The downside to P2P exchanges is the risk of losing your funds (Bitcoin sent, but no cash received), and the time it takes to sell, as you need to find a prospective buyer and negotiate the sale. 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 platform.
Alternative Options
However, remember that with greater control comes greater responsibility – you’ll need to be more vigilant about security and choosing reliable trading partners. If you want to take advantage of selling Bitcoin with no fees, you can also sell using MoonPay Balance. Enjoy faster transactions, higher approval rates, and zero fee withdrawals when you cash out to fiat. MoonPay charges a small processing fee for all crypto sell transactions, which you’ll need to take into account when factoring how much BTC you can sell for cash.
Although bitcoin debit cards don’t exactly convert bitcoin to cash, they come close enough to land on this list. You can use them exactly how you’d use regular debit cards, as long as the point of sale accepts Visa or Mastercard, which so far are the two major payment card providers offering crypto support. To use a P2P exchange, create an account with your platform of choice, then find ideal buyers and request trades. Once a buyer approves your request, the platform will keep your bitcoins locked until you confirm that you’ve received the buyer’s cash, like an escrow function. This setup makes peer-to-peer platforms especially worthwhile if you’re concerned about scams or fraud while interacting with someone over the internet. Using Cryptocurrency ExchangesSelling bitcoin for cash through an exchange is the most straightforward method.
Peer-to-Peer (P2P) exchanges
Regardless of the reasons, a time may come when you want to turn your Bitcoin into government-issued currency. Selling Bitcoin with MoonPay is decentralized so you’re always in control of your crypto and your private keys. The road to financial equality will be paved by easy-to-use and secure access, and that’s what drives Coinme’s mission. Finder makes money from featured partners, but editorial opinions are our own. After you’ve signed up to an exchange, you can then transfer your Bitcoin across. There’s 2 main things to consider when picking an exchange to sell your Bitcoin.
Using Cryptocurrency Exchanges
After you are in the sell section of the wallet, you can select the wallet you wish to sell from and the bank account you wish to deposit to. Crypto exchanges are the most popular way to sell Bitcoin, offering high liquidity and competitive fees. In this guide, we’ll walk you through how to sell Bitcoin for maximum profit, covering the best platforms, strategies, and essential tips to optimize your transactions while minimizing fees. MoonPay employs AES-256 encryption and our data centers are PCI-DSS certified meaning all your banking information is secure with us and will not be handed over to any third party.
- When compared to alternative methods, they often have higher transaction costs.
- You might also have to prove your identity with an ID card, driver’s license or passport before withdrawing funds.
- If you want to cash out your crypto, using a centralized exchange, online broker, or money transfer app is a low-fee way to sell, but be aware of the limitations that each app has.
- Users can either use a crypto-to-fiat centralized exchange, a decentralized exchange, or a Bitcoin ATM.
How we make money
- You can choose between using a crypto exchange or a peer-to-peer platform.
- Selling Bitcoin directly to a trusted friend or family member eliminates exchange fees.
- Before making financial investment decisions, do consult your financial advisor.
- Coinbase has an easy-to-use “buy/sell” button, and you can choose which cryptocurrency you want to sell and the amount.
- If you’re in a country or region where the platform is banned, you’ll need one of the best VPNs for Binance.
If you’re selling cryptocurrency from your external wallet, you will need to send BTC to the provided MoonPay wallet address. Please note that it may take a few minutes for the blockchain transactions to go through, depending on factors like the specific crypto asset, gas fees, and blockchain network congestion. One way to do this is through online exchanges or peer-to-peer platforms. You can also find people willing to buy Bitcoins in exchange for cash in local Bitcoin meetup groups or Bitcoin social media sites. Keep in mind that it is important to use a secure and reliable payment method to ensure that transactions are carried out securely. To sell Bitcoin, transfer your BTC to a cryptocurrency exchange wallet.
Much like withdrawing to a bank account, first go into the “withdraw” section. 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. 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 is bitcoin traceable privacy guides 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.
Finding The Best Crypto to Invest In: Expert Strategies for Identifying Tomorrow’s Winners
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. It’ll include methods of how to turn Bitcoin into cash such as bank transfer, PayPal and even through cash deposit! I’ll show you how to withdraw Bitcoins to cash using an exchange (namely, Binance) and through a peer-to-peer exchange.
Online exchanges
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 how to buy feg token payment, they instruct the exchange to release the crypto in escrow to the buyer. The cost of selling Bitcoin on Coinbase is dependent on the order size. The exchange charges a flat fee on all Bitcoin sell orders up to $200.
Thus, if you’re creating a bank account especially to take out profits from can i transfer my cryptocurrency interest to another wallet selling Bitcoin, you should shop around and pick the bank that best meets your requirements. One further method to withdraw BTC and sell is to do an online or in-person direct deal with another party. This may be accomplished in a few different ways, such as by arranging a face-to-face meeting to sell Bitcoin or by carrying out the transaction online using a dedicated platform. Now it’s time to send the USD that you just got to your connected bank account.