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. There is a P2P marketplace built into Binance, but there are other options such as Localbitcoins. Fees for eth 2.0 release date 2021 selling on P2P marketplaces vary, but Binance and Localbitcoins both charge 0%.

However, if you do your research well enough, it’s possible to find ways to reduce these additional charges. As always, it is also a good idea to consult with a tax professional when buying and selling assets. Taxes can get complicated, especially when it comes to crypto assets.

Peer-to-Peer (P2P) exchanges

The equivalent amount would be converted run python script with parameters on button click to GBP and deposited in the ‘Fiat and Spot’ wallet. Going this route would see an investor incur 0.10% in trading fees. 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. Binance is the best-rated exchange to sell BTC for several reasons.

If you’re going to buy lots of bitcoin, you should get a dedicated wallet to put it in. 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. 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. The riskiest — but likely most anonymous — way to turn Bitcoin to cash is to do so in person.

1. You can find Bitcoin ATMs in just about every city, though they are often not all that convenient to get to.
2. The most basic way to withdraw funds is to move them to your bank account.
3. Once you’ve attached your bank details to your exchange account, you just need to find the “withdraw” option.
4. You can use the card to pay for things in-store, shop online or even pull cash straight from an ATM.
5. 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.

Selling Bitcoin on Cryptocurrency Exchanges

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. 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.

How to turn your Bitcoin into cash

With access to hundreds of coins, multiple supported fiat currencies, and low trading fees, exchanges offer the most flexibility when cashing out your crypto. Going through an exchange is the quickest and easiest way to sell. This is because the cryptocurrency exchange does all the hard work of setting a good price and finding a random person looking to buy bitcoin for this price. For this example, we’ll use Coinbase, but most crypto exchanges have a similar 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.

If you hold Bitcoin or other crypto within Cash App or another money transfer app, you can sell it pretty easily. You will pay a fee within the app, but it’s usually pretty reasonable. The key with these apps is you need to already hold your crypto within the app, otherwise you can’t cash out.

Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website. For our illustration, we would be working with the email option. To create a personal account, fill in a valid email address on the next page and add a unique, strong password. Follow through with the next steps and verify the mobile number. Sending bitcoin is as easy as choosing the amount to send and deciding where it goes.

The final factor to consider when selling Bitcoin is the withdrawal fee for cashing out to a bank account. Some exchanges charge a flat rate while others charge a percentage. Look for an exchange that either has no withdrawal fees or charges a low flat rate. Another advantage of Coinbase is the broad selection of withdrawal choices.

However, these limits usually only apply if you are cashing out a massive amount of BTC. Many centralized exchanges also offer P2P exchange options, including Binance, KuCoin, and ByBit. Overall, selling Bitcoin for cash with an online broker is best when you already hold the crypto assets on the 10 best cryptocurrency exchange platforms of 2020 platform. However, there’s no option to get an escrow in real life — or rather, if you did, it would totally defeat the point of hiding it from anyone else. Because of this, in-person bitcoin transactions are much riskier than any online exchanges, and you should be careful if you choose this option. Once the Bitcoin has been deposited into the Binance account, it can be converted to fiat.