Selling Bitcoins is not as easy as buying them. If you want to know how to sell Bitcoin, there are several ways to do it. You can cash out your Bitcoin holdings online through crypto exchanges or peer-to-peer exchanges. Apart from that, you can also sell your Bitcoins via a Bitcoin ATM or trade in-person.
No matter which way you choose, it’s essential to know about every method. It will help you to make an informed decision. Although selling online seems convenient, Bitcoin ATM is the better option if you need instant cash. So, read this article to understand which method is best for you.
How To Sell Bitcoin
Here you’re going to discover five different ways to sell your bitcoins. All of these methods have their own advantages and disadvantages.
How To Sell Bitcoin Via Crypto Exchange
Cryptocurrency exchanges are the simplest way to sell your Bitcoins. Several exchanges offer you cash out of your Bitcoins. However, you should check the security and legitimacy of the exchange.
Always choose a crypto exchange with a good reputation, high-security features, etc. Next, you should also consider the regulations, transaction fees, and service fees. Compare a few crypto exchanges and choose which is better. A few of the popular crypto exchanges are CEX.io, Coinbase, Bitstamp, etc.
After selecting the crypto exchanges, you need to follow the below steps.
- Create an account in the crypto exchange platform.
- Enter all your essential details and complete verification.
- Add your Bitcoins to the exchange wallet.
- Provide your bank details.
- Place a sell order.
- Choose the type of fiat currency.
Once you place a sell order, the equivalent value of fiat money will be deposited into your exchange wallet. Most of the crypto exchanges ask for a deposit with fiat currency at least once to verify your bank account.
After you send the request for withdrawal, it may take a few days to transfer your money from the exchange to your bank account. Typically, it takes around 1-5 days to transfer your money.
Although it’s simple and relatively secure, it can be complicated for some users. Now that you understand how to sell your Bitcoins via a crypto exchange let’s look at the P2P exchange option.
How To Sell Your Bitcoins Through Peer-To-Peer Exchanges
Another simple way to sell your Bitcoins is through a peer-to-peer exchange. It’s a little different from the crypto exchange method. Here the P2P exchange will allow you to find a buyer who is interested in what you offer.
Unlike crypto exchanges, these platforms don’t have a particular price point for Bitcoin. You can set the price and amount on your own. The exchange selects buyers according to your requirement. Next, you can choose a buyer from the list of buyers.
One of the best things about this is you can choose the payment method. You can sell your Bitcoins and receive your money by bank transfer, cash deposit, or in-person.
Bank Transfer: If you choose this option, the buyer sends you money via bank transfer. You need to provide your bank details in the P2P exchange.
Cash Deposit: It’s quite similar to the previous option. The only difference is the buyer will send you money via cash deposit to your bank account.
In-Person: Here, you will meet the person and sell your Bitcoins face to face. When the buyer is a local one or from a nearer city, it’s a suitable way.
If you want to sell your Bitcoins through a P2P exchange, you need to follow these steps.
- Create an account in a P2P exchange.
- Enter all essential details and complete verification.
- Give an offer and wait until the platform finds a suitable buyer.
- Once it shows the list of buyers, choose a buyer by reviewing their profile and ratings.
- Contact the buyer and close the deal.
Another great thing about this method is most of the P2P exchanges offer an escrow service. Now that you know how to sell Bitcoin in this method, it’s not always secure. So you should be careful while choosing the platform and buyers.
How To Sell Your Bitcoin Via Bitcoin ATMs
Do you know how to sell your Bitcoin via Bitcoin ATMs? This option is best if you want instant cash. However, there must be the availability of Bitcoin ATMs in your locality or city. You can find these ATMs’ locations from Coin Radar. It’s one of the best platforms that lists the Bitcoin ATMs across the world with maps.
Remember, you cannot withdraw as much as you want. There is a limit for each of these ATMs. Generally, Bitcoin ATMs are suitable for a small amount and instant cash. You need to follow the below steps to sell your Bitcoins at a Bitcoin ATM.
- Provide your mobile number.
- Enter the code you receive.
- Select the “Sell Bitcoins” option.
- Enter your amount.
- Scan the QR code and send Bitcoins.
- Receive your cash.
However, here you need to keep one thing in mind that all the Bitcoin ATMs are not the same. Some of them are bidirectional that allows you to both buy and sell Bitcoins, while others allow you to buy only.
Although Bitcoin ATMs allow you to withdraw instant cash, there are a few limitations of this method. You need to pay high fees for selling your Bitcoins. It allows you a small amount to cash out Bitcoins. Additionally, some users may not have access to a physical Bitcoin ATM in their locality.
How To Sell Bitcoin Via Crypto Debit Card
Recently, crypto debit cards have given a great way to cash out your Bitcoins. You just need to register and avail of a crypto debit card and send your Bitcoins to the crypto debit card. It will automatically convert your Bitcoins into the desired fiat currency. However, each type of card has different options.
One of the best things about crypto debit cards is you can withdraw money from normal ATMs. Also, these cards have global acceptance with online and offline shopping options.
Hopefully, you have understood how to sell Bitcoin in different ways. Now you need to choose any of the above ways to sell your Bitcoins. Ensure that you choose the right platform while selling online in a crypto exchange or P2P exchange. Although P2P exchanges can process your payments faster, you must be careful about the security features. If you are planning to sell your Bitcoins at an ATM, don’t forget to consider the fees. Lastly, please share your opinion on this post in the comment section.