Selling crypto to euros.

Before you can receive money in your bank account, your crypto first needs to be converted into a fiat currency such as euros or dollars, or into a stablecoin pegged to such a currency. On most platforms this happens through a sell order: you select the holding you want to sell, choose the amount or quantity, and confirm at the prevailing price at that moment.

Some platforms offer a direct sale at a fixed price, while others work with an order book where your sell order is matched with a buy request from another user. In both cases, the result is a balance in euros or dollars on your platform account, which is not yet the same as money in your bank account.

Once your fiat balance is on the platform, you can usually request a withdrawal to your bank account. This typically happens via a regular bank transfer (SEPA within the eurozone) or sometimes via a faster alternative at extra cost. A regular SEPA transfer often takes one to two business days, although some platforms pay out faster.

Importantly, you can only withdraw to a bank account in your own name that matches the identity you have verified. Platforms often check this automatically, and a mismatch between the name on your account and the account holder name of your bank account can delay or cause a withdrawal to be refused.

The price of crypto moves continuously, even outside regular exchange hours, since the market is open twenty-four hours a day. This means the price at the moment of confirming can differ from the price you saw a few seconds earlier, especially in a volatile market or with a large sell amount.

In addition, the chosen order type can affect when and at what price your sale is executed. A market order is executed almost instantly at the price available at that moment, while a limit order is only executed once the market reaches your desired price, which sometimes never happens. See the guide on orders and prices for a more detailed explanation of these differences.

Selling crypto for fiat currency usually involves a trading fee, which can vary by platform and order type. A limit order is often slightly cheaper than a market order, since platforms typically reward limit orders (which add liquidity) with a lower rate than market orders (which remove liquidity).

There may also be a spread between the buy and sell price, which is an implicit cost that is not always shown separately. Finally, some platforms charge a separate withdrawal fee for the transfer to your bank account, while others offer this for free from a certain amount or frequency.

Banks are legally required to monitor unusual transactions, and for some banks a transfer originating from a crypto platform falls under increased scrutiny. This can lead to a bank requesting additional information, such as the origin of the funds or a screenshot of your platform account, before releasing the amount.

This is usually a standard procedure and not an indication that something is wrong with your transaction. Keeping transaction overviews and proof of purchase of your crypto helps answer these kinds of questions quickly. Some banks also apply internal limits on the number or size of crypto-related transfers per month.

In most European countries, selling crypto is an event that can be relevant for tax reporting, although the exact treatment differs greatly by country. Some countries tax the asset itself on a reference date, others tax the actual profit made upon selling.

Regardless of the exact system in your country, it is wise to keep an overview of purchase dates, purchase amounts, sale dates and sale amounts. Most platforms offer an exportable transaction overview, but this is not tax advice, and you should consult a tax advisor or the official guidelines of your tax authority if in doubt.