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. Another advantage of Coinbase play to earn metaverse is the broad selection of withdrawal choices.
The equivalent amount would be converted to GBP and deposited in the ‘Fiat and Spot’ wallet. Going this route would see an investor incur 0.10% in trading fees. 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 payment, they instruct the exchange to release the crypto in escrow to the buyer. Binance is the best-rated exchange to sell BTC for several reasons.
- If you are simply looking to access cash, the Coinbase card can be used at an ATM to withdraw up to $1,000 per day.
- It is the largest crypto platform by trading volume, available in more than 100 countries, which makes it highly accessible to individuals around the world.
- For instance, a direct P2P transfer would see a user only paying for the network fee to the miners.
- Another advantage of Coinbase is the broad selection of withdrawal choices.
- While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products.
If you hold Bitcoin or other crypto within Cash App or another money transfer app, you can sell it pretty easily. You will pay a fee within the app, but it’s usually pretty reasonable. The key with these apps is you need to already hold your crypto within the app, otherwise you can’t cash out.
How to Sell Bitcoin in 2024: Exchanges, Apps & Payment Methods
However, these limits usually only apply if you are cashing out a massive amount of BTC. 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. However, there’s no option to get an escrow in real life — or rather, if you did, it would totally bitcoin for beginners 2020 defeat the point of hiding it from anyone else. Because of this, in-person bitcoin transactions are much riskier than any online exchanges, and you should be careful if you choose this option. Once the Bitcoin has been deposited into the Binance account, it can be converted to fiat.
Get cash from a Bitcoin ATM
With access to hundreds of coins, multiple supported fiat currencies, and low trading fees, exchanges offer the most flexibility when cashing out your crypto. Going through an exchange is the quickest and easiest way to sell. This is because the cryptocurrency exchange does which exchange cryptocurrency margin all the hard work of setting a good price and finding a random person looking to buy bitcoin for this price. For this example, we’ll use Coinbase, but most crypto exchanges have a similar method. Kraken offers fiat withdrawals for US and UK customers through ACH, SWIFT, FedWire, FPS (UK), and SEPA transfers. When liquidating Bitcoin via the ‘Buy Crypto‘ widget, there is a 1.5% cost.
Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. 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.
Withdrawing local currency
However, if you do your research well enough, it’s possible to find ways to reduce these additional charges. As always, it is also a good idea to consult with a tax professional when buying and selling assets. Taxes can get complicated, especially when it comes to crypto assets.
If you’re going to buy lots of bitcoin, you should get a dedicated wallet to put it in. These are generally more secure than most exchange wallets, but there will be transaction fees whenever you move money into or out of this wallet. Some countries have outrightly banned the use of Bitcoin for any financial activity. To hold or sell Bitcoin for cash in these regions (China, for example) may have severe consequences. But this is not the case in some countries like the US and UK, which supports crypto swaps to cash and charges income taxes on such trades. The riskiest — but likely most anonymous — way to turn Bitcoin to cash is to do so in person.
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 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. There is a P2P marketplace built into Binance, but there are other options such as Localbitcoins. Fees for selling on P2P marketplaces vary, but Binance and Localbitcoins both charge 0%.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website. For our illustration, we would be working with the email option. To create a personal account, fill in a valid email address on the next page and add a unique, strong password. Follow through with the next steps and verify the mobile number. Sending bitcoin is as easy as choosing the amount to send and deciding where it goes.