Converting Crypto to Fiat and Back

Suppose you decided to become a crypto investor. The first thing you should do is pick an asset to buy. It is obvious to look among the most traded coins with large capitalization and trade volume. Also, pay attention to the essence of a project and its real application, for the bigger application, the more valuable the asset is, and so the higher prospects for its price growth. Investors buy assets in demand long-term; thus, their supply decreases, which helps maintain the stable high price. However, there can always be unpredicted events that cause the price drop. For example, when in early November 2022, the world learned about the FTX exchange financial problems, the market collapsed because people started to withdraw funds from FTX massively. It significantly affected the Solana crypto price, dropping from $37,31 to $12,62.

However, every market drop is the chance to buy promising coins with the purpose of generating income in the future. Today’s Solana price is $22.88, so take a chance to buy it as long as the market holds the downtrend.

How to Buy SOL with Fiat?

If you want to buy crypto for the first time, you need a service that would allow you to buy it for fiat money. Here are some options:

  • Address a crypto broker who you pay fiat and who buys crypto for you and takes a fee.
  • Use a cryptomat if there is some in your city.
  • Use a crypto exchange of a regulated type.

The easiest and safest option would be to use a centralized, regulated crypto platform, for only such exchanges allow for fiat-crypto conversion. An example is the WhiteBIT exchange. To exchange cryptocurrency-fiat pairs, you need to register and verify an account. It takes a couple of days or even less time if you are Ukrainian and have the Diya application. Then, using the WhiteBIT crypto converter, pick the currency you have (any supported fiat) and the coin you want to get (SOL, for example). The cryptocurrency converter will display the relevant price for your pair and the fee. The next step is paying the commission, and you instantly get crypto to your account. Similarly, you can convert crypto assets back to fiat currencies and cash them out from your bank card. Registered and verified users have no withdrawal limitations and can access all the advanced trading tools on WhiteBIT.