Now you know how to sell Bitcoin for cash using a common P2P exchange! This process is more or less the same across different P2P platforms, so you’re good to go. Nevertheless, I’ll include some of the recommended P2P platforms with detailed guides to help you get started. An IBAN is a unique identifier for an individual bank account, regardless of the country or financial institution.

This Is How Long It Takes To Transfer Bitcoin

Using a crypto debit card incurs various fees, including transaction fees, withdrawal fees, and even an exchange rate when converting Bitcoin to fiat currency. During a sale, your bitcoin debit card will convert your bitcoin to the required amount of local fiat currency for your transaction. In some cases, you can also withdraw paper cash in the local currency at regular ATMs that take Visa or Mastercard.

How To Sell Bitcoin In Australia

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. After your P2P transaction is complete, you should leave feedback for the buyer.

Over-the-counter (OTC) trading

So you’ve navigated the crypto market and are now holding a handsome amount of Bitcoin in your coinbase cryptocurrency exchange review digital wallet. But how do you convert that digital currency into tangible cash in your bank account? The BitPay Wallet app enables quick Bitcoin sales with bank transfers if you store your BTC with self-custody.

Online brokerages typically have reasonable trading fees for selling crypto. For example, eToro charges a flat 1% trading fee to sell crypto, which is a fairly low rate. Robinhood does not disclose its crypto trading fees, but averages around 0.50% for crypto trades. It’ll include methods of how to turn Bitcoin into cash such as bank transfer, PayPal and even through cash deposit! I’ll show you how to withdraw Bitcoins to cash using an exchange (namely, Binance) and through a peer-to-peer exchange.

While Binance’s user interface is more tailored toward experienced traders due to its advanced features.
BitDegree aims to uncover, simplify & share Web3 & cryptocurrency education with the masses.
The closest comparison to using a third-party broker exchange is exchanging foreign currency for U.S. dollars (USD).
While spot Bitcoin and Ethereum ETFs make trading crypto easier and more accessible, it doesn’t necessarily make it less risky.
In some cases, you’ll have to transfer or convert the digital asset into a different crypto before converting it to dollars.
On the whole, it is cheaper to sell crypto through a centralized exchange or online broker than through other services.
The buyer and the seller are interacting directly without an intermediary (like a bank or company).

No matter which payment option you prefer, you need to protect yourself from fraud. A good P2P exchange has adequate safety protocols in place to ensure a legitimate transaction occurs. For example, if you’re receiving a gift card instead of cash, the gift card needs to be valid, and it must be safe from the seller using the balance after they’ve received your bitcoin. One of the easiest ways to cash out your cryptocurrency or Bitcoin is to use a centralized exchange such as Coinbase. Coinbase has an easy-to-use “buy/sell” button, and you can choose which cryptocurrency you want to sell and the amount.

Market conditions:

Users can enjoy transparent transaction fees and flexible selling limits, ensuring they can sell amounts that suit their financial strategies. The app offers various payout options, enabling efficient transfers to bank accounts or linked cards, all while maintaining high security and competitive rates converting bitcoins to fiat currency for Bitcoin transactions. For most of the best cryptocurrency exchanges, selling bitcoin results in a U.S. dollar balance in your wallet. Once this transaction has been completed, your money is available for withdrawal. To withdraw your cash, you must link your bank account to the exchange platform of choice.

Buy crypto in Australia

Federal government treatment and regulation of bitcoin and other cryptocurrencies are still evolving.
Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation.
Before selling Bitcoin, investors need to deposit BTC into their Binance accounts.
Hedge With Crypto aims to publish information that is factual, accurate, and up-to-date.
Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms.

Selling crypto for cash typically comes with fees, but sometimes it is more than you think. While most exchanges and money apps allow you to sell your crypto at a reasonable rate, places like crypto ATMs charge extremely how to add card to wallet high fees, which may eat into your profits. Some of the most popular hardware wallets offer the ability to sell Bitcoin for cash. Ledger has a built-in exchange service, “Ledger Live,” and partners with Coinify to sell crypto for cash.

Pros and cons of cryptocurrency exchange

Federal government treatment and regulation of bitcoin and other cryptocurrencies are still evolving. In some ways, cryptocurrencies act like fiat money you can use to make purchases. However, in other ways, they are an investment, like a stock or a piece of art.

An alternative route to sell BTC on Binance is the Peer-to-Peer (P2P) platform. This option enables investors to make direct trades with other Binance users using their preferred local currency, price, and payment method. Binance P2P gives sellers further flexibility with access to a wider selection of withdrawal methods, including debit cards, bank transfers, and e-wallet services like Advcash. Bitcoin is relatively easy to sell with a wide selection of exchanges and brokers available.

Score based on genuine user reviews & opinions about the crypto exchange. Learn what is the best app for sending money internationally, whether it’s to support family members, pay for goods and services, or manage business expenses. The time it takes to swap BTC to USDT or any other currency may vary depending on the speed of the platform you use. In Ka.app, you can swap Bitcoin for other digital currencies within seconds.

As you build up your crypto portfolio, you may want to cash out your bitcoin to diversify, pay some bills, or harvest your gains. Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. Hedge With Crypto is an independent publisher that provides objective and free content. However, our editorial content remains unbiased, reflecting our own opinions or the general information available.

Once you check the transaction record in the payment account and make sure you have received the money from the buyer, Binance will release the crypto to the buyer on the platform. You can also do a direct trade, selling your cryptocurrency directly to another person. The most popular way is through a peer-to-peer online platform that allows sellers to find the best offers through an exchange, though one could even do it in person if needed. As always, it is also a good idea to consult with a tax professional when buying and selling assets. If you haven’t noticed, most money transfer apps feature the ability to trade crypto. Apps like Cash App and PayPal now have built-in crypto exchanges, making it easy to purchase crypto, as well as cash out crypto holdings.