You are here because you are the luckiest person who has bitcoin in your wallet with some profit and wants to sell bitcoin for cash.
Cashing in bitcoin is easy, like withdrawing money from an ATM, but not for every country’s users. But that does not mean you cannot cash out your bitcoin.
There are several ways to sell bitcoin for cash, but not all of them will support your country or your currency.
So which will be supported? Let’s find out.
How to sell bitcoin for Cash?
To convert bitcoin to cash, you will need three things.
- Wallet: That has bitcoin. (with login)
- Exchanger: A third party to convert bitcoin to fiat.
- Payment getaways: to receive your money like a bank card or bank account, Paypal.
Why are you selling bitcoin?
It is a weird question, but we can understand it’s hard to hold for a long time, and there can be many reasons that force you to sell your bitcoin; otherwise, it’s pretty hard for a bitcoin lover to sell their coin.
- You have some amounts of bitcoin, like 0.01, 0.001, that are not giving better returns.
- You have found another coin that is giving a better return.
- You want to sell bitcoin to buy some stuff.
- Want to sell to pay school fees or something else?
- The price of bitcoin is dropping.
Cashing in bitcoin on P2P sites.
P2P sites like LocalBitcoins, LocalCryptos, and P2P Binance are very popular among users who want to sell bitcoin for cash. Where exchange websites use the boot to convert bitcoin to cash, a P2P allows you to interact with actual people.
The best part of using P2P is that it supports a wide range of payment methods and country currencies, while other platforms mostly use bank card or bank account payment methods and support only USD, GBP, and EUR.
And also, to start with, P2P is very easy and doesn’t need any KYC or other information; just enter your email address and password.
One thing you will also like about that is the broker comparison feature. You can compare all the brokers that are selling bitcoin according to their price, fee, and payment methods.
Here is a quick guide to how to sell bitcoin for cash.
- Go to any website (local bitcoins are recommended).
- Create an account by entering an email and password.
- Deposit a bitcoin amount from a wallet that you want to sell to any chosen P2P site.
- Search for payment methods and your country’s currency.
- Select any broker and send a message with the amount. The broker will respond back and ask you for payment details. (make sure broker is online.)
- Give payment details to receive your money.
- In a few minutes, you will receive your money (according to the payment method) as soon as you send bitcoin to the broker.
Merits and demerits.
- It is easy to use and requires no KYC verification for cashing in bitcoin.
- Have many payment getaway options.
- You can also buy bitcoin.
- There is a big difference between buying and selling prices.
- There is not much security in storing bitcoin for a long time.
- The price will change if you change the payment option.
Convert bitcoin to cash on Coinbase.
Almost everyone knows about Coinbase and has created at least one account on it. Coinbase is a wallet that allows you to sell bitcoin for cash via a bank account, bank card, SEPA, or PayPal.
It supports 100+ countries and has listed almost all popular coins, including bitcoin, for a cash sale. The fee is variable; for example, it charges about 2.99% for a bank account and 3.99% for a bank card for bitcoin purchases in the USA.
Coinbase provides full features for your assets, such as a wallet, trading, buying, and selling in a single place. The only thing you won’t like is KYC verification, which takes 1-2 days to complete, so you will need to wait until your verification is complete to cash out bitcoin. Check here for the Coinbase fee and supporting country.
Merits and demerits.
- A mobile wallet is extremely simple.
- You can use it as you want.
- Support 100+countries.
- Usually a lower fee than other exchanges.
- Buying and selling are not available in every country.
- Coinbase tracks your activity, so it has no privacy.
- There are limited buying and selling amounts in some countries.
Cash out Bitcoin on CoinSwitch.
If you are from India and want to sell bitcoin for cash in the Indian rupee, then CoinSwitch could be one of the best options. As Indian users, you know about PayTM and have used it at least once, so CoinSwitch will also impress you.
On it, you can easily sell bitcoin for cash and withdraw it via PayTM, GooglePay, PhonePay, UPI, or a bank account. Whereas other exchange platforms accept only bitcoin or Ethereum coins for cash, on CoinSwitch, you can sell any coins directly without exchanging them for BTC or ETH.
For the other countries’ users, they can buy and sell bitcoin via credit or debit card.
If we talk about the fee, it does not charge any fee and provides almost the exact market price, and you can cash out bitcoin worth ₹100. Like others, it also requires KYC and takes only 10–15 minutes to verify.
Merits and demerits.
- Easy to start.
- Best for Indian users.
- The minimum limit is ₹100.
- They have listed a thousand coins.
- You can directly sell any coin without exchanging.
- Not friendly to all countries.
- We need KYC to start.
- The maximum buys and sales amount is low.
Cashing in bitcoin on Kraken.
Kraken is one of the best options for American users, with low fees. It allows users to sell their bitcoin for cash; currently, it accepts USD, JPY, CAD, GBP, EUR, AUD, and CHF.
Its features seem difficult for beginners, so make sure you have some knowledge about trading. On the other hand, the fee is high depending on your location, but not a high fee for US users who have an American bank account; it charges about $5.
Merits and demerits.
- Low fees.
- Available worldwide.
- Secure and reliable.
- One of the oldest and most respected exchange platforms.
- We have listed many popular cryptos for buying and selling.
- Not friendly for beginners.
- Payment only is done by the Bank account.
Sell bitcoin for cash on the Lumi wallet.
We talked about Indian and American users, so what do we get for European users here? Lumi wallet is a mobile-friendly wallet to sell bitcoin for cash via credit or debit card (EU areas only).
It does not require any KYC verifications for storing cryptos, but when selling bitcoin, it will ask for your ID if you buy more than $150 worth of bitcoin. If we talk about fees, it does not exclude payment processing fees.
Merits and demerits.
- Extremely simple to use.
- Multi-cryptocurrencies wallet.
- Over 1200 coins and tokens are listed.
- Available for all devices: Android, iPhone, and desktop.
- The exchange features are available for over 1200 tokens.
- Cryptos are selling features only to European users.
- Sometimes it shows trouble due to the governance of Changelly.
- No more popular coins are listed than Ethereum-based tokens.
Cash out Bitcoin on Bitpanda.
Another European-based buy-and-sell bitcoin platform that supports users all over the world and has a large number of payment methods. Currently, it supports EUR, USD, CHF, and GBP for cashing in bitcoin.
Bitpanda does not display fees on its website, but the fees you can see during the selling process of digital currencies.
For withdrawal, it has many payment methods, such as SOFORT, VISA/MASTER CARD, NETELLER, and SKRILL. GIROPAY/EPS, Amazon.de voucher, EURO WALLET, BANK TRANSFER.
Merits and demerits.
- Users friendly.
- They have listed many cryptos for buying and selling.
- Have many payment methods.
- It offers many services in one place, such as swaps, trading, payments, and more.
- Only supporting European countries.
- Credit card fees are very high.
- Charging fee for every action, even for deposit and withdrawal.
- The minimum deposit and withdrawal amounts are also high.
Sell bitcoin for cash via a Bitcoin ATM.
It is a popular and secure way to cash out your bitcoin, involving no third parties or fees. Finding a Bitcoin ATM is quite difficult on the traditional map, but many companies have released an online map that provides the exact location of a Bitcoin ATM so users can easily reach it and sell bitcoin for cash.
The sad part of bitcoin ATM is not available in every country and also there is not much bi-directional functionality machine means bitcoin ATM from that users can buy and sell.
Read here for a complete guide and list of how to find a Bitcoin ATM near me on the map.
Merits and demerits.
- Totally secure.
- Low fees
- There is no need to worry about the wallet address.
- It is difficult to find a Bitcoin ATM.
- Not available in every country.
- You can only cash out bitcoin via bank card.
Sell bitcoin in person.
Where a Bitcoin ATM is secure, selling bitcoin in person is most easy and anonymous. But the question is, where can you find a person who sells bitcoin for cash? The answer is also simple: there are many websites and forums that provide trader locations, like LocalBitcoins or LocalCryptos.
After finding the location, you can easily meet the trader in a specific area and scan the trader’s bitcoin wallet QR code. If you don’t have a QR, then share the bitcoin address on your mobile when you both are satisfied with the last price.
Merits and demerits.
- Fully anonymous.
- Simple; just scan the QR and send it.
- Every activity will happen in your presence.
- You can not specify fees.
- It’s pretty difficult to find a trader in nearby areas.
- I have to meet the trader, so it takes time.
Which payment option is best for cashing out bitcoin?
The payment option plays an important role in cashing out bitcoin because all fees depend on it, so choose wisely. If you look for a popular payment option, then the bank card will come first, but it is costly too, at around 3.99+ percent. While for low fees, bank account transfers will stand on the fist that cost around 1+ percent of the amount.
You can also go for online payment like GooglePay, OKPay, Payeer, Skrill, PayTM, PerfectMoney, or any other, but care could be worse than a bank card because it charges extra service fees.
You are dealing with international platforms, and online payment is rarely something you will find. So you only need a bank card and a bank account to convert bitcoin to cash.
In my recommendation, you should go for bank account transfers as much as possible and also make them secure, but if you cannot, then go for the bank card.
Things to remember when converting bitcoin to cash.
You should remember some points while selling your bitcoin to reduce risk.
- The fees are applied everywhere.
- Choose a bank transfer as a payment option for cashing out bitcoin.
- KYC verification will always require selling bitcoin
- You cannot sell any other coin except Bitcoin and Ethereum (but some platforms allow it).
- You cannot easily sell your bitcoin in your local currency unless you trade with a person.
- If you have stored bitcoin in a wallet that has sell features, then sell in it to avoid transaction fees.
Well, that’s enough, and we hope we have given you enough information that can help me sell you bitcoin. If you think there is something we have missed, then leave a comment. We are excited to hear it. And also, if you have sold bitcoin into cash, then share your experience.
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