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Even Bitcoin HODLers have to sell some of their stack for fiat every now and then. There comes a time when even the most hardcore Bitcoin believers have a low cash balance and need to sell their crypto assets for fiat currency. People who want to sell their Bitcoin for fiat currency (i.e., dollars, euros, etc.) have several ways they can do so online and offline. However, some ways are better and safer than others. In the following post, I will cover a few different selling methods available.
How to Sell Bitcoin Summary
If you want to convert your Bitcoin back to “normal” aka fiat money, you’ll need to do the following:
- Find an exchange (e.g. Coinmama, CEX.IO, Coinbase)
- Send your Bitcoin to that exchange
- Trade your Bitcoin for fiat
- Withdraw the fiat to your account
If Coinmama doesn’t work out for you, here are some additional exchanges recommended for selling Bitcoin:
That’s how to sell Bitcoin in a nutshell. If you want a more detailed explanation about how to sell Bitcoin and to know about a variety of other methods available, keep on reading. Here’s what I’ll cover:
How Do You Sell Bitcoin?
When you feel like it’s time to trade your precious Bitcoin back to fiat money, there are a few things you’ll need to think about.
First, how do you want to get paid?
Do you want to receive money in your PayPal account? Your credit card? Your bank account? Or maybe you prefer cash?
These considerations will lead you to the second question: Which exchange do you want to use?
Different exchanges provide different payment methods, fees, and exchange rates. It’s important to conduct ample market research before choosing the right exchange.
Finally, there’s the issue of taxation.
I won’t go into detail about this one since it’s different for each country. I’ll just say that it’s important to know how your country taxes cryptocurrency sales in order to understand if and when to report the sale to authorities.
Some countries haven’t come up with clear guidelines, while others have very strict rules. Make sure to consult a CPA in your jurisdiction.
You’ll realize that it is not very difficult to sell BTC, it is a very liquid asset with many different options and ways to sell. The crypto market is highly liquid and it isn’t hard to sell crypto assets for cash should you want more fiat funds.
Now that we’ve got the basics out of the way, let me review the various methods you can use to sell Bitcoin.
Selling Bitcoin with a Bank Account
Probably the most common method for selling your Bitcoin would be via a wire transfer or some other form of transfer to your bank account (e.g., SEPA, ACH, etc.). This is the typical withdraw option that most people are looking for when they sell Bitcoin. Some people don’t even feel like they’ve made money trading Bitcoin until the cash shows up in their bank account balance. Luckily, the vast majority of crypto exchanges have some method of withdrawing to a bank account.
Almost all Bitcoin exchanges support some method of bank transfers, including Coinbase and CEX.IO. Here is a breakdown of an additional selected few.
Best Wallet
Best Wallet offers US- and EU-based customers the option to sell their Bitcoin and withdraw the funds directly to their PayPal account.
This method provides a quick and convenient way to cash out crypto with minimal wait times. After the money is in your PayPal account it should be simple to initiate a bank transfer and have the money show up in your bank account. Best of all you don’t even need to move your funds from the wallet you safe keep them in to an exchange, Best Wallet is an all-in-one solution.
While Best Wallet has competitive fees, some users may find exchange rates vary slightly depending on your form of payment and region.
Want the full story? Check out our Best Wallet Review to get the full picture on one of the best software wallets on the market.
Coinmama
If you reside within the EU, Coinmama gives you the option to sell your Bitcoin via a SEPA transfer. The advantages of SEPA are quick and relatively cheap transaction times.
Coinmama is considered relatively expensive when it comes to exchange rates. For more info read our full Coinmama review.
Bitstamp
Bitstamp is one of the oldest Bitcoin exchanges around and has many options for you to sell Bitcoin and withdraw to fiat, whether you want to do so via bank transfer or another method. Bitstamp allows you to sell Bitcoin and withdraw it via a wire or SEPA transfer. For more info read our full Bitstamp review.
Selling Bitcoin with a Credit Card
Some exchanges allow you to withdraw funds straight to your credit card. This method is usually faster than a wire transfer but also a bit more expensive.
Best Wallet
Best Wallet also offer the option of withdrawing the funds from the sale of your crypto straight to your credit card balance. So whether you are looking to off-ramp your funds to a card or to your bank Best Wallet has you covered. The fact that you can do all of this straight from your wallet is just an added bonus.
CEX.IO
London-based CEX.IO allows you to withdraw your funds to your MasterCard or Visa. The amount you can withdraw depends on your verification, with no limits on Enhanced Verification accounts.
The fee for withdrawing funds to a card can range anywhere between 1.2%-3%, depending on the card type. You can read my full CEX.IO review here.
Selling Bitcoin with PayPal
One method people search for online often is how to sell Bitcoin and receive funds to your PayPal account.
PayPal, in general, isn’t very fond of Bitcoin, mainly due to the fact that they can’t give their customers chargeback protection for Bitcoin transactions.
Having said that, there are still some workarounds that will allow you to sell Bitcoin with PayPal.
We’ve already talked about how you can use Best Wallet to withdraw crypto to your PayPal account, but there are plenty of other options should you want to sell Bitcoin and withdraw to PayPal.
Exodus
The popular self-custody crypto wallet Exodus allows you to connect your Exodus account with your PayPal account. While residents of every country won’t be able to buy Bitcoin this way (currently available to US and EU customers), you will be able to sell Bitcoin on Exodus and withdraw the funds to your PayPal account.
Here’s how it’s done:
- Step 1: Sign up to Exodus
- Step 2: Tap on the Buy & Sell Crypto button.
- Step 3: Go to Sell Crypto and choose your preferred payment method.
- Step 4: Choose the cryptocurrency you’d like to sell, and then pick the fiat currency you’d like to receive in exchange. Specify the total crypto you want to sell and check the currency you will receive. Then tap Continue and follow the onscreen prompts to complete the transaction.
LocalCoinSwap
LocalCoinSwap brings buyers and sellers together in a marketplace for a range of coins, including BTC and Ethereum. It’s unique in that you can transact in almost any method imaginable, including PayPal, wire transfer, Western Union, WebMoney, credit and debit cards, and cash, with a 1% sell fee. Check out our full LocalCoinSwap review for more info.
Visit LocalCoinSwapHow Do I Sell Bitcoin for Cash?
In order to maintain anonymity or maybe just out of plain convenience, some people prefer to sell their Bitcoin for cash or directly to another person. If that’s the case, then you have several options whether you want to use a Bitcoin ATM or sell on a peer to peer marketplace.
Bitcoin ATMs
Bitcoin ATMs are machines that accept Bitcoin and spew out cash. Not all crypto ATMs allow you to sell Bitcoin; some allow you only to buy Bitcoin. Some of them won’t even require any type of ID or verification.
Usually, ATMs have a restricted limit on how much you can withdraw, but for a small amount, this may be a good option. You can view the complete coverage of ATMs worldwide on coinATMradar’s website.
Paxful
Paxful has been running since 2015, and it allows you to find buyers (or sellers) that use various forms of payment, including cash. This means Paxful can locate cash buyers in your area.
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. Good choices are bank lobbies, police station foyers, and courthouses. This way you will first be protected by having other people around you, and if you want to check your received banknotes you can also deposit them and find out if they are real.
When dealing with a seller for the first time or when trading large amounts, it’s wise to choose a location with access controls, metal detectors, security cameras, and guards. Overall, exercise common sense; although rare, there have been reported incidents of mugging and fraud.
For more information read our full Paxful review.
Additional Methods for Selling Bitcoin
In this post, I tried to focus on the main methods for selling Bitcoin. However, there are numerous other methods you can use to sell your Bitcoin. That’s because in reality, it is not hard to sell BTC at all. It is a very liquid asset with a robust marketplace – you just need to choose where and how you want to sell BTC for fiat funds.
There are other methods, for example, Skrill, Neteller, Amazon gift cards, and more. Another option would be to just exchange your Bitcoin for real-life goods you want to buy, such as a car, a house, a computer, etc.
Conclusion: How to Sell Bitcoin
There’s no shortage of methods you can use when it comes to selling Bitcoin. That said different crypto investors will have different needs for their fiat to crypto exchanges depending on a number of different factors. Keep in mind that methods such as wire transfers will almost always give you better rates and lower fees than methods such as credit cards and PayPal. Additionally selling on a large crypto exchange will always be safer than selling through a peer-to-peer exchange or local meetup.
The biggest question you probably have to ask is not how to sell Bitcoin but when to sell BTC. Trying to time the market to make a profit is an almost impossible task. You can learn a bit more about this in our Bitcoin trading guide.
FAQs
Is it Illegal to Sell Bitcoin for Cash?
It depends on the rules of your country. Most countries haven’t banned Bitcoin, but several few have (e.g., China). You can view the legal status of Bitcoin here.
How Long Does it Take to Sell Bitcoin?
Depending on your payment method, it can take 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 show up on your account). Wire transfers usually take longer since the money has to go through several intermediary banks until it reaches your account.
Can Bitcoin Be Traced?
Yes. Bitcoin is actually 100% traceable. However, it’s hard to know who the person holding the Bitcoin is. Simply put, Bitcoin is pseudonymous.
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