There are a few good ways to sell bitcoin. Whether you want a quick and simple method (like selling on an exchange) or a slower but more private method (like using a peer-to-peer marketplace or a bitcoin ATM), we’ll show you how to sell bitcoin.
- Choose an exchange for a basic bitcoin transaction.
- Sell bitcoin in four ways: exchanges, P2P trades, ATMs or in-person trades.
- Withdraw your money as cash, transfer into your bank account or through a third-party platform.
- Check the transaction fees for the specific method and service you’re using.
Although there is plenty of information out there on what bitcoin is and how to trade it, you also need to make sure you can sell it. This doesn’t have to be difficult — selling on an exchange takes just four steps — but there are a few different ways to go about it, depending on your priorities.
There’s also a difference between selling and withdrawing your money. Selling turns cryptocurrency into fiat currency, but you’ll need to withdraw it to actually put it in a bank account or turn it into cash. We’ll go through both, so you’re not stranded halfway through the process of getting your money.
To sell your bitcoin, you just need to go to an exchange and click to sell your bitcoin. Then you can choose how much you want to sell and move your cash to a bank. If you want to turn it straight to cash instead, then you should go through a bitcoin ATM.
There is no one best way to sell bitcoin. However, for most beginners, using an exchange is the best way to go. You’ll pay some fees for the transaction, but you’ll also get good rates and access to its security measures to stop fraud and theft.
Yes, you can sell bitcoin with just a few clicks. As one of the most well-known cryptocurrencies, basically every exchange will accept it, and there are always buyers looking to make a purchase.
Yes. You can convert bitcoin to cash directly, either through a bitcoin ATM or a peer-to-peer transaction and choosing to sell it in person.
Getting Started: Before You Sell Bitcoin
To get started with bitcoin, you’re going to need three things: an exchange, a wallet and the knowledge of how to buy the cryptocurrency. This last one is easy with our guide on how to buy bitcoin, but the other two are still important. The exchange allows you to buy bitcoin from sellers, and the wallet gives you somewhere to store it long term.
When choosing an exchange, you should look for one with many users, good customer support and low fees. Three particularly popular exchanges with newcomers are Coinbase, Robinhood and Binance. However, there’s nothing really tying you to a specific exchange, so you can try new ones and quickly change at any time.
On the other hand, wallets can be much more complex. “Cold wallets” — physical devices holding cryptocurrencies offline — come with a steep up-front cost, but “hot wallets” — pieces of software that hold your coins on a computer — are often less secure. However, since hot wallets are fine for short-term storage and free to set up, it’s a good idea to start with them.
Set Up a Bitcoin Wallet
If you’re going to buy lots of bitcoin, you should get a dedicated wallet to put it in. These are generally more secure than most exchange wallets, but there will be transaction fees whenever you move money into or out of this wallet.
You also need to choose which type of wallet to get. We’ll focus on hot wallets, but even then, you should make sure to research the one you choose well, so you don’t end up losing all of your invested money to a security flaw or fraud.
- Download the Digital Wallet
Go to the provider’s webpage and click “download.”
- Choose to Receive Bitcoin
Although you don’t need an account to get started, you will need your…