Some exchanges allow — or even require — the crypto to remain on their platform for safekeeping. Today, Bitcoin has morphed from a basic payment system into an investment aseet in its own right, representing almost half of the $1 trillion-plus cryptocurrency market. Bitcoin is a digital currency issued on a decentralized network, using cryptographic approaches that make it nearly impossible to hack or manipulate. It allows for secure transactions between individuals without the need for third partiesn.

how to sell my bitcoin on binance

Binance, for one, has managed to garner the attention of almost every individual in the crypto space mostly because of its huge trade volumes and the number of coins it offers. You may need to confirm your identity by entering your phone number or scanning a document. Learn how to sell Bitcoin (BTC) with our comprehensive guide, covering strategies, considerations, and top selling avenues for maximizing returns. Many look to Bitcoin as a valid alternative store of long-term value. Compared to fiat currencies, which can be affected by government policies and eroded by inflation, Bitcoin is untethered to such policies. When you’re ready to buy Bitcoin, you’ll need to consider where to buy it, how you’ll pay for it, and where to store it once you own it.

  • It allows for secure transactions between individuals without the need for third partiesn.
  • Bitcoin even offers a dedicated website and app that enables you to “buy direct.” But you may want the option to buy and trade more than one type of cryptocurrency.
  • If you live in the US, CoinBase is the easiest way to sell Bitcoin for cash.
  • Another option is to transfer your Bitcoin to a crypto wallet that you hold and control.
  • To get Binance’s Etehereum wallet address, log in to your Binance account, navigate to Funds in the taskbar and then click on Deposits.
  • Users who have used CoinBase in the past know that they charge hefty fees when buying and selling Bitcoin, but BitPanda charges a smaller fee.

With the account you created, search for a market on which to buy and sell bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), etc. Using your money, buy the amount of crypto you want to sell and transfer it into a personal wallet. To find out how much bitcoin or other cryptocurrency is worth in US dollars, visit CoinMarketCap.com. Some exchanges will allow you to choose a limit or market price, and some will set the sell rate for you. Use cash as an alternative to PayPal if selling bitcoin face-to-face or via another person.

how to sell my bitcoin on binance

This causes speculators to be drawn to it and other cryptocurrencies. Even during the same day of trading, its price can fluctuate wildly. The public key facilitates transactions; the private key is required to authorize them. Once the sale is confirmed, tap Wallet and choose the local currency you just obtained (EUR). Confirm the withdrawal, enter your verification code (text or email, or both), and you’re done. Now you need to switch your Bitcoin into fiat before you can withdraw it.

how to sell my bitcoin on binance

In this article, we’ll help you understand Bitcoin better and discuss best practices for buying and selling it as part of a larger strategy. Once you obtain your preferred fiat currency, navigate back to the Fiat and Spot wallet and click Withdraw. The Binance.com web platform and Binance Desktop user interfaces are almost identical with minimal differences.

If you live in the US, CoinBase is the easiest way to sell Bitcoin for cash. CoinBase allows users to buy and sell Bitcoin online with a credit card or through their bank account. Users who have used BitPanda in the past know that they charge hefty fees when buying and selling Bitcoin, but CoinBase charges a smaller fee. Tap Withdraw, select a payment method, enter the amount, and add the required withdrawal info.

Some payment services allow you to buy crypto, but with a catch, which we’ll share more about later. Bitcoin ATMs, also known as Bitcoin teller machines (BTMs) or crypto ATMs, are electronic kiosks that let you deposit cash in exchange for Bitcoin or other cryptocurrencies. These machines offer a convenient way to buy and sell Bitcoin for fiat currency. Once the terms are agreed upon, transfer your Bitcoin to the platform’s escrow service for added security during the transaction.

Binance.US allows you to trade over 120 cryptocurrencies with low fees and state-of-the-art storage technology to keep your digital assets safe. The same crypto platform that enabled you to buy Bitcoin will support you doing the reverse. And selling your crypto is pretty much as straightforward, minus the initial steps of setting up and funding your account.

If you are a beginner to the crypto scene, knowing which method is best for cashing out your bitcoin can be difficult. The five methods discussed in this blog post all have their pros and cons but may suit different people better than others, depending on what they want from the process. This service allows users to deposit cash into a machine and receive the equivalent amount of bitcoin. Some ATMs have daily withdrawal limits, while others require verification from a team member of the machine’s owners.

Paxful, LocalBitcoins, and Local Monero are all platforms that allow you to buy or sell crypto directly with people in your community. For example, on Paxful, you can sell bitcoin (BTC) for cash by having someone send you a payment through Western Union (WU). For example, digital wallets put you in the driver’s seat for security — you are holding your crypto’s private key. They also give you more flexibility since you control access to your Bitcoin. On the other hand, some exchanges, place limitations on when you can move or sell your crypto. Transferring money may be most cost-effective, depending on any fees charged for this by your bank, financial institution, and/or the exchange.

how to sell my bitcoin on binance

LocalBitcoins is one of the top peer-to-peer exchanges that allow bitcoin buyers and sellers to meet up locally or use an online escrow service. Local Bitcoins also enables users to purchase bitcoins using PayPal for a small fee. While Bitcoin was envisioned as a digital alternative to fiat currency, its widespread adoption as a means of payment remains limited. Therefore, selling it may allow you to access fiat currency, enabling you to make purchases and transactions that require traditional money. If you have to meet for a face-to-face transaction, you should meet sellers at a public location.

To start the process, you select a reputable platform that prioritizes liquidity, safety, and security. You then create an account on your chosen platform and complete the necessary identity verification steps to ensure compliance. You must first choose a reputable exchange and complete the registration and verification process. This is the easiest way to “cash-out” cryptocurrencies because it doesn’t require uploading ID or waiting days before receiving any money. However, listings are not always free, and there may be some fees when selling certain currencies like Bitcoin Cash.

In addition, you can have an in-person meeting at your local coffee shop. However, there are some extra precautions and security steps that you need to follow. Security is always paramount in cryptocurrencies, so make sure you are aware of the risks.

Then, verify and confirm the transactions, allowing a few minutes for confirmation before enjoying the benefits of your newly acquired gift cards. Alternatively, buyers and sellers can use an escrow service that holds bitcoin until all parties are satisfied with any transactions during the trade. Sellers should be aware of scams that can take place during in-person Crypto Swap Websites trades. If you live in Australia, check out preev.com to sell Bitcoins for cash. This site allows users from all over the world, including Australians, to conduct transactions online through bank transfers and local meetups. To buy Bitcoin, you’ll need to find an exchange (or platform) that offers crypto for purchase and allows you to sell or trade it.

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