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. There are several ways to sell bitcoin, each with benefits and drawbacks, so you should consider which is the right one for you before continuing. “Cold wallets” — physical devices holding cryptocurrencies offline — come with a steep up-front cost, but “hot wallets” — pieces of software that hold your coins on a computer — are often less secure. 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.
Kraken and Kraken Pro both offer a tiered fee structure that allows high-volume traders to save on trading fees. For traders with 30-day volumes of less than $10,000, Kraken Pro’s maker fees start at 0.25% and taker fees start at 0.40%. However, maker fees can drop as low as 0%, and taker fees can drop as low as 0.10% (for traders with 30-day rolling volumes of over $10 million). Moreover, Kraken has limited funding options, with wire transfers being the primary payment method for Kraken users. Secondly, Binance is one of the cheapest exchanges, with a default 0.10% fee for transactions on the exchange.
Coinbase and Gemini are examples of some of the best cryptocurrency exchanges. Beginners can always use the Coinbase Wallet app, which connects the wallet in a super simple way, as it automatically works with Coinbase trades. Just open the app and wait for the notification to “Connect Now,” then enter your Coinbase login information.
Paxful has been running since 2015, and it allows you to find buyers (or sellers) that trade with various payment methods, including cash. Hedge With Crypto aims to publish information that is factual, accurate, and up-to-date. The information about a specific cryptocurrency exchange or trading platform in reviews and guides may differ from the actual provider’s website. Binance is the best-rated exchange to sell BTC for several reasons. 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.
The exchange does charge a small withdrawal fee, but this changes based on the type and amount of crypto being taken out. With no maker fee and a taker fee of just 0.075%, Bybit ensures you avoid all nasty charges regardless of whether you’re buying or selling crypto. So, if you’re looking for a crypto exchange with super-low fees across the board, Bybit is the one for you.
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. 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. You’ll automatically get a cash back for whatever product you’re buying online, as long as it’s from a Lolli partner.
Sometimes, you might prefer to use a third-party payment service — perhaps to keep the funds separate from your bank, keep your bank details off of the exchange or just to make use of a low flat fee. However, the services each exchange supports will vary, and you’ll still have to link your PayPal account, or an equivalent, before you begin. If you are looking for learning how to sell Bitcoin in the UK, we can tell that is a fairly straightforward process but can seem confusing if it’s your first time. For simplicity reasons, we’ll cover how to sell cryptocurrency and sell Bitcoin using a cryptocurrency exchange like Coinbase or Binance.
Coinbase’s security is excellent, providing support for biometrics and advanced authentication technology. However, if you prefer to use another digital wallet, head to its settings and look for ways to connect to a currency exchange. You should be able to input your Coinbase login on the most popular digital wallets and start an authentication process to connect it. However, this may take several days to complete, so it’s definitely not a last-minute step. To open a crypto exchange account, visit the exchange’s website or download its app. With some, you may be able to make an account and buy and sell small amounts of crypto without verifying your identity or submitting much sensitive information.
In my opinion, I wouldn’t sell Bitcoin for cash as the cryptocurrency has significantly fallen from its all-time high of £47,825 to below £20,000. In fact, I would state now is the best time to buy and build a portfolio for the next bull run, as Bitcoin has always historically performed well. Offers a nice range of cryptocurrencies and a simple-to-use app experience. Popular with beginner investors, Gemini prides itself on its security and is available in all 50 U.S. states. If you followed our guide on buying Bitcoin, you’d have stored your Bitcoin in a secure — maybe even cold — wallet. To trade on Coinbase, you’ll want to send your Bitcoin to an exchange wallet and keep it there, ready for sale.
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. You can also start accepting bitcoins as payment for selling items like influencer merch or rendering services like brand promotions. Bear in mind that accepting bitcoins as a form of payment is taxable in some countries. EToro, Crypto.com, and Binance are a few brilliant platforms you can use right now to sell Bitcoin at competitive rates. Also, they all offer popular withdrawal methods along with multiple trading pairs for Bitcoin.
For customers who choose the ACH option, their withdrawals will be processed within 3-5 business days. Some crypto enthusiasts object to centralized exchanges because they go against the decentralized ethos of cryptocurrency. Even worse in the eyes of some crypto users, the company or organization may require users to follow Know Your Customer (KYC) rules.
- However, be aware that the trading platform will have a different withdrawal fee depending on which you choose, so be sure to look at that before deciding on a method.
- However, listings are not always free, and there may be some fees when selling certain currencies like Bitcoin Cash.
- So if there’s one nearby, you can make it harder for someone to discover what you’re buying.
- The fee for withdrawing funds to a card can range anywhere between 1.2%-3%, depending on the card type.
But if you already understand the risks and are willing to take them, you can explore the numerous paid and free ways to get bitcoins. So, if you can get your head in the game, now is the right time to do so. On the downside, cold wallets are not easily accessible and can be complicated to set up.
LocalCoinSwap brings buyers and sellers together in a marketplace for a range of coins, including BTC and Ethereum. 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. The first step to take is to decide on the type of Bitcoin Understand How Otc Trading Works 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.
Bitcoin has been going through a long period of devaluation and corrections lately, intermixed with slight recoveries, though the current boom has further shaken things up. Some serious research may be required to decide when the best time to sell is for you. Finally, don’t assume that an exchange is available in your country, or even state, just because you can access its website. Many state and federal governments are still figuring out how exactly they want to treat cryptocurrencies from a legal and tax standpoint.
