Introduction

As you may notice lately, there is a proliferation of crypto ATM in public area and big cities. People use them for the convenience to buy or sell crypto easily by following the instructions on the screen.

Also, the millennium generation or tourists use them to buy local fiat currency.

It is an easy way to buy crypto and get it immediately on your smartphone.

Crypto ATM use cases

You can use it to cash out some money when traveling to other countries. First, you need to transfer money to your smartphone and exchange for fiat money. You have made a decent profit and you want to cash out in your local fiat currency. Normally, you need to exchange it first for a popular cryptocurrency like Bitcoin, Litecoin or Ethereum.

The advantages

The advantages of using a crypto ATM are:

You can withdraw fiat money rapidly with your crypto. Buy a small amount of crypto directly on your smartphone. Invest in crypto without the need of a trading exchange.

The disadvantages

The disadvantages of using a crypto ATM are:

You pay high fees for using the service. The ATMs have ridiculous limits. Not much liquidity in the ATM.

My own nightmare experience with InstaCoin

I tried the InstaCoin ATM and made a small withdrawal in fiat money to try one of those ATM.

InstaCoin ATMs network provides those services:

Fiat to crypto

Crypto to fiat

What happened to me? It was a stressful experience since I received only 1/10 of the money I ask for. As you might know, a crypto transaction is irreversible as soon you sent it!

The ATM gave me only a small portion of the money I asked and I received a warning message that there was a lack of liquidity on the ATM screen. An ATM should never allow a transaction without the proper liquidity available.

Also, the ATM support was only available by SMS or via a website. On the website, there was a phone number but nobody was available on the support line. They ask for a name and phone number; it sucks to leave your information to receive a callback.

The SMS response took around 24h. The good point, the support reverse 90% of the transaction after an exchange with the SMS support team.

My conclusion for InstaCoin

I did not have a good experience with this company and I will not use it again. The options on those crypto ATMs are not very convenient and the experience was not user-friendly from my point of view.

At least, the support gave me back the money that I did not receive from the ATM machine.

Last word

Crypto ATMs are booming and should improve over time. Always try with a small amount first and see if you enjoy the experience before moving with a bigger amount.

Many different machines are available on the market and many companies exist in the space. Stick with the one you have a good experience with. In my case, I will never use InstaCoin again!

Check also those interesting articles:

Crypto to Fiat Exchange Gateway with a Sexy ATM

The Ultimate Crypto Swap Exchanges Guide for Choosing the Right One