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The best way to sell Bitcoin is through a cryptocurrency exchange. If the assets are already on an exchange, then skip to step 4. Otherwise, you will need to deposit the coins or tokens on an exchange to sell on the market.
There are a variety of factors to consider when selling BTC. Before registering on an exchange, be sure to check that the asset is listed on the platform and that your desired fiat currency is supported for withdrawing to a bank account. Compare exchanges to find the lowest deposit fees, withdrawal fees and trading fees to maximize the fiat received.
Choosing where to sell Bitcoin depends on a few main factors. Cryptocurrency exchanges offer different fees for depositing assets, but it should be free to deposit BTC apart from the Bitcoin network fee. You should take into account trading fees for selling BTC when choosing where to sell as well. Reasonable trading fees range from 0%-0.5% per trade. 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.
Once you have chosen a cryptocurrency exchange to sell your Bitcoin, you will need to create an account. Find the sign-up or register button on the homepage then do the following:
You will then have to go through the KYC ("know your customer") process to verify your identity. We've outlined the basic steps this entails below.
The next step is to deposit your BTC on the exchange in order to sell it. In order to do this, follow these steps:
Now that your Bitcoin is in your exchange account, you can sell it. There are a few different ways to sell BTC through an exchange: instant sell, market order and limit order. It is important to remember that you can sell Bitcoin for fiat or for other crypto coins and tokens.
In order to do an instant sell, you will have to have previously connected a bank account or withdrawal destination. Instant sales tend to have the highest fees and are made at market price. Overall, you net less than using the spot market. With instant sale options, you are paying for convenience and speed. Generally, you choose how much to sell and where to deposit. You will get a preview of the transaction so you can check the details. Once you've confirmed the details, you can finalize the sale.
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". How the trading interface is labeled varies by exchange. While there are often more trading options than just market and limit orders, they are the most common. When selling Bitcoin through spot trading, you can sell it for fiat pegged stablecoins or other digital assets.
If using a market order, simply choose how much BTC to sell and then place the order. If using a limit order, choose how much BTC to sell and at what price, then wait for the order to be filled. You can cancel your order at any time if it's unfilled.
When trying to sell Bitcoin through a platform that permits fiat currency withdrawals, check to see what withdrawal methods are supported. Options may include the following:
When choosing an exchange and withdrawal method, make sure to consider the following:
The best way to sell Bitcoin is subjective and varies based on your circumstances. What works well for one person might not be a good fit for the next. Instead, it's about working out which option is the right choice for you. You can do this by asking yourself a few important questions:
These questions should help you decide how you want to sell your Bitcoin, and you can then figure out which platform has all the features you need. When comparing different cryptocurrency exchanges, make sure you consider the following:
There are several other important factors, such as where an exchange is regulated and the payment methods accepted by peer-to-peer trading sites. For a full breakdown of the features to look out for, check out Finder's cryptocurrency exchange guide and discover tips on how to choose the right platform.
Peer-to-peer or P2P marketplaces are one of the most popular alternative ways to sell Bitcoin. P2P exchanges require no identity verification, allow you to browse through buyers and see offers for each type of accepted payment method. They also do not require you to give up custody of your funds.
To sell your BTC on a P2P marketplace, you simply register, post what you have for sale, how much you want for it and acceptable payment methods. You will need to note any extra fees as well. Then you wait for a buyer to contact you. P2P sales are done using arbitrators and escrow and are surprisingly safe to do.
There is a P2P marketplace built into Binance, but there are other options such as Localbitcoins. Be sure to research any P2P marketplace before using it. Fees for selling on P2P marketplaces vary, but Binance and Localbitcoins both charge 0%. This does not include any fees you as the seller set for the buyer.
Bitcoin ATMs are an increasingly common sight around the world. These kiosks used to only allow the purchase of BTC with a credit or debit card. Nowadays, they often allow for both purchases and sales. You can find Bitcoin ATMs in just about every city, though they are often not all that convenient to get to. In addition, fees charged through Bitcoin ATMs are often much higher than any other option, with 6.5% being considered low and the average around 10%. While a cool option, Bitcoin ATMs are not the recommended option for selling BTC.
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