8 ways to cash out your Bitcoin

how to sell bitcoin

While crypto wallets are designed to store and secure your crypto, many of them partner with crypto exchanges to offer trading services. Many popular online brokers now allow crypto trading, and if you purchased your Bitcoin on one of these platforms, you can quickly exchange https://www.cryptonews.wiki/ your crypto for cash. Trading apps like Robinhood offer several cryptocurrencies to invest in, and you can buy or sell crypto just like on a crypto exchange. LocalCoinSwap brings buyers and sellers together in a marketplace for a range of coins, including BTC and Ethereum.

Bitcoin ATMs typically charge high fees, so this method is best only if you need cash in hand right away. If you can wait for a bank transfer, you’ll pay much less by using a crypto exchange or broker. As always, it is also a good idea to consult with a tax professional when buying and selling assets. The best bet is to use a platform like Binance.us or FTX.us to save on fees, and quickly cash out your crypto for dollars. The mobile apps make it easy to sell, and you can connect your bank account to transfer funds after the crypto is sold.

  1. You might also have to prove your identity with an ID card, driver’s license or passport before withdrawing funds.
  2. If you purchased your Bitcoin through an exchange and never transferred it somewhere else, you can simply log into your account to see your Bitcoin balance.
  3. To sell Bitcoin, you’ll need to pick an exchange that you are comfortable with and supports the currencies that you need.
  4. If you’re in a country or region where the platform is banned, you’ll need one of the best VPNs for Binance.
  5. On the whole, it is cheaper to sell crypto through a centralized exchange or online broker than through other services.

Probably the most common method for selling your Bitcoin would be via a wire transfer or some other form of transfer to your bank account (e.g., SEPA, ACH, etc.). Different exchanges provide different payment methods, fees, and exchange rates. It’s important to conduct ample market research before choosing the right exchange. 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.

How to Sell Bitcoin on a Crypto Exchange

You give the person some cash, and they give you access to a wallet of coins or send you the bitcoin online. Once done, it’s harder to get information from than even bitcoin ATMs — as long as the other person doesn’t tell anyone. If you’ve set everything up, bought a few coins, waited for the price to rise and now want to sell your bitcoin, the first hurdle is how you sell it.

how to sell bitcoin

If you don’t like how traceable digital banking can be, or you just need some cash, and all you have is your bitcoin wallet, you should consider withdrawing funds from a bitcoin ATM. This allows you to get the money immediately, though remember that you also can’t rely on finding another ATM, so you’re normally stuck with whatever rates and limits the ATM you’re at has. In the “withdraw” page, just select your bank account, choose how much you want to withdraw and then click confirm. 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. Using a peer-to-peer marketplace is a little harder than other methods, but it gets around the transaction fees and limitations of going through an exchange. However, if you’re willing to take on the challenge, this is how you make a P2P trade.

Free Bitcoin Crash Course

We’ll take a closer look at 6 of the most common ways to sell Bitcoins and the pros and cons of each. The good news is that selling Bitcoin is easy and there are multiple ways to do it. In this guide, we’ll cover 6 ways to sell Bitcoin and walk through the steps required to convert BTC to cash. Crypto is a speculative asset that can be part of a larger, diversified investing strategy, https://www.crypto-trading.info/ but don’t panic sell just because the news says “Bitcoin is dead” for the 1,400th time. Instead, take a level-headed approach to your investment strategies, and make decisions based on your long-term goals — not short-term feelings. So while Bitcoin ATMs are an option to quickly access physical cash by selling your crypto, there is a high cost for the privilege of using them.

It’s unique in that you can transact in almost any method imaginable, including PayPal, wire transfer, Western Union, WebMoney, credit and debit cards, and cash, with a 1% sell fee. When selling crypto for cash, always check the fees before executing the transaction. Most services will list the total fees separately, allowing you to see if it’s worth it or not to sell. On the whole, it is cheaper to sell crypto through a centralized exchange or online broker than through other services. Third-party exchanges and fiat gateways typically charge fees from 3% to 5% for converting crypto into cash, which is high. But if you need cash and don’t want to transfer your Bitcoin to an exchange, this is a decent option.

This is a step that most exchanges have to take to follow anti-money laundering laws. It shouldn’t take long, but you won’t be able to move your money without it. Note that we’ll use Binance for its ease of use, but many people prefer to use a dedicated peer-to-peer platform for the extra privacy and wider array of payment types. If you’re in a country or region where the platform is banned, you’ll need one of the best VPNs for Binance. However, since hot wallets are fine for short-term storage and free to set up, it’s a good idea to start with them. Knowing how to trade bitcoin is fine, except that it doesn’t let you actually use the profits that you’ve made — and that can be frustrating if you’ve got a lot of capital tied up.

This doesn’t have to be difficult — selling on an exchange takes just four steps — but there are a few different ways to go about it, depending on your priorities. If you take a loss when you https://www.bitcoin-mining.biz/ sell Bitcoin, you can use that loss to offset other gains from cryptocurrency trading. You’ll need to provide detailed information including your name, address, email, and phone number.

Step 5: Withdraw Funds

But if you sell when the markets are down, the opportunity cost may be huge. Purchasing with Bitcoin requires sending Bitcoin to the retailer’s digital wallet. This can be done with a QR code, or by typing in the Bitcoin wallet address to your digital wallet, and sending the requested Bitcoin amount.

One major advantage to using a traditional stockbroker is that many charge zero transaction fees or commissions for selling Bitcoin. So, this approach can be much cheaper than using a crypto exchange. The most common way to sell Bitcoin is by using a centralized crypto exchange such as Coinbase, Kraken, Binance, Gemini, and others. Many Bitcoin holders may already have an account with one of these exchanges since buying BTC at an exchange is the most common practices. Online brokerages typically have reasonable trading fees for selling crypto.

Selling Bitcoin with a Bank Account

You don’t have to worry about market fluctuations or liquidity issues when trying to move a large volume of Bitcoin onto the market. Depending on your payment method, it can take anywhere from 2 seconds to several days. When using methods like PayPal and credit cards, the transaction is usually instant (although it can take some time to show up on your account).

If you purchased your Bitcoin through an exchange and never transferred it somewhere else, you can simply log into your account to see your Bitcoin balance. Jacob has been a nationally-recognized personal finance expert and credit card rewards enthusiast for the past decade plus. He has written for a number of widely-followed sites, including Money Under 30. As a cryptocurrency enthusiast, Jacob enjoys researching and writing about the latest in crypto and blockchain technology. And while peer-to-peer (P2P) exchanges and Bitcoin ATMs offer anonymity, consider the (potential) high fees and hassles of the process.

This process usually requires talking with a broker’s customer service team, since many brokers don’t allow you to simply transfer funds from a crypto wallet into your brokerage account. Some of the most popular hardware wallets offer the ability to sell Bitcoin for cash. Ledger has a built-in exchange service, “Ledger Live,” and partners with Coinify to sell crypto for cash. There’s no shortage of methods you can use when it comes to selling Bitcoin. Keep in mind that methods such as wire transfers will almost always give you better rates and lower fees than methods such as credit cards and PayPal. You can sell Bitcoin for cash or another cryptocurrency at a centralized crypto exchange like Coinbase, Binance, Kraken, or Gemini.

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Aleksander Hougen, the managing editor at Cloudwards, is a seasoned expert in cloud storage, digital security and VPNs, with an educational background in software engineering. Beyond his prolific writing commitment, Aleksander helps with managing the website, keeping it running smoothly at all times. Outside of the professional realm, he is a digital nomad with a passion for traveling, having lived in many countries across four continents. Although there is plenty of information out there on what bitcoin is and how to trade it, you also need to make sure you can sell it.

Just be aware that sending crypto over the blockchain requires paying network fees, which can be high during times of crypto market volatility. Overall, selling Bitcoin for cash with an online broker is best when you already hold the crypto assets on the platform. Paxful has been running since 2015, and it allows you to find buyers (or sellers) that trade with various payment methods, including cash. When choosing an exchange, you should look for one with many users, good customer support and low fees. Three particularly popular exchanges with newcomers are Coinbase (read Coinbase review), Robinhood and Binance (read our Binance review).

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