There are quite a few ways to cash out your Bitcoin, but you need to know what your goals are before selling. If you simply want to use your crypto to make purchases, you can solicit Bitcoin-friendly businesses, or use a crypto debit card to use the value of your crypto at the store. As a decentralized currency, Bitcoin was originally designed as a peer-to-peer payment system. Sticking with those roots, using a peer-to-peer (P2P) crypto exchange allows you to sell your Bitcoin directly to another individual in exchange for cash. Once you become more experienced with Local Bitcoins, you can practice selling using different payment methods. The good thing is, some payment methods allow you to sell your Bitcoins at a higher price — so it’s worth getting used to.

For nearly 20 years, we’ve been on a mission to help our readers acheive their financial goals with no judgement, no jargon, and no get-rich-quick BS. These apps support a very limited selection of crypto, with Cash App only supporting Bitcoin, how to trade forex directly with liquidity providers or banks instead of a broker and PayPal supporting Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. You can also select the “sell” feature to only look for ATMs that allow you to sell your crypto. Then you need to choose the country where your ideal buyers are located.

1. The CryptoWallet.com bank card has some great features that make it an excellent alternative to withdrawing to a debit card.
2. You can also select the “sell” feature to only look for ATMs that allow you to sell your crypto.
3. You can sell your bitcoin directly on online exchanges, which facilitates the transaction between you and the cryptocurrency market.
4. If you have never deposited fiat on to a broker exchange, then you will more than likely need to make (at least) one deposit first.
5. There are a few to choose from, however, the one I most recommend is LocalBitcoins.
6. You may also avoid extra bank fees, including withdrawal and transaction fees.

With an online peer-to-peer trade, you can sell cryptocurrency online in exchange for dollars. These transactions are often facilitated by an exchange, and Binance runs a well-known online peer-to-peer platform called Binance P2P. Once you check the transaction record in the payment account and make sure you have received the money from the buyer, Binance will release the crypto white label payment service provider psp to the buyer on the platform. Third-party exchanges and fiat gateways typically charge fees from 3% to 5% for converting crypto into cash, which is high. But if you need cash and don’t want to transfer your Bitcoin to an exchange, this is a decent option. Many crypto wallets have built-in crypto exchanges, and some even allow you to exchange your crypto for cash directly.

Things to consider before cashing out Bitcoin (or other crypto)

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 access to your crypto but at a significantly higher commission. If you want to cash out your crypto, using a centralized exchange, online broker, or money transfer app is a low-fee way to sell, but be aware of the limitations that each app has. You can save on fees, but lose flexibility with these methods. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the buyer).

How to sell crypto for cash?

And to make it easier for you, I will also include some helpful images. While technically not cash, converting crypto into gift cards usable practically anywhere is a close compromise. BitPay allows you to purchase gift cards with Bitcoin along with 15+ other top cryptocurrencies.

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. Centralized crypto exchanges are one of the best ways to turn your Bitcoin (or other cryptocurrencies) into cash. With access to hundreds of coins, multiple supported fiat currencies, and low trading fees, exchanges offer the most flexibility when cashing out your crypto.

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In this example, I will show you how to cash out Bitcoin using PayPal. As you can see, the buyer has a 100% feedback rating, and has completed more than 1000 trades! There is also a rating system like eBay, where you can leave feedback for the buyer or seller. If you are a beginner, I only recommend selling to buyers who have 100% positive feedback.

Crypto debit cards are becoming more popular, with many crypto exchanges offering them as a way to spend your crypto balance. Crypto debit cards are typically connected to a centralized crypto exchange account and allow you to swipe the card for regular purchases. The exchange will convert your crypto to cash and use it for the purchase. However, instead of using a bank account, the card pulls funds from a crypto wallet. The BitPay Card is one of the top crypto cards for U.S. residents.

Binance can be more convenient and safe for beginners, whilst LocalBitcoins allows you to remain anonymous and sell at a higher price. The buyer should contact bitcoin losing hardware wallet whats the max amount of ethereum you to let you know that the funds have been sent. Check that the funds have arrived in your PayPal, then click on Payment Received, and you’re finished.

For example, eToro charges a flat 1% trading fee to sell crypto, which is a fairly low rate. Robinhood does not disclose its crypto trading fees, but averages around 0.50% for crypto trades. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Cash out crypto onto popular gift cards like prepaid Mastercards, Best Buy gift cards and more. Mo is an accomplished content marketer with expertise in Fintech, Blockchain, Web3, and SaaS. His professional journey includes a notable stint at Wise (formerly TransferWise) expanding the brand’s footprints within European market. Presently, Mo is deeply engaged in shaping the vision of CryptoWallet, with the goal of making cryptocurrencies easily accessible and seamlessly integrated into everyday financial transactions.

If you have never deposited fiat on to a broker exchange, then you will more than likely need to make (at least) one deposit first. Depending on how large or small your transaction is may determine which method you use. If you sell your cryptocurrency, however, it’s important to understand that you could be creating a tax liability, so you’ll want to be sure you account for taxes in your decision to sell. With the introduction of spot Bitcoin ETFs in 2024, investors have a simple way to buy and sell Bitcoin using a familiar structure. ETFs trade on an exchange and are available through most brokers and the expense ratios on several funds are below what you might pay to trade on a crypto exchange. Cryptocurrencies rebounded sharply in 2023, leaving some traders with solid gains.

LocalBitcoins offer a good level of safety because of their escrow service. This keeps your Bitcoins locked until you confirm the payment has been received from the buyer. This guide will include methods of how to turn Bitcoin into cash such as bank transfer, PayPal and even through cash deposit! I will show you how to withdraw Bitcoins to cash using an exchange (namely, Binance) and through a peer-to-peer exchange.

I recommend using your own country (of course), however, this is up to you. You also need to enter the amount of Bitcoin you wish to sell. And that’s how to cash out Bitcoin using a broker exchange — skip the next section to follow instructions on how to do this.

The downside of Bitcoin ATMs is the high fees that most of them charge. In addition to paying network fees to transfer your Bitcoin, ATMs charge service and transaction fees that can exceed 15% per transaction. Your buyer will then receive a notification to say that you would like to sell your Bitcoins to them. Once they accept, you will then send your Bitcoins to the LocalBitcoins escrow (I explained an escrow earlier, remember?). So, the buyer will not receive your Bitcoins until they have paid you, and you confirm they have done so. Once you have set up your account, you will need to send your Bitcoin to your Binance Bitcoin address!

If a broker holds your crypto coins, then the easiest route is simply to go with that broker. Making purchases with Bitcoin does not directly turn your crypto into cash, but it allows you to utilize your Bitcoin like cash. Just be aware that sending crypto over the blockchain requires paying network fees, which can be high during times of crypto market volatility. If you are looking to cash out your crypto holdings to make regular purchases, you may be able to do this directly from your digital wallet at a crypto-friendly business.