Find The Best Crypto Exchanges For Withdrawing Fiat Currency November, 2024

To convert cryptocurrencies into fiat, you'll need the best crypto to fiat exchanges. These exchanges accept fiat currency in exchange for digital assets. However, withdrawing fiat currency can come with restrictions and complications. Exchanges often have limits and procedures in place for withdrawals. 

There are several factors to consider to find the best exchange platforms for exchanging cryptocurrency into fiat currency and withdrawing. Trustworthiness is crucial. It's also important to weigh factors like fees and withdrawal limits.

If you haven't deposited funds in a crypto exchange, we suggest trying some of our recommended trading platforms listed in this guide. These platforms don't give ownership of the actual cryptocurrency assets, but they streamline the process of cashing out profits. They're also regulated and may even offer compensation in case of successful hacking. We've compiled a list of the best Crypto to Fiat exchanges for converting digital assets into fiat currency.

What Is Fiat?

The government creates fiat money. Unlike gold-backed currencies, fiat money has no physical commodity backing it up. Instead, its value is supported by the government that issued it. The value of fiat money, including the US Dollar, Yen, and Euro, is determined by supply and demand in the market. 

Fiat currency differs from commodity-based and cryptocurrency because it is stable and controlled. This stability is beneficial for regulating bodies and governments, as it allows them to navigate against recession and inflation. Central banks can support a stable economy by controlling fiat currency and better managing economic variables such as interest rates and credit supply.

Fiat currency is commonly regarded as stable. However, inflation and recession can still happen despite regulation. A potential problem is when governments print too much fiat currency, resulting in hyperinflation—as we saw in countries like Lebanon and Venezuela.

What Is Cryptocurrency?

Cryptocurrency is not physical money and is instead stored in online databases that record transactions. It functions as a digital currency or asset and is secured by cryptography. It was created as a peer-to-peer electronic cash system and does not require an intermediary to validate a transaction, unlike a bank in the case of a fiat transaction.

Cryptocurrency is not under the control of any government authority or central bank. Unlike fiat money, cryptocurrencies have a fixed supply that can't be increased at any time. Due to the lack of regulation and government backing, cryptocurrency tends to be more volatile than fiat.

What’s The Difference Between Fiat and Cryptocurrency?

Fiat is government-issued and considered legal tender for financial transactions. Cryptocurrency is decentralized and has no governing body to control its value. It is also increasingly considered as legal tender in nations across the globe.

Unlike most cryptocurrencies with a finite number of coins, Fiat money can be printed without limit. Physical notes and coins represent fiat money, while digital currency can only be stored in cryptocurrency wallets. Fiat money is versatile since it can be stored in different forms, such as physical or digital, but digital currency must be stored digitally.

Do You Need KYC To Buy Crypto With Fiat?

Users will need to complete KYC verification to deposit fiat currency on most crypto exchanges due to increasingly strict regulatory requirements. A few platforms allow users to buy crypto with fiat without completing verification, but these come with caution as they often have low limits and a higher risk of being shut down. Investors should approach such platforms with care.

Top Five Exchanges For Withdrawing Fiat

Our team has created a list of the best exchanges for those interested in cryptocurrency. We have ranked the top five exchanges for withdrawing fiat currency. The order is insignificant, so here are five of the best exchanges available for crypto enthusiasts.

1. Binance - Best overall fiat-to-crypto trading platform.

2. Bybit - Best for advanced trading tools and bonuses.

3. KuCoin - An extensive range of listed coins, with over 700 cryptocurrencies to buy with fiat.

4. OKX - The most fiat options, boasting over 96 fiat currencies.

5. Bitstamp - The most reliable exchange for spot-buying cryptocurrency.

6. OKCoin - Boasts a strong user base. 

7. Crypto.com - First-rate customer service to customers globally. 

How To Select The Best Crypto For Fiat Exchange?

When choosing a Crypto to Fiat exchange, several factors must be considered. It's crucial to make note of these factors:

• Withdrawal Limits – To prevent fraud and maintain high-security standards, exchanges can set daily cash-out limits. Smaller withdrawals may not be flagged, but all cashouts will be subject to local tax regulations in the relevant country. 

• Supported Assets – All crypto exchanges are unique, and researching the listed assets is crucial before depositing. This is to avoid getting stuck with funds in a platform that doesn't even provide the desired cryptocurrency for investors to buy.

• Fees – Cryptocurrency exchanges make money through trading and liquidation fees. Look at their fee structures to see a list of the cheapest exchanges. When converting crypto back to fiat, traders should know withdrawal fees. These fees are more common than deposit fees because exchanges want to encourage trading. The lower the withdrawal fee, the less expensive it will be to cash out assets. A flat rate is the most common withdrawal fee, regardless of the amount withdrawn.

• Customer Care – In today's market, good customer care is crucial. Traders are deterred by slow customer service, complicated user interfaces, and poor transaction speed when exchanging. Here at Cryptowisser, we offer comprehensive and extensive customer reviews for hundreds of exchanges.

When considering exchanges, there are many factors to take into account. Volume, liquidity, and geographical restrictions are just a few examples. For those looking to cash out funds, here is some reputable crypto to fiat exchanges worth considering.

Bitstamp

Bitstamp is a leading exchange with no withdrawal amount limit. They've been operating since 2011 and have a fantastic reputation. This exchange is perfect for those wanting to withdraw large sums, with withdrawals in multi-million dollar amounts possible. Theoretically, there's no limit on this exchange.

Small withdrawals may not be ideal due to the minimum fee that must be paid. For instance, if a user withdraws €100 via SEPA transfer, they must pay a minimum of €10 in withdrawal fees. This makes a withdrawal of this amount not worth the cost.

Withdrawals made internationally are charged a 0.09% fee but must be at least $15. This fee may seem insignificant when making large withdrawals. For example, if users withdraw $1,000,000, they will only be charged $900 in fees. However, finding an exchange with lower fees may compromise the trustworthiness and reputation of the exchange. Pursuing lower fees could result in a loss of capital for the user.

Bitstamp allows users to withdraw fiat currencies such as EUR, USD, GBP, CHF, AUD, YEN, and CAD. Additionally, the platform supports a variety of major cryptocurrencies, including Bitcoin, Ethereum, Ripple's XRP, Litecoin, and Bitcoin Cash. Traders can buy and sell these cryptocurrencies through Bitstamp.

To withdraw from Bitstamp, verification is required. Users must fill out a form and provide personal identification documents for personal accounts. Corporate accounts are also available and undergo the same verification process. Bitstamp sought advice from the UK Financial Conduct Authority on regulation and was informed that cryptocurrencies fall outside their jurisdiction. As a result, Bitstamp now self-regulates and implements measures to prevent money laundering.

Kraken

Kraken is a top exchange for converting cryptocurrency into fiat currency and withdrawing. Withdrawal limits are high and depend on the user's tier. Verification documents enable users to unlock higher tiers. This allows them to access larger deposit and withdrawal amounts.

The tier system has four levels, starting from zero. At zero, an account is created but has no capabilities. To unlock tiers 1 and 2, inputting some basic details is required. Tier 3 is the first step which needs submitting documents.

Tier 4 is for high-net-worth customers and corporations. Additional documentation is required to unlock it. To unlock tier 2, users can submit basic information like their name, date of birth, and address. This grants access to a daily withdrawal limit of $2,500 and a monthly withdrawal limit of $10,000.

Clients must submit identity verification documents to unlock tier 3 and access higher withdrawal limits. With tier 3, clients can withdraw up to $25,000 per day and $100,000 per month. Advanced tiers offer even higher limits, up to $100,000 per day and $500,000 per month.

Kraken is a fiat to cryptocurrency exchange that offers support for several altcoins. Kraken also supports major fiat currencies such as USD, EUR, GBP, JPY, and CAD. It has low fees for SEPA withdrawals at €0.09 and $5 for USD withdrawals and C$10 for CAD withdrawals.

Kraken, like Bitstamp, has been operating since 2011, earning a reputation for trustworthiness. To assure users that they hold all funds, Kraken conducts proof-of-reserve audits. Although not regulated by the government, Kraken is a member of self-regulating organizations such as DATA and JADA.

OKCoin

Since 2013, OKCoin has been an active exchange. Though it initially launched in China, the platform has been expanding beyond this region due to China's ban on cryptocurrencies. Currently, OKCoin operates in North and South America as well.

OKCoin, a company based in China, is expanding globally by opening offices and developing teams worldwide. Their expansion is one of the main reasons why they made this list. OKCoin will now cater to fiat currencies in South America, including the Argentine Pesos, which isn't possible with many other exchanges.

Users can deposit, trade, and cash out in local currencies unavailable on many other exchanges. However, the exchange currently does not support Euro fiat currency. OKCoin has two types of accounts: personal and corporate. The withdrawal limits vary based on the level of the account. Level 1 only requires information submission, while level 2 involves submitting documentation to confirm identity. Additionally, proof of address is also needed.

Level two users can withdraw up to $50,000 within 24 hours. Level three requires contacting OKCoin and allows withdrawals of up to $500,000 within 24 hours. Corporate accounts have higher limits. The withdrawal fee is 0.10% or a minimum of $15. OKCoin is not the best option for small withdrawals but is great for large amounts.

OKCoin complies highly with regulations, adding to its credibility and providing consumer protection. The exchange offers large withdrawal limits and supports fiat currencies in South America, which are its main advantages. However, a limitation is the lack of support for the Euro, though the platform is expected to the currency quite soon.

Binance

Binance is a prominent crypto exchange that offers access to numerous cryptocurrencies and crypto-centric features, including P2P trading, staking, and automated purchases. It's available in many countries worldwide, making it one of the most accessible ways to invest in the crypto market. It's regarded as the most popular crypto exchange globally.

Binance US allows users to buy crypto with low fees in over 100 countries, including the UK, Europe, Asia Pacific, and the USA. New users can start with a $100 USDT bonus using a referral code. Binance allows money deposits in 25 currencies, including GBP, EUR, and AUD. However, USD can only be used with credit or debit cards and Simplex, which have higher trading fees. Binance supports a total of 385 unique crypto coins.

To use Binance, users must undergo KYC verification as it is licensed in several jurisdictions. Cryptocurrency payments can be made via credit or debit card, bank transfer, or e-Wallet, with a bank card incurring a fee of around 1.80%. Bank transfer deposits cost around $1. BTC pairs offer fee-free crypto trading, while other spot transactions have a fixed 0.1% fee.

Binance is available in most regions worldwide and supports various payment methods. It makes an excellent choice for international investors looking to purchase cryptocurrency with competitive trading fees through a fiat-to-crypto exchange.

Bybit

Bybit is a cryptocurrency exchange platform that has been in operation since 2018. It allows users to spot-buy crypto and trade derivative products using leverage on one platform. Although Bybit is well-known for its derivative products, it also provides spot-based products that rival some of the best trading platforms. Users can use the dollar-cost-averaging (DCA) crypto bot to invest steadily without losing out on price movements. Additionally, the exchange offers copy trading so users can automatically mirror the actions of other users.

Bybit offers various trading options, with 355 crypto assets and 535 trading pairs available. Investors can easily use the platform globally with support for eight fiat currencies, including USD, EUR, GBP, and RUB. Bybit is a great exchange for trading a diverse range of assets.

Bybit offers a payment method for each currency, but primarily supports bank transfers. Users who want to deposit via an e-wallet must use another platform, like Binance. Bybit does allow instant buys using a bank card but with increased spread fees.

Bybit permits users to trade crypto without identity verification, but fiat deposits and withdrawals require KYC. Bank transfers to Bybit are usually fee-free for deposits, but USD deposits come with an $8 charge. To trade, Bybit offers competitive fees of 0.1% per transaction.

Bybit is a fiat-to-crypto exchange that impresses users with its automated trading features. The platform is perfect for those seeking to invest over a long period with minimal effort. Overall, Bybit is an excellent option for anyone looking to trade in cryptocurrency.

KuCoin

KuCoin is a crypto exchange that provides many cryptocurrencies and helpful tools, such as its crypto staking platform and trading bots. Despite being overshadowed by larger platforms like Binance, KuCoin boasts the most extensive range of crypto assets among all exchanges. KuCoin offers margin trading, crypto lending, and staking features that appeal to investors looking for a comprehensive exchange.

Kucoin makes it easy for investors to implement trading strategies that involve buying and selling various assets. The exchange offers a whopping 728 cryptocurrencies for purchase. Plus, you can buy these digital currencies using 45 fiat currencies, such as USD, GBP, EUR, AUD, CAD, and JPY.

Verification is required for users who want to purchase cryptocurrency with fiat on KuCoin, but it's optional for trading or depositing. KuCoin offers various payment options to accommodate traders worldwide, such as bank transfers, credit/debit cards, Cash App, Zelle, and Skrill. The exchange collaborates with third-party providers like Simplex to include more payment methods for global investors.

When depositing on KuCoin, third parties may charge fees ranging from 1.5% to 4%, despite the platform's lack of additional fees. It's important to select a payment provider accordingly. Fortunately, trading fees are fair and set at 0.1% for each transaction.

KuCoin is a great exchange for people interested in purchasing and selling multiple cryptocurrencies. Furthermore, the features that cater specifically to crypto make it unlikely for users to register with another exchange for desired capabilities.

Crypto.com

Since its launch in 2016, Crypto.com has become one of the world's top exchanges. They offer a wide range of features to make the crypto investing process more efficient, especially for those new to the field.

Crypto.com is an all-in-one platform that offers a mobile app, trading bots, staking, lending, and a crypto-based Visa debit card. This makes it one of the most versatile crypto platforms available. It is used by more than 50 million users worldwide. While most exchanges specialize in a particular area, Crypto.com offers a range of services for crypto enthusiasts.

The Platform supports many different cryptocurrencies, offering 293 unique coins to its users. Additionally, the platform allows depositing in 25 fiat currencies, including USD, EUR, GBP, and CAD. This makes it a highly convenient option for people who want to buy and sell digital assets using real money. However, new investors must complete KYC verification before using the platform.

Crypto.com a global platform that accepts various payment methods, such as bank transfers, credit or debit cards, and PayPal. It is divided into two sections: a mobile app designed for beginners and an exchange for experienced investors. The exchange charges a 0.075% fee for transactions, while the app can have fees ranging from 1.49% to 4%.

The crypto firm is a highly regarded fiat-to-crypto exchange globally. The platform boasts competitive fees, basic and advanced trading platforms, and a wide range of features to suit all types of investors. For those seeking an all-in-one fiat-to-crypto gateway, Crypto.com is an exceptional option.

Closing Thoughts

Our guide on the best fiat-to-crypto exchange contains reviews of several trading platforms. We covered their fees, supported cryptos, payment methods, and who they are best suited for. Each exchange has its strengths, so it's hard to recommend just one for everyone. Instead, focus on specific features like listed assets and payment methods to find the right match.

Given the qualities of each exchange listed on this website, it’s difficult to single out one exchange from the rest. Read our guide thoroughly and choose the right exchange based on your preferences. Ultimately, finding the right exchange can make a significant impact on the success of your cryptocurrency investments.