If you have been in cryptocurrency scene for a while, you will discover that there are still many to learn. Every day, new systems for such currency would pop out. With this, you should be vigilant with further information and always try to keep up-to-date. So, if you are just learning or a beginner here, get yourself ready for a lot of learning.
Basic knowledge in cryptocurrency includes converting your hard-earned crypto to numbers in your bank account. That is why today, we will know how to transfer money from Exodus wallet to bank account. Let’s get started.
The Exodus Wallet
Exodus Wallet is a digital cryptocurrency wallet. This kind of digital wallet only accepts cryptocurrencies. It has a feature called the internal exchange system that you can use to convert cryptocurrencies from one type to another. It sounds ideal, but you cannot send any fiat currencies like the dollars, pesos, and yen to it when you use Exodus Wallet. You also cannot exchange cryptocurrencies into any fiat currencies when using the Exodus Wallet. To do that process, you need to use a dedicated exchange platform.
Crypto to Fiat
To reiterate, as mentioned above, Exodus wallet is only intended for cryptocurrency – not for fiat money. Thus, unfortunately, it does not support local bank transfers and withdrawal. That is why you want to have a cryptocurrency exchange platform. These are online platforms where exchanging one type of digital asset for another is possible. Once you have a cryptocurrency exchange platform, you can now exchange it for Fiat money and process it with your bank account.
It is essential to note that cryptocurrency exchanges are not wallet brokerages or cryptocurrency wallets – like the Exodus. Cryptocurrency wallets and wallet brokerages typically enable users to trade a specific type of digital asset for another. However, keep in mind that most cryptocurrency exchanges usually limit their users to only trade digital assets for digital assets. But a few allow trades of fiat currencies such as U.S. Dollars for cryptocurrencies.
Now that you know basic knowledge about this let us now know your choices to exchange your Crypto from Exodus in an exchange platform for Fiat money. With these platforms, you can trade, exchange, and sell your crypto into their supported fiat currencies.
3 Best Cryptocurrency Exchanges for Fiat Withdrawal
Binance offers various cryptocurrencies. It supports two types of bitcoin exchange that is, basic and advanced. Based on your preference, these two options can show little and detailed information on trading. You can change the chart’s data between “depth” and “candlestick” based on your viewing choice. Binance supports debit cards, credit cards, bank transfers, or cash balance.
This platform offers free deposits and works on a 0.1% trading fee, and offers high liquidity. Beginner traders might find it hard to work with this site, as the interface is a bit complex. The website is excellent as it doesn’t lag, which is useful for day traders.
With a base of over 2,000,000 customers, CEX.IO offers trading cryptocurrency against several fiat options – USD, GBP, EUR, RUB. CEX.IO is beginner-friendly. Registering on the platform is easy and won’t require much time. However, to use CEX.IO fully, users must be verified. The platform also supports withdrawals and deposits via bank transfers or credit cards. You can deposit in any fiat currency as it is then converted to the one available on the platform.
Bitfinex offers spot trading for all the prominent cryptocurrencies. It provides quick and high liquidity with Bitcoin. It includes margin trading and gives leverage of 3.3x by obtaining funding from the peer-to-peer margin funding. By supporting funds to traders who are wishing to trade, the margin funding market earns on bitcoin and other cryptocurrencies. Customers can borrow the desired amount of funds at the rate and duration of their choice by entering the order.
How to set up Exodus Wallet?
With all these in mind, you may be a beginner trying to find your way to starting an Exodus wallet. You can have the answers in this part. Set up your Exodus wallet with these three easy steps.
- Install the Exodus Wallet
First is to go to Exodus website. It is essential to follow this link only to avoid being caught by bogus sites and bogus applications. Also, always remember that you only need one application for all of your cryptocurrencies.
- Installing and Opening Exodus on Computer
On the computer, when you clicked the said link above, you will see on the download page the “Desktop” section on the bottom-left. Click that button and choose your platform (either Mac, Linux, or Windows). When you finished downloading the file, click it and install it like any other applications you have on your computer. After installing, open the application. While using the Exodus application, there is no need for you to create an account, any username to put in, or any password.
- Installing and Opening Exodus on Smartphone
Just like in the desktop version, when you are on the download link website, you will see the link for the “Mobile” version on the down-right side. You can select either download it for Android or iOS. Click the button that corresponds to your smartphone. Install the application, and then open it. When you open the application, like in the desktop version, you don’t need any account creation – no username or any password required. Learn more about Exodus wallet here!
And that is how you transfer money from Exodus to your bank account. It can be a long process. But once you have set up everything, your crypto experience will be smoother than ever. When choosing your crypto exchange platform, don’t forget to consider their supported fiat currencies. This also goes with the efficiency and quality of their processes. So before registering in one, read everything to know their provisions and user reviews. Good luck with your trading!