If you are sitting on a pile of cash and you want to convert cash to crypto, Coinflip has a solution for you. They have a network of ATMs where you can buy (and in some cases even sell) crypto with your hard cash. I was impressed with the total coverage nationwide with over 1100 ATMs. The fees are set at 6.99% with a $.99 transaction fee. That might seem steep, but considering this company has enormous capital costs to deploying all this hardware and managing operations to handle physical cash this makes sense.
Which coins are supported?
You can buy Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Dash (DASH), Binance Coin (BNB), Chainlink (LINK), Stellar (XLM), USD Coin (USDC), and Dogecoin (DOGE)
Where can I find a Bitcoin ATM?
The Coinflip network has over 1100+ ATMs throughout the US. Use their locator to find one nearest to you. Not all of them support sell functions so be sure to check that if you are looking to get cash by depositing crypto.
How to convert cash to crypto step-by-step
The process is fairly simple and it is compatible with your Abra wallet. In the video below, you can see that their ATMs can read the QR code in your Abra deposit screen. Here are the steps to convert cash to crypto:
- Select the currency type you want to buy
- Review and accept their terms and conditions
- Enter your phone number and wait for a text message
- Enter the code provided in SMS
- Scan the QR code in the Abra deposit screen with your BTC or ERC20 address depending on the currency you are buying (learn more about how to deposit crypto in Abra)
- Deposit your cash into the ATM
- Complete your transaction and wait for your deposit to arrive
See it in action
What are the transaction limits for converting cash to crypto?
There is a minimum transaction of $20. The upper limits vary depending on how much information you are willing to provide to Coinflip. Limits are reset daily.
Tier 1: Just use your phone number at the ATM, you can buy up to $900 every day.
Tier 2: Increase limit to $2995 per day, you have to submit your ID at the ATM. The ATM will prompt you through the steps.
Tier 3: Will increase you to $8000 per day and that requires you to call us and verify yourself through a SSN screening.