If you are looking for how to sell Bitcoin, this guide will give you a clear picture of how you can sell Bitcoin for cash quickly, easily, and at a low cost. Some of the topics that will be covered in this guide are general steps of selling BTC for cash, best platforms for selling Bitcoin, selling them in each country, and other frequently asked questions.
How to Sell Bitcoin Easily?
Unlike the past, selling Bitcoins have become easier, no matter whether you do it through cryptocurrency exchanges, P2P (peer-to-peer) sites, or Bitcoin ATMs. Let’s first walk you through the normal steps involved in selling BTCs.
Step #1: Decide the currency in which you want to cash out
If you are in the US, you most probably want to sell the largest crypto and cash out in US Dollars (USD). If you are in any of the European Union countries, you may want to cash out in Euros. In the case of the United Kingdom, you may want to sell your BTCs and get the money in Pound sterling (GBP).
Figuring out the fiat currency is important because many exchanges or services don’t offer support to specific currencies or no fiat currencies at all.
Step #2: Create an Account in a Platform where you can Sell Cryptos
You have to create a trading account in such a platform that allows you to sell Bitcoin and cash it out in your preferred fiat currency, say, USD, GDP, EUR, or else.
- There are many crypto exchanges (such as Coinmama and Coinbase) that allow you to sell Bitcoin that cash out in US Dollars and other leading fiat currencies.
- If you want to sell coins and receive the cash in person, Localbitcoins and many other P2P sites are there for your help.
- You may also want to sell BTCs on Bitcoin ATMs (BATMs) if you want to remain anonymous or offline. In fact, you can also sell them to a friend at a Bitcoin meetup and it would not need an account at all.
Creating an account on a cryptocurrency exchange varies from one platform to another. However, the process remains more or less the same on each platform with minor variations. Broadly speaking, the steps involved are:
- Step #1: Create a Username and Password
- Step #2: Provide details as part of the KYC (Know Your Customer) process. Your identity is confirmed in this step.
- Step #3: Protect your account with a 2-factor authentication method.
|The verification or identity confirmation process may involve a waiting period and you can buy only after that. If you have bought Bitcoin from a crypto exchange, you already have an account. You now simply have to use the same account to sell it.|
Step #3: Transfer Bitcoins to the Platform through which you want to Sell Bitcoins
Usually, people store Bitcoins on BTC wallets, either software or hardware wallets for the security of their coins. If you want to sell them, you can do it directly from the wallets. For that, you have to transfer your coins from the wallet to the platform (be it exchange or P2P platform).
- Step #1: Once you have an account, you simply have to deposit your crypto assets on the exchange. You simply have to push either the “deposit” or “send/request” button.
- Step #2: Once you do that, you’ll be presented either with a QR code or a wallet address.
- Step #3: Scan the same or put the wallet address.
- Step #4: Send the amount of Bitcoins you want to sell.
If you are selling your BTCs in person, you simply have to send the digital coins directly and they will in turn hand you the cash.
Step #4: Create a sell order
Once the account is created and the deposit of cryptos moved here, it is now time for you to create a sell offer on the platform you are selling BTCs on. This actual selling process varies from one platform to another. However, in general, the process involves the following steps:
- Search for the “sell” or “trade” tab on the platform after logging in to your account.
- You can sell Bitcoins at a price offered by the broker. If you don’t like the price, you can create a custom sell order on an exchange order book.
- The only difference in selling with a broker is that you are doing it at a spot price (minus a certain fee).
P.S. Always remember that you can set any price of your choice to sell Bitcoins. But try to keep it competitive otherwise there will hardly be any taker. When you are selling your Bitcoins on a cryptocurrency exchange, the best thing is that the fees are usually low than the brokerages.
Best Crypto Exchanges to Sell Bitcoin (BTC) as per Countries
Sell Bitcoins in the United States
Coinbase or Coinbase Pro is the best in the USA for selling BTCs.
Sell Bitcoins in Canada
All major decentralized exchanges are available here. The best ones are:
Sell Bitcoins in Europe
Sell Bitcoins in the United Kingdom
- BitBargain.co.uk (P2P Marketplace)
Sell Bitcoins in Australia
Sell Bitcoins Around the World
- Huobi Global
- Coinbase Pro
- Gate .io
Best Decentralized Exchanges and Marketplaces to Sell Bitcoins
- LocalBitcoins: In-person exchange (Available almost globally)
- LocalCryptos.com: In-person exchange
- Bisq: Decentralized exchange
- HodlHodl: Decentralized exchange
- BitQuick: Decentralized exchange
Sell Bitcoins (BTC) on Bitcoin ATMs (BATMs)
Check the Bitcoin ATM Map for your location and find one closest to you. If you want to cash out in US Dollars or in a preferred fiat currency, always tick the checkbox “crypto -> fiat” and disable “fiat -> crypto”.
All the details of a specific BATM will be provided by clicking the location markers. The details shown will be:
- Operating Hours
- Type of ATM
Always inquire whether a concerned Bitcoin ATM requires any identification of the seller. Sometimes, BATMs inquire about invasive information requirements like ID books and fingerprint scans. If you want to sell BTCs anonymously, always choose one that doesn’t ask for any personal information, ID, or others.
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