The crypto bull cycle is well under way. Since the lows of March 2020, BTC has staged a 1,500% increase, and ETH has risen by 5,000%. At this point, almost everyone who has ever bought and held these and many other major cryptos is in profit.
Most analysts forecast that the uptrend will continue for some time longer. However, making money on your crypto investments is one thing; keeping it is another. At some point, you will likely want to sell at least some of your holdings – either to reduce your risk, or to cash out a more significant part of your portfolio to enjoy your profits.
When you do that, there are several things you’ll want to consider – not least various security precautions and who you can trust to convert your crypto safely.
Here’s how to exchange your coins to fiat and withdraw it to your local bank account using TimeX.
Converting crypto to cash on TimeX
Firstly, if you haven’t already registered for an account on TimeX, do so. This only takes a few moments. Once you’re registered and logged in, make sure you have completed the necessary level of identity verification. Again, this should be a straightforward and relatively fast process, but if you are planning on withdrawing funds to a bank account, it’s mandatory. TimeX supports two fiat withdrawal options: ADVCash, a multi-currency solution, and AUDT, which is designed specifically for Australian users.
For withdrawals using ADVCash:
- Step 1: Register for an account with ADVCash, if you have not already.
- Step 2: Deposit your crypto to TimeX and convert it to USD on the relevant market.
- Step 3: Go to Balances, select USD (not USDT or USDC – these are blockchain-based tokens), and click Withdraw.
- Step 4: Enter the email address you used to sign up for your ADVCash account, and the amount you wish to withdraw. Then click Withdraw USD.
- Step 5: Upon completion, your funds will be credited to your ADVCash account. This will typically happen within 24 hours. You can then hold it on the platform or withdraw it to a card from there.
For withdrawals using AUDT:
- Step 1: Deposit your crypto to TimeX and convert it to AUDT on the relevant market. AUDT is a stablecoin that is backed 1:1 by Australian dollars. This option is for citizens with an Australian bank account only. You will need to have completed Level 4 verification.
- Step 2: Go to Balances, select AUDT, and click Withdraw.
- Step 3: Fill in the form, including the amount you want to transfer, and click Withdraw AUDT. You will be prompted to enter your bank details.
- Step 4: Upon completion, your funds will be credited to your Australian bank account. This typically happens within 24 hours.
You can also use AUDT to buy bitcoin and other cryptos on TimeX.