For instance, Coinbase charges Bitcoin traders $1.49 for transactions between $10 and $25. While BTC transactions within the range of $50 to $200 are charged a $2.99. There is also a spread fee of 0.5% to use the simple trade option to sell or convert Bitcoin to cash. This is because traders are interacting with the order book directly which results in competitive fees. Coinbase is next on our list of the best exchanges to sell Bitcoin. The San Francisco-based crypto exchange is North America’s largest crypto trading platform.
- There are no additional fees to use the card at an ATM, though local ATMs may charge fees for use.
- US investors can withdraw money using ACH via the Binance.US exchange.
- Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place.
- There is also a spread fee of 0.5% to use the simple trade option to sell or convert Bitcoin to cash.
- Once converted to fiat, Kraken users can withdraw the money to their bank account.
However, some sellers decide to ask new buyers (those who have no feedback) to supply identification. LocalBitcoins offer a good level of safety because of their escrow service. This keeps your Bitcoins locked until you confirm the payment has been received from the buyer. The key with these apps is you need to already hold your crypto within the app, otherwise you can’t cash out.
Can You Sell Bitcoin?
Your buyer will then receive a notification to say that you would like to sell your Bitcoins to them. Once they accept, you will then send your Bitcoins to the LocalBitcoins escrow (I explained an escrow earlier, remember?). So, the buyer will not receive your Bitcoins until they have paid you, and you confirm they have done so. And that’s how to cash out Bitcoin using a broker exchange — skip the next section to follow instructions on how to do this.
When liquidating Bitcoin via the ‘Buy Crypto’ widget, there is a 1.5% cost. This is a little on the high side compared to the other places to sell Bitcoin in this list. The alternative is to sell BTC for fiat on the exchange but this way comes with another fee what is ren crypto depending on the withdrawal method. 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.
I recommend using your own country (of course), however, this is up to you. There is also a rating system like eBay, where you can leave feedback for the buyer or seller. If you are a beginner, I only recommend selling to buyers who have 100% positive feedback. Some crypto traders have achieved high returns while lowering risk when trading. 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.
Table of Contents
In addition to paying with crypto directly, cashing out Bitcoin or other cryptocurrencies is something every crypto holder should know about. Here are the top ways to convert best bitcoin exchanges of 2021 Bitcoin to cash fast, cheaply, easy and securely. Sellers who know how to cash out Bitcoin can also choose the price they would like to sell their Bitcoin for.
You can do this by creating an advertisement, which will charge you a fee of 1% of the total sale. If you don’t like the thought of having to wait three days for cashing out Bitcoin, you should consider using a peer-to-peer selling platform like LocalBitcoins. These are some of the questions that you will need to ask yourself. So, read through the following methods on how to cash out bitcoin and then decide which is best for you. And while peer-to-peer (P2P) exchanges and Bitcoin ATMs offer anonymity, consider the (potential) high fees and hassles of the process. So while Bitcoin ATMs are an option to quickly access physical cash by selling your crypto, there is a high cost for the privilege of using them.
Compare and select a Bitcoin exchange
In this case, you will receive a notification from buyers when they want to buy from you. Once you become more experienced with Local Bitcoins, you can practice selling using different payment methods. The good thing is, some payment methods allow you to sell your Bitcoins at a higher price — so it’s worth getting used to. Local Bitcoins allows you to stay anonymous, too (when choosing such payment methods as web money or gift vouchers), especially if you also use a reliable and safe VPN to secure your connection.
The article was reviewed, fact-checked and edited by our editorial staff. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. To create a personal account, fill in a valid email address on the next page and add a unique, strong password. Binance can be more convenient and safe for beginners, whilst LocalBitcoins allows you to remain anonymous and sell at a higher price. The buyer should contact you to let you know that the funds have been sent.
As a cryptocurrency enthusiast, Jacob enjoys researching and writing about the latest in crypto and blockchain technology. Purchasing with Bitcoin requires sending Bitcoin to the retailer’s digital wallet. This can be done with a QR code, or by typing in the Bitcoin wallet address to your digital wallet, and sending the requested Bitcoin amount. These apps support a very limited selection of crypto, with Cash App only supporting Bitcoin, and PayPal supporting Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
But despite the limitations, converting your crypto to cash has become much easier than it used to be. So no matter what crypto app you prefer, you should be able to quickly convert it to a stack of Benjamins. With all the volatility in the crypto market, it’s easy to want to sell when things are looking grim. But if you sell when the markets are down, the opportunity cost may be huge.
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 the hidden costs of bitcoin mining 2021 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.
They don’t allow you to transfer outside crypto into the app for selling. Bitcoin ATMs are popping up everywhere, with tens of thousands of them located around the world. Bitcoin ATMs are a physical kiosk — typically located in a gas station or grocery store — that allow you to buy crypto with cash or a digital wallet. While most crypto ATMs allow you to purchase Bitcoin directly, only some of them allow you to sell Bitcoin for cash. If a broker holds your crypto coins, then the easiest route is simply to go with that broker.
For instance, a direct P2P transfer would see a user only paying for the network fee to the miners. However, centralized exchanges like Binance charge a maximum of 0.1% for crypto sales and purchases. The fees incurred when selling Bitcoin depend on the method selected and the platform the investor uses. When using an exchange to sell BTC, the fees charged usually come at a flat rate. For instance, Binance is one of the most economical exchanges that charges 0.1% to sell Bitcoin and is an ideal platform for those who want to lower their crypto fees. Moreover, there are also fees to transfer Bitcoin between wallets and exchanges that should be considered.
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. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
That said, many users believe that KuCoin is one of the simpler exchanges on the current market. If you have read this guide from start to finish, you should now know how to cash out Bitcoin! Before you can make the withdrawal, you need to exchange your Bitcoin for your local currency. Enter the amount of Bitcoin that you wish to sell, and the fiat currency equivalent will update. Invest in over 30 cryptocurrencies from your checking account with no trading fees with the Current mobile app crypto feature. For now, however, there are still relatively few businessesor individuals that accept payment in bitcoin.