For countries that haven't allowed the exchange of crypto, what is the best exchange to use to convert to cash?

free-being (44)in #crypto • 6 years ago

If you live in a country without a crypto-fiat exchange, then the peer to peer route is a good option. There are a number of platforms that allow people from all over the world to exchange crypto for fiat currencies amongst themselves, one on one without an intermediary (so to speak). You can trade cryptocurrency for fiat in many forms, including cash, bank transfer, Western Union or MoneyGram.

You first need to convert your STEEM tokens to Bitcoin. You can use blocktrades.us for that. It's an exchange integrated into the Steemit.com wallet. Just click the arrow on your STEEM balance and select sell. Once you have your Bitcoin, you can use one of the P2P platforms below.

The first platform (and probably the most popular) is LocalBitcoins.com. There you can find local people too who want to buy cryptocurrency from you, in exchange for fiat. With an account, you send your Bitcoin to a wallet they generate for you and open a trade by browsing for offers. There are many options there and you can choose to trade with people who have verified their identities, in case you want to ensure you deal with people who aren't into crime and stuff.

A second similar platform is Paxful.com. It works pretty much the same as LocalBitcoins.com but has a slightly different interface and some unique payment options too.

Both platforms use escrow service, so your Bitcoin will be held in escrow and you will only release them once you have received your payment. This works to serve both buyers and sellers interest because the buyer is protected as well. Once they pay for Bitcoin, they mark the trade as paid and the funds will be locked until you release them. Disputes are handled by staff members, who will intervene to solve them in fair ways.