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 it 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 ones near 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 the 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?
Purchase minimums vary from coin to coin, starting at $5, with the minimum purchase for Bitcoin being $20. The daily upper limits vary depending on how much information you provide to Coinflip.
Tier 1: Buy up to $900 per day, simply use your phone number at the ATM.
Tier 2: To increase the limit to $2995 per day, submit your ID at the ATM. The ATM will walk you through the steps.
Tier 3: To increase the limit to $8000 per day, call us and verify yourself through a SSN (social security number) screening.
About Abra
Established in 2014, Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra enables both individuals and businesses to safely and securely buy, trade, and borrow against cryptocurrencies – all in one place. Abra’s vision is an open, global financial system that is easily accessible to everyone.
Why Abra
Based in the United States, Abra is available in over 150 countries and makes it easy to convert between crypto and a wide variety of local fiat currencies. With over 2MM customers, $7B in transactions processed, and $1.5B in assets under management, Abra continues to grow rapidly. Abra is widely loved and trusted – in April 2022, pymnts.com reviewed and rated Abra amongst the top 5 most popular crypto wallets in the market. Abra is backed by top-tier investors such as American Express Ventures and First Round Capital.
How Abra Protects Your Funds
Abra places clients’ financial objectives and security first. Abra practices a culture of risk management across all levels and functions within the organization.
Abra employs a state-of-the-art enterprise risk management framework that comprises a comprehensive set of policies, procedures, and practices detailing all applicable risk-related objectives and constraints for the entirety of the business. Abra has instituted a complete set of requisite systems and controls that continuously enforce these policies, procedures, and practices to manage all operations, including credit and lending. Abra’s independent Risk Committee comprises experienced compliance, risk, securities, and fraud operations professionals with backgrounds in industries ranging from traditional and digital assets banking, payments, remittance, to fintech.
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