If you are interested in converting your bitcoin to cash, there are many ways to do this. This post will cover the quickest and easiest ways to get your Bitcoin into cash using these five popular and simple to use apps: Cash App, Binance, Gemini, Coinspot, Coinbase.
There are just 4 steps you need to cash out your Bitcoin. Where you start depends on where your Bitcoin is. You need to make sure it’s on some kind of wallet. You’ll probably start with the Bitcoin in one of these locations:
in a mobile trading app like Cash App or Robinhood.
The process is simple – you need to sell your Bitcoin into dollars and then transfer that USD into your bank account, where you can withdraw it for cash.
4 steps to get your Bitcoin to cash
Step 1 – sign up to your ‘cash out’ wallet or exchange
Open an account with a wallet or exchange that allows you to sell your Bitcoin directly to USD. The wallet or exchange also needs to either:
link with your bank account and allow you to send cash to your bank account, OR
come with a debit card that you can use at an ATM to get your cash
Here is a list of ‘cash out’ wallets and exchanges where you can change Bitcoin to cash easily:
Coinbase – US based cryptocurrency exchange platform with a mobile wallet app
Cash App – US based investment and banking app that includes Bitcoin
Gemini – US based crypto exchange with a mobile wallet app
If you’re based in Oz we recommend either Binance or Coinspot.
Step 2 – Transfer your Bitcoin to your ‘cash out’ wallet
Send your Bitcoin from its current location into the wallet account you have opened. If you chose a wallet from the list of 5 above then the wallet will provide you with a public address to transfer you Bitcoin in. Look for either a ‘deposit’ or a receive’ button.
sending BTC to your Binance wallet
You will need to pay a network fee to transfer your Bitcoin over to your ‘cash out’ wallet.
Step 3 – sell your Bitcoin to cash (your fiat currency of choice)
You need to trade your Bitcoin for the fiat currency of your choice. The apps and exchanges we’ve selected above allow you to sell your BTC to either USD (for US) or AUD (for Australia) directly.
selling BTC for AUD on Binance
confirm your BTC to AUD trade on Binance
Step 4 – transfer your dollars into your bank account
Some of the Apps listed above, like Cash App, have a debit card attached which means the money is available to spend as soon as your Bitcoin is sold.
The ‘how to’ guide to carry out these four simple steps is going to be slightly different in each App. Let’s look at the most popular Apps.
3 popular Apps to change your Bitcoin to Cash – a step by step guide
Coinbase (includes US citizens)
To convert your Bitcoin into cash on Coinbase follow these steps:
Login to your Coinbase account.
On the homepage, tap “Sell”
Choose how much you want to sell and select USD Wallet as your payment method. Your bank account will be selected by default so leave that button alone if it is not already active.
Tap ‘Confirm Sell’.
The funds should show in your linked bank account 1 to 5 days after the transfer is completed.
Cash App (US only)
To cash out your Bitcoin on Cash App follow these steps:
Open the Cash App and tap ‘+’.
Tap “Cryptocurrency” then select BTC, BCH or LTC (your wallet address will already be there).
Enter how much you want to sell and hit Sell. You’ll have a choice of tax options. Enter your Cash pin if you chose to use one and hit Sell again. The cash will be in your Cash App wallet after the transfer is completed (usually within minutes).
Withdraw this cash from an ATM using the Cash App Cash Card if you have one set up in your account.
If you don’t have a Cash Card you can get the cash out of Cash App and into your regular bank account using these steps:
Tap the Balance tab on your Cash App home screen.
Press ‘Cash Out’.
Choose an amount and press ‘Cash Out’ again.
Select a deposit speed.
Confirm with your PIN or Touch ID.
Binance (non US citizens, e.g. Australians)
Go to your wallet on Binance, tap BTC and chose the trading pair you need to get the cash you want. In this case it would be BTC/AUD.
Select how much Bitcoin you want to sell and the price. The wallet will calculate your AUD payout.
Tap ‘Sell BTC’.
The transfer will show on your Balance page after it’s completed (usually within minutes).
Now you have AUD sitting in your Binance wallet.
You need to go through KYC to transfer your fiat cash out of Binance. You can check if you’ve done this by clicking your profile, then ‘identification’.
To transfer dollars out of Binance to your bank account:
Go to your wallet
Choose the currency you would like to withdraw from your wallet. In this case, choose AUD.
Select Withdrawal and enter the withdrawal amount $AUD.
Select ‘Bank’ as the destination account and press Confirm & Make Payment when ready.
After Binance sends the money out, your bank will receive it in a few days.
Hackers stole $700 million in crypto in the month of August 2021 alone. And that’s just the reported number. As the cryptocurrency world continues to welcome more new crypto wallets and epic platform hacks continue to be a feature of the space, choosing the best cryptocurrency app to guide your investment decisions is more complex but also more crucial.
To trade or invest in cryptocurrency, there are a few ground rules if you don’t want to lose all your dough. The most important rule is that you should never invest what you are not willing to lose. Another rule is to have the best resources to securely trade, earn, win and stake your cryptocurrency. Downloading and using the best cryptocurrency app can help you:
move your crypto around online
avoid human error when you transact your crypto,
improve your user experience, and
give you access to tier 1 crytpo investments and decentralised finance protocols
help to secure your crypto while you earn with it and compound your investments.
We’ve reviewed the newest and most popular cryptocurrency apps to select the best cryptocurrency app to do all of these things. The winner? Read on to find out!
What is a cryptocurrency app?
A crypto app can be a mobile or a desktop application. It provides a platform for you to transact your cryptocurrency and store your coins while you do so. Whether you decide to buy, sell, stake, earn, farm or hodl your crypto, it’s best to ensure that you are transacting using the best full-featured cryptocurrency app available.
Different cryptocurrency app types
There are a few types of cryptocurrency apps. Two of the main types are cryptocurrency exchange apps and crypto wallets.
Cryptocurrency exchange apps – These apps are used for buying and selling cryptocurrency. The best cryptocurrency exchange apps protect the safety of user assets and provide low fees on trades and swaps, good technical customer service, and fast trades. Examples of these apps include Binance, eToro, and Coinbase, etc. Crypto exchange apps like the Binance app also act as a crypto wallet.
Crypto wallets – These applications are designed to help you monitor, manage and transact your cryptocurrencies regularly on-the-run. Since this is a software application that can be installed on the user’s phone, the ease of access is guaranteed. However, because the user has to connect to the internet to use the app, this type of wallet is more vulnerable to hackers than a hardware wallet.
Best cryptocurrency app
While traders use cryptocurrency exchanges to conduct daily trades, the cryptocurrency app serves as a form of storage to secure your digital assets while you need to transact with them. The best crypto wallet app can both secure your private keys and provide a platform to trade, stake, lend and borrow digital assets. While choosing the best cryptocurrency app, we prioritized its security capabilities and depth of native features that will allow you to make money on your crypto investments.
What else are you in crypto for after all!
Security from hack is essential in crypto, and any app that cannot guarantee the security of your assets should not be rated as one of the best. The first thing to remember is cryptocurrency app you choose is only as secure as your phone security settings allow. Once your phone security is up to scratch the best cryptocurrency wallet apps have great added security features including pin code, two-factor authentication, and seed recovery phrase.
Apart from the security features, the best cryptocurrency wallet app should also guarantee:
an exceptional user experience,
fast transactions,
low transaction fees, and
diverse integrations with various blockchain networks and decentralised finance protocols.
These are the necessary features to invest and make money on your crypto
After reviewing these features across the most popular and newest crypto apps, here is our pick for the best cryptocurrency wallet app available.
We also recommend a best ‘up and coming’ crypto app. It’s one we have yet to test fully but are keeping an eye on. This newcomer has incredible features. It brings unparalleled convenience to crypto transactions which will make crypto far easier for newcomers.
No. 1 – Binance Wallet
Binance is one of the leading names in the crypto industry and the Binance Wallet is our pick for best cryptocurrency app. The Binance Wallet offers the best app features to help you invest and make money from your crypto. The top money making features include:
Trading spot, margin and futures markets
Automatic locked and flexible staking
Interest earning opportunities on crypto held in the wallet
Mining
Airdrops and rewards competitions
Binance marketplace for non-fungible tokens
All of these functions are available and customizable directly from the mobile wallet app and also from the desktop app.
An example of the different features Binance wallet offers – staking, loans, pooling, earn, and trading spot, margin and futures makets
Binance Wallet provides constant security upgrades helping to keep its users’ details secure. Binance offers password and multiple-factor identification. It adds a custom whitelisting feature to this suite of protections. You can whitelist wallet addresses to prevent crypto withdrawals from your wallet by hackers.
Binance trumps its peers in terms of performance. The app is swift while trading spot, margin and futures markets. It also allows you to customize the home page to your taste.
Beginners can get used to cryptocurrency trading using Binance Lite. Binance Lite is trader-friendly and comes with simple instructions for the beginner. Binance Pro was also released to help professionals conduct fast trades.
To get a 5% discount on your Binance spot market trades, set up your account with our link.
The Binance wallet is not available in the US. It’s offshoot BolsaDX is available for US citizens however. BoslaDX advertises as a Latin American platform but it is cloud based. US citizens can trade with it without needing a VPN. The app is forthcoming and we imagine will give you everything we enjoy from the original Binance wallet.
No. 2 – Celsius Wallet
The Celsius wallet is one of the best out there for earning interest. Celsius allows you to borrow and lend cryptocurrency to earn more coins and tokens. Apart from earning interest, the Celsius wallet can also be used to buy and sell cryptocurrencies.
The security features include the standard pin code, 2-factor identification, “know your customer” details, and setting Hodl mode. Hodl mode prevents any withdrawals from your account without entering a second passphrase. It’s an extra layer of protection from hackers.
Celsius is easy to use because you’re not making complex transactions, so if you’re new to crypto you don’t have to be worried about losing your money from human error.
All you have to do is send your crypto to their given wallet address and you can start earning interest. The rates on stablecoins (which don’t fluctuate with crypto volatility) are what draws many customers into Celsius. At the moment you can earn 8.8% on your USD stablecoins through their lower risk lending vehicle. This is an industry leading rate for the risk profile.
Celsius provides an incentive to get paid in their native token CEL by offering higher interest rates. CEL is traded on crypto markets like other coins. You can also opt to be paid in the coin you are lending, but the rates can be around 2% lower.
If you want $50 worth of BTC free, set up your Celsius account withour link. It helps support our research!
No. 3 – Metamask Crypto Wallet
Metamask is one of the original crypto wallet apps and one of the best.
Their platform works on Android, Desktop, and iOS. While it works well on mobile, we love it’s browser extension for making DeFi from your desktop super easy.
Metamask allows you to move your crypto seamless between DeFi protocols once you know how to list different Blockchain networks in the wallet. If you want more information about how to set up Metamask for DeFi,have a read of this post. While the DeFi capabilities Metamask supports are diverse, using the wallet takes some getting used to. It’s also worth noting the DeFi dApps are not native to the wallet themselves. Instead, you can connect your Metamask wallet to different dApps that you find in your browser or on your browser app for mobile phone.
Although it supports 2-factor authentication, password and seed phrase recovery, Metamask wallet is not suited for long-term storage of private keys. Like any crypto wallet app, the fact that it is online also increases the security risks due to online hackers. However, Metamask now seamlessly integrates with Ledger and Trezor hardware wallets. This means you have the security of a hardware wallet while you transact your crypto with Metamask! That’s about as secure as it comes for a mobile wallet in crypto.
Best ‘up and coming’ cryptocurrency app
Coin 98 Wallet
Coin98 is a new crypto up and comer project from South East Asia building up a portfolio of DeFi products that you can use to make money in crypto. You can access many of these products on the Coin 98 mobile wallet app.
What differentiates Coin 98 Wallet is its multi-chain and cross chain capabilities. The wallet makes it seamless for new users to move crypto across different blockchains, without having to know which blockchain to choose for which transaction.
This is a game changer for crypto if it works because it leapfrogs the steep learning curve needed when you first enter the crypto space. If you’re new to crypto, Coin 98 Wallet may just be the best thing since sliced bread.
The best features of this cryptocurrency app that make it a contender for our list are:
Exchange connect – connect directly to 9 different crypto exchanges from the wallet, including the popular ones such as Binance and FTX.
Native dApps – the inbuilt dApp browser is where you’ll make money with Coin98 wallet. You can connect directly to major DeFi protocols.
Cross Chain bridge – convert tokens between 4 blockchains – Ethereum, BSC, Tron, Solana – directly in the wallet. Extremely convenient and only available in Coin 98 wallet
Cross chain staking, swaps, earning and yield farming – the best feature of Coin98 to invest and earn crypto. If you want read more about this check out our full featured Coin 98 write up here.
Verdict
Binance is the best cryptocurrency app going. Its versatility, performance, and functions are exemplary compared to other similar apps.
Celsius wallet is the best cryptocurrency app for new crypto users who don’t know how to transact on the blockchain. It is also a great starter app for risk averse investors interested in earning passive income.
MetaMask is the most ubiquitous crypto app. It doesn’t have the native features that other apps have but its browser extension will help you move coins and tokens between decentralised apps. You need to be able to do this to invest your crypto and manage those investments.
Binance is the most popular and widely used cryptocurrency app because of its unique ‘all in one’ features and value add. Whether you’re a beginner who needs to learn the ropes or a professional who needs advanced features in his trading app, Binance has got you covered. It is no surprise that Binance emerged as the best cryptocurrency app available. We predict Coin 98 wallet might just give Binance wallet a run for its money in the next 12 months or so. It’s definitely one to put on your watch list and check out!
