How to sell cryptocurrencies
This step-by-step tutorial shows you how to sell cryptocurrency and withdraw funds in fiat on your bank account, using our website or with our mobile app.
15 minutes|Yann Gerardi|Published 2020-04-17|
To sell and cash out cryptocurrency, you need three things: crypto in a wallet you control, a destination bank account, and a service that converts the crypto and wires the proceeds to that account. You send the crypto on-chain, the service converts it at the current exchange rate, and the fiat lands on your bank account. Mt Pelerin, a Swiss regulated financial intermediary, cashes out crypto in 18 fiat currencies from any self-custodial wallet, with no exchange fee on the first CHF 500 you sell each year.
What you need to sell cryptocurrency
Selling crypto in involves the same decisions wherever you go, whatever service you use. Get these right once and every cash out after that will be routine.
1. Crypto in a wallet you control
Selling means moving crypto out of your wallet, so the first question is where that crypto sits today:
On a custodial platform
Your crypto is held by a company that shows you a balance. Selling there means selling the company's IOU, and getting the money out means passing a withdrawal step that the platform controls, with its own fees, delays and blocks.
In a self-custodial wallet
Your crypto sits at an address whose private key / secret phrase you hold. You decide when it moves and where it goes. Nobody can freeze it, and no withdrawal approval stands between you and the sale.
Our service is built for the second case: you sell straight from your own address, and nothing has to be deposited with us first. You can use our self-custodial mobile app Bridge Wallet or any other self-custodial wallet like MetaMask, Rabby, Ledger, Trezor and so on.
2. Choose where to sell
When choosing a service to cash out crypto, pay attention to these various points that matter in practice:
- Where the crypto comes from: Some services can only sell what is already sitting on an account with them, which means depositing first and trusting them with your funds in the meantime. Others let you sell directly from an address you own, with no deposit step and no custody risk.
- How it's regulated: Check the jurisdiction and the supervisory framework, not just the marketing. This is what will impact the most whether your bank accepts the incoming transfer without questions, or causes problems. Mt Pelerin is a Swiss financial intermediary, affiliated with SO-FIT under FINMA's anti money laundering framework.
- The fees and the real cost: A low advertised service fee means nothing if the exchange rate is bad or if there are other hidden costs. Compare the amount of fiat that actually lands on your bank account for the same amount of crypto sold, not the advertised percentages.
- Which fiat currencies and payment rails are supported: Receiving in your own currency avoids a conversion charged by your bank on top of the exchange fee, and a local transfer costs less and arrives faster than an international one. With Mt Pelerin, you can cash out in 18 fiat currencies over Swiss SIC, SEPA and SWIFT.
3. A destination bank account
The fiat funds resulting from the conversion of your crypto has to land somewhere. Most services require a bank account that belongs to you for regulatory reasons. That's also the case with Mt Pelerin, unless you have a personal IBAN with us, which will allow you to sell crypto and send the funds to third party bank accounts.
4. Network costs
Because you send the crypto yourself from your own address, you pay the blockchain network cost required to make that transfer. It is charged by the blockchain itself, not by us, and it is paid in the native cryptocurrency of the chain you use: ETH on Ethereum and Arbitrum, BNB on BNB Chain, and so on.
You will therefore need to have enough of that native crypto in your wallet in order to pay and send the transfer out.
See our support page for more info about network costs.
What it costs and how long it takes
The table below summarizes what you pay to cash out crypto with Mt Pelerin and how long each payment rail takes to arrive:
| Selling crypto by bank transfer | |
|---|---|
| Exchange fee | Fully free on the first CHF 500 sold per year, then 1.3% down to 0.6% as your annual volume grows. No spread. MPS token holders get more free volume and lower fees. |
| Bank transfer fee | Free for Swiss SIC and SEPA transfers. SWIFT international transfers have a fee charged by the receiving and/or intermediary banks. |
| Network cost | At your expense, charged by the blockchain in its native cryptocurrency. |
| ID verification | Not required up to CHF 999 per 30 days |
| Min. per transaction | CHF 50, or none with a personal IBAN |
| Max. per transaction | CHF 100,000 (contact us for more) |
| Fiat currencies | AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, SEK, SGD, USD, ZAR |
| Conversion | At the best market rate we can obtain when your crypto transfer is received |
| Payout speed, Switzerland (SIC) | Usually the same business day |
| Payout speed, SEPA zone | Usually within 1-2 business days |
| Payout speed, rest of the world (SWIFT) | One to five business days, depending on the destination country and the transfer route |
The full fee schedule, including the volume tiers and the MPS token benefit, is on our pricing page.
Below is how each of the steps above works in practice with our service, first via our web app and then in our mobile app.
💻 How to sell crypto with our web app
With our exchange service, you can sell cryptocurrencies from any of your existing wallets and receive the funds directly on your bank account, as long as the wallet is self-custodial (meaning that you control the wallet address and its private key / secret phrase).
This step-by-step tutorial below shows you how it works:
1. Go to our web interface
You can access it on our website here or through any other partner website. It looks like this:
2. Choose what you want to sell
Select the crypto you want to sell, the blockchain you will send it from (if available), and the fiat currency in which you want to receive your funds. Then, click the green "Sell" button to continue:
3. Register or login
All you need to register is an email address and one of these authentication methods:
- SMS: you will need to provide a phone number and confirm it with an SMS code.
- Wallet signature: Download Bridge Wallet, create or restore a wallet, then go in the user profile menu on the top right of the app's main screen, and choose the signature option. You can then use the "Login with Bridge Wallet" option here.
If you already have a profile with us, login with one of the methods available to continue. For this example, we choose the SMS option:
4. SMS code confirmation
Enter the code that you have received by SMS. If you haven't received any, you can ask for a new one after the timer cooldown:
5. Email
Enter an email address, where you will receive notification emails about your transactions:
6. Registered
You will see here your profile status and your buy/sell/swap volume limits. Click "Next" to continue:
7. Sending address
Choose one of the available options to connect a wallet and choose the address that will send the crypto. See here for a detailed tutorial. If you already have a profile with us, you will be able to choose one of the wallet addresses that are linked to your profile, or add a new one:
8. Bank account
Enter here the coordinates of the bank account where you want to receive your funds. If you already have a profile with us, you will be able to choose one of the bank accounts that are linked to your profile, or add a new one:
9. Crypto transfer
Send your crypto to our wallet address, using one of the methods available here. Two things must match your order:
⚠️ You must send the crypto on the blockchain that you have selected at step 2.
⚠️ You must send the crypto from the wallet address that you have selected at step 7.
Once we have received your crypto, you will receive a notification email to confirm it (please note that it can take several hours to be sent). After that, we convert your crypto into the fiat currency you chose. You will receive a second notification email with the detail of your transaction as soon as your bank transfer has been sent.
📱 How to sell crypto with our mobile app
If you don't have a crypto wallet yet, downloading our mobile app is the easiest way to get started if you want to sell and cash out cryptocurrencies. This step-by-step tutorial below shows you how it works:
1. Download Bridge Wallet
Bridge Wallet is the free mobile app that we've made to easily invest in crypto assets and manage them from your phone. To download it, click the button below:
2. Create a new wallet
Create a new wallet, or restore an existing one if you prefer to. If you need help on the creation of a wallet, we have made a step-by-step guide here.
3. Register or identify
Go in the user profile menu on the top right of the app's main screen, choose an authentication mode then provide an email address on which you will receive notifications about your transactions.
Registering allows to sell crypto by bank transfer up to CHF 999 per rolling period of 30 days (or equivalent in other currencies).
To sell crypto above this limit, you will need to identify. For more info, please see our support page.
4. Choose a crypto
The cryptocurrencies available to sell are all displayed by default in the app. You can see the full list on this page as well.
Please note that we have different cryptocurrencies available on different networks. To switch network, use the network icon on the upper left of the screen.
5. Add funds
Once you have chosen a cryptocurrency to sell, click on the "Add" button.
6. Transfer crypto to your address
Select the "Wallet" tab, then transfer crypto to the address displayed here. Since the app is self-custodial, please note that you will need to cover the network costs to cash out your cryptocurrency. More information about them on our support page.
7. Send funds
Once your crypto has been transferred to your address, go back to the crypto's screen and click on the "Send" button.
8. Enter your bank account details
Enter the coordinates of the bank account on which you want to receive your funds. It must be labeled in your own name.
9. Choose the amount and destination currency
You can cash out cryptocurrency in 18 different fiat currencies. Choose one of these and you will see our all-inclusive exchange rate. Click "Next" to continue.
10. Confirm
Once you click the "Send & sell" button, your cryptocurrency will be withdrawn from your wallet. We will convert it to the chosen fiat currency as soon as we receive it, then transfer funds to your bank account. You will receive a confirmation email with the detail of your transaction as soon as your bank transfer has been sent. See the table above for the time a bank transfer usually takes to arrive.
🙋♂️ FAQ
Is there a minimum and a maximum amount to sell?
The minimum is CHF 50 or equivalent, and there is no minimum at all if you have a personal IBAN with us. The maximum you can do on your own is CHF 100,000 per transaction, larger transactions are of course possible but you must contact us first.
What does it cost to sell crypto?
The currency conversion fee ranges from 0% to 1.3% and decreases with your cumulated annual volume. The first CHF 500 you sell each year is free of exchange fee, and MPS token holders get more free volume. Swiss SIC and SEPA bank transfers are free. SWIFT international transfers have a fee charged by the receiving and/or intermediary banks, not by us. You also pay the blockchain network cost of sending your crypto to us. See our pricing page for the full detail.
How is the exchange rate applied?
The rate applied is the best market rate that we can obtain at the moment we receive your crypto transfer, unless your transaction must be put on hold for compliance reasons. In such case, the exchange rate will be applied when the hold on your transaction is removed.
Are there hidden fees or spreads?
No. Our only source of revenue is the exchange commission charged on the conversion, and it is displayed in full before you confirm the transaction. We do not inflate the exchange rate applied to your sale and don't charge any other hidden cost.
How long does it take to receive my money?
We wire the fiat proceeds out once your crypto transfer is confirmed on-chain, usually the same business day. A Swiss SIC transfer normally arrives within the same business day, a SEPA transfer within one or two business days, and a SWIFT international transfer takes one to five business days depending on the destination country and the banks on the route.
Can I withdraw funds to the bank account of someone else?
If you have a personal IBAN with us yes, you can sell crypto and send the bank transfer to someone else. Otherwise no, without a personal IBAN you can only sell crypto and withdraw funds to a bank account labeled in your name. Joint accounts are accepted.
Can I withdraw funds to a neo bank account?
Yes, you can use accounts from neo banks like Revolut, N26, etc., to withdraw cryptocurrencies in fiat currency with our service. Wise is the exception: selling crypto to a Wise account is only possible if you have a personal IBAN with us.
Can I withdraw funds to a PayPal account?
Yes, but it is only possible to sell cryptocurrencies and withdraw funds to a PayPal account if you have a personal IBAN with us. Otherwise, it is not possible.
Will my bank accept the money coming from a crypto sale?
Yes, and that's one of the main interests of using our service. Because we are regulated in Switzerland and apply Swiss KYC/AML standards, any bank receiving funds from us will know that we have performed a level of due diligence that they can trust and rely on. That's the not case of funds coming directly from most centralized exchange platforms, which are not regulated or regulated in untrusted jurisdictions, which is why many banks will block or refuse transfers sent by them. If you have a personal IBAN with us, the receiving bank won't even know the funds are coming from a crypto sale.
Do I need to verify my identity to sell crypto?
Not below CHF 999 per rolling 30 days, or the equivalent in another currency. Above that threshold you need to verify your identity, which you can do directly within our web interface or in Bridge Wallet.
Does Mt Pelerin take custody of my crypto?
No, we are a non-custodial service and never take custody of the funds of our clients. The crypto that we receive is always converted right away and the proceeds are transferred out to the destination bank account as fast as possible.
Can I cancel a sale after sending my crypto?
It's not possible to cancel a cash out once your bank transfer has been initiated. If you have made your crypto transfer but haven't received a bank transfer notification yet, you can try to contact us and we will see if it's still possible to cancel your order.
Why does my transaction not start?
If the transaction doesn't initiate after your confirmation, it can either mean that you don't have enough of the crypto required to pay the transaction's network cost, or that you're trying to sell more crypto than your address can spend.
What if I send the crypto from another address or on another chain?
Your transfer is matched to your order using the sending address and the blockchain you selected, so a transfer coming from a different address or arriving on a different chain will not be matched automatically. Contact us with the transaction hash and don't send a second transfer in the meantime.
Can a company sell crypto with Mt Pelerin?
Yes, companies, associations and foundations can register with us and cash out crypto to their organization's bank account.
Where do I find a receipt or my transaction history?
You can browse your transaction history and make PDF / CSV exports of them both in our mobile app on the transaction screen and on app.mtpelerin.com in the "Transactions" tab.
About the author
Yann is the head of marketing of Mt Pelerin. He fell down the rabbit hole of crypto at the end of 2017, when he joined the assembling team that would give birth to Mt Pelerin.
