Some countries have outrightly banned the use of Bitcoin for any financial activity. To hold or sell Bitcoin for cash in these regions (China, for example) may have severe consequences. But this is not the case in some countries like the US and UK, which supports crypto swaps to cash and charges income taxes on such trades. Overall, Gate.io is one of the oldest and most trustworthy exchanges for cashing out of BTC. The only what is fullstack javascript disadvantage is that US investors are not allowed on the platform. For more information on its features, pros, and cons, read our Gate.io review.

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. However, the most popular option for selling Bitcoin is to use a central trading platform like Binance to convert crypto to regular fiat. To demonstrate, here is a full guide on how to sell Bitcoin on Binance. Overall, Coinbase is an ideal place for those looking to sell Bitcoins to cash.

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. Bitcoin is relatively easy to sell with a wide selection of exchanges and brokers available.

This information is general in nature and is for education purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries. Now that kraken exchange review 2021 you know your options for selling bitcoin, we’ll go through the two online methods. To get started, you’ll need an account with the particular exchange you want to use and some bitcoin in the exchange wallet to sell.

How to Sell Bitcoin in 2024: Exchanges, Apps & Payment Methods

1. You give the person some cash, and they give you access to a wallet of coins or send you the bitcoin online.
2. Before selling Bitcoin, investors need to deposit BTC into their Binance accounts.
3. Users can enjoy transparent transaction fees and flexible selling limits, ensuring they can sell amounts that suit their financial strategies.
4. If you decide to cash out your Bitcoin using an exchange (such as Binance), then it will normally take about 1-5 days for the money to reach your account.
5. That’s why you should always use a reliable antivirus to keep your computer safe and the best VPN for crypto trading to keep you safe online.

For EU customers, payments are made via SEPA (withdrawals paid in Euros). However, if you want to sell Bitcoin for USD, brokers normally use the SWIFT payment method. Kraken offers fiat withdrawals for US and UK customers through ACH, SWIFT, FedWire, FPS (UK), and SEPA transfers. When liquidating Bitcoin via the ‘Buy Crypto’ widget, there is a 1.5% cost.

Sell Bitcoin to fiat currency

LocalBitcoins offer a good level of safety because of their escrow service. This keeps your Bitcoins locked until you confirm the payment has been received from the buyer. If you decide to cash out your Bitcoin using an exchange (such as Binance), then it will normally take about 1-5 days for the money to reach your account.

However, fees can be quite expensive compared to other methods and if you are in a rural area, you may have trouble finding a machine to use. Popular crypto exchanges are always a good bet, as they are reliable and well-known, while online platforms with peer-to-peer selling may allow for flexibility of payment. You can go the convenient route and use a Bitcoin ATM to get fast access to your crypto but at a significantly higher commission. Sellers have the ability to set their own rates and can choose from more than 350 payment options, such as cash, gift cards or other digital currencies. Clients can sell directly to over 12 million users worldwide, according to the platform’s website. There’s also a difference between selling and withdrawing your money.

Ways You Can Give Crypto as a Gift

However, there’s nothing really tying you to a specific exchange, so you can try new ones and quickly change at any time. Manage and sell crypto directly through the BitPay Wallet app or convert it on BitPay.com from almost any wallet. Import any self-custody wallet into the app for seamless crypto transactions.

Is it easy to sell Bitcoin?

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. 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.

As you can see, the buyer has a 100% feedback rating, and has completed more than 1000 trades! Then you need to choose the country where your ideal buyers are located. I recommend using your own country (of course), however, this is up to you.

However, centralized exchanges like Binance charge a maximum of 0.1% for crypto sales and purchases. The peer-to-peer (P2P) option is another affordable means of selling Bitcoin. The process entails a seller transferring the digital asset to escrow; then, the buyer makes payment. After the seller confirms the payment, they instruct the exchange to release the crypto in escrow to the buyer. 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.

Compare and select a Bitcoin exchange

The exchange will convert your crypto to cash and use it for the purchase. Gate.io rounds off our list of best exchanges to cash Bitcoin holdings. 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.

There are three main options for withdrawing funds from online wallets. However, be aware that the trading platform best cryptocurrency wallets of 2021 will have a different withdrawal fee depending on which you choose, so be sure to look at that before deciding on a method. The best method to cash out of Bitcoin is using a suitable crypto exchange. The process involves depositing BTC to the exchange, hitting the ‘Sell’ button, choosing the payout method, entering the amount to sell and making a withdrawal to a bank account.