Cash deposit is a simple and fast deposit method for merchants and crypto sites due to its effective execution and relatively fair costs essential for socially vulnerable citizens, including the elderly and low-income groups.
Get started with a hassle-free method where you can transfer cash without using a third party. With the wide range of deposit methods available on cryptocurrency websites and p2p exchanges, deposits with cash can turn your money into crypto via online wallets and even bank transfers. Various avenues, such as peer-to-peer exchanges and other crypto exchanges, facilitate cash as a deposit method. See a top list of the best crypto sites allowing cash in hand deposits that can be transferred into crypto immediately.
Top 4 sites for buying, selling and trading crypto with Cash in Hand Deposits
This is the toplist with the best sites to buy, sell or trade cryptocurrencies through cash in hand. To learn more why a certain site is ranked the way it is, you can read our review by clicking the review button. We generally recommend using an exchange or platform with good track record, great reputation and positive feedback from its customers. The better option for you as customer, the better ranking we give them.
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- 1 Top 4 sites for buying, selling and trading crypto with Cash in Hand Deposits
- 1.1 Summary
- 1.2 Advantages
- 1.3 Disadvantages
- 1.4 What is a Cash deposit?
- 1.5 Cash deposit costs
- 1.6 Transaction speed for Cash deposit
- 1.7 Steps in a cash deposit to crypto transfer
- 1.8 Which are the main countries where Cash deposits are used?
- 1.9 Can you withdraw with a cash deposit?
- 1.10 Reputation of Cash deposits
- 1.11 Cash deposit FAQ
Cash as a deposit method is known for its rapid nature and convenience when trading goods and services, including digital assets. Some crypto exchanges support cash funding by enabling escrow services as a trusted service to hold the seller’s cryptocurrency before completing the transaction.
Notably, as the method does not have confirmations and security, it is recommended to have in-person trades within a secure location. When depositing large amounts of cash, select one with access controls, security guards, metal detectors, and security cameras. The cash to crypto deposit method is common for trades but not as popular as it exposes you to avoidable risks such as theft. Some exchanges such as Local Bitcoins and Paxful facilitate you to deposit with cash but recommend using this deposit method with sellers with a good reputation.
+The deposit method is fast as it involves instant funding.
+Cash given to the seller does not require a third party, internet, or equipment to facilitate the transfer.
+It ensures privacy of data and identity in financial matters.
+Cash in hand is convenient for small amount crypto purchases.
+It is a legal tender and hence several institutions accept it.
-Cash in hand is a challenging deposit method for large amount purchases.
-Cash is risky as it exposes you as a target for theft.
-There are fraud protections foregone when you deposit with cash.
-It is not possible to conduct online transactions with cash deposits.
-Few crypto sites accept cash deposits since KYC enforcement is quite complicated with this method.
What is a Cash deposit?
A deposit with cash involves physical fiat currency such as paper money or cheques for funding. It facilitates freedom and autonomy as it does not involve a third party or access to equipment, electricity, or the internet. Various establishments are bound to accept it as a legal tender ensuring inclusivity to those without access to digital money. Notably, it maintains parties’ privacy without sharing data and identity.
For crypto trading, a buyer can deposit cash into a seller’s bank account or directly to crypto sites that accept cash deposits, cash payments, and other avenues that use cash to transfer money into the sites. Proof of ID and proof of payment is critical before clearing the transaction as complete. These money deposits enhance cryptocurrency transactions and purchases once the cryptocurrency site receives the money and releases the crypto to the buyer.
Cash deposit costs
Costs on cash deposits vary depending on the crypto site, exchange, or broker. The country and location also impact the transaction costs. However, in most cases, cash deposits in any form usually comes without any fees and are mainly done as a peer to peer transfer, since most crypto businesses would struggle with additional KYC related to cash deposits.
Transaction speed for Cash deposit
Money deposits are relatively fast but can take up to three days to reflect in some crypto sites. Direct cash deposits
are instant and popular due to their speed. It saves traders from waiting too long with the fluctuations in crypto prices and makes them trade faster and gain more than waiting to process their deposits and purchases You must identify crypto sites that accept direct cash deposits for rapid transactions. Ensure to be cautious against loss and theft to facilitate fast transactions.
Steps in a cash deposit to crypto transfer
1. Choose to deposit with Cash from the list of deposit options.
2. Give the deposit amount and press GO.
3. Finalize the transaction with a verification method of your choice, such as Face ID, Touch ID, or PIN code on your mobile device.
Alternatively, you can use direct cash deposits by hand which does not need to input your details as you can purchase from the seller directly and complete the transaction when you meet up.
Which are the main countries where Cash deposits are used?
Most countries that accommodate deposits use cash as an avenue for their transactions. Some countries that support cash on their websites in crypto exchanges include Canada, Australia, the United States, the United Kingdom, and some European countries.
Can you withdraw with a cash deposit?
Many crypto exchanges let you sell the cryptocurrency for cash; only then is when you can withdraw into your bank account. For most websites, you can only cash out your cryptocurrency into a bank account that you have already used for Cash deposits on the crypto site.
Essentially, if you have never done this on the crypto site, it is recommended to purchase a small amount of cryptocurrency
initially, then you can continue to withdraw.
The withdrawal time is highly dependent on the country where the bank is. Generally, withdrawals take approximately 2 to 4 working days. For most crypto sites, users request a fiat currency withdrawal using a bank (wire) transfer to get their money.
Reputation of Cash deposits
Cash as a method has been a method that crypto users have been utilizing based on their concerns while making purchases. Those concerned with privacy have opted to use the method as it protects them with its anonymous nature. However, most especially beginners do not recommend it as it comes with risks such as theft and loss of cash. Users that do not recommend it, opt for other alternatives such as bank wire transfers that are equally fast and safer.
Cash deposit FAQ
Below are some of the most frequently asked questions about cash in hand crypto deposits.
Is it safe to use this method for cryptocurrencies?
The main risk with using the method is that you do not get the same privacy protection compared to other methods.
Is the method instant?
It is relatively fast and one does not have to wait for long processes
Which crypto sites accept cash deposits?
Paxful and Local Bitcoin are some crypto sites that accept cash deposits.
Does the method only work on Apple devices?
No, they work on all devices. However, crypto sites that accept Apple Pay are avenues where cash deposits work for Apple devices for Apple mobile payments.