You have taken a profit on a cryptocurrency and would like to have it paid out in real euros.
There are several platforms on which you can do this, three of which are Kraken, Bitvavo and Coinmerce. Which of the three is preferred and how does this work?

Read quickly

• Payout via Bitvavo (most used)
• Pay out via Coinmerce
• Cash out via Kraken
• Conclusion

Pay out via Bitvavo

Bitvavo is a Dutch exchange and is known for its user-friendliness and good service. It is very nice that you can contact them directly if you have a question about the payment.

Coinmerce recommends that you first put your money on a software wallet before sending it to them. At Bitvavo you can simply put it on their exchange and make the payment from there. This is a lot easier if you have no experience with software wallets.

How does it work?

1. Create a free account on Bitvavo
2. Verify yourself by uploading your ID / Passport ( with one working day you are verified )
3. Press Deposit & Withdraw
4. Click Deposit Digital Currency and click Continue
5. Select the digital currency you want to receive on Bitvavo
   TIP: It is wise to convert all your coins from the other exchange to one cryptocurrency. The best would be NEO at the moment as a NEO transaction does not incur any fees.
6. Copy the address of the cryptocurrency you want to deposit
7. Once the digital currency has arrived, you can sell it for euros. You do this by clicking Buy & Sell
8. As a final step, click on Deposit & Withdraw and transfer the euros to your bank account for free

Bitvavo summary:

• Verification with ID / Passport is necessary ( takes one working day to arrange )
• You get a good price for your cryptocurrencies
• The platform offers good, Dutch service and is easy to use

Pay out via Coinmerce

We have good experiences with Coinmerce. If you have ABN, ING, SNS or BUNQ, the money will be in the account the same day, even during the weekend. If you are with another bank, it can take a day.
Coinmerce uses a spread. With the current state of Bitcoin, we see that they buy 1 BTC for $6602 and sell for $6792. This, while the value is € 6700. So you are handing in money on both sides. View the current price of Bitcoin here.

How does it work?

1. Suppose you have coins such as Stratis, Lisk or Qtum on an exchange, then it is best to first exchange them for Bitcoins. You then send these Bitcoins from the wallet on the exchange to your own wallet on the computer. This is advised by Coinmerce because transfers from an exchange often arrive too late.
2. Then go to Coinmerce and click on ‘ Wallets ‘

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3. Click on the three vertical dots and click on ‘ Sell’ .
4. Enter the quantity and complete your sale.

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Return Bitcoin Address

The Return Bitcoin address is important to enter. If something goes wrong with the transaction, the coins will be refunded to the address entered. If this is the case, Coinmerce will return the coins within five minutes after receiving a network confirmation. The return bitcoin address is the bitcoin address of your wallet.

Miners fairy

Never forget to add enough miners fee when paying out.
Coinmerce immediately sees that your transaction is coming in, but can only pay it out when it has actually been confirmed. This confirmation is done by the miners. They handle high-fee transactions sooner than low-fee transactions. A minimum miner fee of 0.0001BTC is recommended. You can pay this fee by transferring not 1 Bitcoin but 0.9999 Bitcoin to Coinmerce. The rest goes to fee and there will be 0 Bitcoin left in your wallet. Once you have transferred the money, depending on your miners fee, the money will appear in your bank account.

Coinmerce summary:

• No verification with ID / Passport required
• You will receive fewer euros for your cryptocurrencies here
• They are fast with payment, can even be in the account the same day

Cash out via Kraken

There is a third way to cash out your Bitcoins, this is through the exchange Kraken. They also support payouts in euros and do not calculate with a spread. The payment does take longer, namely about two to three days. This is because they are not based in the Netherlands.

How does it work?

1. Create an account on Kraken and verify yourself until you reach Tier 2 status. All you need to do is write down your name, date of birth, phone number and home address. You do this at the bottom of the next page.
2. Send your Bitcoins to your Kraken account
3. In Kraken click on funding -> withdrawal -> euro (EUR)
4. Add your bank details and make the payment