There comes a time when you want to pull out some or all of the money you invested in crypto. With GateHub it’s easy, but there are some things you should be aware of. Read on to learn how you can cash out at GateHub and what you should pay attention to.
Cashing out is relatively easy. All you need to do is to trade your crypto into your preferred fiat currency (EUR or USD) and make a withdrawal to your bank account. Depending on your location, you can select either a SEPA withdrawal in EUR or an international wire withdrawal in USD. Instructions for each of those are available here.
For both types of withdrawals, make sure you are withdrawing to a bank account registered in your name.
All services have some fees associated when it comes to trading, exchanges and withdrawals. This is how services like GateHub make money.
There are several things to keep in mind when trading and withdrawing on GateHub. GateHub uses the XRPL decentralized exchange for all trading and exchanges with XRPL wallets. The XRPL allows companies like GateHub to issue currencies on the network as an IOU. The network allows the issuer (gateway) to set a fee that is charged for each payment and trade with the issued currency.
This means that a small fee is charged for each payment in a currency issued by GateHub on top of the network fee which is around 0.00001 XRP. See XRPL fees for each currency.
You can make exchanges and payments using a Hosted wallet with zero fees.
Like on all services, a so-called withdrawal fee is charged for withdrawals to other networks. Check out our fees here and look for “withdrawal fee” for your currency.
Most jurisdictions have rules about capital gains (and losses) from investments but they differ substantially across jurisdictions too. We strongly recommend that you check what rules apply to your case. A good start is our intro blog on crypto taxes but best to make sure by consulting a tax advisor.
Ready to cash out
Once your crypto is traded to EUR or USD and you are familiar with any tax implications it’s time to make a withdrawal.
Keep in mind that SEPA (EUR) withdrawals take between 1 and 3 days to complete and International Wire (USD) usually take between 4 and 7 days to complete.