Bitcoin exchange by volume, Bitstamp is a very reliable option.

PROS: Well-known for reliability, accepts credit cards, fee structure makes it a good choice for large transactions.

CONS: Poor user interface not recommended for beginners, can only trade Bitcoin for fiat currencies.

  1. Coinbase

Founded in 2012, Coinbase is a customer-centric exchange, meaning it’s an excellent place for people new to cryptocurrency. It’s one of the most popular solutions around because of its low transaction fees and ease-of-use, but Coinbase only supports a limited amount of features, currencies and countries.

PROS: User friendly, low fees, stored currency is insured, a variety of deposit and withdrawal methods supported.

CONS: Limited availability, only supports Bitcoin, Ether and Litecoin.

  1. Kraken

Almost as old as Bitstamp, Kraken was founded in 2011 as a Bitcoin exchange, and only recently expanded into altcoins. Unlike most on this list which require you to exchange fiat currencies to and from Bitcoin before trading in other altcoins, Kraken allows Ether, Ripple, ZCash, Monero and several others to be traded for fiat currency.

PROS: Reliable, supports a variety of trading pairs between cryptos and EUR or USD, low withdrawal fees.

CONS: High deposit fees, not the most intuitive design (recommended for experienced traders).

There is no shortage of Bitcoin and altcoin exchanges and opinion is very divided on which ones are superior. No exchanges appeared on more than 8 of the 10 “top exchanges” lists we consulted, so some reviewers found reasons to leave exchanges like Kraken and Coinbase off some lists.

Be careful if you decide to choose an exchange not on this list. Many other popular exchanges, such as Poloniex and Bittrex, do not support any fiat currencies and can only be used to exchange between different cryptos, meaning you won’t be able to sell your coins for cash.

Payza Unveils a Better Solution

If you’re frustrated by the lack of solutions on the market to turn Bitcoin and altcoins into cash, Payza has a great new option for you. The Payza Card and Payza cryptocurrency loading options let you go from cryptocurrency to cash in a matter of minutes. And we’re working on ways to make that process even smoother! Order your own Payza Card today and find out just how fast and simple it can be to turn digital money into cold hard cash.

PROS: Instant exchanges, load cryptocurrencies to the Payza Card instantly, over 50 cryptocurrencies and over 190 countries supported.

CONS: Identity verification is required to use Payza’s cryptocurrency services.