Diving into the world of cryptocurrencies and blockchain technologies is exciting, especially for those who have managed to earn a lot of money. Crypto investors constantly need to transfer their digital assets from one platform to another. This is necessary to diversify income and reduce risks. For such tasks, there are unique platforms, such as Saddle Finance, Pancakeswap, Uniswap, and others. The process does not take much time and can be completed in minutes.
But not everything is so easy to do. The procedure for getting DeFi tokens into the real world can cause problems and take much longer than expected. In the crypto community, people call it off-ramping. Below, you can find everything you need to quickly and painlessly receive money into the bank account.
How to Choose Crypto Off-ramp?
Getting money out of DeFi wallets can only be done with the help of large-scale centralized exchanges. These include platforms such as Kraken, Binance, FTX, Coinbase, and others. Using the services of such companies is quite the right decision because, compared to others, they can provide more benefits. Crypto investors can contact support at any time. They also get better security and access to a broader range of tokens.
Before choosing an exchange, people need to ensure that the fiat-crypto gateway cooperates with the regulator. Those companies that work with the relevant authorities for a long time will have fewer problems in the future. They are also considered more reliable.
Besides, it is imperative to pay attention to the possibility of withdrawing money in desired currency. Investors should also find out if the exchange supports the DeFi token, which must be off-ramped. If not, they will have to look for another platform.
How to Withdraw Money From the Defi Wallet?
Crypto enthusiasts looking to off-ramp their money should first go to their DeFi wallet page. If people use YIELD, go there. Clients, who own Web3 wallets such as Metamask, and MyEtherWallet must also login with all required data. After that, they need to ensure that the selected exchange accepts tokens and the desired fiat cryptocurrency. If everything fits, people can easily withdraw money. Below, you should check for details on how to do this.
- Go to the profile page of the exchange. Copy the wallet address.
- Move to the DeFi wallet page and choose the desired token. Click Send, located opposite this digital asset.
- In the new window, you should enter the amount to be withdrawn. In the appropriate field, insert the address of the exchange wallet, copied in advance.
- Click the Send button, and after a while, the funds should appear in the wallet.
The transaction period may vary depending on the network load, as well as the amount of GAS. This is the fee you have to pay for the transaction to be successful. Crypto investors can track the current status of a transaction using programs such as Etherscan for Ethereum or BSCscan for Binance Smart Chain (BSC). People can verify that the transaction was successful.
How to Get Crypto to a Bank Account?
Getting money from a centralized exchange to a bank account is quite straightforward. Clients must ensure that they have previously applied for their debit/credit card on the platform. If not, they will need to replenish their wallet with a small amount to withdraw money without problems in the future.
Crypto enthusiasts must exchange DeFi tokens for the desired fiat currency using the appropriate option on the platform. Such services are usually found on a separate page. Performing the procedure does not require the crypto enthusiast to pay fees.
Having received the necessary fiat money, people need to go to the Withdrawal tab and follow the instructions described there. Thus, it will be possible to receive the earnings as soon as possible.
The first and last name in the exchange account must match the debit/credit card data. Otherwise, the system will not be able to carry out this financial transaction. Request processing lasts from one hour to several days. It all depends on how busy the network is. Payment systems may charge a fee for conducting financial transactions.