How to Cash Out Crypto to Your Bank Account

A key part of profiting in crypto is to cash out at the right time. That comes with having access to immediately sell your crypto for cash. 

Knowing how to cash out crypto is just as important as knowing how to buy it, and yet most guides overcomplicate the process. 

Whether you are taking profits, covering expenses, or simply moving funds back to your bank, converting crypto to cash should be fast and straightforward. This guide walks you through exactly how to do it on BitMEX, step by step.

How Do You Cash Out Crypto?

Cashing out crypto means selling your digital assets (BTC, ETH, USDT, etc.) and receiving fiat currency (USD, EUR, GBP) in return. The fiat is then sent to your bank account or payment card. 

There are a few ways to do this. You can use a centralised exchange with an off-ramp feature, a peer-to-peer marketplace, or a crypto ATM. Each method has trade-offs in speed, fees, and convenience.

The most common and reliable method is using an exchange that supports direct fiat withdrawals. On BitMEX, the Sell Crypto feature lets you convert crypto to cash and receive funds to your Visa, Mastercard, or bank account. The off-ramp is powered by licenced global payment providers such as Mercuryo and Banxa that handles the fiat conversion and payout. 

BitMEX does not handle fiat directly. When you sell, Mercuryo processes the conversion and sends the funds to your chosen payout method. This keeps the experience seamless while ensuring compliance across jurisdictions.

Step-by-Step: How to Cash Out Crypto on BitMEX

Here is exactly how to cash out crypto on BitMEX and get funds to your bank. 

Step 1: Verify Your BitMEX Account

You need a verified BitMEX account with KYC completed. Our off-ramping partners may request additional verification depending on your jurisdiction and local payment regulations.

If you haven't signed up for a BitMEX account yet, we're currently offering $5,050 worth of trading credits to new users - you can register here.

Step 2: Go to Buy/Sell Crypto

Log in to BitMEX and navigate to Buy/Sell Crypto in the top navigation bar. From the dropdown, select One-Click Buy/Sell Crypto.

You can also access it via Funds > Buy/Sell Crypto.

Step 3: Choose the Cryptocurrency to Sell

Select the asset you want to sell from your BitMEX wallet balance. You can sell Bitcoin, sell USDT, sell Ethereum, and other supported cryptocurrencies. 

Step 4: Select Your Fiat Currency

Choose the fiat currency you want to receive. Our off-ramping partners support EUR, USD, and may support other major currencies in the future. Pick the one that matches your bank account or card currency to avoid unnecessary conversion fees.

Step 5: Enter the Amount 

Type the amount of crypto you want to sell under Pay. The equivalent fiat amount updates automatically under You Get, inclusive of all fees. Review this carefully before proceeding.

Step 6: Choose Your Provider 

Select one of our off-ramping providers. Providers might differ in rates and payment methods available. BitMEX currently supports Mercuryo, Banxa, and Unlimit. 

Step 7: Select Payment Method

Select how you want to receive your cash:

• Visa/Mastercard card withdrawal — funds go directly to your linked debit or credit card

• Bank transfer — funds go to your bank account (available in supported regions)

Enter your card number or bank account details as prompted.

Step 8: Confirm and Submit

Review the transaction summary, including the exchange rate, fees, and estimated payout time. Our off-ramping partners might request for additional documents depending on your jurisdiction. 

Once you confirm, the crypto is deducted from your BitMEX wallet and the fiat payout is initiated through one of our offramp partners.

You will receive a confirmation from BitMEX after initiating the sale and a separate notification from the offramp partner once the fiat payout is processed.

That is how to sell crypto and put money in your bank using BitMEX. The entire process takes a few minutes from start to finish. 

How Long Does It Take to Cash Out Crypto?

Payout speed depends on the method you choose. Here is what to expect:

Visa Direct is the fastest option. If your card supports it, funds can arrive in your account within minutes. Standard card payouts and SEPA transfers are slower but still reliable.

Processing times can vary depending on your bank, card issuer, and region. Weekends and public holidays may add additional delays for bank transfers.

Tips for Cashing Out Crypto

Watch Your Timing

Crypto prices move fast. If you are selling a volatile asset like BTC or ETH, the price you see when you start the transaction may shift slightly by the time it confirms. 

Understand the Fees

Mercuryo charges a fee for processing the fiat conversion and payout. The exact fee is displayed on the confirmation screen before you submit. Always review the You Get amount to know exactly what lands in your account.

Match Your Currency

Sell into the fiat currency that matches your bank account. If your bank account is in EUR and you receive USD, your bank may charge a conversion fee on top.

Keep Security Tight

Never share your BitMEX login credentials or Mercuryo verification details. Use two-factor authentication on your BitMEX account. If you are cashing out a large amount, consider splitting it across multiple transactions.

Know Your Tax Obligations

In most jurisdictions, selling crypto for cash triggers a taxable event. Keep records of your transactions, including dates, amounts, and exchange rates. Consult a tax professional if you are unsure about your local rules. (SEO: “sell crypto for cash”)

FAQ

How do I sell crypto and put money in my bank?

On BitMEX, go to Sell Crypto, select the asset you want to sell, choose your fiat currency and payout method (card or bank transfer), and confirm. The fiat is sent directly to your bank card or bank account. The entire process is handled through Mercuryo, BitMEX’s payment partner. (SEO: “how to sell crypto and put money in my bank”)

How easy is it to convert crypto to cash?

It is straightforward. If you have a verified BitMEX account, you can convert crypto to cash in under five minutes. Select your crypto, choose your fiat currency, pick a payout method, and confirm. No need to transfer assets to another platform first. (SEO: “how easy is it to convert crypto to cash”)

How do you cash out crypto to USD?

The process is the same as any other fiat currency. In the Sell Crypto section on BitMEX, select USD as your receive currency, choose your payout method, and confirm the transaction. Funds are sent to your linked card or bank account. (SEO: “how to cash out your crypto to usd”)

What is the best way to get crypto to cash?

Using a trusted exchange with a built-in off-ramp is the most reliable option. BitMEX lets you sell directly from your wallet balance and receive fiat to your bank card or bank account. There is no need to move your crypto elsewhere. (SEO: “how to get crypto to cash”)

Do I need extra verification to cash out on BitMEX?

If your BitMEX account is already verified (KYC completed), you can access the Sell Crypto feature directly. However, Mercuryo may request additional verification depending on your jurisdiction and local payment regulations.

Start Cashing Out on BitMEX

BitMEX supports both buying and selling crypto on a single platform. Buy and sell crypto, trade derivatives and spot, and cash out to your bank, all in one place. (SEO: “buy and sell crypto”)

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