Exodus is a software wallet that you can use both on your desktop or your phone. It stores your crypto safely and lets you access your coins anytime you want.
Withdrawing your coins from it, though, might be a bit tricky.
Can you transfer money from Exodus to a bank account?
First of all, there is no way to hold fiat money on your Exodus account. Exodus can only deal with cryptocurrencies (more than 140 of them as of now) and can only transfer to other systems that accept them.
In short, Exodus doesn’t allow users to withdraw their cryptocurrencies in the form of fiat money.
That, however, doesn’t stop you from transforming your crypto stored in Exodus in fiat money (be it USD, CAD, Euro, etc.)
How to transfer from Exodus to a bank account?
So, since you can’t transfer directly from Exodus to a bank account, there are some workarounds you can do.
On the Exodus site, there is a page that points to different methods.
We will expand on that and explain to you the advantages of each method so you can choose what seems best for you.
Option-1: Digital Currency Exchanges
The first obvious option to transform your cryptocurrencies into fiat money is trading on a DCE. First, you will need to send your crypto from Exodus to any desired DCE.
The most popular DCE is Coinbase, and the process to transfer is pretty straightforward.
In case you are doing this for the first time, here is how the process goes:
Step-1: On the Exodus app, select the option to send crypto and select which coin you want to transfer.
Step-2: After selecting the crypto you want to send, you need to inform the address of whatever DCE is receiving it.
If you have an account at Coinbase or any other DCE, get your address from it and paste it here.
To find your address on a DCE, you need to find the option “receive crypto” or something similar to it.
Most DCEs will show you a written alphanumeric address or a QR code you can scan.
Here is how it looks like on Coinbase:
We thought about putting these two side by side
If you use Exodus on the phone and Coinbase on the PC, it is easy to scan. If you are using both on the PC or the phone, copy the code and paste it into Exodus. Select how much crypto you are sending and then confirm.
Step-3: After sending to a DCE, you need to transform your crypto into fiat money. You need to sell your crypto to the DCE, and it will pay you with your preferred fiat currency.
- Select Buy / Sell on a web browser or tap the above symbol on the app
- Select Sell.
- Select the crypto you want to sell and enter the amount you want to cash out.
- Select Preview sell > Sell now to complete this action.
Step-4: Now comes the part where you can send your money to a bank account. If you have never added a payment method to your Coinbase account, you need to go to Settings and add one.
You can add PayPal or a bank account of your preference.
Now, on your Portfolio, you can withdraw the money you received for selling your crypto.
After choosing how much money you want to withdraw, you will see the following:
Even though there are many steps to follow, it is not truly hard to withdraw your money from Exodus through a DCE such as Coinbase.
You can certainly choose other DCEs, and most of them (if not all) will present you with the same options and steps, as they are more or less standardized.
Option-2: Peer to Peer Exchange
If you are not interested in dealing with centralized exchanges because you believe in the primary purpose of blockchain, which is to decentralize money, there are options you can check.
These exchanges also work similarly, so we will cover Paxful, which should already make you comfortable to check this one and other p2p exchanges.
The method for transferring your crypto from Exodus to Paxful is similar to what you need to do on Coinbase or any other DCE.
At Paxful, you need to find your Wallet, click on “receive,” and copy the address you see to your Exodus account (or scan the QR code).
Now that you got your crypto from Exodus, you need to create an Offer on Paxful. “Create an Offer” is one of the main options on the site’s menu.
Choose the crypto you want to sell, and on the next option, choose whether you are selling or buying.
After that, confirm your payment method. Paxful actually accepts tons of payment methods:
When finishing the details of the offer, you can choose between market price and fixed price for the bitcoin rate (or some altcoin) you want to use:
- Market price makes your selling price fluctuate according to that of the chosen coin
- A fixed price makes your selling price lock with the selling price of the selected coin at the moment you are offering
There are only a few more steps before you set everything up, and your offers become visible to other users on Paxful, but these steps are very intuitive.
We are only showing you that creating offers on decentralized exchanges is very easy and one more alternative if you would rather sell directly to other crypto enthusiasts than centralized exchanges.
In the end, though, decentralized exchanges also charge a fee. After all, the servers keeping them up need money to maintain the system.
Another option is finding a cryptocurrency ATM nearby and selling your crypto to it.
However, this isn’t a decentralized option, and it seems like it would take longer to find one than just sell your coins online.
On the Coin ATM Radar, you can learn if there is any crypto ATM nearby. Not all ATMs currently support selling operations, so you need to check different models and ensure that the ATM closest to you allows you to sell.
Some will give you cash immediately, while others will generate a code, and you will have to wait for 1 to 6 confirmations.
According to the Coin ATM Radar, the following coins are already supported by different ATMs all around the world:
Exodus is a great wallet software if you like to access a vast array of coins and enjoy security.
Even though it doesn’t allow you to directly cash out your crypto in the form of fiat money, we showed you straightforward ways that should facilitate your life.
By far, finding a DCE seems like the quickest option. Decentralized exchanges are also great, but you will have to wait for someone to see your offer and decide to buy your coins.
Finally, finding an ATM depends on where you live.
In some countries, only a few are available, and they might not be the types that support selling operations.