How To Sell Bitcoin BTC: 4 Best Ways To Cash Out Bitcoin 2024

One of the easiest ways to cash out your cryptocurrency or Bitcoin is to use a centralized exchange such as Coinbase. Coinbase has an easy-to-use “buy/sell” button and you can choose which cryptocurrency you want to sell and the amount. First of all, remember that the amount of Bitcoin you have will make a big difference in how you can cash out. For small amounts of Bitcoin, you can simply sell it on an exchange or to a person you know who is also interested in cryptocurrency. However, for larger amounts of Bitcoin, you may need to use a specialized service that can help you convert your Bitcoin into cash without incurring high fees. In addition to choosing the right service, there are a few more tips to make your Bitcoin cash-out experience as smooth as possible when dealing with bigger sums.

  1. The user-friendly exchange only offers one way to reduce a Bitcoin position which is limited compared to Binance.
  2. The cost of selling Bitcoin depends on the platform chosen by a user.
  3. In the past, the only method available for converting cryptocurrency to cash or vice versa was through internet cryptocurrency exchanges.
  4. Proceed to copy the wallet address and paste it on the recipient address bar of the external wallet.
  5. You can sell your Bitcoins using these services under your own conditions.

Some crypto enthusiasts are in it for the long haul while others may choose to cash out as soon as they make a profit. Figure out which camp you live in and decide whether converting your crypto into cash is the right finance decision how to buy pepe crypto for you at this moment. Jacob has been a nationally-recognized personal finance expert and credit card rewards enthusiast for the past decade plus. He has written for a number of widely-followed sites, including Money Under 30.

Crypto Exchange Withdrawal Limits

Using a peer-to-peer exchange requires sending Bitcoin (or other crypto) directly from your digital wallet to another user’s digital wallet. In turn, you will receive payment through Zelle, PayPal, or another method of deposit to your bank account. You can also do a direct trade, selling your cryptocurrency directly to another person through another entity. The most popular way is through a peer-to-peer online platform that allows sellers to find the best offers through an exchange, though one could even do it in person if needed. Some payment methods, like bank wire transfers, may take longer than others. So check out how long the cash-out transaction will take to know when your funds are to be credited.

Money transfer apps

US investors can withdraw money using ACH via the Binance.US exchange. However, Australian investors may need to wait 1-2 business days to receive their withdrawals when using bank transfers in AUD. Gate.io rounds off our list of best exchanges to cash Bitcoin holdings. Gate.io is a cryptocurrency exchange that supports several different cryptocurrencies and trading pairs. Like Binance, investors interested in selling BTC on Gate.io can do so through the P2P marketplace.

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. Third-party exchanges and fiat gateways typically charge fees from 3% to 5% for converting crypto into cash, which is high.

Other Ways To Sell Bitcoin

The best method to cash out of Bitcoin is using a suitable crypto exchange. The process involves depositing BTC to the exchange, hitting the ‘Sell’ button, choosing the payout method, entering the amount to sell and making a withdrawal to a bank account. For instance, there is a $4 withdrawal fee for both FedWire and SWIFT (Silvergate Bank). Withdrawing cash via ACH is also free and can be processed within 1-2 business days in the US.

We do not include the universe of companies or financial offers that may be available to you. Coinme is in the business of making it easier for more people to buy and sell bitcoin and cryptocurrencies, whenever they want, and increasingly, wherever they want. Yes, you can transfer the money to your bank account after selling Bitcoin. Cex.io and Gemini are some of the other popular crypto exchanges you may consider. The maximum amount of cryptocurrency funds that can be withdrawn from the Binance account is subject to two restriction degrees. Verified accounts are at Level 2 and have a daily withdrawal limit of 100 BTC.

You can withdraw your Bitcoin from Binance using a credit or a wire transfer. While Binance’s user interface is more tailored toward experienced traders due to its advanced cost to start a crypto exchange how to reduce it features. However, newbie traders who want to quickly convert Bitcoin to traditional money should find it straightforward to use the Binance Convert feature.

So take your time and shop around before you decide which one to use. Also, do not neglect security measures, and try to keep your crypto wallet information under control. getting started with node js in 2022 You should also make sure you understand the tax implications of cashing out crypto. So again, do your own research and talk to a tax professional before you proceed.

Today, Coinme is excited to announce the addition of over 22,000 ATM locations where users can instantly pick up cash for their crypto. After your P2P transaction is complete, you should leave feedback for the buyer. This way, the exchange’s rating system can show other sellers which potential buyers are to be trusted (or not) during future transactions. One needs to study the market and understand the factors affecting the price of Bitcoin before making any decisions. Generally speaking, if one has faith in its growth potential, then it might make sense to hold on to Bitcoin until a higher price gets established.

These transactions are often facilitated by an exchange, and Binance runs a well-known online peer-to-peer platform called Binance P2P. Once you check the transaction record in the payment account and make sure you have received the money from the buyer, Binance will release the crypto to the buyer on the platform. Once sales have been completed, tap on the ‘Fiat and Spot’ icon and click on ‘Withdraw.’ Select a preferred payment method and follow the on-screen prompts. However, investors should consider the applicable charges before using one of the payment methods.

To deposit Bitcoin, tap on the ‘Wallet’ icon and click on ‘Deposit.’ Select ‘Deposit Crypto’ and choose BTC from the list of options while selecting the network through which the deposit would be made. The Binance exchange supports the traditional Bitcoin network, BNB Beacon Chain (BEP2), BTC (SegWit) and ERC20 network. Secondly, Binance is one of the cheapest exchanges, with a default 0.10% fee for transactions on the exchange. Once the Bitcoin has been converted to fiat, the user can then proceed to withdraw the swapped fiat to their bank account. What makes Binance stand out as the best place to sell Bitcoin is its ability to convert Bitcoin into fiat and stablecoins with zero fees. Whatever your needs, there’s a method that can fit and the options continue to grow as bitcoin becomes more common and accepted throughout the world.

You can also select the “sell” feature to only look for ATMs that allow you to sell your crypto. Portions of this article were drafted using an in-house natural language generation platform. The article was reviewed, fact-checked and edited by our editorial staff.

However, decentralized exchanges can be more difficult to use than traditional crypto exchanges, so they may not be suitable for everyone. However, small and midsize investors and dealers make up the bulk of these platforms’ target market. That’s why it will take one to five days for the money to arrive in your bank account. The first step to take is to decide on the type of Bitcoin selling option that suits your preference. Users can either use a crypto-to-fiat centralized exchange, a decentralized exchange, or a Bitcoin ATM. However, the most popular option for selling Bitcoin is to use a central trading platform like Binance to convert crypto to regular fiat.

Moreover, Kraken makes it easy for crypto traders to part ways with Bitcoin securely given it is a regulated cryptocurrency platform by FinCEN to operate in the United States. However, instead of using a bank account, the card pulls funds from a crypto wallet. It is also one of the cheapest ways to convert crypto to cash, while still receiving your cash near instantly. Load the card from your BitPay Wallet balance or connect to a Coinbase account. You can use the card to pay for things in-store, shop online or even pull cash straight from an ATM. Cryptocurrencies are often traded on decentralized exchanges, which are exchanges that allow direct peer-to-peer exchanges of crypto assets.

Cashing out at an ATM is the equivalent of selling your Bitcoin, says California Bitcoin ATM company Hermes Bitcoin. Bitcoin ATMs are a way to get immediate access to cash using your bitcoins. In order to make a cash withdrawal and sell your Bitcoin from the ATM, the machine provides a QR code to which you send your Bitcoin. With the introduction of spot Bitcoin ETFs in 2024, investors have a simple way to buy and sell Bitcoin using a familiar structure. ETFs trade on an exchange and are available through most brokers and the expense ratios on several funds are below what you might pay to trade on a crypto exchange.

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