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January 07, 2018, 12:08:47 PM |
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New to the party, so with the usual apologies for the 101 question/potential duplication, but, is there a general consensus on the best way of liquidating crypto to fiat and withdrawing into a traditional USD/EUR/GBP account? I'm thinking in the context of altcoin exchanges which appear to be largely crypto/crypto with no fiat component. So, say I had some XRP on Gate.io and wanted to exit the position into fiat, my instinct is that I would need to go through the following steps:
1) Trade XRP for BTC on gate.io
2) Transfer BTC to coinbase/GDAX [Issue 1: incurrence of withdrawal fees; potential withdrawal limits; withdrawal time]
3) Sell BTC on coinbase/GDAX for fiat [Issue 2: subject to daily sell limits]
4) Withdraw fiat to traditional account [Issue 3: incurrence of withdrawal fees; potential withdrawal limits; withdrawal time]
This seems like a pretty damn convoluted/expensive route to cash out, and I'm sure there must be a much more efficient route which I'm not aware of (e.g. is it possible to sell altcoins for fiat directly?). Grateful for advice here.
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