Cryptocurrencies have many uses: as a long-term hedge against inflation; as a source of earning passive income through interest yield; as collateral for borrowing without selling your cryptocurrency; as a way of trading between various types (such as Bitcoin, Etherium, etc); and as a store of value to be liquidated when cash is needed. This blog post covers this last use case: converting crytpo currency into cash.
Overview of Converting Crypto to Cash
The following prerequisites are necessary to convert cryptocurrency to cash. Step-by-step instructions follow for each.
* Establish an Abra account and confirm your identity through the Know Your Customer (KYC) process by submitting a drivers license or passport.
* Link a bank account (that’ll fund the account and, later, hold the converted cryptocurrenies) to the Abra app.
* Fund your Abra account so that you have settled cryptocurrency funds.
* Convert cryptocurrencies into the TrueUSD fiat currency before transfer.
* Transfer TrueUSD to your bank account.
The following steps describe how to convert those funds into cash. (Note that these steps are written for a US-based audience, as financial regulations vary by country.) Transactions to supported banks or credit union may also be subject to transfer amount limits.
Establish an Abra account
The first step is to create an Abra account to hold cryptocurrencies. Download the Abra app for Android or iOS to begin.
Sign Up Screen
* Tap “Sign Up”
Sign Up Form
Provide your basic user identification and contact information.
* Tap the “Enter First Name” field.
* Enter your first name.
* Tap the “Enter Last Name” field.
* Enter your last name.
* Tap the “Enter Email” field.
* Enter your email address.
* Tap the “Country” field.
* Select your country from the menu.
* Tap the “Phone Number” field.
* Enter your phone number.
* Tap the Continue button.
Registration Code Screen
Abra will confirm the link between your information and your mobile device.
* Enter the two-factor authentication (2FA) SMS code that Abra just sent to your phone number. If you did not receive the code from Abra, you can resend the code by tapping “Resend Code.”
* Tap the Continue button.
PIN Prompt
Enter a personal identification number to secure your new account.
* Choose a four-digit PIN; remember your PIN — you’ll need it each time you open the Abra app.
* Enter your PIN to confirm your selection.
Restore your wallet prompt
A recovery phrase will be your backup in case you lose access to your wallet.
* Tap the “Show my phrase now” button. This will allow you to write down your Recovery Phrase in the event you’ve lost access to your wallet.
* Tap “Remind me later” to bypass this step for the time being. We highly recommend writing down your recovery phrase as soon as possible.
Notification Prompt
Abra will now request permission to push notifications to your mobile device to communicate important information and updates.
* Tap “Next”
* Tap “OK” to grant permission for the Abra app to send push notifications to your phone.
Fund your Abra account
Following are the steps necessary to fund your Abra account from a variety of sources.
Via a bank or credit union account
Specify a source account
* Open your Abra app.
* Tap “Add Money.”
* Tap “Bank ACH transfer.”
* Tap “Add new bank account” to start the Plaid connection service.
* Select your desired bank to link to your account.
* Login using your banking website’s username and password.
* Enter your two-factor authentication (2FA) SMS verification code (if needed).
Transfer funds to your Abra account
* Open your Abra app.
* Tap “Add Money.”
* Tap “Bank ACH transfer.”
* Select the bank account you’d like to use.
* Enter the desired amount.
* Tap “Next.”
* Tap. “Confirm Deposit.”
Via a Visa or MasterCard credit card
Next are the steps needed to add funds to your Abra account via a credit card.
* Through the Abra app (using Simplex), click here.
* Through the Abra website (using MoonPay), click here.
Convert cryptocurrencies into TrueUSD
* Open your Abra app to your trading account.
* Tap on the “Exchange” icon (which appears when your account has a balance).
* On the “Exchange From” pane select the asset you’d like to move funds from (for example, BTC or ETH).
* On the “Exchange To” pane select the asset you’d like to exchange it for (select TUSD to be able to transfer to a bank).
* Enter the amount you wish to exchange.
* Check the exchange rate used for conversion.
* Tap “Review” to see a summary of your choices. Note that an exchange spread fee applies when exchanging an asset to another.
* Tap “Confirm” to transfer the asset.
Transfer TrueUSD to your bank account
To add funds to your Abra account via a bank account, follow these steps.
* Open the Abra app.
* Tap “Withdraw”.
* Tap “Bank ACH transfer”
* Select the bank to which you’d like to transfer funds.
* Tap “TrueUSD”
Funds will be posted to your bank account within 2-3 business days (excluding weekends and holidays)
A request to cancel the transfer can only be done by the user while the transfer is pending; once it has completed it cannot be undone.
Conclusion
In this blog post we covered the steps required to open an Abra account, link a bank account and fund it, and — later, to return cryptocurrencies back to cash, how to convert the currencies and transfer them to the linked bank.
We offer resources such as videos and crypto investing guides to help you conquer crypto. Join our community and find more people achieving their financial goals through crypto. Download the Abra app and start trading today!
Download AppAbout 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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