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How to Sell Cryptocurrency on Crypto.com in 2023

Crypto.com has rapidly become one of the most popular platforms for buying, selling, and trading cryptocurrencies. With over 50 million users worldwide, Crypto.com offers a robust suite of financial services well beyond just their crypto exchange.

In this comprehensive guide, we‘ll walk step-by-step through how to sell cryptocurrencies on Crypto.com. Whether you‘re a beginner looking to cash out your first crypto investment or an experienced trader seeking to execute complex order types, this guide has you covered.

Here‘s what we‘ll cover:

  • Setting Up a Crypto.com Account
  • Funding Your Crypto.com Account
  • Transferring Crypto to Your Wallet
  • Navigating to the Trade Page
  • Selecting Which Crypto to Sell
  • Entering Sell Order Details
  • Placing Market vs Limit Orders
  • Withdrawing Fiat Funds
  • Account Security Best Practices
  • Tax Implications of Selling Crypto
  • Common Questions

Let‘s dive in and get you ready to sell crypto like a pro on Crypto.com!

Setting Up Your Crypto.com Account

The first step is signing up for a Crypto.com account if you don‘t already have one.

Basic signup requires only an email address and name. However, you‘ll want to complete identity verification to unlock higher trading limits and fiat withdrawals.

Here are the steps to complete account creation:

  1. Go to Crypto.com‘s website or download their iOS/Android app.
  2. Enter your email address and password for basic sign up.
  3. Confirm your email address by clicking the verification link sent.
  4. Consider enabling two-factor authentication for enhanced security right away.
  5. Provide your full legal name, date of birth, and residential address.
  6. Complete identity verification by submitting a photo ID, selfie, and proof of address. This unlocks higher limits.

Supported identity docs include passports, driver‘s licenses, national ID cards, and utility bills for proof of address.

The verification process usually completes within minutes but can take up to 1 business day during busy times.

Tip: If you plan on actively trading and withdrawing funds, complete full verification right away to avoid delays later.

Funding Your Crypto.com Account

Before selling crypto, you‘ll first need to deposit funds into your Crypto.com account wallet.

You have a few options to fund your account:

  • Bank Transfer (ACH/Wire) – Link your bank account to deposit USD, EUR, or other fiat currency directly. This takes 1-5 business days to process but has no fees.
  • Debit/Credit Card Purchase – Instantly buy popular cryptos like Bitcoin and Ethereum directly by Visa/Mastercard. Fees range from 2.99% – 3.99% per transaction.
  • Crypto Deposit – Transfer any supported crypto from an external wallet into your Crypto.com wallet. Over 100 cryptos are supported. Ensure the network and wallet address are correct before sending.

Once your account is funded, you‘re ready to transfer in the cryptocurrency you wish to sell. Let‘s look at that next.

Transferring Crypto into Your Wallet

The crypto you want to sell needs to be deposited into your Crypto.com wallet before trading.

Here are the steps:

  1. In the Crypto.com app, tap "Transfer" then "Deposit". Or on desktop, click "Accounts" and select "Deposit".
  2. Choose which cryptocurrency you want to deposit. Supported assets include BTC, ETH, stablecoins, Cronos Chain coins, and 100+ other cryptos.
  3. Copy the wallet address or scan the QR code.
  4. In your external crypto wallet, initiate a withdrawal sending funds to the address you copied. Make absolutely sure the network and wallet address are correct before withdrawing.
  5. Wait for the deposited crypto to show in your Crypto.com wallet balance. Transfer times vary by blockchain network congestion. Allow at least 30 minutes for tokens like BTC and ETH.

Once you see your crypto balance populated in your Crypto.com wallet, you are ready to navigate to the Trade page and sell.

Warning: Triple check your wallet address before transferring any crypto. Incorrect addresses can lead to lost funds you won‘t be able to recover.

Navigating to the Trade Page

The Trade page is where you‘ll conduct all buying and selling activity on the Crypto.com exchange.

On mobile:

  • Tap the "Trade" icon on the bottom menu bar.

On desktop:

  • Click "Trade" from the top navigation bar.

This will bring you to the exchange dashboard with the order form, order book, market trades, charts, and other helpful trading tools.

Now let‘s look at how to actually execute a crypto sell order.

Selecting Which Crypto to Sell

On the order form, first select which cryptocurrency you want to sell from the dropdown token list.

Over 100 different crypto assets are supported. As you start typing the name, matching results will populate.

Once you‘ve selected the crypto, enter the amount you wish to sell. You can:

  • Input a specific number of coins.
  • Use the 25%, 50%, 75%, Max buttons to sell a portion of your holdings.

The estimated fiat value in your chosen currency will automatically calculate based on the latest market price.

For example, if you want to sell 1 ETH for euros, simply:

  1. Choose "Ethereum" as the sell token.
  2. Enter "1" for the amount of ETH to sell.
  3. Select EUR as the fiat currency.
  4. You will see the estimated EUR value calculated live based on the current ETH/EUR exchange rate.

Choosing Fiat Wallet as the Destination

As the destination for your sold crypto, you should select the “Fiat Wallet” option.

The Fiat Wallet allows you to hold supported government-backed currencies like USD, EUR, GBP digitally within your Crypto.com account.

This avoids having to immediately withdraw to an external bank account which may incur additional fees and slow transfer times.

For convenience, you can leave funds in the fiat wallet or withdraw to your bank whenever you‘d like.

Placing Market vs Limit Orders

You have two options when submitting a crypto sell order on Crypto.com:

Market Order:

  • Sells immediately at current market price
  • Best for getting rapid execution to lock in profits or cut losses

Limit Order:

  • Set a minimum price threshold to sell at
  • Order only fills if threshold price is met
  • Allows selling for a higher price but may not execute if price drops

For casual investors or those making a one-time sale, we recommend using a market order for simplicity.

However, large sell orders are best done using limit orders to avoid slippage and have more price control.

Let‘s compare how market and limit orders work.

A. Market Order Example

  • You want to sell 1 ETH for EUR
  • Current ETH/EUR market price is €1,500
  • You place a market order to sell 1 ETH
  • Order fills immediately at €1,500 per ETH
  • You receive €1,500 in your fiat wallet (excluding fees)

With market orders, you are guaranteed to sell immediately at current prices but cannot specify a certain price.

B. Limit Order Example

  • You want to sell 1 ETH for EUR
  • Current ETH/EUR market price is €1,500
  • You set a limit order for 1 ETH at €1,600 per ETH
  • Order will only fill if the price reaches €1,600
  • You receive €1,600 in your fiat wallet if/when price hits your limit

Limit orders allow you to set a minimum price but may not fill if the price moves lower.

Order Recommendations

For casual selling, market orders will get you the fastest execution. However, larger crypto sells do better with limit orders to specify prices.

Don‘t worry about missing the absolute peak price – protecting your capital with limit orders on big sells is recommended over chasing hypothetical maximum profits.

Confirming Your Sell Order

Before your crypto sell order is submitted, you‘ll have a chance to review the details:

  • Source amount and crypto asset
  • Fiat currency and estimated amount
  • Destination wallet
  • Market or limit order parameters
  • Estimated network/trading fee totals

If everything looks good, confirm the order. Crypto.com will then execute the trade and you‘ll receive the funds in your fiat wallet.

Caution: Double and triple check order details before swiping to sell. Incorrect selections can‘t be reversed after the fact.

Withdrawing Fiat Funds from Crypto.com

Once your crypto sale deposits fiat into your Crypto.com wallet, you can withdraw those funds to your linked bank account.

On Crypto.com, you can cash out USD, EUR, GBP via:

  • ACH Bank Transfer – Free but slow transfer of 2-5 business days
  • Wire Transfer – Faster 1 business day transfer but has a $20-$40 fee depending on amount

There are also withdrawal limits in place, especially for unverified accounts. Always withdraw to your own bank account for security reasons.

The takeaway is that while funds inside Crypto.com earn interest and can be traded quickly, large balances are safest held in your personal bank.

Account Security Best Practices

When managing a Crypto.com account with balances worth hundreds or thousands of dollars, security becomes critically important.

Here are some tips to lock down your account:

  • Use a unique complex password – Mix upper/lower case letters, numbers, and symbols. Avoid common phrases.
  • Enable two-factor authentication – Add cell phone as the second factor to log in. This prevents unauthorized access.
  • Whitelist withdrawal addresses – Crypto withdrawals should only be sent to your personal wallets. Restrict where funds can be sent.
  • Make regular backups – Keep a written record of your account recovery phrase and passwords stored securely offline.
  • Avoid public WiFi – When accessing your account, stick to home networks to prevent snooping.
  • Don‘t share details – Never reveal your password or 2FA codes. Crypto.com will never ask for this info unexpectedly.

Keeping your Crypto.com account secure ensures you maintain full control of your funds.

Tax Implications of Selling Crypto

Selling cryptocurrency can create tax obligations depending on how long you held the assets and the amount gained.

In most countries, selling crypto held for over a year qualifies for long-term capital gains tax rates. This ranges from 0% to 20% depending on income level and country.

Selling crypto held less than 1 year is considered a short-term capital gain and taxed as ordinary income. This means you could owe anywhere from 10% to 37% on the gains.

It is crucial you consult a tax professional to understand crypto selling implications for your specific situation.

Proper documentation like transaction histories makes calculating taxes easier. Crypto.com provides downloadable reports of your trading activity.

Some final tips for managing crypto taxes:

  • Calculate taxes owed after each sale to set aside funds
  • Deduct trading fees from the total capital gain
  • Harvest losses by selling any coins trading below your basis price
  • Consider gifting crypto instead of selling to delay tax obligations

While selling crypto aims to earn a profit, don‘t let the tax tail wag the dog. But do make sure to plan for tax obligations before acting.

Frequently Asked Questions

What countries and currencies are supported on Crypto.com?

Crypto.com generally supports users in over 90% of the world’s countries, with a few exceptions where crypto trading is restricted.

Supported fiat currencies include:

  • USD, EUR, GBP, AUD, CAD, SGD – For countries like U.S., Canada, Australia, Europe
  • HKD, TWD, IDR, VND, PHP – For customers located in parts of Asia

So the majority of users globally should have no issue buying, selling, or cashing out crypto. Just be aware limitations still exist in certain countries.

How long do crypto sell orders take to complete?

Most market orders on Crypto.com complete instantly. However, expect 5-30 minutes for the fiat funds to show up in your wallet after the order finishes.

Limit orders can take longer to fill, depending on the market price moving to your specified limit. Give a limit order 1-2 days to fully execute.

Withdrawals of fiat currency to external bank accounts then take 1-5 days depending on the method.

Overall, market sell orders can convert crypto to fiat funds in your wallet within the hour. Just allow additional time for withdrawals.

What are some risks when selling crypto?

Selling cryptocurrencies has these primary risks:

  • Volatility risk – Prices can rapidly swing before your order fills or withdrawal completes. Consider selling in batches rather than all at once.
  • mistakes – Inputting an incorrect receive address, order amount, or details can result in lost funds. Triple check before confirming.
  • Tax implications – Owing capital gains tax if you sold crypto for a profit. Factor this into plans.
  • Chargebacks – If selling crypto to deposit fiat into your bank, beware chargeback fraud from the buyer.
  • Hacks – Keep account security tight to prevent your Crypto.com account from being compromised

With proper precautions, these risks can be minimized to safely sell your holdings.

What customer support options does Crypto.com offer?

Crypto.com provides customer support 24/7 via email and live chat.

In the app, click the Profile icon (bottom right) then ‘Help & Support’ to access assistant.

On desktop, click ‘Help’ link in the footer to open support forms.

Response times are generally prompt within a few hours. You can also check Crypto.com‘s FAQ, help articles, and documentation for quick answers without waiting on support.

Conclusion

Selling cryptocurrency on Crypto.com is straightforward whether you’re on mobile or web. Their exchange offers reliability, extensive coin support, and fiat onramp/offramp capability using your wallet.

By following this guide, you can sign up for a Crypto.com account, complete identity verification, fund your balance, and execute crypto selling orders seamlessly.

We covered market vs limit order types, security best practices, withdrawing fiat, and tax considerations as well.

While paying attention to fees and risks, Crypto.com remains an excellent platform for selling your crypto investments.

Now you have all the necessary steps to sell your crypto securely and efficiently. Here‘s to hitting your profit targets!

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Michael

Michael Reddy is a tech enthusiast, entertainment buff, and avid traveler who loves exploring Linux and sharing unique insights with readers.