How To Sell Bitcoin BTC: 4 Best Ways To Cash Out Bitcoin 2024
adminA VPN also helps you buy and sell Bitcoin in countries where crypto is illegal. When you find one, you can use these machines like you would use a traditional ATM. The only difference is that rather than inserting a debit card and PIN, you type in your bitcoin address. Just make sure that no one’s watching over your shoulder while you type it out, as physical threats to your privacy are a potential issue using this method. There are some problems around this, such as what happens if the buyer doesn’t pay up, and the peer-to-peer marketplaces will still have some information on who you are.
Good choices are bank lobbies, police station foyers, and courthouses. Bitcoin ATMs are machines that accept Bitcoin and spew out cash. Not all ATMs allow you to sell Bitcoin; some allow you only to buy Bitcoin. Some of them won’t even require any type of ID or verification. Coinmama is considered relatively expensive when it comes to exchange rates. This is probably the fastest and most convenient method around if your country is supported.
- Crypto exchanges, brokers, and banks are required by law to verify customers’ identities before converting cryptocurrency to fiat.
- Investors can trade their BTC using the Sell option on the Coinbase website or mobile.
- For instance, Binance is one of the most economical exchanges that charges 0.1% to sell Bitcoin and is an ideal platform for those who want to lower their crypto fees.
- Good choices are bank lobbies, police station foyers, and courthouses.
- To hold or sell Bitcoin for cash in these regions (China, for example) may have severe consequences.
If you want to swap Bitcoin for another cryptocurrency, including stablecoins, you likely won’t need to verify your identity. It allows you to sell Bitcoin and withdraw it via a wire or SEPA transfer. Bitcoin ATMs are an increasingly digital currency examples how much bitcoin is out there common sight around the world. These kiosks used to only allow the purchase of BTC with a credit or debit card. You can find Bitcoin ATMs in just about every city, though they are often not all that convenient to get to.
Is it legal to sell Bitcoin for cash?
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. This is advantageous if want to swap BTC directly for fiat deposits in their bank accounts. Moreover, Gate.io is a top provider in terms of trading volume at the time of writing. To sell via P2P, users only need to access the marketplace and select a verified merchant from the list of options.
Compare and select a Bitcoin exchange
You can sell Bitcoin for US dollars at a centralized crypto exchange, stockbroker, or Bitcoin ATM. If using a crypto exchange, sell Bitcoin using the BTC/USD trading pair, then withdraw your USD to a bank account. LocalCoinSwap brings buyers and sellers together in a marketplace for a range of coins, including BTC and Ethereum. cryptocurrency investments 2021 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. In order to access the market and limit orders on a crypto exchange, you will need to navigate to either “spot trading”, “trade” or “markets”.
This method is usually faster than a wire transfer but also a bit more expensive. When cashing out Bitcoin, you are most likely going to be subject to some transaction, list of exchanges that have most altcoins network or withdrawal fees. Unfortunately, there is no magical Bitcoin bank that can cash you out without charging any commission or additional fees.
A growing number of crypto exchanges now report transactions to the IRS, so you’re likely to get caught if you don’t report profits from selling Bitcoin. Open the exchange’s trading platform and find the BTC/USD trading pair. Navigate to the deposits page and choose the option to transfer cryptocurrency from an existing wallet.
While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products. Please don’t interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder.com compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. There is a P2P marketplace built into Binance, but there are other options such as Localbitcoins.
The alternative is to sell BTC for fiat on the exchange but this way comes with another fee depending on the withdrawal method. Coinbase is next on our list of the best exchanges to sell Bitcoin. The San Francisco-based crypto exchange is North America’s largest crypto trading platform. 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.
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. 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. Peer-to-peer or P2P marketplaces are one of the most popular alternative ways to sell Bitcoin.
In this guide, we’ll cover 6 ways to sell Bitcoin and walk through the steps required to convert BTC to cash. Proceed to copy the wallet address and paste it on the recipient address bar of the external wallet. Confirm and click on ‘Send,’ and the crypto asset will be deposited into the Binance wallet once all verifications have been made on-chain. If you take a loss when you sell Bitcoin, you can use that loss to offset other gains from cryptocurrency trading. A growing number of online stockbrokers now offer Bitcoin trading, allowing token holders to buy and sell BTC. Some popular brokers offering this option include Fidelity, eToro, Robinhood, Webull, and Interactive Brokers.
Step 3: Transfer Bitcoin
The best crypto exchange to use allows the selling of Bitcoin into fiat currency off-ramp that can be withdrawn to a bank account. Another advantage of Coinbase is the broad selection of withdrawal choices. Bitcoin sellers can receive funds through preferred payment methods. The exchange supports withdrawals via debit cards, wire transfers, PayPal, Instant Cashout, and ACH transfers. For customers who choose the ACH option, their withdrawals will be processed within 3-5 business days. Moreover, when it comes to payout methods, Binance supports credit/debits and even bank wire withdrawals.
Many Bitcoin holders may already have an account with one of these exchanges since buying BTC at an exchange is the most common practices. Paxful has been running since 2015, and it allows you to find buyers (or sellers) that trade with various payment methods, including cash. 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.). The best way to sell Bitcoin is through a cryptocurrency exchange. Otherwise, you will need to deposit the coins or tokens on an exchange to sell on the market. Hedge With Crypto aims to publish information that is factual, accurate, and up-to-date.
Ways to Sell Bitcoin
Selling Bitcoin can be taxable depending on the location of the investor. 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. 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.
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. However, these limits usually only apply if you are cashing out a massive amount of BTC. Swapping Bitcoin for another cryptocurrency is a way to sell BTC while still remaining exposed to the crypto market. If you want to reduce your exposure but still remain ready to buy tokens at a moment’s notice, you can swap Bitcoin for a stablecoin such as Tether (USDT) or USD Coin (USDC). The fee for withdrawing funds to a card can range anywhere between 1.2%-3%, depending on the card type.
Crypto exchanges are the most popular way to instantly cash out of BTC to a bank account. 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. For instance, Binance charges 3.9% for debit card withdrawals which is higher than other supported payment methods. Insert the amount of fiat to withdraw and click on ‘Confirm’ to complete the transaction.