If you already have some Bitcoins or any other cryptocurrency and you want to sell Bitcoin or change it for fiat cryptos such as dollar or euro, you can do it in a few different ways. Read the following article to find out the ways of selling Bitcoin.
General Information on Crypto Exchange
Do you want to buy and sell BTC or another cryptocurrency? There are at least four steps that you should follow:
- Look for an exchange service (consider Coinbase, CEX.io, Paxful, or Coinmama);
- Put BTC that you want to sell to the exchange;
- Change cryptocurrency for some fiat crypto;
- As the owner of an exchange account, take away the money from it.
Here is a concise list of essential things to do. If you want to know more details and be aware of more important features of selling bitcoin, continue reading the article.
Table of Contents
Make yourself familiar with topics that we will cover in the article later.
- How to Make First Steps;
- Bitcoin Exchanges;
- Methods to Get Cash for Bitcoin;
- Using Credit Card for Crypto Exchange;
- Using PayPal to sell bitcoin (BTC);
- Using a Bank Account for Crypto Exchange;
- Other Ways to Sell Bitcoin/ BTC;
How to Make First Steps
Before taking any actions, we highly recommend you to think carefully about a few things. Firstly, what is the best option among all payment options? How do you want to get money? Do you want to sell cryptocurrency and receive money with the help of a bank transfer? Keep in mind that all the following steps may depend on the payment method you prefer. The main options you should consider are getting money on your bank cards, PayPal or bank account, and receiving cash.
After having thought about the first question, you will probably start searching for an exchange to use. The essence is the same for all of them. However, different services offer different trade features. You can make yourself familiar with users’ feedback for each website and go through our reviews. Websites usually have different fees, exchange rates, and payment ways.
The final thing to consider before going into details is the taxation issue. The regulations differ from country to country, so there is no point in writing about all of them. It is crucial to determine which taxes there are in your country for cryptocurrencies and what you should report if you want to sell them. Be aware that not all governments have a full guide on which regulations to follow and which taxes to pay. Therefore, be ready to spend some time searching for the information and be patient. Consult a CPA in your jurisdiction if you are not sure about something.
It is highly recommended to look at exchanges like CEX.io, Coinbase, Coinmama, and Paxful.
CEX.io offers payment options with credit or debit card, wire, or SEPA. The overall rating of the company is 4,5 out of 5. You can make yourself familiar with the summary here.
Coinbase is a website where you can use payment ways, such as debit card, wire, SEPA, and ACH. The rating is 4 out of 5. Take a chance to go through the summary.
The rating of Coinmama is one of the highest, too (4,5 points). All payment methods are the same as the ones provided by CEX.io. Read the summary to know more details about this website.
One of the biggest advantages of Paxful is that this service includes using PayPal and getting cash, too. All the rest of the payment options are the same. The rating equals 4,5. Make sure not to sleep on our summary.
Methods to Getting Cash for Bitcoin
One of the most popular search queries connected to Bitcoin is how to sell Bitcoin for cash. The reason why so many people want to sell BTC like that is a willingness to maintain anonymity and do not do any bank transactions. This way is not difficult to organize. Moreover, there are some options. Read on and find one that will be suitable for you.
Paxful is the first option that you should consider if you want to get cash for Bitcoins is Paxful. It is the only well-known app among all the others which is possible to use to sell BTC for cash. It has a user-friendly interface and no limits on cash. The website was established in 2015. You can read the full review here. The main feature is that you can find sellers and buyers who will be happy to trade virtual currency under the same conditions that you look for. An app will show you the location, too. What we recommend to do is enabling escrow while working with Paxful and trying to arrange face-to-face meetings in a safe area. The best places include police station foyers, courthouses, and bank halls. Please be careful if you sell Bitcoins for the first time. If you feel unsure about the buyer, it will be better to meet in a spot with access controls and cameras. Frauds are not that common in real life when it comes to selling BTC, but some cases have already happened. It will be worth thinking twice when you are not sure about the buyer, and be extremely careful when meeting with them.
The second option is to use Bitcoin ATMs. Those are machines that you can use to change Bitcoins for cash. However, when searching for an ATM, keep in mind that not all of them accept BTC. There are many ATMs that only sell BTC. Another thing to know about an ATM machine is that it is not even required to fill in your ID when using several of them. An advantage of this option is that there are some limits on the number of Bitcoins to withdraw. If you are not planning to sell a lot of BTC, it will not be a problem. Are you interested in this option? Then look at this comprehensive Bitcoin ATM worldwide map here.
Using Credit Cards for Crypto Exchanges
The fastest way to receive money for selling Bitcoin is using your bank cards. Many exchanges allow you to withdraw funds. Compared to wire transfer, this one can be more expensive, though. To get fiat currency, you might want to use CEX.io. This website offers its visitors to get the render on Visa or MasterCard. There are no limits concerning the verification accounts’ number. And the amount of money you can be sent depends on the verification. Be aware that there are some fees for withdrawing funds on the card. They can vary between 1.2-3 percent. The reason for the quantity to change is a card type. Read about other advantages and disadvantages of this website in the review.
Using PayPal to sell Bitcoin
PayPal is an extremely convenient way to do online transactions. That is why many people prefer this option and search for opportunities to sell Bitcoins this way. However, PayPal cannot be described as the best place for that since they do not provide traders with chargeback protection. You can find more details about this case here. You should not forget about PayPal. We have prepared a few solutions for you.
The first solution is to use LocalBitcoins. This service will help you with searching for traders who will purchase your Bitcoins for PayPal. In general, LocalBitcoins is a spot quite similar to a marketplace where it is possible to exchange virtual currency and fiat currencies. Please be fair when selling Bitcoins and remember that otherwise, PayPal managers will receive a complaint from a buyer. You should always meet commitments that you have agreed on and send all the Bitcoins that you have been paid for. If you are interested in this website, please visit the page with a comprehensive review.
In this article, we will only teach you how to sell BTC on LocalBitcoins for PayPal:
- Log into your account;
- Look for the “Sell Bitcoins” section and click the button;
- Make a choice of the country in which you will look for buyers and sellers;
- The most important thing to do is to choose PayPal among other options of payment options;
- Choose a buyer.
Another great way to sell for PayPal is to use Coinbase and coin base wallets. This platform is rather popular because it is used in 103 countries all around the world. This website provides you an opportunity to synchronize it with PayPal. This option is not available for buying BTC, but it is working well for selling them. It is possible to use it and get funds back on PayPal in the EU, UK, and US. Which steps are needed to be followed?
- Log into your account;
- Verify it;
- Go to the settings section, click “linked accounts,” and add a new account there;
- Select the PayPal option and log into your account.
Click here if you want to make sure that using Coinbase will be suitable for you. We can assure you that it is very convenient. However, we cannot guarantee that Coinbase is available in your country, so it is better to check in advance.
Using a Bank Account for Cryptocurrency Exchange
One more way to sell BTC is doing a bank transfer, including ACH and SEPA. This method is available in the majority of exchanges. You can choose from various websites such as CEX.io, Coinmama, LocalBitcoins, Coinbase, and more apps that were not mentioned in this article before (Bitpanda and Bitstamp).
Let’s look more closely at some of them. For instance, Bitstamp allows its visitors not only to receive money on the bank account but also to do a SEPA or wire transfer. By the way, it is one of the oldest exchanges, so it is a reliable one. Find out more about the company’s history and further details by going through the review. In Bitpanda, it is also possible to do a bank and SEPA transfer. Read more about the conditions here. Coinmama is an exchange that is rather expensive because of its rates. However, it is also convenient and quick. The main prerequisite is that you have to stay in the EU for using SEPA transfer. More information can be found in the review.
Other Ways to Trade BTC
The main goal of this article was to show the most popular options of selling Bitcoin. Of course, it is not possible to fit each method in one text. If something was not mentioned, it does not mean that this way is worse than others presented, and you should not use it anymore. There is a variety of the methods such as Netteller, Skrill, and Amazon gift cards. You might want to find all of these and many others on LocalBitcoins. But have you ever thought about changing your BTC for some properties? If you own a big amount of BTC, it will be possible to exchange it for a house or a car.
How can I sell my bitcoin?
Find all the essential information in the article above. If you do not want to go into details, you will only need the first section with general information and a shortlist of the steps. This article is a comprehensive guide for both people who are used to the business and those who do not know what to do with cryptocurrency at all. In a nutshell, all you have to do if you want to sell cryptocurrency is choosing the most convenient exchange service for yourself, putting the right amount of Bitcoins that you are planning to sell into your account, change BTC for real money, and take this money from your account.
Is selling Bitcoin illegal?
In general, it is not illegal to sell and exchange crypto, including Bitcoin. But remember that the rules can differ in each country. Governments of most of the countries have not banned Bitcoin from being sold. However, it is illegal in a place like China. If you are concerned about getting in trouble by trading or taking a sell offer on a platform, go to the other article on the legal status of Bitcoin. For instance, regulations in and South Africa can be absolutely different.
Are cryptocurrencies traceable?
The answer is yes. Bitcoin trading can be traced easily. But most importantly, users’ identity is hard to know. Some experts say that Bitcoin is pseudonymous. There is a way to get personal information about people who trade virtual currencies during the transaction or payment. In general, you do not have to worry about your security during the sale process. For your bank, a transaction will not differ from any other that you usually make. If the bank is reliable, your personal data will stay safe as always, no matter what bank transfers you do.
How can I sell Bitcoin/BTC in the Philippines?
It is one hundred percent legal to trade crypto currency in the Philippines. According to the laws, it is legal to make exchanges of virtual currency. Recently the government decided to the Central Bank of the Philippines to regulate each transaction connected to the virtual trade exchanges. However, before starting to trade Bitcoin or selling it, you should know that it is not issued or guaranteed by the Central Bank. There is still nothing to worry about. You can still make and answer any sell order using any platform we have recommended to you.
How do I convert Bitcoins to cash?
If you want to get detailed instructions on how to get money for selling Bitcoin, you can read the third part of this article above. Long story short, you might use Bitcoin ATMs or Paxful system because it is the only one that offers this way of converting cryptocurrencies. Both of the methods are absolutely safe if you follow some general rules and remember to be careful when choosing a buyer.
How much time does it take to sell BTC/Bitcoin?
The time needed for a transaction can differ depending on the method you use and your bank. For instance, it will take you only a few seconds to complete a transaction and get fiat currency when using bank cards or PayPal. But keep in mind that the sum you are waiting for cannot show in your account immediately. Wait for several minutes and reload the page. Do not worry, usually, everything works without any problems. The way that takes more time is through wire transactions. They can last for a couple of hours or even days. It happens like this because the sum is going through some intermediary banks before you receive it in your digital coinbase bitcoin wallet. Buy BTC with fiat currency and keep it in your coinbase wallet!
In the end, the list of all possible ways to sell Bitcoins is endless since you can combine various services and ways of paying. There is no wrong or right way to do it. The main thing is that you choose the most convenient and the least risky way. Make sure to make a successful trade and sell Bitcoins for a good price. All other pieces of information can always be found in this article. Do not worry that you will not remember every piece of advice from the first time reading it since you always have an opportunity to come back and check what to do and which platform to choose. If you still feel a little bit confused, please write your question or request in the comments section below.
Another topic related to the one this article was written about is not only which applications to choose and how to sell crypto but also when is the right time to do it. It often happens that people who are only making their first steps on the market and they. Users can spend a lot of time when trying to understand the market’s movement or simply go through a guide on trading. The second option would be much faster and easier.