Choosing the right method depends on your priorities—whether it’s speed, security, or minimal transaction fees. When the Bitcoin network is congested, transaction fees can spike, cutting into your profits. If possible, consider timing your sale when fees are lower, especially if you’re dealing with a large transaction.
Cryptocurrency exchanges, such as Coinbase, Binance, and Kraken, are among the most popular ways to sell Bitcoin. These platforms allow you to sell Bitcoin at the current market price or set a custom price with a limit order. The riskiest — but likely most anonymous — way to turn Bitcoin to cash is to do so in person.
How to sell Bitcoin through a Bitcoin ATM:
- If Bitcoin takes off again, you’re gonna miss out on any new profits.
- Once done, it’s harder to get information from than even bitcoin ATMs — as long as the other person doesn’t tell anyone.
- The second is that the Bitcoin blockchain doesn’t currently feature any DEX platforms.
- Bitcoin is relatively easy to sell with a wide selection of exchanges and brokers available.
- While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process.
- All of this is done publicly, and you can view the transactions on the Bitcoin blockchain as they happen using a blockchain explorer.
- The simple fact that Bitcoin is not Turing complete makes it difficult to sell Bitcoin on-chain.
An alternative route to sell BTC on Binance is the Peer-to-Peer (P2P) platform. This option enables investors to make direct trades with other Binance users using their preferred local currency, price, and payment method. Binance P2P gives sellers further flexibility with access to a wider selection of withdrawal methods, including debit cards, bank transfers, and e-wallet services like Advcash.
There will be a withdrawal fee — usually a small percent of the payment or a fixed number of a few dollars — shown before you confirm, so make sure you’re OK with this before continuing. Rather than doing the work for you, a peer-to-peer (P2P) exchange lets you choose your price, and the platform helps find a buyer willing to pay it. You can sometimes do this on the site — often called direct trades — but normally, you would use a separate bank transfer.
#1. What Currency Do You Want?
The equivalent amount would be converted to GBP and deposited in the ‘Fiat and Spot’ wallet. You may already have an account with one of the popular payment apps like Strike or Revolut that you use for your daily financial activities. It is important to remember that cryptocurrency is a new order of the financial economy. Stablecoins are a great way to maintain the purchasing power of your bitcoin.
Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started Hedge With Crypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world. To get started, you simply need an account with the particular exchange you want to use and some bitcoin in the exchange wallet to sell. Choose your order type and click sell after considering trading and withdrawal fees. Exchanges are intermediaries in the buying and selling transaction, holding the assets from both sides so there cannot be any dispute once the transaction bitcoin rally falters just short of $50000 as investors take profit by reuters is executed. If you’re looking for convenience over privacy, exchanges might be ideal, and the good news is that there is usually no – or minor – KYC required to transfer cryptocurrency.
Complete the Sale
You will be notified when someone shows an interest in your offer to sell bitcoin. Some platforms such as Localbitcoins have a built-in escrow service to ensure transactions run smoothly. You can receive payment for your sold bitcoin via Moneygram, Paypal, cash in the mail, gift cards, bank deposits and even cash in person, depending on your preferred option.
Selling Bitcoin directly to a trusted friend or family member eliminates exchange fees. But before you go clicking that “Sell” button in a panic or excitement, slow down for a second. There are a few key things to consider before making your move—because the last thing you want is to regret it later. If Bitcoin takes off again, you’re gonna miss out on any new profits. And trust me, it sucks to watch something you just sold suddenly skyrocket.
Many also have their own crypto debit beginner’s guide to buying and selling cryptocurrency cards, so instead of selling Bitcoin, you can choose Bitcoin as one of your spendable currencies when you use that card. Before selling Bitcoin, investors need to deposit BTC into their Binance accounts. Binance allows its users to fund their accounts with crypto from an external wallet or platform. The Binance exchange supports the traditional Bitcoin network, BNB Beacon Chain (BEP2), BTC (SegWit) and ERC20 network.
How do I cash out Bitcoin to my bank account?
Three particularly popular exchanges with newcomers are Coinbase (read Coinbase review), Robinhood and Binance (read our Binance review). However, there’s nothing really tying you to a specific exchange, so you can try new ones and quickly change at any time. Just like you can sell BTC in-person or using a P2P trading venue, they’re just as good an option for buying it. You might have heard of LocalBitcoins, which is an extremely popular venue for this. The service is closing down in 2024, but it and platforms like it remain one of the top anonymous ways to buy Bitcoin. From Robinhood going offline every time a coin spikes to the fact that most neo brokers don’t allow users to withdraw crypto from the platform, it’s an extremely risky idea to use them.
If you’re going to buy lots of bitcoin, you should get a dedicated wallet to put it in. how to buy storm token 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. When choosing an exchange, you should look for one with many users, good customer support and low fees.
- If you have already used a particular service provider (i.e., exchange) to buy BTC, then it should be just as easy to sell via this service provider.
- If Bitcoin has hit the price you were aiming for, cashing out some of your holdings could be a smart move.
- They will need to complete a verification process to confirm their identity before selling Bitcoin to cash.
- The selling process is often simply the reverse of the buying method and should be relatively easy to manage.
- 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.
- Then, once you’ve accepted the conversion, you’ll have to pay some deposit/withdrawal fees to initiate the bank transfer.
- This would automatically swap the crypto asset to a quote currency – which is the second currency in a currency pair like USD or EUR.
Coinbase
Beyond his prolific writing commitment, Aleksander helps with managing the website, keeping it running smoothly at all times. He also leads the video production team and helps craft e-courses on online technology topics. Outside of the professional realm, he is a digital nomad with a passion for traveling, having lived in many countries across four continents. Sapphire Fox is a seasoned expert in online backup and cloud storage with nearly four years at Cloudwards, combining her extensive engineering background with editorial skills. Her work is informed by a lifelong passion for technology, evidenced in her keen evaluation and recommendation skills. Even if you don’t believe the often unreasonable hype of “Bitcoin to $1 million,” selling all of the BTC you own seems like a very grave risk indeed.
In many cases, it’s better to monitor long-term trends and set price alerts for significant shifts. If you’re wondering how to sell Bitcoin, these are the six most common methods depending on your needs, experience level, and how quickly you want to complete the transaction. Once the sale is completed, you will either receive your cash on the spot or have to wait for a redeem code while the BTC transaction is confirmed on the blockchain. As Satoshi Nakamoto once suggested, ”It might make sense just to get some in case it catches on,” which 14 years later revealed to be a mind-blowing prophecy. 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.
How to Sell Bitcoin: 6 Methods to Consider
The most basic way to withdraw funds is to move them to your bank account. Once you’ve attached your bank details to your exchange account, you just need to find the “withdraw” option. This is normally either in your wallet or on your main account page. Much like a regular ATM, these machines let you enter your bitcoin wallet address and withdraw cash. Although it isn’t impossible, this is much harder to trace than a bank transfer. So if there’s one nearby, you can make it harder for someone to discover what you’re buying.
By deciding in advance what price aligns with your objectives, you can avoid the temptation to hold out for more and risk missing the market peak. Additionally, it’s important to avoid panic selling when prices drop suddenly. Taking a moment to assess the bigger picture and sticking to your strategy can help you make more confident decisions and avoid regrets. Deciding when to sell Bitcoin can significantly impact your profits, but determining the right moment can be tricky.
For example, using a bridge, you can convert Bitcoin to Wrapped Bitcoin (wBTC) on the Ethereum network. This enables you to trade and use Bitcoin on platforms outside the Bitcoin blockchain. After selecting your order type, specify the amount of BTC you want to sell. Most exchanges display the equivalent value in your local currency (e.g., USD, EUR), which makes it easier to understand your transaction. It’s a network of computers, really, and exists to facilitate the movement of assets between nodes. That said, there’s still a chance of fraud even if you use a P2P exchange.