- March 6, 2020
- Posted by: icoblock
- Category: Uncategorized
- Wondering how do you sell your Bitcoin?
- Want to cash out your Bitcoin for fiat currency like USD, Euro, Dinar, SGD or any other?
And, should you sell all of your Bitcoin or just a part of it?
In this guide, I will help you find answers to all the above questions and other which are related to selling Bitcoin.
There are many ways for selling Bitcoin, and you should pick a method based on factors such as:
- How many Bitcoin you want to sell
- How soon you need your money
- Which country you are from
- Do you want to money in cash or in bank account.
- Do you want to use something like PayPal to receive funds?
And a few other factors decide which route should you take.
I have shared different ways by which you can sell Bitcoin, along with a list of websites that could pick based on your country.
At the end of this guide, you will find many questions, and answers related to selling Bitcoin. A lot of our users have found this section highly useful, as it helps in answering unanswered questions.
First thing first…
5 Simple Steps to Sell Bitcoin:
Step 1: Find a Website:
There are a lot of Bitcoin selling websites available on the internet, and a few of them provide high liquidity, the best price, and enough trust.
And, this is why the first step for you is to find reliable Bitcoin exchanges.
There are a few important things to know:
- The Bitcoin selling website should support your country bank account
- The website should have enough trust, else it put you into counterparty risk.
- It should have a pair for your country currency and Bitcoin. Ex: BTC/USD, BTC/AUD, BTC/SGD, BTC/INR
- The volume should be good enough to ensure you get the best-selling price
- The fees should be low.
Here are the list of authentic websites that sells Bitcoin for various countries. If you don’t see your country in the list, let me know and I will add it into the list. Pick the one that is nearest to your country.
A lot of above websites, let you receive money via bank transfer, PayPal, Payoneer, and other methods. In the further section of this guide, I have discussed different ways by which you or anyone cal start selling their Bitcoin portfolio.
For now, lets learn all the steps, which should take care of needs of majority of our readers.
Step 2: Create your account
Once you have found the website (above) that supports your country, setup an account. This process could take anywhere between 5 minute to 2 days. It all depends on your country or residence, and website that you are dealing with.
Here is what you need to do:
If you want to sell a small amount of Bitcoin, you should be able to sell Instantly. However, for large volume, you may need to get upper tier verification, that could take 1-2 days. (More on this, in the next step).
A lot of them would ask you to setup 2 factor authentication. This process is useful to secure your account, as you would be adding Bitcoin to their wallet.
Step 3: Transfer Bitcoin to the website wallet
Now, under the wallet section of the website, you will find your unique Bitcoin deposit address. You can transfer your Bitcoin to the wallet, and usually this could take 5-50 minutes for the transfer to be done.
On CEX, click on Wallets, and you will find your Bitcoin wallet address:
A word of caution:
If you are doing something like this for the first time, you should transfer just a fraction of Bitcoin. Ex: 0.01 BTC.
Step 4: Put a sell order
Once you received the Bitcoin in the wallet, simply place a sell order. You could sell the Bitcoin at the current price.
Most of these websites have an easy to use screen for you to place sell order.
Step 5: Cash out funds
Once you are done selling Bitcoin, you will have the fiat currency in your wallet. Now, you can withdraw the funds directly to your bank account, or other accounts such as PayPal, and others.
This process could be done immediately or could take 1-2 days, depending upon your country, and website policy.
Over all, selling Bitcoin constitute of only these 5 steps. These steps will be more or less similar across, and medium that you use.
Now, let’s look at some of the popular ways by which you could sell your Bitcoin.
How to sell Bitcoin offline:
You could sell it offline in your network or via P2P method. You can check the current Bitcoin price in your country, and sell at the same price to interested buyer.
However, when dealing with cash and selling it offline, comes with its own risk. So, you need to be careful.
- Meet the buyer at a public place in broad daylight.
- Do not exchange unrequired personal details when you meet with the seller.
- Wait for the transaction to confirm at least twice. I usually wait for 3-4 confirmations. Sometimes it takes about 5-15 minutes for the transaction to confirm multiple times.
How to sell large volume of Bitcoin:
If you are not in hurry, and looking to cash out a huge amount of Bitcoin, you should use a Bitcoin OTC broker. These is a service offered by exchanges for whales like you to sell large amount of Bitcoin without impacting the market, and help you get the best possible price.
You can read my earlier guide on “Bitcoin OTC brokers” to learn more about this.
How to Sell Bitcoin on CoinBase:
CoinBase is a popular website used by millions to sell Bitcoin. You could sell Bitcoin for money, and withdraw funds using ACH or Wire transfer.
Here is how to you could cash out Bitcoin on CoinBase:
- Head over to Coinbase.com
- Create an account
- Deposit your Bitcoin
Click on trade, and select BTC and USD pair to trade your Bitcoin for USD.
Usually, this will take 2-3 minutes, and the funds will be in your Coinbase account.
From here, you could withdraw the funds to your bank account using Coinbase.
Here are a few more hand-picked ways that you should check out:
Now, lets look at some of the questions which are asked by CoinSutra community members via email. Chances are your unresolved queries related to selling Bitcoin should be resolved via below Q&A. In case if it is not, feel free to ask it via comment section below.
No! It’s not illegal to sell Bitcoin for cash.
You could definitely sell Bitcoins for cash, however, if you are doing large volume of selling for cash, you need to check with your country law. Certain countries does not allow huge cash transactions.
There is no upper or lower limit when it comes to selling Bitcoin. You could sell Bitcoin as low as worth $10 or as high as worth $10 million or more.
The only cost associated with selling Bitcoin is the exchange fees or the broker fees. For example, Binance charges only 0.1% for transactions, and there are zero charges on withdrawals.
These days, it is apparently very easy to sell Bitcoin. Unlike old days, now you could also sell Bitcoin instantly and securely. Also, a lot of countries has put the proper law and legislation for selling Bitcoin. The only time when it is hard to sell Bitcoin is when you are in a country where Bitcoin is banned. In such cases, you could use a P2P exchange like Localbitcoins or Paxful.
Treat your Bitcoin as money, and sell it when you need fiat money.
However, the price of Bitcoin is volatile, and when the price is super low, you could wait for it to get better to sell. If you need money urgently, you can use your Bitcoin as collateral on websites like Block-fi, Nexo to take a loan.
Binance is the most popular way to sell BTC in Nigeria.
Do let me know if you have any other questions regarding selling Bitcoin. Even if you want to ask question without a real name, you could do that by using “Anonymous” as name in the comment section below.
An award-winning blogger with a track record of 10+ years. An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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