How to Sell Bitcoin

There comes a point in time when every trader will want to cash in on their Bitcoin investment. To do this, they would need to sell the cryptocurrency token which they have previously purchased. Nowadays, there are various ways through which Bitcoin can be sold and different ways to withdraw your funds.

Today will cover the best platforms to sell Bitcoin, as well as take a deeper dive into these options to help guide you on your way.

How Do You Sell Bitcoin?

Selling Bitcoin nowadays is a lot easier than before. This is due to various new platforms that have come out in recent years which have made the user interface much more intuitive. While indeed there are many platforms to choose from, they all generally involve a similar process. Here are some common steps that you need to take in order to sell Bitcoin.

Buy or sell Bitcoin now at our preferred partner:

What Options Do I Have to Sell Bitcoin?

Centralized Platforms:

• Centralized exchanges (CEXs) and brokers are perhaps the best option for investors since they have little fees and excellent trading interfaces. These platforms are often regulated by a government authority, making them trustworthy. Also, they have amazing security and have a page to showcase what technologies they use.

• Moreover, you have multiple sell options: stop-loss, limit, and market order. This lets you manage risk while receiving the best prices for your Bitcoin. Also, after selling your Bitcoin, you have multiple investment options like staking and crypto lending.

P2P Platforms:

• P2P exchanges help buyers connect directly with sellers by providing a platform where people can post and look for ads. If you post a sell ad, you can specify the price you want for your BTC and which payment method(s) you accept.

Decentralized Exchanges:

• Decentralized exchanges (DEXs) allow users to sell and buy various cryptocurrencies anonymously. However, they require you to connect a crypto wallet, so this option is for more experienced investors. Furthermore, as DEXs run on other blockchains like Ethereum, you’d only be able to sell WBTC, rather than BTC.

Where Is the Best Place to Sell Bitcoin in 2024?

Centralized Exchanges

Centralized exchanges connect buyers and sellers to participate in various trading activities. They offer trustworthiness and reliability because government authorities only license legitimate exchanges. Furthermore, some crypto platforms have insurance funds that protect investors’ funds if they were stolen.

Cryptocurrency exchanges offer dozens of trading pairs for Bitcoin, making it easier to diversify your portfolio. Moreover, the trading interface has multiple order types, letting investors get the best prices for their coins. Also, CEXs have excellent fee structures that you can find on the exchanges’ dedicated costs page.

Key Features

• Centralized exchanges provide users with multiple trade types

• These platforms can have several exchange interfaces designed for different investing activities

• Exchanges provide multiple investment options after selling Bitcoin

Best Centralized Exchanges For Selling Bitcoin

If you’re looking for a user-friendly way to sell your BTC, here are some of the best options.

eToro

eToro provides a beginner-friendly crypto trading app and web platform. All you have to do is click on your open BTC position and click the “Close Trade” button. What’s more, the news and social trading features can help you get a feel for the sentiment around BTC to decide on the best time to sell.

Binance

Binance is a popular crypto exchange thanks to its advanced features and low fees. You’ll be able to use different types of sell orders, and there is even zero-fee trading available on some major BTC trading pairs.

Coinbase

Coinbase is one of the easiest places to sell Bitcoin – it just takes a couple of clicks. More experienced users can sell their BTC through the Advanced Trade feature for lower fees and more tools. You’ll also get access to a range of educational materials.

Bitcoin Wallet

Wallets are a great way to store your BTC more securely, but many of them have now integrated exchange features as well, so you can sell directly within your wallet. Bitcoin hardware wallets are the most secure option, but other types of wallets include desktop wallets, mobile wallets, and browser extensions.

Key Features

• Secure storage

• Wallets are compatible with many blockchains, helping investors store their assets in one location

• Integrations with exchanges and dApps

Best Wallets For Selling Bitcoin

If you’re looking for a secure way to hold and sell your BTC, here are our top recommendations.

Ledger

Ledger is known for being one of the safest ways to store Bitcoin, crypto, and NFTs. It offers other functionality, too, such as staking and access to decentralized apps (dApps). You can access these features through the Ledger Live app, where you’ll also be able to easily sell your BTC.

Trezor

Another hardware wallet, Trezor features an attractive design with a touchscreen color LCD and a magnetic dock. When you download the Trezor Suite app, you’ll be able to track your portfolio, send and receive coins, and sell Bitcoin and other assets.

Coinbase Wallet

Coinbase Wallet is a self-custody software wallet app that gives you complete control over your crypto. It supports thousands of tokens, NFTs, and dApps. What’s more, it can be linked to your Coinbase account, making it easy to sell your BTC.

What Is the Quickest Way to Sell Bitcoin Anonymously?

While you’ll be able to swap WBTC for other cryptocurrencies anonymously on DEXs, if you want to sell BTC for fiat, you’ll need to use Changelly or a peer-to-peer (P2P) platform.

Changelly

Changelly is an instant exchange that makes it simple to buy, sell, and swap Bitcoin and other cryptocurrencies with a few clicks. Funds are secure as you use your own private wallet for transactions. What’s more, Changelly doesn’t require KYC verification from most users.

P2P Exchanges

Peer-to-peer exchanges link buyers directly with sellers. On a P2P platform, you can create an ad to sell BTC or browse the ads posted by people looking to buy BTC. Depending on which payment methods you choose to accept, you may be able to avoid revealing your identity. However, the anonymity of P2P platforms and their lack of regulation mean that they can attract scammers, so you should be cautious in your dealings with other users.

Key Features

• No KYC

• Create your own sell ads

• Escrow system for security

Best P2P Platforms For Selling Bitcoin

If you want anonymity and a huge range of payment options, here are some of the best P2P exchanges.

What Is the Safest Way to Sell Bitcoin With PayPal?

You’ll be able to accept PayPal payments for BTC on a P2P platform. However, the safest way to sell BTC with PayPal is to use a regulated exchange.

Exchanges That Accept PayPal

Although there aren’t that many crypto platforms that let you buy Bitcoin with PayPal, the number is steadily growing. Once you’ve linked your PayPal account to your exchange, you’ll be able to withdraw your fiat to PayPal after selling your BTC. The best platforms that accept PayPal are listed below.

PayPal App

You can also sell BTC through the PayPal app itself. Their dedicated crypto page is straightforward to understand. However, you won’t get access to trading tools like on an exchange, and the buy and sell fees charged by PayPal can be significant, especially for smaller purchases.

Key Features

• PayPal offers exchanges for Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.

• PayPal lets its clients use Bitcoin as a payment method.

• Paypal has a huge following, resulting in 426 million users worldwide.

What Is the Cheapest Way to Sell Bitcoin With a Debit/Credit Card?

While selling or buying Bitcoin with a credit card or debit card is convenient, it often carries higher fees than other methods such as bank transfers.

Exchanges

Here are some of the best exchanges that will let you withdraw fiat to your debit or credit card.

Although eToro doesn’t accept credit cards, users can deposit and withdraw with a debit card. Deposits are free and withdrawals carry a flat fee of $5.

Crypto Rewards Debit Cards

Crypto debit cards remove the need to sell your BTC at all as you can spend it directly. Your BTC will be automatically converted to fiat at the point of sale whenever you swipe your card in-store or use it online. What’s more, crypto debit cards typically provide cashback rewards in the form of free crypto.

Find out which crypto debit cards are available and how they work in our handy guide:

• Best Crypto Debit Cards

What Withdrawal Methods Are Available When Selling Bitcoin?

After selling Bitcoin, you’ll likely want to withdraw your profits to a secure wallet. Thankfully, exchanges and crypto platforms offer multiple methods to transfer currency.

Below are the top options for withdrawing Bitcoin after selling:

• Credit card

• Debit Card

• Bank Wire Transfer

• eWallets (eg PayPal, Neteller, Skrill, Apple Pay, Google Pay)

Different Ways to Sell Bitcoin

There are various through which you can sell Bitcoin. Here, we will be breaking down each of the available options individually so you can have the best overview of what to expect when you decide to sell your Bitcoins.

Sell Bitcoin for Fiat Currency

You can sell Bitcoin for fiat currency at a cryptocurrency exchange.

To do this, you need to follow these steps:

• Step 1: Log into the exchange account.

• Step 2: Choose the cryptocurrency you want to sell and tap “Sell.”

• Step 3: Choose how you would like to receive the FIAT currency. For example, if you want to sell your Bitcoin in USD, the fiat currency will be credited to your cash balance.

• Step 4: Withdraw your cash balance from the exchange in question.

Exchange Bitcoin for Other Cryptocurrencies

There is also the option of selling your Bitcoin for another cryptocurrency.

• Step 1: Sign in to the cryptocurrency exchange.

• Step 2: Find the “Convert” option.

• Step 3: There will be a panel with an option to convert one cryptocurrency for another, so select which cryptocurrency you will be trading (BTC) and the one you would like to trade it for (eg ETH).

• Step 4: Click on preview and confirm the transaction.

How to Sell Bitcoin Using An ATM?

Nowadays, there are also Bitcoin ATMs, depending on where you are in the world, that will allow you to sell BTC.

Keep in mind that not all Bitcoin ATM machines can sell and cash out your Bitcoin; however, some will, and here is how they work.

• Step 1: Select the cryptocurrency that you want to sell.

• Step 2: Choose “Sell.”

• Step 3: Agree to the transaction amount to sell.

• Step 4: Enter your phone number and type in the one-time passcode which is sent to you through text.

• Step 5: Choose the amount you want to sell and take the receipt.

• Step 6: Send Bitcoin by scanning the QR code.

• Step 7: Redeem Cash at the ATM.

Selling Larger Amounts of Bitcoin

In order to sell larger amounts of Bitcoin, you might want to take a look at Over-The-Counter (OTC) trading options.

Here, you will be a dealer who will act as a market maker and quote the price at which you will sell your Bitcoins. A trade can be executed when two participants are in an OTC market.

Find out about the top brokers and exchanges offering OTC trading in our guide to buying large amounts of Bitcoin.

Do I Have to Pay Tax When Selling Bitcoin?

This is dependent on the country you live in. However, in the US and many other countries, selling Bitcoin results in a capital gain or loss and so will trigger Capital Gains Tax. You will need to report your profits and losses to your local tax authority.

Can I Sell Bitcoin From Anywhere in the World?

The main point of the appeal behind cryptocurrencies is the fact that they are borderless. In other words, you can be anywhere in the world and send BTC from one cryptocurrency address to another all without the need for an intermediary. That being said, some cryptocurrency exchanges may not accept users from certain countries so you will have to check the terms and conditions for each platform.

Privacy and Security Tips When Selling Bitcoin

Security needs to be your main priority when it comes to trading cryptocurrencies, as the last thing you want is for your cryptocurrency account to become compromised.

Here are a few things you need to take into consideration when selling Bitcoin.

Some things will vary from coin to coin, while others will remain similar across all cryptocurrencies.

Enable 2FA:

• You should enable two-factor authentication on all the cryptocurrency exchanges that you use. Through this process, a text message will be sent to your phone with a code that’s needed to log in to your account, thus increasing security.

Complete Necessary KYC:

• On regulated exchanges, you will be required to complete a know-your-customer (KYC) procedure, where you will have to send personal identification. This can help to determine who you are and also help in case of security threats.

Request Support Only Through Official Sources:

• If you require support when it comes to selling cryptocurrencies such as Bitcoin, ensure that you contact the official support team through official means, such as email, live chat support, or phone support, not a random chat box you find online as these are oftentimes used by scammers to trick users into giving up private information

Double-check the Receiver Address:

• Make sure that you are entering the right Bitcoin cryptocurrency address where you will be sending the cryptocurrency tokens, so you do not end up sending them to the wrong address by accident and, as such, end up losing a lot of money.

Use Different Passwords if Using Multiple Exchanges, Wallets, and Brokers:

• Never use the exact same password on multiple websites. This is due to the fact that you do not want potential hackers to gain access to all your accounts with the same password. Keep things as secure as possible by having different passwords for different websites.

Keep Large Amounts of Cryptocurrencies in a Hardware Wallet:

• A hardware wallet is a wallet that requires you to physically confirm transactions commonly by pressing a button as opposed to doing so just on your computer. Large amounts of funds should be kept in a hardware wallet as they tend to be very secure and not as prone to hackings as exchanges.

What to Consider When Selling Bitcoin?

When selecting a platform to sell Bitcoin, you should make some considerations beforehand. Here are the top factors that should impact your decision when trading BTC.

Trading Options:

• The platform must provide multiple trading options so you can receive the best prices for your Bitcoin. The most important is a limit order, which lets you set the price yourself. However, a market trade is applicable if you need to quickly sell BTC since it takes the best available price.

Features:

• Having the best features at your disposal can help in efficient trading. For example, a trading interface with multiple tools can provide a great amount of information to help you make more informed decisions.

Interface:

• An expertly designed interface delivers convenience to investors. All features should be easy to find through the dashboard, making it straightforward to sell Bitcoin.

Fee Structure:

• Before selecting a platform to sell Bitcoin, you should check out their fee structure. Crypto exchanges apply various fees for using their services, and the amount varies between each platform. Most likely, you’ll encounter a deposit, withdrawal, and trading fee.

Security:

• Protecting your funds should be the platform’s number one priority. There are some great options like Kraken, which specify what technologies are used to prevent hacks. Moreover, the exchange must let users enable 2-step authentication and whitelist crypto wallets for extra security.

Investment Opportunities:

• Investors can exchange their Bitcoin for a stablecoin, fiat currency, or another token. Therefore, the exchange should provide multiple investment opportunities to their clients like staking, liquidity pools, and lending.

Should I Sell or Trade Bitcoin for Another Cryptocurrency?

Bitcoin is generally considered to be the safest cryptocurrency to invest in as it is the best established with the largest market cap. However, these factors also mean that it could have less upside potential than smaller-cap coins. If you want to trade your BTC for another coin, here are some of the most popular alternatives.

• Ethereum

• BNB

• Polkadot

• Polygon

• Cosmos

• Algorand

• Cardano

• Theta Network

• Harmony

Final Thoughts on Selling Bitcoin

Hopefully, now you know everything there is to know about selling Bitcoin. We’ve discussed the best platforms for selling with low fees, anonymity, and convenience. Before using any of the methods mentioned above, you should do your due diligence and research the best option for yourself. Take into account the fees associated and the process of cashing out your fiat currency.

FAQs

Related Bitcoin Guides