What is Bitcoin..August 10, 2019
There are a lot of Bitcoin selling websites available on the internet, and a few of them provide high liquidity, the best price, and enough trust.
And, this is why the first step for you is to find reliable Bitcoin exchanges.
There are a few important things to know:
Here are the list of authentic websites that sells Bitcoin for various countries. If you don’t see your country in the list, let me know and I will add it into the list. Pick the one that is nearest to your country.
CEX (Preferred, easy to use)
Coinbase (High fees, trustable)
United Kingdom 🇬🇧
Dubai Bitcoin Selling Website 🇦🇪
A lot of above websites, let you receive money via bank transfer, PayPal, Payoneer, and other methods. In the further section of this guide, I have discussed different ways by which you or anyone cal start selling their Bitcoin portfolio.
For now, lets learn all the steps, which should take care of needs of majority of our readers.Moving on…
Once you have found the website (above) that supports your country, setup an account. This process could take anywhere between 5 minute to 2 days. It all depends on your country or residence, and website that you are dealing with.
Here is what you need to do:
If you want to sell a small amount of Bitcoin, you should be able to sell Instantly. However, for large volume, you may need to get upper tier verification, that could take 1-2 days. (More on this, in the next step).
A lot of them would ask you to setup 2 factor authentication. This process is useful to secure your account, as you would be adding Bitcoin to their wallet.
Now, under the wallet section of the website, you will find your unique Bitcoin deposit address. You can transfer your Bitcoin to the wallet, and usually this could take 5-50 minutes for the transfer to be done.
For example: On CEX, click on Wallets, and you will find your Bitcoin wallet address:
A word of caution:
If you are doing something like this for the first time, you should transfer just a fraction of Bitcoin. Ex: 0.01 BTC.
Once you received the Bitcoin in the wallet, simply place a sell order. You could sell the Bitcoin at the current price.
Most of these websites have an easy to use screen for you to place sell order.
Once you are done selling Bitcoin, you will have the fiat currency in your wallet. Now, you can withdraw the funds directly to your bank account, or other accounts such as PayPal, and others.
This process could be done immediately or could take 1-2 days, depending upon your country, and website policy.
Overall, selling Bitcoin constitute of only these 5 steps. These steps will be more or less similar across, and medium that you use.
Now, let’s look at some of the popular ways by which you could sell your Bitcoin.
You could sell it offline in your network or via P2P method. You can check the current Bitcoin price in your country, and sell at the same price to interested buyer.
You can also use platforms like Localbitcoins or Paxful to sell your Bitcoin offline. These are P2P platform, which connects Bitcoin sellers with buyers.
However, when dealing with cash and selling it offline, comes with its own risk. So, you need to be careful.
If you are not in hurry, and looking to cash out a huge amount of Bitcoin, you should use a Bitcoin OTC broker. These is a service offered by exchanges for whales like you to sell large amount of Bitcoin without impacting the market, and help you get the best possible price.
You can read my earlier guide on “Bitcoin OTC brokers” to learn more about this.
CoinBase is a popular website used by millions to sell Bitcoin. You could sell Bitcoin for money, and withdraw funds using ACH or Wire transfer.
Here is how to you could cash out Bitcoin on CoinBase:
Click on trade, and select BTC and USD pair to trade your Bitcoin for USD.
Usually, this will take 2-3 minutes, and the funds will be in your Coinbase account.
From here, you could withdraw the funds to your bank account using Coinbase.
Now, lets look at some of the questions which are asked. Chances are your unresolved queries related to selling Bitcoin should be resolved via below Q&A.Can you sell Bitcoin immediately?
Yes, you can sell Bitcoin within seconds, and some listed websites let you receive the money in a few seconds. When using P2P method like Localbitcoins, Paxful, you could receive money instantly.Is it Illegal to Sell Bitcoins for Cash?
No! It’s not illegal to sell Bitcoin for cash. You could definitely sell Bitcoins for cash, however, if you are doing large volume of selling for cash, you need to check with your country law. Certain countries does not allow huge cash transactions.How many bitcoin can you sell at once
There is no upper or lower limit when it comes to selling Bitcoin. You could sell Bitcoin as low as worth $10 or as high as worth $10 million or more.How much does it cost to sell bitcoin?
The only cost associated with selling Bitcoin is the exchange fees or the broker fees. For example, Binance charges only 0.1% for transactions, and there are zero charges on withdrawals.Is it hard to sell Bitcoin?
These days, it is apparently very easy to sell Bitcoin. Unlike old days, now you could also sell Bitcoin instantly and securely. Also, a lot of countries has put the proper law and legislation for selling Bitcoin. The only time when it is hard to sell Bitcoin is when you are in a country where Bitcoin is banned. In such cases, you could use a P2P exchange like Localbitcoins or Paxful.When should someone sell his Bitcoin?
Treat your Bitcoin as money, and sell it when you need fiat money. However, the price of Bitcoin is volatile, and when the price is super low, you could wait for it to get better to sell. If you need money urgently, you can use your Bitcoin as collateral on websites like Block-fi, Nexo to take a loan.How to sell bitcoin in Australia
You could use Binance or CoinSpot to sell Bitcoin in Australia.