The process of converting USDT (Tether) to local currencies like the British Sterling (GBP) using crypto platforms such as Wirex and Crypto can be a bit challenging due to the varying exchange rates.
To illustrate, if we consider the exchange rates for converting 5000 USDT to GBP, Wirex offers a rate of 4000 GBP, whereas Crypto [DOT] com Exchange provides the same conversion for a slightly higher 5230 USDT.
However, an alternative method to yield a more favorable outcome is presented below:
Suppose you possess 5230 USDT in your Wirex account. This can be converted to GBP at the rate of 4000 GBP for 5000 USDT, giving you a total of 4184 GBP.
Next, you can transfer the 4184 GBP to Wise, a platform that charges a fee of 4.2 per 1000. Therefore, the transfer cost to Wise would be 17.57 GBP (4184 multiplied by 4.2 and divided by 1000), leaving you with 4166.43 GBP.
Following this, you can move your funds from Wise to Crypto. The transfer fee in this case is 1% of the total amount, translating to 41.66 GBP. Deducting this fee from your balance gives you a final sum of 4124.77 GBP.
In conclusion, by employing this method, you stand to gain more. Instead of the 4000 GBP you would receive by directly using Crypto Exchange, this way ensures a return of 4124.77 GBP, thereby optimizing your cryptocurrency conversion process.
In Here, I was using the Crypto to convert the USDT to Local Currency e.g. British Stirling (GBP), and the rate was ideal compared to Wirex.
Wirex: 5000 USDT to 4000 GBP
Crypto: 5230 USDT to 4000 GBP
But, here is you can do it differently, assuming you want to convert 5230 USDT to GBP and spend it at Crypto.com Exchange:
- You have 5230 USDT at Wirex.
- Convert it to 4184 GBP (5230 X 4000 / 5000)
- Send it to Wise: Fee is 4.2 per 1000 (Top up at Wise and select from Debit/Credit Card). The fee is 4184*4.2/1000=17.57
- Now you have 4184-17.57=4166.43 GBP at Wise
- Now, send it to Crypto Exchange (Top up at Crypto, and select from Debit/Credit Card), the fee is 1%, which is 41.66 GBP
- So now, you have 4166.43-41.66=4124.77 GBP at Crypto Exchange
So, TLDR; if you convert it directly using Crypto Exchange, you will get 4000 GBP, but if you do it this way, you will get 4124.77 GBP.
Register Accounts
Here are the exchanges as mentioned above:- Wirex Exchange
- Crypto Exchange
- Wise (Transferwise)
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