Bitcoin has been one of, if not the, best-performing assets throughout its history (January 2009-present). Having some Bitcoin today means you’re probably in an extremely strong position of profit unless you got in during the bull run of 2021 and early 2022. If you want to sell Bitcoin for cash but don’t want to bother with human interaction, a Bitcoin ATM may be for you! Just remember that the number of Bitcoin ATMs out there can be limited, and you’ll have to use a Bitcoin ATM locator to find the nearest one. Now that we’ve established the limitations for selling Bitcoin, that is, what your storage method is and what currency you want to sell for, we can properly look at how to sell Bitcoin.
The alternative is to sell BTC for fiat on the exchange but this way comes with another fee depending on the withdrawal method. The San Francisco-based crypto exchange is North America’s largest crypto trading platform. Coinbase comes with an aesthetically pleasing platform that’s perfect for crypto beginners. The user-friendly exchange only offers one way to reduce a Bitcoin position which is limited compared to Binance. It is the largest crypto platform by trading volume, available in more than 100 countries, which makes it highly accessible to individuals around the world.
OTC (Over-The-Counter) Trading
Jamie Dimon, the controversial chief of banking giant JPMorgan, has long been a staunch critic of Bitcoin but now offers it to high-net-worth clients. Perhaps worryingly for believers in its libertarian ideals and status as an alternative investment asset, Bitcoin could actually be correlated to major equities. This, in turn, would suggest the finance industry itself and major investment players consider Bitcoin to have real value. BTC is held by custodians such as Mike Belshe-founded BitGo, while network partners called merchants such as Kyber and Ren mint the WBTC tokens equivalent to what’s held in reserve. How Wrapped Bitcoin works is that BTC on the Bitcoin blockchain is deposited with a custodian before ERC-20 WBTC tokens are minted, corresponding with the amount of BTC in custody.
These are in the minority, however, and haven’t been battle tested to the extent that top DEXs like Uniswap have been. FTX rocked the crypto world when it came to light that they were funneling customer deposits to a hedge fund for risky trading activity. That said, given the FTX founder’s Wall Street past, it likely didn’t surprise anyone but the exchange’s customers. Bitcoin ATMs allow users to sell Bitcoin for cash instantly, but fees can be high (typically 5-10%). In this guide, we’ll walk you through how who sets the bitcoin price to sell Bitcoin for maximum profit, covering the best platforms, strategies, and essential tips to optimize your transactions while minimizing fees.
How to sell Bitcoin through a Bitcoin ATM:
On top of that, most top crypto exchanges require you to complete Know Your Customer protocols before undertaking any trading. This means that your BTC sale can be traced back to your identity, which raises privacy concerns but isn’t too worrying unless you acquired that BTC in an illicit manner. Robinhood, a neo-broker, even has a reputation for going down whenever one of their assets spikes, thereby not allowing users to sell when the price is right. There are multiple ways to sell Bitcoin, each with its advantages and trade-offs.
President Harris Should Buy Bitcoin to Pay Black Americans Reparations
Crypto exchanges are the most popular way to instantly cash out of BTC to a bank account. The first step to take is to decide on the type of Bitcoin selling option that suits your preference. Users can either use a crypto-to-fiat centralized exchange, a decentralized exchange, or a Bitcoin ATM.
Bitcoin also tends to be one of the trading pairs on most crypto exchange services. This means you can usually trade Bitcoin with practically any other cryptocurrency that’s listed on the platform. This includes stablecoins if you’re just after a temporary shelter from Bitcoin exposure. Bitcoin has become one of the most valuable digital assets, and knowing when and how to sell Bitcoin efficiently can significantly improve your returns. Whether you’re cashing out for profits, diversifying your portfolio, or covering expenses, choosing the right selling method is crucial.
Withdraw funds to a bank account
- P2P trading tends to be a go-to option because it affords more anonymity.
- You will be notified when someone shows an interest in your offer to sell bitcoin.
- These are generally more secure than most exchange wallets, but there will be transaction fees whenever you move money into or out of this wallet.
- Using a reputable P2P network with an escrow service is recommended to protect your assets until the transaction is confirmed.
- What makes Binance stand out as the best place to sell Bitcoin is its ability to convert Bitcoin into fiat and stablecoins with zero fees.
- Most exchanges display the equivalent value in your local currency (e.g., USD, EUR), which makes it easier to understand your transaction.
For instance, Binance charges 3.9% for debit card withdrawals which is higher than other supported payment methods. Insert the amount of fiat to withdraw and click on ‘Confirm’ to complete the transaction. For instance, there is a $4 withdrawal fee for both FedWire and SWIFT (Silvergate Bank). Withdrawing cash via ACH is also free and can be processed within 1-2 business days in the US. For Bitcoin investors that are looking for a reliable way to sell Bitcoin, Kraken offers good value with multiple options to convert BTC to fiat. Investors can trade their BTC using the Sell option on the Coinbase website or mobile.
Set Up a Bitcoin Wallet
While BTC transactions within the range of $50 to $200 are charged a $2.99. There is also a spread fee of 0.5% to use the simple trade option to sell or convert Bitcoin to cash. This is because traders are interacting with the order book directly which results in competitive fees. We review some of the best crypto exchanges for traders to sell BTC. These exchanges were selected based on the platform’s ease of use, features, fees, and liquidity.
Users should note that placing at-market trades to quickly convert Bitcoin to cash can incur higher fees. Bitcoin is the most liquid of all cryptocurrencies, so it is relatively easy to sell, especially in high-volume mainstream crypto exchanges that provide market/maker (instant) orders. If you are targeting a specific price for your sale, you can simply select the preferred bitcoin price and wait for your bid to be met. Peer-to-Peer (P2P) TransactionsP2P platforms like Binance P2P, Paxful, and LocalBitcoin (now defunct) allow users to sell bitcoin directly to others, often for cash or other payment methods. Decentralized exchanges are usually a great option for buying and selling crypto, but there are two major caveats. On the one hand, most DEX platforms only facilitate crypto-to-crypto transactions, so selling coins for fiat generally dating sites that accept bitcoin 2020 isn’t an option.
Many are made simply to accept cash to facilitate buying Bitcoin, so after you find an ATM, you’ll have to check if it allows selling BTC. Every buy, sell, and transfer counts as a taxable event, and tracking them can be a nightmare if you haven’t been keeping good records. Deciding whether to sell your Bitcoins is a bit like trying to time your coffee break at work—you either step away at the perfect moment, or you come back to find that you missed something big. There’s no universal right answer, but weighing the pros and cons can help.
How to sell Bitcoin for goods and services:
- There are a few key things to consider before making your move—because the last thing you want is to regret it later.
- Blockchain bridges allow assets to move between different blockchain networks.
- Jamie Dimon, the controversial chief of banking giant JPMorgan, has long been a staunch critic of Bitcoin but now offers it to high-net-worth clients.
- An alternative route to sell BTC on Binance is the Peer-to-Peer (P2P) platform.
- That said, given the FTX founder’s Wall Street past, it likely didn’t surprise anyone but the exchange’s customers.
- Like Binance, investors interested in selling BTC on Gate.io can do so through the P2P marketplace.
- However, circumstances in life might prevail over the personal belief that bitcoin is the natural evolution of money and there should never be judgment for people that want or need to sell it.
In this case, you may be open to getting another crypto, such as ETH, in return or even a stablecoin like USDC. This guide will look at exactly how to sell Bitcoin, covering the pros and cons of the different options as well as complications caused by custodial and non-custodial storage. By following these strategies, you can make informed decisions and optimize your Bitcoin-selling process. While selling Bitcoin can be profitable, it’s important to consider long-term value and market trends. P2P platforms allow you to sell Bitcoin directly to buyers without intermediaries. The crypto world isn’t just about charts and numbers—it’s deeply tied to regulatory news, economic downturns, and global sentiment.
Much like withdrawing to a bank account, first go into the “withdraw” section. However, this time, you need to select the payment service — such as PayPal or Faster Payments — instead of a bank account. Then just enter how much you want to take out, check that the additional charges aren’t too steep and confirm you want to withdraw.
What makes Binance stand out as the best place to sell Bitcoin is its ability to convert Bitcoin into fiat and stablecoins with zero fees. Overall, Binance, Coinbase, Huobi, FTX and Kraken are examples of some high-volume exchanges where you can buy and sell bitcoin. Volume refers to the amount of money or digital assets being traded on the exchange at any given time. High volumes mean it’s more likely you’ll be able to successfully complete your sale of bitcoin at any given time. Bitcoin broker marketplaces are growing worldwide due to their diversified offerings, including futures contracts and assets beyond digital currencies. Some even let you trade your how to buy stepn nft bitcoin directly, 24/7, and with competitive fees.
We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries. It is also worth mentioning that depending on the volume of your order and how much you wish to withdraw, you may be required to go through some form of identity verification. In the “withdraw” page, just select your bank account, choose how much you want to withdraw and then click confirm.