As the name suggests, A fiat-to-crypto exchange is a trading platform where you can convert cash or fiat currencies into digital coins. This enables users to deposit, trade, and cashout in local currencies which are not facilitated by a wide number of other exchanges. One of the key limitations of the exchange is it has not yet branched out into supporting Euro fiat currency. Kraken is also one of the best exchanges for converting cryptocurrency into fiat currency and withdrawing due to its high withdrawal limits. There are four different tiers applied to customers which determines how much they can withdraw. Users that submit verification documents unlock the higher tiers and can avail of higher deposit and withdrawal amounts.
Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing. Since fiat currencies are not linked to a physical reserve of something such as gold, it risks losing value due to inflation, or even worse, becoming worthless in the event of hyperinflation. There is no intrinsic value in fiat money as there is in a commodity such as gold.
Thus, Bitfinex is surely worth being a part of this best fiat-to-crypto exchanges list. Talking about crypto-to-fiat services, KuCoin supports fiat deposits and spot trading pairs with EUR, GBP, JPY, and NZD, among many others. Besides, you have three options for buying crypto – through the “Fast Trade” feature, P2P, or through third-party payment gateways (e.g., Banxa). Bybit also aims to process withdrawals as quickly as possible, usually within a few hours, so you can access your funds when you need them. This flexibility adds up to relatively small fees, pushing Bybit up in the rank of the best fiat-to-crypto exchanges around.
For example, you may get charged a 3.5% fee to use a credit card, but 0% fees to send a bank transfer. It’s also important to do your own research, as the fees do get updated. The easiest and cheapest way to convert your USD, cryptocurrency exchanges supporting fiat EUR, GBP, or any other currency is to use a regulated platform that offers a gateway for depositing your local currency. Below is a table of all regulated cryptocurrency exchanges on Trading Browser that we have reviewed.
The platform is also compliant with various regulations, including the European Union’s Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. This enhances the security of assets, funds, and private information even more. In terms of security, CEX.IO uses advanced measures, including SSL encryption and cold storage, to protect traders who choose the exchange. Though, there is one drawback, the platform only supports USD, EUR, and GBP, which is not the widest range compared to other popular crypto-to-fiat platform. Now, do note that KuCoin has formed strategic partnerships with prominent organizations in the cryptocurrency industry to enhance its offerings. It collaborates with reputable liquidity providers, other well-known blockchain projects, and the aforementioned third-party payment channels.
Fiat Deposits and withdrawals are currently free and relatively quick to process. The transactions fee are much lower compared to other fiat to crypto exchanges. Bit2Me, operational since 2014, is a recognized European crypto exchange offering over 240 cryptocurrencies. Based in Spain and regulated by the Bank of Spain, it provides a range of services including buying, selling, trading, staking, and loans. Bit2Me is notable for its user-friendly features like a free wallet secured with €150M, a card offering up to 30% cashback, and simple tax report generation.
Xcoins ensures user security through advanced fraud protection tools and provides 24/7 customer support. The platform is known for its convenience, allowing users to instantly receive their cryptocurrencies, and it also features an affiliate program for earning passive income. Kraken provides multiple deposit and withdrawal methods, such as bank and wire transfers, Apple/Google Pay, credit/debit cards, and in-person transfers. It partners with financial institutions like Canada Post for added convenience. Security is a top priority, with measures including AML protocols, cold storage wallets, two-factor authentication, and compliance with regulatory bodies like FinCEN and FCA.
Users at level two verification can withdraw $50,000 over the space of 24 hours. Level 3 requires contacting OKCoin and users at level 3 will be able to withdraw up to $500,000 over 24 hours. This makes OKCoin unsuitable for small withdrawals but very attractive https://www.tokenexus.com/ when withdrawing large amounts. The basic account which does not verify the user’s identity applies a daily limit of $1000 and a monthly limit of $3000. It is not as suitable for those who are withdrawing small amounts due to a minimum fee being applied.