Best crypto exchange for converting crypto to cash

[djefferis]

Just curious - who does everyone use and what’s the cheapest for converting crypto to cash ?

Been using Kraken+ 4.99 a month gets you 10k in free exchanges. Otherwise - it’s 1% fee.

Not so bad paying the 1% when you receive BTC/ETH and it goes up 1% or more before you sell - but lately I’ve been taking payouts in stablecoins and between not getting the promised 4.5% APY from Kraken and paying 1% to convert stablecoins to cash just seems excessive.

Anyone cheaper than 1% or offer a monthly plan like Kraken with ability to exchange at no fee ? I was planning on using Robinhood but they are 1% too now. Binance looks cheaper - but not licensed in my state.

Just sucks playing offshore these days - first books charging a fee to pay you your winnings - and then services want 1% to exchange stablecoins - I get the fee for currency that changes quickly - but am I wrong thinking stable coins should be like half that cost as little risk they “fluctuate” a service out of a profit. Paying $750 just to get my own damn money is ridiculous.

 

[BMR Genie]

Hopefully, anyone with experience can answer this for you, DJ.

 

[Wagerallsports]

I only use Cash App for Bitcoin transactions

 

[djefferis]

Thanks - CashApp isn’t too bad for buying BTC (and it’s convenient) - but holding and selling its worthless.

PayPal at least gives you options on cryptos (CashApp is only BTC).

So did more research - Robinhood is .8% up to 50k per month and once you hit 50k the price goes to .25% - which is much more reasonable. Next break think is 100k and goes to .1%.

Obviously there’s a lot of fixed cost to make up when you got people buying $25-50 worth of BTC at a time - but exchanging $1000 worth of USDT is not a significant risk - so easily can make a profit at .25%.

These places are becoming the digital equivalent of those currency exchanges kiosks you see in every major city and airport - ripping off tourist with their horrible exchange rates when all you need to do is go to a major bank to get the current exchange rate and pay a modest fee.

 

[fishhead]

Sell to those that want crypto.........0 fee

 

[Tanko]

Sell to those that want crypto.........0 fee

Lots of risk doing this if its not someone you know very well.

 

[keithrichard]

Bitcoin almost up to
116,000. Is that all time high? Can't remember.

 

[Tanko]

Bitcoin almost up to
116,000. Is that all time high? Can't remember.

Yes.... Old high was ~110,000.
Go baby go.....

 

[ks1986]

Sell for a mark up

 

[Tanko]

Sell for a mark up

Cashed in a small amt this afternoon.

 

[keithrichard]

Never held more than 3 or 4 thousand only for transfer purposes.Funny I remember using it fairly often in its beginning with books like Heritage when price a few hundred dollars. When it went to 1000 I thought it was insane. Dumb dumb guy here.

 

[JDS]

Never held more than 3 or 4 thousand only for transfer purposes.Funny I remember using it fairly often in its beginning with books like Heritage when price a few hundred dollars. When it went to 1000 I thought it was insane. Dumb dumb guy here.

Most people have the same exact story.

 

[fishhead]

Lots of risk doing this if its not someone you know very well.

...........................numerous respected folks always in need of BTC

 

[BigJay]

Thanks - CashApp isn’t too bad for buying BTC (and it’s convenient) - but holding and selling its worthless.

PayPal at least gives you options on cryptos (CashApp is only BTC).

So did more research - Robinhood is .8% up to 50k per month and once you hit 50k the price goes to .25% - which is much more reasonable. Next break think is 100k and goes to .1%.

Obviously there’s a lot of fixed cost to make up when you got people buying $25-50 worth of BTC at a time - but exchanging $1000 worth of USDT is not a significant risk - so easily can make a profit at .25%.

These places are becoming the digital equivalent of those currency exchanges kiosks you see in every major city and airport - ripping off tourist with their horrible exchange rates when all you need to do is go to a major bank to get the current exchange rate and pay a modest fee.

Robinhood rocks.

I use it 98-99 percent of the time these days

 

[BigJay]

Never held more than 3 or 4 thousand only for transfer purposes.Funny I remember using it fairly often in its beginning with books like Heritage when price a few hundred dollars. When it went to 1000 I thought it was insane. Dumb dumb guy here.

Most people have the same exact story.

Yes me and @JDS have had multiple discussions on this.

 

[djefferis]

Sorry - very few posters I’d trust to transfer crypto to on promise to pay. Not there are none - probably a dozen or so who post here id trust enough to transfer for under promise to pay.

I personally hold very little BTC (hold some ETH) but 75% of what I hold in my betting portfolio is stable coins to avoid the ups and downs. Nothing like winning a grand - only to have to pay $30 to get it out of the book and then watching it drop to $900 the next day - by the time you see to convert to cash your at $880 if your lucky/might as well have bet on the apps and their shitty lines and must won $900 and had it in my PayPal account free.

I’m going to slow down for a while I think - take a lot of this and just toss it into a few stocks and a bit to buy some things I’ve always wanted. Time to enjoy it and relax.

 

[BigJay]

Sorry - very few posters I’d trust to transfer crypto to on promise to pay. Not there are none - probably a dozen or so who post here id trust enough to transfer for under promise to pay.

I personally hold very little BTC (hold some ETH) but 75% of what I hold in my betting portfolio is stable coins to avoid the ups and downs. Nothing like winning a grand - only to have to pay $30 to get it out of the book and then watching it drop to $900 the next day - by the time you see to convert to cash your at $880 if your lucky/might as well have bet on the apps and their shitty lines and must won $900 and had it in my PayPal account free.

I’m going to slow down for a while I think - take a lot of this and just toss it into a few stocks and a bit to buy some things I’ve always wanted. Time to enjoy it and relax.

What about Commodities Futures Jeffrey??

 

[djefferis]

Robinhood rocks.

I use it 98-99 percent of the time these days

I really do like it - my ONLY complaint. I wish they allowed you to have multiple accounts in the household.

I have our main brokerage with them - so I can’t have a 2nd personal account there. Lots of places give SOME of what I like about them - but no one delivers everything.

Looked at WeBull and TastyTrade - but just not as good.

 

[FrankDexter]

I used Gemini for many years until one day I got an email saying my account was closed and they would not give a reason.

I believe they may have since increased fees but they were very low not long ago.

 

[BigJay]

I used Gemini for many years until one day I got an email saying my account was closed and they would not give a reason.

I believe they may have since increased fees but they were very low not long ago.

I had the same thing happen at Gemini. Really liked them too

Guess they didn’t like our kind. Similar to Coinbase kicking out the gamblers years ago