How To Convert Your Cryptocurrency To Cash?
Cryptocurrency has in the past managed to take the world by a storm. This has hooked the general retailers to trade in the crypto markets and make the most profit out of it. The part I am going to talk about how the transactions are going to take place. The process is straight forward.
Converting INR to Cryptocurrency.
Add balance in your crypto exchange wallet by simple transaction portals like UPI, Netbanking, Cards etc. Just like how you add money in your Paytm wallets.
Select the cryptocurrency of interest and input the quantity of that asset required. Select the buying price of the asset or simply select the current market price. Just like how you buy stock.
The INR balance will be converted to the selected cryptocurrency. Some exchanges will have minimum transaction amount. The minimum transaction amount will change from exchange to exchange if any.
The cryptocurrency will get deposited in your exchange wallet.
Converting Cryptocurrency To INR. [Conduct the above process in reverse]
Sell the cryptocurrency of interest and sell it to convert it into fiat currency. In our case INR.
INR will be deposited into your crypto exchange wallet of value equivalent to the sold cryptocurrency.
Go into funds section of the exchange and click on withdraw to withdraw INR.
Select the mode of transaction. [UPI/Net banking]. Enter the credentials. And you are done.
Before carrying any transactions have a look at the fees charged by the exchange. It will differ according to the exchange.