Where Can I Sell My Bitcoins For Cash

How to Sell Bitcoins – A Beginner’due south Guide

By: Ofir Beigel | Last updated: 12/7/22

People who want to sell their Bitcoins for fiat currency (i.due east. dollars, euros, etc.) take several ways they can do so online and offline. In the following mail service, I volition cover the different selling methods bachelor.

How to Sell Bitcoins Summary

If you want to catechumen your Bitcoins back to “normal” money you’ll demand to do the following:

  1. Find an exchange (e.g. Coinmama, CEX.io, Coinbase)
  2. Send your Bitcoins to that exchange
  3. Merchandise your Bitcoins for fiat
  4. Withdraw the fiat to your account

If Coinmama doesn’t piece of work out for you here are some additional exchanges recommended for selling Bitcoin:

Payment methods:

Credit/debit card, SEPA, wire

CEXIO Logo

Payment methods:

Credit/debit carte, SEPA, wire

Coinbase Logo

Payment methods:

Debit card, SEPA, wire, ACH

Payment methods:

Credit, debit, wire, SEPA, PayPal, cash


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That’south how to sell Bitcoins in a nutshell. If you want a more than detailed explanation about how to sell Bitcoins and to know about a variety of other methods available keep on reading. Here’s what I’ll embrace:

  1. Selling Bitcoins in a Nutshell
  2. Selling Bitcoin with Paypal
  3. Selling Bitcoins with a Credit Card
  4. Selling Bitcoins with a Bank Account
  5. How practice I Sell Bitcoin for Cash?
  6. Additional Ways of Selling Bitcoins
  7. Ofttimes Asked Questions
  8. Conclusion

1. How Do You lot Sell Bitcoins?

When y’all experience like information technology’due south time to trade those precious Bitcoins back to fiat coin there are a few things you’ll need to call up almost.

Start, how exercise yous want to get paid?

Do you lot want to receive money to your PayPal business relationship? your credit card? your banking concern account? or perchance y’all prefer cash?

These considerations volition lead you to the second question: Which exchange do yous want to use?

Unlike exchanges provide different payment methods, fees, and exchange rates. It’southward important to conduct aplenty market research before choosing the correct exchange.

Finally, in that location’southward the consequence of revenue enhancement.

I won’t get into item near this ane since information technology’s different for each country. I’ll just say that information technology’due south important to know how your country taxes cryptocurrency sales in order to sympathise if and when to study about the sale to authorities.

Some countries haven’t come up upward with articulate guidelines, while others have very strict rules. Make sure to consult a CPA in your jurisdiction.

Now that nosotros’ve got the basics out of the mode, let me review the various methods y’all can utilise to sell Bitcoins.


2. Selling Bitcoin with PayPal

1 method people search for online often, is how to sell Bitcoins and receive funds to your PayPal account.

PayPal, in general, aren’t very fond of Bitcoin mainly due to the fact that they tin can’t give their customers chargeback protection for Bitcoin transactions (here’s why).

Having said that, at that place are nonetheless some workarounds that will permit you to sell Bitcoins for PayPal.

Coinbase

The popular exchange Coinbase (available in 103 countries worldwide) allows yous to connect your Coinbase account with your PayPal account. While y’all won’t be able to purchase Bitcoins this fashion, yous will be able to sell Bitcoins on Coinbase and withdraw the funds to your Paypal account.

This feature is available in the US, UK, and the European union. Here’south how it’s washed:

  1. Sign up to Coinbase
  2. Consummate your account verification
  3. Go to Settings > Linked Accounts > Link a New Business relationship push button
  4. Choose PayPal and log in to your PayPal account

This is probably the fastest and most convenient method around

if

your country is supported. Y’all tin read my complete Coinbase review here.

LocalBitcoins

If yous’re not eligible to utilize Coinbase, you tin can still find buyers who volition accept your Bitcoins for PayPal through LocalBitcoins.

LocalBitcoins is a market where buyers and sellers meet and merchandise Bitcoins for a multifariousness of payment methods, including PayPal.

Keep in mind that if you’re selling Bitcoin for PayPal credits, you’re risking getting scammed by a buyer that volition file a complaint to PayPal proverb that you never sent him the Bitcoins he paid for. Y’all tin can read my consummate LocalBitcoins review hither.

Hither’southward how to sell Bitcoins for PayPal on LocalBitcoins:

  1. Open a LocalBitcoins account
  2. Get to “Sell Bitcoins”
  3. Choose a country – since you’re non meeting in person it doesn’t really thing which country you choose so personally I’d go with countries that have more probability to accept sellers similar The states, Uk, etc.
  4. Choose “PayPal” as the payment method
  5. Select a buyer
LocalBitcoins

3. Selling Bitcoin with a Credit Card

Some exchanges allow you to withdraw funds directly to your credit card. This method is normally faster than a wire transfer but it’s also a scrap more than expensive.

CEX.io

London based Cex.io allows you to withdraw your funds to your MasterCard or Visa. The amount yous can withdraw depends on your verification, with no limits on enhanced verification accounts.

The fee for withdrawing funds to a card tin range anywhere betwixt i.2%-iii% depending on the bill of fare type. Yous tin can read my full CEX.io review here.


4. Selling Bitcoins with a Bank Business relationship

Probably the nigh mutual method for selling your Bitcoins would exist via a wire transfer or another form of transfer to your bank account (e.one thousand. SEPA, ACH, etc.).

Almost all Bitcoin exchanges support this method, including Coinbase, CEX.io, and LocalBitcoins which I’ve reviewed before. Hither is a breakdown of an boosted selected few.

Coinmama

If you reside within the European union, Coinmama gives yous the option to sell your Bitcoins via a SEPA transfer. The advantages of SEPA are quick and relatively cheap transaction times.

Coinmama is considered relatively expensive when it comes to substitution rates. Yous can read my full Coinmama review here.

Bitpanda

Bitpanda, the Vienna based service, allows y’all to sell Bitcoins and withdraw funds via a bank account or a SEPA transfer. Yous can read my full Bitpanda review hither.

Bitstamp

Bitstamp is 1 of the oldest Bitcoin exchanges around. It allows you to sell Bitcoins and withdraw them via a wire or SEPA transfer. You lot tin read my full Bitstamp review hither.


5. How Do I Sell Bitcoins for Greenbacks?

In order to maintain anonymity or peradventure just out of plain convenience, some people prefer to sell their Bitcoin for cash or directly to another person. If that’s the case so you accept several options.

Bitcoin ATMs

Bitcoin ATMs are machines that accept Bitcoins and spew out cash. Not all ATMs let you to sell Bitcoins, some let y’all simply to buy Bitcoins. Some of them won’t even require any type of id or verification.

Unremarkably, ATMs take a restricted limit on how much you can withdraw, but for a small amount, this may exist a good pick. You tin run into a complete coverage of ATMs worldwide here.

Paxful

Paxful has been running since 2015, and it allows you lot to find buyers (or sellers) that merchandise with various payment methods including cash. This means Paxful can locate cash buyers in your expanse.

I recommend that you only trade by enabling escrow in Paxful. I also recommend that you only do in-person trades in a secure location. Adept choices are bank lobbies, police-station foyers, and courthouses.

When dealing with a seller for the first fourth dimension or when trading big amounts, it’southward wise to choose a location with access controls, metal detectors, security cameras and guards. Overall, do mutual sense; although rare, in that location have been reported incidents of mugging and fraud.

Y’all tin can read my Paxful review here.


six. Additional Methods for selling Bitcoins

In this postal service, I tried to focus on the principal methods for selling Bitcoins. However, at that place are numerous other methods you can use to sell your Bitcoins.

For instance, Skrill, Netteller, Amazon gift cards and more. Virtually of these options can really be found on LocalBitcoins (you’ll be amazed by the multifariousness).

Some other pick would be to merely substitution your Bitcoins for existent life goods yous want to buy such as a machine, a house, a figurer, etc.


7. Ofttimes Asked Questions

Is information technology Illegal to Sell Bitcoins for Cash?

It depends on the rules of your state. Most countries haven’t banned Bitcoin but several few take (e.g. Prc). You can view the legal condition of Bitcoin here.

How Long Does information technology Take to Sell a Bitcoin?

Depending on your payment method it tin can accept anywhere from 2 seconds to several days. When using methods like PayPal and credit cards the transaction is usually instant (although it can take some time to testify up on your account).

Wire transfers ordinarily take longer since the money has to go through several intermediary banks until information technology reaches your account.

Can Bitcoins Be Traced?

Yes. Bitcoin is actually 100% traceable, however it’s hard to know who the person holding the Bitcoins is. Simply put, Bitcoin is pseudonymous. Here’due south a short video about this issue:


7. Decision

There’s no shortage of methods y’all tin can use when it comes to selling Bitcoins. Keep in mind that the irreversible methods such every bit wire transfers will well-nigh always requite you better rates and lower fees than the reversible methods such as credit cards and PayPal.

The biggest question you probably have to inquire is not how to sell Bitcoins but when to sell them. Trying to fourth dimension to time the market to brand a profit is an almost impossible task. You can learn a bit more than nearly this in my Bitcoin trading guide.

Do you know of any other methods for selling Bitcoins? Have whatever comments or questions? Exit them in the comment department below.

Nosotros detest spam as much as you do. You can unsubscribe with one click.

Source: https://99bitcoins.com/sell-bitcoins/

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