While the craze to buy cryptocurrency in India is driving more and more investments each day, its inherent issue of converting it into cash stills continues to haunt many. Well, if you are reading this article, then this is not a thing to worry about. Fortunately, for god’s sake now converting your cryptos into cash is much easier than ever before.
Although you cannot exactly use them in your day-to-day transaction as it is yet to go a long way to be recognized as a legal currency in India. However, we attempt to resolve your issue by acquainting you with some legit ways to cash out your cryptocurrencies in India.
Let’s get started…
Convert Cryptocurrency to Cash with Exchanges
Let us consider Bitcoin Cash (BCH) , a cryptocurrency that is a fork of Bitcoin, is able to process transactions more quickly than the Bitcoin network. Moreover, buying Bitcoin Cash in India is now easier than ever with India specific exchanges and international options.
The best and easiest way to convert your BCH cryptocurrency to cash is through a trusted exchange platform like CoinSwitch Kuber. This is one of the most reliable exchange platforms when it comes to payment transactions. Also, it charges a zero brokerage fee. To cash out your cryptos through exchange all you need to do is to deposit your cryptocurrency in an exchange account and then request for withdrawal. This withdrawal will be initiated to your bank account in INR.
Let’s understand the whole process by considering the CoinSwitch Kuber platform.
1. Sign up on the CoinSwitch Kuber app.
2. Complete KYC using your Aadhaar or PAN card.
3. Add your bank details.
4. Select withdrawal.
5. Enter the amount you want to pull out.
6. Enter PIN to validate withdrawal.
7. An OTP will be forwarded to your registered email for withdrawal confirmation.
8. Once done, check your bank account for the amount transferred.
This is the ideal and most secure way to cash out your cryptocurrencies. But it may take around 2-3 working days to deposit funds in your account. Additionally, you may also need to pay a certain transaction fee, which is quite nominal.
Convert Cryptocurrency to Cash with Peer-to-Peer Network
Another popular option you can try is to request an exchange through a peer-to-peer platform.
For this, firstly, you need to create an account on the peer-to-peer exchange platform. Sign up and then select the location of your prospective buyer. Look through the marketplace to find a buyer. However, it is important to be cautious during the process as fraudsters might also try to lure you. Therefore, it is recommended to choose a peer-to-peer platform that releases your crypto assets only after conducting a validation of payment received.
Final Thoughts
Remember that when converting your crypto assets into cash, you will be required to pay taxes on profits you have earned with your investment. This is because as per Indian Taxation Laws all sources of income fall under the ambit of taxation, including your crypto investments also.
Everything apart, the highly recommended way to your crypto is through a trusted, well-known exchange platform. CoinSwitch Kuber makes this process pretty simplified. Once your bank account is linked with your CoinSwitch account, you can easily keep on exchanging your cryptos for a minimal fee.