Cryptomat machines, also called crypto-ATM, bitcoin-ATM, crypto-ATMs, etc. - these are, in essence, exchangers, but embedded in a publicly available hardware device. With their help, you can buy and sell cryptocurrencies, although only the most popular ones - Bitcoin, Ethereum, XRP, Dash, Dogecoin, Tether, etc. The crypto machine looks like a regular ATM; it is also equipped with a screen, keyboard, and bill acceptor. You can find such devices in shopping centers and other public places in large cities. The editors of Profinvestment.com will tell you how a cryptomat works, how to use it to buy or sell cryptocurrency, and how to find the nearest device of this kind to you.
Services for searching Bitcoin-ATM
There are quite a lot of online maps on which cryptomats are marked, but they are all imperfect: firstly, the information is not always updated in a timely manner, and secondly, many maps do not cover the Russian Federation, but are focused on the USA and European countries. Examples of services:
- https://coinatmradar.com/ (searches in Russia)
- https://www.bitcoin.com/ru/bitcoin-atm/ (searches in Russia)
- https://www.coinatmfinder.com/ (does not search in Russia)
- https://coinflip.tech/bitcoin-atm (US only)
- https://www.bitcoinatmnearme.com/ (US only)
- https://www.nationalbitcoinatm.com/bitcoin-atm-near-me/ (USA only)
To search, as a rule, you need to indicate the cryptocurrency of interest, as well as the operation - purchase or sale, since some ATMs are designed only for one or another type of exchange. You can also search by address if you write the name of the city or country in English in the corresponding line.
Search for cryptomats via the Coinatmradar website
Instructions for purchasing coins
One of the safety rules when buying cryptocurrencies through crypto-ATM is that you should only buy coins for yourself. Do not agree to buy them for third parties. You don't know for sure how they will be used, and if the law is violated, law enforcement agencies may eventually come to you. A person must carry out any financial transactions only for himself and on his own behalf.
Purchase algorithm:
- Prepare in advance a phone with a mobile crypto wallet, or a paper wallet designed for cold storage.
- Select the desired cryptocurrency if your device supports several different currencies.
- Enter the amount to purchase.
- Apply the QR code of your mobile or paper wallet to the crypto ATM scanner so that the ATM determines the address where to deposit cryptocurrency. Check that the address is recognized correctly.
- When the ATM calculates the amount to pay (at the current coin rate), insert the bills into the bill acceptor. The screen will display the amount deposited, as well as the amount of crypto that you will receive in return.
- Click on the transaction confirmation button.
- Print out the check.
The process itself takes 3-5 minutes, no more than when working with a regular fiat ATM. Once the transaction is completed, the funds will be sent to the address you scanned. A receipt is proof of purchase. If the money has not been received within a reasonable time (depending on the specific cryptocurrency), you can contact the ATM owners using the contacts indicated on the check.
Cryptocurrency purchase interface (for crypto ATMs manufactured by ChainBytes)
The situation with cryptocurrency ATMs in Russia
The first crypto ATM in Russia was installed four years after the appearance of similar equipment in the world, in January 2022 in Ufa. Earlier, in 2016, a group of activists from the LocalBitcoin platform attempted to organize a Bitcoin exchange. Transactions were made exclusively in private, with a queue lined up at the exchanger. Despite its popularity among users, the “stationary exchanger” closed in 2022 due to the unprofitability of the idea.
According to the Coin ATM Radar website, there are currently 51 crypto-ATMs operating in the Russian Federation in Moscow, Rostov-on-Don, Omsk, Krasnoyarsk, Voronezh and other cities.
There are local manufacturers of Bitcoin ATMs in Russia who assemble their own equipment for working with digital assets. One of the first companies to engage in crypto terminals in Russia was Malavita with the trade name RusBit.
According to the documents, the company, based in Bashkiria, is developing proprietary Russian-made software for exchanging cryptocurrencies for RusBit crypto ATMs, selling, delivering and installing its crypto ATMs in the regions of the Russian Federation for testing the initial version of the cryptocurrency exchange system.
The company undertakes to provide free consultations and reliable information to the population of the Russian Federation about cryptocurrencies, cryptocurrency exchanges, fraudulent schemes in the exchange of cryptocurrencies, and types of mining. In the fall of 2022, at the request of the Prosecutor's Office, an on-site desk audit of the Federal Tax Service Inspectorate and the Department of Economic Crimes was carried out. As a result of the inspection, no violations were found in the company’s work, since the Russian manufacturer, like foreign companies, is engaged in the production of equipment, and not in the storage of cryptocurrency.
One crypto ATM costs from 135,000 to 175,000 rubles. The commission for the transaction is 4−6%. In September last year, the company began selling software that can be installed on Qiwi terminals.
Another manufacturer and supplier of crypto ATMs, BBFpro, has been operating since 2022 and is based in Krasnodar. The company offers two machines with already built-in software costing 160,000 and 280,000 rubles.
BBFpro promises to connect the crypto machine to any crypto exchange, the ability to connect other software, free system updates, and 24/7 support. Royalty, that is, a percentage of revenue, is 1%. At the moment, the project has sold 46 crypto ATMs, the average commission for which is 7%. According to BBFpro, about 450 transactions are performed on one terminal every day.
In general, the global trend for increased demand for crypto ATMs is supported in Russia, as local manufacturers of equipment for digital assets have appeared, which provide a full operating cycle from equipment assembly to its sale. In addition, project documentation does not arouse suspicion among law enforcement agencies. It is likely that the spread of crypto terminals will help make digital assets a more accessible resource for even more users.
Instructions for selling coins
Remember that Bitcoin transactions are irreversible. You will never be able to reverse a payment, as is the case with bank transfers. Therefore, make sure you are completely confident in the transaction you are making.
Sales algorithm:
- Select “Sell” from the menu.
- Enter the amount of the sale transaction.
- Next, a receipt will be printed containing the address to which you need to send a certain number of coins. The check also contains a QR code, which is necessary in the future to receive cash. Another option is for the address to appear directly on the screen.
- Send the cryptocurrency to the specified address and wait depending on how long it takes for the miners to confirm the transaction.
- Then go to the ATM again, select the “Redeem ticket” option.
- Scan the QR code on your receipt and get cash.
An approximate sequence of actions is indicated for both buying and selling. The exact one depends on the manufacturer and model of the device. For example, some crypto ATMs (mostly abroad) require identity verification, especially when making transactions over a certain limit. Others require you to create an account, log in, and only then make transactions. Still others ask you to confirm your phone number, etc.
Selling cryptocurrency through a cryptomat from the manufacturer General Bytes
Exchangers
Exchangers are services where currencies and coins are bought and sold using an existing reserve. Each of them provides different amounts of Bitcoin, dollar, ruble and other currencies for purchase. Exchangers are divided into three groups:
- Manual. The transaction is carried out by the operator: he issues the details, controls the payment and transfers the coins to the specified wallet. Typically, manual exchangers work on a schedule, you have to wait your turn, transactions are carried out quite slowly due to the human factor.
- Automatic. The exact opposite of manual: the transaction is carried out entirely by the website. Therefore, it takes less time and is carried out at any time, not only during business hours. This type of exchanger is considered the fastest.
- Semi-automatic. The transaction is carried out by the platform, but the operator controls it and switches it from stage to stage. Slower than automatic ones, they can work according to a schedule, and not 24/7.
In addition to the mechanics of operation, exchangers differ in the height of the exchange rate and commissions, the size of reserves, supported payment methods and coins. There are dozens of them, and in the race for customer trust they introduce bonus and referral programs, simplify or cancel verification, reduce the speed of transfers, and require less data.
The main advantages of exchangers are speed and ease of use. Typically the transaction takes from 15 minutes to several hours. Registration is simple and not always mandatory, no verification is required, the interface is clear, and all functionality is available immediately.
Disadvantages : high commissions and an inflated exchange rate relative to the exchange rate. There are fraudulent platforms, but they are quite easy to avoid.
To buy Bitcoin with cash, the most trusted exchanger is ExHub.io. This exchanger was created and developed by our partners, so we guarantee its reliability 100%!
How to choose an exchanger to buy with cash
Exchangers are selected through monitoring services. The most popular of these is BestChange. It provides a rating of safe exchangers for your conditions in order of price advantage. The rating is updated every 6-8 seconds.
To see suitable exchangers, select “Cash RUB” at the very bottom of the “Give” list to the left of the rating table, and select Bitcoin (BTC) in the “Receive” list. The rating will be updated.
Most exchangers willing to work with cash carry out transactions through couriers, so the minimum purchase amount is high: usually from 100 thousand rubles. The lower purchase limit is indicated in small letters on the right in the “Giving away” column.
The rating shows the currency reserve on the exchanger and reviews about it. The more positive ones, the calmer it is to work with the platform. There should be no negative ones, or their number should be significantly less than positive ones.
Check the reputation of the selected exchanger and follow the monitoring link: this way the rate will be more profitable.
We cannot show step by step the purchase of Bitcoin for cash through an exchanger, but we will explain the mechanism:
- You register on the site and either go through verification through a photo with your passport and card in the background of the site, or fill out the fields with your passport data when creating an application.
- Fill out the application form: indicate how much and what currency you will give and what currency you will receive. Specify the wallet to which the coins will be transferred.
- You receive either details for payment through the terminal, or contact information about the agent who will work with you. He will come in person and finalize the deal.
Advantages and disadvantages
pros
- Possibility of buying or selling coins for cash.
- Simplicity and convenience of transactions - almost like in a regular bank ATM.
- 24/7 service.
- Safer than buying with cash from private individuals, and cheaper than through exchange offices.
Minuses
- Transaction fees are quite high compared to exchanges.
- Basically, only cash transactions are supported, with cards much less frequently.
- In the CIS countries, only residents of the largest cities can expect to find a crypto ATM near them.
FAQ: which method to choose
There are several ways for Muscovites to buy Bitcoin. We help you choose the best one for different situations. Find out more from the video:
What's the safest way to buy?
Through an exchanger with a proven reputation. This way you work with the organization through a courier, which guarantees safety. It is important to choose an exchanger with a good track record and reviews from those who have already exchanged crypto for cash through it.
How to buy faster?
Through the terminal - you will reach it in a couple of hours maximum and make an exchange right there for the required amount. Working hours do not play a big role here - 24-hour exchange is also not available for couriers and sellers with LocalBitcoins.
How to buy more profitably?
Through LocalBitcoins - the rate there is closer to the exchange rate than on exchangers and terminals. At the same time, there are always a lot of sellers in Moscow - this makes it easier to choose the best one and complete the transaction faster.
How else can you buy and sell cryptocurrency?
In addition to crypto ATMs, the following methods of performing transactions with digital coins are in demand:
- Crypto exchanges – Binance, Currency.com, OKEx, EXMO, Bybit, Gate.io.
- Wallets – Trust Wallet, Jaxx, Atomic Wallet, Trustee Wallet, Matbea.
- Exchangers – Prostocash, 60cek, Cosmochange, Baksman, Delets.Online, 365cash, MChange.
- Payment systems – AdvCash, Capitalist, Payeer.
- p2p platforms – OKEx P2P, Binance P2P, LocalBitcoins, Cryptolocator, Bitzlato, Bitpapa.
- Bots in Telegram.
Buying cryptocurrency on the Binance exchange
