If making a trade in-person, it’s best to meet in a public place to reduce the risk of scamming or theft. We do research on every exchange we list and are very careful not to include scam exchanges on our site. We’ve collected the best exchanges and listed them for you below. To sell Bitcoin, you’ll need to pick an exchange that you are comfortable with and supports the currencies that you need. Our writers and editors used an in-house natural language generation platform to assist with portions of this article, allowing them to focus on adding information that is uniquely helpful.
The offers that appear on this site are from companies that compensate us. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. We are an independent, advertising-supported comparison service. The article is very detailed and easy to understand on how to withdraw money from BTC. There is also a rating system like eBay, where you can leave feedback for the buyer or seller.
How to Sell Bitcoin – Quick Tutorial
To receive bitcoin, simply provide the sender with your Bitcoin address, which you can find in your Bitcoin wallet. Selling Bitcoin can be taxable depending on the location of the investor. The platform should have a withdrawal section where you will need to state all the details.
Make sure you have a Bitcoin wallet before you buy since some of the exchanges below require one. Sending bitcoin is as easy as choosing the amount to send and deciding where it goes. 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.
Some crypto enthusiasts are in it for the long haul while others may choose to cash out as soon as they make a profit. Figure out which camp you live in and decide whether converting your crypto into cash is the right finance decision for you at this moment. But despite the limitations, converting your crypto to cash has become much easier than it used to be.
Then insert how much BTC is to sell and fix a payment method to receive the equivalent fiat funds. The merchant would make the deposit and notify the user of the release of the crypto. It is also faster than going through the route of making a direct fiat withdrawal to the bank account. Crypto debit cards operate similarly to a regular debit card. However, instead of using a bank account, the card pulls funds from a crypto wallet. The BitPay Card is one of the top crypto cards for U.S. residents.
Is it easy to sell Bitcoin?
Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very is bitcoin liquid simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency.
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. 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.
Gate.io is a cryptocurrency exchange that supports several different cryptocurrencies and trading pairs. Like Binance, investors interested in selling BTC on Gate.io can do so through the P2P marketplace. This is advantageous if want to swap BTC directly for fiat deposits in their bank accounts.
Choose the crypto you want to sell, enter the amount, and indicate how you plan to withdraw. The commissions on Bitcoin ATM trades can be tremendously high, however, so it’s important to note how much you’re paying and whether it’s worthwhile to go another route. After you complete the trade, you’ll have the cash in your account and be ready to trade again. If you’re selling any asset, then you’ll want to understand ripple news ripple price and xrp latest the tax implications.
- Bitcoin is relatively easy to sell with a wide selection of exchanges and brokers available.
- The cost of selling Bitcoin depends on the platform chosen by a user.
- Make sure you have a Bitcoin wallet before you buy since some of the exchanges below require one.
- Did this guide on cashing out cryptocurrencies prove helpful?
- To sell via P2P, users only need to access the marketplace and select a verified merchant from the list of options.
- We’d love to hear your preferred methods for converting crypto holdings to cash!
Peer-to-peer Bitcoin exchanges offer a fast way to buy bitcoins. It can be hard to buy large amounts of bitcoins with cash, especially with cash deposit. Buying bitcoins with cash is also fast, as there is no verification to slow down the process. If you don’t want to use an exchange or brokerage, you can also cash out via a Bitcoin ATM.
Sell Bitcoin to fiat currency
This will involve negotiations about the asking price and terms, and both parties must take precautions to ensure their personal safety and the integrity of their funds and assets. LocalBitcoin used to offer an option for in-person cash trades, but removed it in June 2019 as a concession to the current crypto regulatory climate. Finally, depending on how long you’ve kept your BTC and your income status, you may also have to pay some income tax come tax season. For large BTC cash outs, you can be subject to capital gains taxes. Another thing to consider when cashing out your BTC is that some exchanges and P2P platforms will have withdrawal limits.
So, you’ve been investing in crypto and your digital holdings have increased in value. The knowledge is easy to understand, I can trade right on coinbase. Binance can be more convenient and safe for beginners, whilst LocalBitcoins allows you to remain anonymous and sell at a higher price.
Ways You Can Give Crypto as a Gift
To demonstrate, here is a full guide on how to sell Bitcoin on Binance. The fees incurred when selling Bitcoin depend on the method selected and the platform the investor uses. When using an exchange to sell BTC, the fees charged usually come at a flat rate.
Before picking the one to use, consider factors like security, supported cryptocurrencies, withdrawal methods, and fees. Next, proceed with a withdrawal and deposit the money in your bank account. Whether you need to pay for your Bitcoin withdrawal will depend on the exchange you’ve chosen. Some exchanges set commission rates that differ between the token type being transferred and the number of the pros and cons of accepting crypto payments for retail transactions tokens involved. While the crypto market allows for extensive management and distribution of your digital assets, depositing funds into your bank account will eventually be necessary. This process can be trickier than you might expect, with several methods available.
The only way around this is to use the “Advanced Trade” platform on Coinbase to sell your crypto, with fees as low as 0.60%. Once sales have been completed, tap on the ‘Fiat and Spot’ icon and click on ‘Withdraw.’ Select a preferred payment method and follow the on-screen prompts. However, investors should consider the applicable charges before using one of the payment methods.