Selling your crypto earnings is a great way to make your funds tangible for everyday use, whether it be for purchasing goods or services, or even just to have some extra cash in your wallet.
At the moment, we support selling BTC, USDT, ETH, TRX, PAX, AAVE, UNI, COTI, TUSD and USDC for EUR.
Below are guidelines to ensure that your off ramping experience is as smooth and streamlined as possible.
1. To start you need to have Simplex Banking account. You can check if you are eligible for Simplex banking account here. If you already have successfully created an account you need log in to your account here and click on a “Sell” button.
2. Select the crypto currency you would like to Sell and the amount. As a default the amount will be pre-filled automatically with a random number that can/needs to be changed
3. As the next step please make sure the amount of cryptocurrency being sold and the destination address are correct and click “I understand”
4. Finally, you will need to send your crypto to our wallet to finalize the Sell transaction. You will see QR code that can be scanned once you initiate crypto transfer from your wallet OR you can also copy-paste destination address that is provided on the same screen
5. Once the crypto is sent, it might take some time for the transfer to be confirmed on the blockchain. Usually it takes ~5 confirmations by miners for your transaction to become visible in our wallet
6. Once we receive your crypto and convert funds into EUR, you will get a confirmation email and your Simplex Banking Account will be credited with the amount stated during the checkout process
After a successful Sell payment, you may want to move the money (fiat) to another bank - withdraw - for daily use. In order to do this, you might need to provide what’s called a Source of Funds (SoF). This is a form of receipt that explains where the currency from your fiat or crypto transaction originates and is required to prove that your funds came from a legitimate source. The reason why we ask for a SoF is because, as a licensed financial institution, we are governed by certain rules and regulations that require us to collect additional documents in order to protect our customers and the company.
Accepted proof of fiat/crypto funds include:
- A personal bank statement for the last consecutive 3 months showing personal income (salary, savings, dividends, revenue, other income)
- Copies of payslips for the last consecutive 3 months
- Written confirmation of your annual salary signed by your employer
- A document showing individual business activity (individual activity certificate, license, extract, any other relevant document)
- A personal tax statement (for the last tax year)
- Any invoices which show provided services (from the last 3 months) with a bank statement showing the funds being credited to your bank account.