Opening a cryptocurrency account and buying your favorite crypto on Decentralized Finance(DeFi) is an exciting process, but eventually, at some point or another, you will need to get back the money you have used to buy crypto in the real world. This process of taking out your fiat currency from the crypto sphere is known as off-ramping as opposed to on-ramping, where you put your fiat money into the crypto sphere.
Even though all DeFi ecosystems are interoperable and create infinite possibilities, the DeFi ecosystem is currently fragmented and challenging to navigate. That is where defi.watch comes into play with the mission to gather pieces of the DeFi ecosystem in one place and under one simple and intuitive interface.
If you are a beginner and haven’t off-ramped your money yet, you may get intimidated by the process. Getting your money out of your crypto wallet into the real world is a lengthy and sometimes confusing process, but don’t worry; we have put together this step-by-step guide to help you cash out on your DeFi wallet.
Choosing a crypto exchange
The first step to getting your money out of your cryptocurrency wallet is to get a crypto exchange. You don’t have to go anywhere since you can do this in defi.watch. Once you go to defi.watch you will be taken to the landing page of the website.
Navigate yourself to the app
Once you are on the website’s home page, you will find a “Go to the App.” After clicking on that button, you will be taken to the defi-tracking page, where you can see all the listed cryptocurrencies.
Connecting your Wallet
On the defi-tracking page, you can see a connect wallet button located at the top right corner. Once you click on that button, you will be given a wallet option to choose from. You can select any of the wallets from MetaMask, Coinbase wallet, WalletConnect, or Binance Chain wallet. Here, we will be choosing MetaMask since it is the preferable wallet for crypto worldwide.
Logging into your wallet
If you already have a MetaMask extension on your browser, well and good, but if you don’t download and install the wallet as an extension on your browser. Once installed, if you do not have a MetaMask wallet account, you can create a wallet in just a few steps. After setting up the account and connecting it to defi.watch you will now see your wallet address instead of connect the wallet button.
Linking to pool
After successfully linking the wallet, you need to choose the crypto you want to sell and click on the icons you find below the assets column. After this, you will be taken to another screen where you can see the Link to pool option below the cryptocurrency name you just chose. Click on that, and you will be taken to an external link related to the crypto you want to sell.
Selecting the amount
Once you reach here, you will see two options from and to in which you have to input how much worth of crypto you want to sell. Then, you simply need to put the amount under the From option and click on sell. After that, you will be asked again to confirm the order; select confirm to proceed, and your swap will be completed. You successfully transfered your DeFi currency to the wallet.
Transfer the amount to Crypto Exchange
MetaMask is a cryptocurrency wallet, but you cannot withdraw the money directly. Instead, you need to transfer the crypto to other crypto exchanges to cash out your cryptocurrency. First, you need to create an account on Binance; we are choosing binance because it has the lowest transfer fees out of all crypto exchanges. Once you create an account on binance, you must send your crypto from metamask to your binance address. Next, go to your flat and spot wallet on Binance, find ETH, and click on deposit.
Transfer Eth from MetaMask
After this, open your MetaMask wallet and send the crypto to the Eth address you got from the Binance. After clicking on send, select sell and add your eth address and amount. Once done, click on continue, and your crypto will be sent to Binance.
Withdraw money to your bank
After successfully sending the crypto to Binance send, you will get an option at the top to withdraw. After confirming the bank, click on continue, and then you will get the money in your bank.
This process may sound lengthy, but you should be careful with each step and double-check everything. But you can follow this guide to cash out your defi in just a few minutes.