You can read our guide to the cheapest crypto exchange platforms to easily decide which one to use. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. Reading up on how to cash out Bitcoin, you’ll quickly notice that there are quite a few different ways of going about it. The general opinion, however, is that utilizing a cryptocurrency broker (or an exchange) is still the best way to go about it. Exchanges such as Binance offer users the highest levels of security, and some of the better cashing-out options, in general.
Use your broker to sell crypto
To use an online exchange, register for the service that most appeals to you, connect a bank account, and then wait for your information to be verified. Then, before selling, you can transfer any bitcoin you currently own to your exchange account via a bitcoin wallet address. When you cash out bitcoin, the exchanges generally charge a small fee to process the transaction. The fees vary based on which platform you’re using and the method you send your money. An ACH or EFT transaction is relatively cheap, while a wire transfer may cost around $25.
You can sell Bitcoin for ripple ceo brad garlinghouse in interview with julia chatterley on cnn cash through several methods, but crypto exchanges and P2P platforms are the most widespread and easiest to use. Although bitcoin debit cards don’t exactly convert bitcoin to cash, they come close enough to land on this list. You can use them exactly how you’d use regular debit cards, as long as the point of sale accepts Visa or Mastercard, which so far are the two major payment card providers offering crypto support. Many popular online brokers now allow crypto trading, and if you purchased your Bitcoin on one of these platforms, you can quickly exchange your crypto for cash. Trading apps like Robinhood offer several cryptocurrencies to invest in, and you can buy or sell crypto just like on a crypto exchange. However, you are dealing with cryptocurrency instead of “fiat currency” (e.g., U.S. dollars), and you connect to a Bitcoin exchange instead of a bank to process transactions.
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You must be holding your Bitcoin with the platform to be able to sell it for cash. This means that if you hold Bitcoin in a digital wallet or on a crypto exchange, you cannot move it to an online brokerage account to sell. Many crypto exchanges charge high fees if you use their simple “sell my crypto” option.
How To Convert Bitcoin To Cash
Alto IRA allows you to invest in stocks, bonds, mutual funds, ETFs, real estate, cryptocurrencies, and even gold for your retirement. To sell Bitcoin, you’ll need to pick an exchange that you are comfortable with and supports the currencies that you need. This article was subjected to a comprehensive fact-checking process. Our professional fact-checkers verify article information against primary sources, reputable publishers, and experts in the field. The road to financial equality will be paved by easy-to-use and secure access, and that’s what drives Coinme’s mission.
You can also do a direct trade, selling your cryptocurrency directly to another person through another entity. 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. You’ll quickly exchange cryptocurrency into cash, which you can access from your cash balance in Coinbase. From there, you can transfer the money to your bank account if you wish. 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.
- Most services will list the total fees separately, allowing you to see if it’s worth it or not to sell.
- We’d love to hear your preferred methods for converting crypto holdings to cash!
- LocalBitcoins is freeto use unless you create an advertisement for selling your bitcoins, then thereis a small percentage fee charged.
- And while peer-to-peer (P2P) exchanges and Bitcoin ATMs offer anonymity, consider the (potential) high fees and hassles of the process.
- Many cryptocurrency investors hold onto their coins for the long haul because they believe the coins will continue to increase in value.
Bonus: Buy gift cards with crypto
With Cryptomus it’s all possible — sign up and manage your cryptocurrency funds with our handy tools. As we discussed, you can cash out Bitcoin for real money through exchanges, P2P platforms, ATMs, and OTC trading. This form of payment is a practical way to deal with one’s expenses on a day-to-day basis, but fees are involved.
We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Some exchanges do not allow the conversion or selling of some cryptos to dollars, so you’ll need to take an indirect route to get your cash.
You can “deposit” money (buy bitcoin) or “withdraw” money (sell bitcoin) at the Bitcoin ATM. Popular crypto exchanges are always a good bet, as they are reliable and well-known, while online platforms with peer-to-peer selling may allow for flexibility of payment. You can go the convenient route and use a Bitcoin ATM to get fast tradefred broker review access to your crypto but at a significantly higher commission. They allow you to easily buy, sell, or trade different digital coins.
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 high fees, which may eat into your profits. Depending on how large or small your transaction is may determine which method you use. FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions.
We’ll uncover a range of methods best bitcoin exchanges of 2021 to cash out your crypto, ensuring you choose the most fitting approach. However, if you sell to a buyer that has listed the price they want to pay, there are no fees. Now that you know how to cash out Bitcoin using a broker, let me show you how to do it using a peer-to-peer exchange.
If you are simply looking to access cash, the Coinbase card can be used at an ATM to withdraw up to $1,000 per day. There are no additional fees to use the card at an ATM, though local ATMs may charge fees for use. 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. If you want to diversify your retirement portfolio or save taxes on cryptocurrency investments, here’s how to do it with a self-directed IRA. Titan is an investment platform with a team of experts actively managing your portfolio based on your chosen strategy, including cryptocurrencies. Turning Bitcoin into cash may seem simple, but there are a few things you’ll want to consider before cashing out your crypto wallet.
That said, many users believe that KuCoin is one of the simpler exchanges on the current market. When I say “safely”, naturally, I’m talking about utilizing a highly-rated crypto exchange, i.e. The article also provides basic knowledge about cryptocurrency transactions. 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.
In order to make a cash withdrawal and sell your Bitcoin from the ATM, the machine provides a QR code to which you send your Bitcoin. And while Coinbase is a popular option to sell cryptocurrency, it’s likely most useful to go with whatever exchange currently holds your coins, if you don’t have custody of the coins yourself. Before picking the one to use, consider factors like security, supported cryptocurrencies, withdrawal methods, and fees. Next, proceed with a withdrawal and deposit the money in your bank account.