Bitcoin Forum

Hello I have the Coinomi App to store my currencies and bit coins
i was told the Changelly function can be used to cash out
As in convert cryptos to fiat money etc?

how does one do that? thanks anyone on here with Coinomi and used it for some time?

I'm using coinomi app but haven't tried neither changelly nor shapeshift in there. Please note that changelly is a third party service and is limited to exchange only cryptocurrencies (no fiat), for example your BTC to DOGE or vice versa. To know more about how it works and the terms, visit the website directly at changelly.com (https://changelly.com/)

What worldtraveller probably means is Jaxx. It has Shapeshift functionality included in the wallet and it's very convenient for fast conversions if you don't mind the fees and the less efficient rates.

But there's no conversion to fiat and no fiat withdrawals in Jaxx. You need a real exchange for that.

No. Coinomi and Jaxx are two different wallets. And OP is talking coinomi which also as shapeshift and changelley integrations.
But I don't OP what you are saying about converting to fiat, these services only exchange cryptocurrencies that too for a hefty fees.

So you are actually looking for an exchange that can convert bitcoin into fiat?
Keep note that changelly and shapeshift are well know to exchange between crypto, for example ether to btc, ltc to btc or vice versa.
If you are in Usa, then coinbase.com is better to convert bitcoins into fiat, but if you are outside Usa, wait for other replies.

As preposters already stated, changelly doesn't convert crypto into fiat. I would not recommend coinbase anymore, because there are too many accusations of lost funds. Maybe its only an ID  or local problem. Not all countries are supported by coinbase (only USA??). Where you exchange your cryptos the best, depends in your residence.  Bitpanda is a good service or you can buy debit cards, exchange here on Bitcointalk or use ATMs, that not only sell BTC but also cashout them. But they are very rare.

There isn't such a thing as lost funds with Coinbase. It has all to do with people not being able to access/withdraw their funds due to a lack of account verification. Coinbase is known to be a very strict service when it comes to user verification. If you sign up there, you directly agree with all their terms, so nothing should come as a surprise, but it still does since no one bothers to read their TOS. The only annoying thing is that if you need support from Coinbase, that it will take an awful lot of time to get issues sorted, and especially when it comes to blocked accounts. In case of the latter mentioned, it seems that all major exchanges are struggling to settle problems in a reasonable amount of time, so it's not just related to Coinbase.

That may be true, but they should disable also deposits, until needed identifications are comitted. If a service changes account limits, it must allow customers to withdraw their funds. Everything else like keeping money is scamming customers.

I agree with you on that part. It seems that all exchanges do this, based on the plenty complaints that I have been reading through lately. It's shady and misleading at the same time because this is done on purpose. If people sign up to an exchange and figure out that they first have to verify themselves before they are allowed to deposit and start trading, the majority of them will just refrain from doing so and look for a different exchange that doesn't require up front verification. No one is looking forward to hand over very sensitive/precious personal information to an unknown entity, even if it concerns Coinbase. Unfortunately, I don't see exchanges change this way of operating since it will work against them due to the aforementioned scenario.