This article will provide you guidance on using off-ramps in order to sell your crypto assets and convert them to cash.
Outline
What is a crypto offramp?
Why use a crypto offramp?
Choosing a crypto offramp
Getting started with selling crypto for cash
What is a Crypto Off-Ramp?
The operation of converting a digital asset or crypto into what the industry defines as fiat currency (government issued currency like USD) is called off-ramping. When you convert crypto currency to cash, that operation is off-ramping.
An example of off-ramping is when a user wants to sell an asset like Bitcoin (BTC) or Ethereum (ETH) in order to get USD.
Many crypto exchanges offer on- and off-ramping, but they generally rely on integrating external services for that purpose. Cryptoramp.ai offers several options to facilitate this transaction easily and cost effectively.
Why Use a Crypto Off-Ramp?
Many cryptocurrency users leverage the fast and cheap transmittance of blockchain in order to move funds for cross-border payments. This may include sending funds to friends & family or even distributing payroll across borders. You may want to take some gains from investments and move into other assets. In all of these scenarios, a crypto off-ramp can facilitate with converting into fiat currency aka cash.
How to Choose a Crypto Off-Ramp?
It's important to take several factors into consideration: Fees, supported assets, payment methods, security, and convenience.
Fees
Exchanges and offramps typically take a small fee for processing the transaction. Be weary of off-ramps or exchanges that take large fees or have a minimum transaction fee as this can make exchange rate very poor in some cases. Most off-ramps offer transparent display of fee breakdowns, so be sure to review these fees before completing the sale.
Supported Cryptocurrencies
Crypto off-ramps may support a side variety of currencies, although bear in mind that using more popular currencies with greater volume generally means there is easier access to liquidity. Off-ramps may use a variety of exchanges to execute the order, but the more niche the asset is, the more difficult it can be to source liquidity. Sometimes this could lead to more price slippage and an otherwise poorer exchange rate.
Choice of Payment Methods
It's important that you offramp into a fiat currency that's accessible at the destination. There are several crypto teller machine networks where you can actually withdraw physical cash. CryptoRamp.ai uses MoonPay which supports ACH and debit card credits. Many regions have their unique bank transfer payment rails, so be sure that in your respected region, your offramp supports that payment method.
Security
When you sell your cryptocurrency, at some point you will be asked to send those assets to a wallet to execute the exchange. Be absolutely sure that you are using a trusted resource to execute the transaction. It is even recommended to test a small transaction before executing a large order.
Convenience & Speed
Almost all crypto exchanges require a long registration and verification process before you can start making any transactions. Many of these exchanges also severely limit functionality to move assets with new accounts. All these steps need a significant amount of time and add friction to an otherwise simple operation.
Dedicated off-ramp services, on the other hand, may be quicker to use. Dedicated off-ramps are purely focused at providing liquidity and executing simple transactions.
Many off-ramp platforms offer a very user-friendly interface because there is simply less complexity on these products than full-blown exchanges.
CryptoRamp.ai Crypto Off-Ramp
While there are many off-ramp services on the market, CryptoRamp.ai offers the community several options like MoonPay which supports ACH and deposits onto Visa Debit cards.
The Easiest way to sell Cryptocurrencies
CryptoRamp.ai offers one of the easiest ways to sell your meme coins, stablecoins, niche tokens or popular assets like Bitcoin or Ethereum.