How to Sell Bitcoin? A Step Guide to How to

How to Sell Bitcoin

Considering the recent increases in the price of Bitcoin, you may be wondering whether to sell your Bitcoin. Now, that depends on your specific circumstances, your investment goals, and your risk appetite. So some investors may choose to sell now and make a profit, while others may choose to hold on and see if they can't increase their returns.

If you've decided to sell, you've probably wondered how you can sell your Bitcoin? Fortunately, we're here to help. In this post, we will show you how to sell Bitcoin and withdraw your money.

We'll also delve into whether you should consider selling now. After studying this guide, you will know how to withdraw bitcoins and if now is a good time.

Where to sell Bitcoin?

Before examining the process of selling Bitcoin In more detail, let's first consider where you can actually sell your Bitcoin. Fortunately, when it comes to selling Bitcoin, you have several options.

  • cryptocurrency exchanges

Cryptocurrency exchanges make selling Bitcoin a quick and easy process. When you sell your Bitcoin using a cryptocurrency exchange, you normally need to create an account on the platform and then transfer the Bitcoin in your wallet to the exchange.

Once your Bitcoin is received by the exchange, you can sell it by placing a sell order.

Here, you can choose to sell all of your Bitcoin or just a part of it. after your Bitcoin is sold, you will normally receive the proceeds in your fiat currency in a wallet held by the exchange.

To withdraw this amount, you will need to withdraw the fiat currency to a connected bank account or using a debit or credit card.

Exchanges offer greater liquidity than many of the other methods, which also means you will get an objective market price for your Bitcoin.

Now, compare this to peer-to-peer, where someone can bargain with you for a lower price than you would get in a bag.

P2P sale

When using a peer-to-peer or P2P platform, you will be able to sell your Bitcoin to someone else.

To do this, you will usually put a list on the platform defining how much Bitcoin you want to sell, how much you want for it, and which payment method you prefer.

So if someone wants to buy your Bitcoin, they will react to your listing. These platforms usually have escrow functionality, which means that the purchase price money will be paid to them and they will keep the funds until the Bitcoin is transferred to the other person.

Quick registration

Local Bitcoins also offers options for purchasing cryptocurrencies via PayPal.

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Bitcoin ATMs

With Bitcoin ATMs, you can withdraw cash in the same way as you would at any other ATM.

These Bitcoin ATMs typically allow you to scan a QR code and then sell Bitcoin to your wallet in exchange for cash.

After doing this, you will be able to withdraw the money in fiat currency from the ATM. As these ATMs are located all over the world, they offer a simple and easy solution for you to sell your Bitcoin.

Keep in mind, though, that they often charge high transaction fees compared to the methods mentioned above.

Best exchanges to withdraw bitcoins

Considering that we recommend that you use an exchange to sell your Bitcoin, the question is, which is the best exchange to withdraw your Bitcoin? Fortunately, there are many options available, which include:

Binance

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Using Binance's native cryptocurrency, the BNB, reduces fees by 25%.

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ABSTRACT

Binance is a household name for anyone who has ever traded cryptocurrencies or was looking for the best cryptocurrency exchange. It's one of the dominant exchanges in the industry, and there are some good reasons for that.

For starters, Binance has some pretty high trading volumes. If you're a novice when it comes to encryption negotiation (or simply negotiation in general), you may not be aware how significant this point actually is!

See, if an exchange has some high trading volumes, that means people really trust the platform, and there are a lot of cryptocurrencies that go through it constantly.

POSITIVE
  • A well-known cryptocurrency platform
  • More than 100 different cryptocurrencies available for trading
  • Two-factor authentication
NEGATIVE
  • It can be a little difficult for beginners.

eToro

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With over 17 million registered users, eToro offers one of the largest and most active trading communities

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ABSTRACT

Innovative platform: eToro has distinguished itself through its social investing platform, an innovative tool that allows users to copy trades from other investors.

Internationally Established: Founded in 2007, eToro has over 20 million users in 140 countries worldwide — and the US is now on that list.

However, while eToro runs multi-asset exchanges (offering stocks, commodities and Forex trading) in other countries, so far US clients can only trade cryptocurrencies on the platform.

Social Trading: EToro's CopyTrader allows you to automatically copy and trade based on the movements of other traders. How it works: You choose an investor you want to copy, and with a click of a button you can start mirroring their positions automatically (with the option of a stop-loss level to limit potential losses).

The minimum amount to copy a user is $200 and the maximum amount is $500.000. Users can copy up to 100 traders simultaneously. Even without using CopyTrader, users can view millions of portfolios, statistics and risk scores from other traders.

POSITIVE
  • Offers access to 17 cryptocurrencies.
  • Expanding the educational offer for novice traders
  • Social Trading: Ability to copy trades from popular traders.
  • Free stock and ETF trading
  • Regulated in two high-profile jurisdictions
NEGATIVE
  • Customer support needs to be improved
  • Internal withdrawal fees
  • Low leverage and higher minimum deposits, but within a reasonable range

Bitfinex

Quick registration

Bitfinex is a Hong Kong-operated cryptocurrency exchange that has been in operation since late 2012.

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ABSTRACT

Bitfinex is an experienced Bitcoin exchange with a dark history of hacking and accusations. The exchange is suitable for sophisticated traders with both margin and loan trading options available.

Bitfinex accepts EUR, JPY, GBP and USD as fiat currency deposits. Deposits in fiat currency can only be made by bank transfer.

Tether, a quasi-fiat currency that is informally pegged to the US dollar price, is also supported by Bitfinex.

Bitfinex has the most liquid order book in the world. Traders value high volume because it guarantees a low spread, or the difference between the best bid and asking prices.

Bitfinex has a sophisticated and customizable user interface, 50+ trading pairs (e.g. BTC/LTC) and a variety of order types.

The user interface of the trading platform on Bitfinex can be customized. Advanced graphics capability and API access are also available. These elements combine to make it a popular Bitcoin exchange among experienced traders.

Bitfinex's P2P margin trading platform allows users to borrow and trade with up to 3,3x leverage. Loan terms can be set manually by the user or automatically by Bitfinex.

POSITIVE
  • Ethics - paid back all losses to traders who were hacked in 2016 on the exchange
  • High liquidity
  • Allows deposits and withdrawals by bank transfer
  • Suitable for experienced traders
  • Supports over 100 cryptocurrencies
NEGATIVE
  • High trading fees
  • Not a regulated exchange
  • The customer support team can only be contacted by email

Which cryptocurrency exchange should you choose?

Among the above three exchanges, we recommend Binance. This is due to a few reasons. On the one hand, being the largest cryptocurrency exchange in the world, it offers the best liquidity.

And the liquidity ensures that you will be able to sell your Bitcoin easily and at the best price.

In addition, it also offers various withdrawal options that you can use to sell and withdraw your Bitcoin in different fiat currencies.

In our opinion, it is the exchange with all the tools you need to sell your Bitcoin quickly, easily and efficiently.

How to Sell Bitcoin — Step by Step

To show you how to sell Bitcoin, we will use Binance as an example. While their user interface and functionality may differ compared to other exchanges, the process is basically the same.

  • Step 1: Log in to Binance

The first thing you need to do to sell your Bitcoin is go to the Binance homepage and log into your account. After logging in, you will need to go to the Wallet drop-down list and then to Fiat and Spot.

How to Sell Bitcoin on Binance

How to Sell Bitcoin on Binance

  • Step 2: Find the Bitcoin you want to sell

On the page that opens, you will navigate to the Bitcoin you want to sell.

  • Step 3: Sell your Bitcoin

To sell your Bitcoin and convert it into a fiat currency, you will have two options. The first is to exchange your Bitcoin for a “fiat” currency using the Spot Trading functionality. Here, your Bitcoin will then be sold on the exchange.

Your other option is to use the Convert function to switch between Bitcoin and the “fiat” currency of your choice instantly.

  • Step 4: Getting your money in your wallet

After selling your Bitcoin, you will receive the fiat currency in your wallet. To get the money into your bank account, you will need to withdraw it.

  • Step 5: Withdraw your money

To withdraw your money, you will once again go to your dashboard and then to your Fiat and Spot wallet. Next, you will need to select the Withdrawal tab.

How to Sell Bitcoin

How to Sell Bitcoin

On the screen that opens, you select the Fiat tab and then select the fiat currency you want to withdraw and your payment method.

If you haven't linked a bank account or debit or credit card, you'll need to do that first. You will also need to specify how much you want to withdraw. Once done, you can click Continue.

  • Step 6: Confirm your withdrawal

When you click Continue, you will need to confirm your withdrawal by entering the verification code you received. When you have done this, the withdrawal is complete.

Should I Sell Bitcoin?

Now that you know how to sell Bitcoin, the question is whether or not you should. In other words, is it a good idea to sell Bitcoin now? By now, you already know that Bitcoin increases in value over time and that it can be a good investment.

In fact, it has increased significantly over the past year, which means that if you had invested earlier in the year, you would have earned an attractive return on your investment.

However, you probably also know that Bitcoin is fairly volatile.

As a result, there are large up and down swings in its price, and among the increases since the beginning of the year, there have been periods when its value has declined significantly.

This makes it difficult to predict where the highs and lows are. And, as you know, the ideal is to buy when the price is low and sell when the price is high.

Considering this, if you bought Bitcoin at a high price, you should not sell any. In simple terms, you will only see a loss if you sell your Bitcoin.

In other words, the price of Bitcoin could still increase in the future, which means that if you sell now, you could lose out on a return on your investment.

However, if you bought low, now might be a good time to sell some of your Bitcoin.

This is most suitable when you have recovered the money you invested in the first place. To illustrate this, let's look at a simple example.

Let's assume you bought Bitcoin worth $1.000. With the increase in price, Bitcoin is now worth $3.000, for example.

This means that you will be able to sell $2.000 worth of Bitcoin, and you will still have $1.000 you invested.

As a result, no matter what happens from now on, you will get a return on your investment.

You can also consider keeping all your Bitcoin and not selling it. This is an effective strategy when you don't need the money right away because, as mentioned earlier, the price of Bitcoin is likely to increase.

Ultimately, whether you sell or hold your Bitcoin depends on your specific situation and your risk appetite.

Bitcoin price

 

The 10 Best Altcoins to Buy Instead of Bitcoin

Not taking anything away from Bitcoin as it is a good investment, but considering that it can be volatile with massive price changes, you might want to know what else you can invest in.

We've compiled a list of the best altcoins you can invest in in 2022. Their recommendations are based on criteria such as performance, technology, and popularity among investors.

Using this list, you will be able to find an alternative investment to Bitcoin or, if you wish, you can invest in Bitcoin and some of these altcoins to diversify your portfolio and, implicitly, limit your risk. you can find more details here.

  • Binance Coin (BNB)
  • Cardano (ADA)
  • Ripple (XRP)
  • Dogecoin (Doge)
  • Polka dots (DOT)
  • Litecoin (LTC)
  • Stellar (XLM)
  • Uni swap (UNI)
  • Tron (TRX)
  • IOTA (MIOTA)
If you've decided to sell, you've probably wondered how you can sell your Bitcoin? Fortunately, we're here to help. In this post, we will show you how to sell Bitcoin and withdraw your money.

Final report:

This article is not financial advice and is for educational purposes only. Buying cryptocurrencies is a high risk type of investment.

Summary about selling Bitcoin

Now you know what options you have when you want to sell your Bitcoin and how to do it. Hopefully, this post also helped to illustrate when you should consider selling your Bitcoin.

If you've decided to sell, you've probably wondered how you can sell your Bitcoin? Fortunately, we're here to help. In this post, we will show you how to sell Bitcoin and withdraw your money.Frequently asked questions about selling Bitcoin

 

How can I sell Bitcoin?
When you want to sell your Bitcoin, you have several options. For example, you can sell your Bitcoin on an exchange and withdraw your money in the fiat currency of your choice. You also have the option to sell your Bitcoin on a P2P marketplace or using a Bitcoin ATM.
What fees do I need to pay when selling Bitcoin?
Typically, when you sell Bitcoin or any other cryptocurrency, you have to pay a fee which is commonly known as the gas fee. These fees generally vary between different exchanges and depending on how busy the network is. For this reason, it is always best to make sure with the specific exchange how much you will need to pay to sell your Bitcoin.
Should I sell my Bitcoin now?
Whether you should sell your Bitcoin now is a difficult question to answer. This is simply because it depends on your specific set of circumstances and your risk appetite.
What payment methods can I use to withdraw my fiat currency after selling my Bitcoin?
The payment methods available when you want to withdraw fiat currency after selling your Bitcoin depend on the specific exchange. Some exchanges only offer card payments, while others have other payment options available. For example, on Binance you can choose between card withdrawals, bank account withdrawals and other methods.

 

 

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