Convert crypto to fiat easily.
Everybody who has ever come in contact with cryptocurrencies knows the struggle. While buying crypto with normal currencies (so called “Fiat money”) has become increasingly simple, selling cryptocurrencies for Swiss Francs for example, is still a difficult task that takes a lot of time, attention and effort from the user.
However, the world of blockchain is moving fast, and rumor has it that offramping is finally coming with a pleasant user experience too. That’s why in this Blog, we are going to explore an easy way of selling crypto for Swiss Francs with just a few clicks and no KYC.
Pro tip: If you consider yourself a visual learner, head to our youtube tutorial straight away.
A step-by-step guide on how to swap crypto to Swiss Francs
In order to get started, make sure that you have installed the latest version of the Aktionariat Portfolio App or any other WalletConnect compatible wallet for cryptocurrencies. If you haven’t already, you can download the app here: https://www.aktionariat.com/for-investors#mobile-wallet
Since this tutorial is about ramping off cryptocurrency, we assume that you already have a wallet that contains Ether (ETH) or crypto francs (XCHF).
If you are an investor, however, it might as well be that you have many asset tokens (tokenized shares) in your wallet but almost no crypto assets. In this case, you would have to sell your shares first in order to receive cryptocurrencies in turn. Check out our other tutorials on how to buy and sell shares to learn more about that: https://www.youtube.com/watch?v=WoQt_xJcKpo&t
Selling crypto for fiat
The average distance to the next ATM in Switzerland is approximately one kilometer. This means it takes around 3 minutes and 30 seconds to get there by foot. Taking into account that typing in your pin code and getting the cash out of the machine, the whole process of converting digital money to physical cash takes around 5 minutes.
Now selling cryptocurrencies for fiat money (e.g., ETH or XCHF to real Swiss Francs) wasn’t always that easy, especially compared to the aforementioned cash withdrawals.
However, this has finally changed and we will show you exactly how you can convert cryptocurrencies to Swiss Francs in less than five minutes.
Quick disclaimer: You will, of course, still have to wait for the bank to clear everything, which means you can’t offramp over the weekend. In addition to that, off-ramping is faster in certain regions than others. Yet this is the sad truth when you try to interact with TradFi.
Let’s get started
Navigate to https://www.mtpelerin.com/ in your browser and click on “Sell” in their widget. Once you have done that, open your Portfolio App and see which currency you want to sell, on what network this currency resides (mainnet or optimism) and how much of this cryptocurrency you would want to sell.
To sum it up, check the following three things in your Portfolio App if you want to swap cryptocurrencies for fiat money:
- Type of currency you want to sell (e.g., ETH or XCHF)
- Amount you want to sell (e.g., 50 XCHF)
- Network the available currencies reside on (e.g., mainnet with the grey logo or optimism with the red logo)
Let's go with an example to make this crucial step extra clear:
Imagine that Lisa, a young talent in a well-known Swiss consulting firm, needs some Swiss Francs to pay for her new suit. Sadly, neither her employer nor the local clothing store accepts crypto francs (XCHF).
However, this is not a problem for Lisa anymore. She simply opens her Portfolio App and clicks on Ether to check her balance. The app then shows her that there are currently two positions: One with a red logo (i.e., optimism) and one with a grey logo (i.e., mainnet). Since prices for transaction fees have come down she hasn't used optimism in a while. That's why most of her funds currently reside on the mainnet. "Fine, converting 500 XCHF from mainnet to regular Swiss Francs should do the trick.", she thinks to herself and proceeds to step two.
Step 2: Fill out the form
In the widget on the website of Mt. Pelerin, fill in the necessary information, that is:
- Desired amount to convert
- Desired currency to convert from (i.e., XCHF or ETH)
- Desired currency to convert to (i.e., CHF)
- Given network of the cryptocurrency (i.e., mainnet with the grey logo or optimism with the red logo)
Step 3: Confirm email address
Fill in and confirm your phone number as well as your email address.
Step 4: Connect the Portfolio App
Connect your Portfolio App to the widget.
How do you do that? Simple.
- Click on “WalletConnect” in the widget on the website of Mt. Pelerin to show the QR-Code.
- In your Portfolio App, navigate to “Connect” in the navigation bar on the bottom. Then click on “Scan QR Code”
- Scan the QR-Code to connect your wallet to the widget
Pro tip: You can also use any other compatible wallet (e.g., Metamask) to swap crypto for fiat money.
Step 5: Validate your address
In order to continue you will have to validate your address by signing and confirming the connection on your Portfolio App
Step 6: Provide bank details
Now it's time to type in your bank details.
Final step: Send cryptocurrency to receive Swiss Francs
You have already made it to the last step. Now simply send the specified amount from the given network to the provided address shown in the widget.
Let’s break this down step-by-step:
- In your Portfolio App, navigate to the “Portfolio” section in the navigation bar on the bottom
- Select the currency that you specified in the widget on the website of Mt. Pelerin (e.g., ETH or XCHF)
- Select the position on the specified network (i.e., mainnet or optimism).
- Now you can type in the specified amount, click “External address” and scan the QR-Code shown on the widget.
Pro tip for visual learners, watch our youtube tutorial: https://www.youtube.com/watch?v=tYZV6zmiFro
That’s it. You have just converted cryptocurrencies to Swiss Francs. A confirmation email will now be sent to your email address. In addition to that, a confirmation will be sent as soon as the funds have arrived in your bank account.
If there are any questions left, feel free to contact us and subscribe to our newsletter in order to master blockchain technology with ease.
Average time to the next ATM in Switzerland: https://www.alexandria.unisg.ch/266154/1/Report_Swiss_Money_Map_2022_final.pdf
Exchange crypto for fiat: https://www.mtpelerin.com/