• To cash out your crypto, you’ll have to exchange it to fiat in-app (there’s a 1% fee outside foreign exchange market hours; it’s free otherwise), then use the app to send funds to a bank.
• The cheapest way to cash out Bitcoin As mentioned before, personal contacts allow you to transact any cryptocurrency deal without fees, so it’s worth finding as many friends as possible and converting Bitcoin into cash with their help. Another cheap way is to use cryptocurrency exchanges like Coinbase or Kraken.

Although it’s getting easier by the day, selling bitcoin is still marginally more difficult than it is to buy. As such, we’ve put together this guide to help you navigate the process. The first step you’ll need to take is deciding upon which method you’d like to use: selling bitcoin online or selling bitcoin in person.

We’ll break down the pros and cons of both approaches.

Create and verify your account on Coinbase; Deposit bitcoins into your account; Cash-out your bitcoins to fiat through bank transfer. Bitcoin ATM and debit cards. Bitcoin ATMs are physical locations that allow you to buy and sell bitcoins for fiat currency. There are more than 4,000 crypto ATMs across the world. With Coin ATM Radar, you can.

This is hands down the most popular way of trading your bitcoin for fiat.

There are three main options for doing so online namely direct, via an exchange or peer-to-peer (P2P).

1. Direct

This is when you trade your bitcoin for fiat directly with another person, with an online company in the middle brokering the trade.

• Websites that offer this service include:
  • Coinbaseand LocalBitcoins in the US
  • BitBargain and Bittylicious in the UK
• These sites typically require registration as a seller which involves verifying your identity with official documents like your passport/driver’s licence.

2. Exchange

If you’re not already registered with an exchange, doing so will give you another way of selling you bitcoin.
Exchanges act as the third party in transactions, holding the funds of buyers and sellers (for a small transaction commission, of course). To sell, you place a sell order, state the amount you want to sell, which currency you want to sell and how much you’re willing to let it go for.

Once the exchange matches your price with a price a buyer’s willing to pay, they transfer the money and the coins from buyer to seller and vice versa.

After the currency is credited to your account, the next step, is withdrawing these funds to your bank account. If there’s a liquidity issue on the exchange or an issue with their banks, this process can take a worryingly long time.

Make sure you do your due diligence on exchanges to make sure they’re of high repute and don’t have a history of withdrawal problems. Google and Reddit are your friends here.

• Exchanges you can try are:
  • Binance, Kraken, Gemini and GDAX
• Identity verification is still required, but they do a lot of the sales legwork for you. To move a sizeable amount of crypto or cash, you may have to do a series of higher level verification tasks
• Keep an eye out for withdrawal fees, they can differ quite substantially and if you’re transferring large enough amounts of currency can really add up!

3. Peer-to-Peer (P2P)

A fairly new advance in the space are sites like Purse, which bring people with certain needs that the other can meet, together.

This is usually people who want to use bitcoin to buy goods from sites that don’t accept cryptocurrencies yet, and people who want to buy bitcoin with a credit/debit card.

Purse brings these two groups together and allows them to sell bitcoin to one and give discounted goods to the other. Pretty cool.

A bit like eBay, the marketplace is the middleman that provides the platform, transaction escrow and a bitcoin wallet.

Example transaction:

1. Aaron posts his Amazon wish list on the Purse, stating the discount he’d like (usually this goes up to 25%).
2. Mindy has a credit/debit card and wants to buy bitcoin matching the value of Aaron’s purchase(s). She agrees to the trade then buys the Amazon goods for him via the marketplace. She then requests they be delivered to Aaron’s home address.
3. Upon receipt of his goodies, Aaron updates his Purse account to say he got them and Mindy’s bitcoin are released from escrow and arrive in her wallet, less Aaron’s agreed discount and a transaction fee for Purse.

Withdrawal Concerns?

Like most places in the world, more or less all bitcoin markets support international wire transfers.

Another popular way to move money to your bank after a sale is with the SEPA (Single European Payments Area) system. This system was designed to speed up transfers between EU member states, and exchanges like Kraken and Coinbase support them.

Despite the goal being to speed up transfers, SEPA transfers are still painfully slow and often times expensive (a perfect example of bitcoin’s reason for existence). At the time of writing, fees can range from £4 to as much as £25 per transaction depending on the bank!

Another point worth mentioning is that some banks have “Bitcoin bias” and may flat out refuse to let you receive funds from bitcoin trading altogether. I wonder why? It’s not like cryptocurrencies might be a threat to their entire business model, or anything…

If you’re looking to trade on a regular basis or withdraw large amounts of money, you might want to try using online bank Revolut. They all free bank transfers in 26 currencies and incredible currency conversion rates – about as cheap as you can possibly find them. All of this goodness is packed into an amazingly slick little free mobile app.

Who Are You?

As mentioned earlier, some bitcoin markets require you to perform varying levels of identity verification.

In most cases they’re performing the legal stipulations of their home nation to record who their users are (KYC – Know Your Client), but many are just playing it safe and collecting identifying data ahead of a time where regulation may become standard.

The selling process is usually the side of the transaction that requires the most proof, so we recommended that you set up your identity verification when you first register with a service so that in case you want to sell in a hurry, you’re not waiting around.

What might they ask from you?

Well, it ranges from scans of utility bills plus a photo ID (passport/driver’s license) up to some places asking for a selfie with you holding your photo ID and name of their service on a sheet of paper!

If this bothers you, then you may have a difficult time finding places to sell online

Selling Offline

4. Face to Face

Selling a digital currency in person.

While the idea seems almost counterintuitive, it’s probably one of the easiest ways to pass your bitcoin on: all it takes is scanning a QR code on the other person’s phone and collecting cash in return.

If one of your friends or family members wants to get involved with bitcoin, simply set them up with a wallet and send them your bitcoin in return for their cash.

How To Cash Out Your Bitcoin On Cash App

In order to avoid arguments, it’s a good idea to decide on a rate which you both agree on ahead of time. Other things you might want to take into consideration are:

How To Withdraw Your Bitcoin Money

• Checking bitcoin’s current price (you can literally just Google “bitcoin price” to find out)
• If you’re selling, maybe consider adding a little buffer percentage on those rates to cover costs and as a convenience premium
• Use a mobile app like Blockfolio, Coinbase or Zeroblock to land on the current price
• Be aware of price fluctuations in your local area. The price of bitcoin in Venezuela might not be the same as the price in the UK for example, possibly because of differences in ease of obtaining bitcoin with your country’s fiat
• Bitcoin meetups are becoming more and more frequent across the world. These meetups are not just a great place to learn, build your network and have fun, but also good places to find people looking to trade cryptos.
• Stay safe! If you’re doing a large transaction, it might be a good idea to take a friend or do so in a public place

A Word on LocalBitcoins

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LocalBitcoins is the leading site for facilitating peer-to-peer bitcoin trades. Here, you can advertise yourself as a seller and find a wide range of potential buyers in places near you.

How To Cash Out My Bitcoin To Usd From Exodus

While they don’t have a lengthy verification process to go through to make sure everyone is on the up and up, the beauty of this site is the user feedback rating system which provides you with a level of comfort in knowing that the other party in your transaction is legit. As your reputation builds on the site, you can sell your bitcoin for more of a premium.

How Can You Cash Out Your Bitcoins

You can settle the transactions either in person or via their escrow service – which obviously, is the online option.