Robinhood Cryptocurrency Exchange
- Intuitive app good for new & experienced investors
- Commission-free trading
- Cryptocurrency & IPO access
- No account minimum
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So long as you have access to your private keys (the seed phrase given by your wallet) you can sell Bitcoin at any exchange you like. Compare exchanges for deposit methods, the fiat currencies supported and the cryptocurrencies listed to find the most suitable match for your needs.
If you've sold Bitcoin through a platform that permits fiat currency withdrawals, check to see what withdrawal methods are supported. Options may include:
When choosing your withdrawal method, make sure you consider:
Storing your cryptocurrency on an exchange for the long-term is not recommended. Exchanges control the private keys to these wallets and are also popular targets for hackers. The safest option is to transfer your cryptocurrency into your own secure wallet that lets you retain ownership of your private keys. It's a good idea to set this wallet up well in advance of selling your Bitcoin and make sure you double check your wallet address before depositing any funds.
Once again, check whether there are any limits on the amount of cryptocurrency you can withdraw per transaction or in any 24-hour period. You'll also need to factor any withdrawal fee into the total cost of the transaction.
The best way to sell Bitcoin is very subjective and will vary based on an investor's circumstances. What works well for one person might not necessarily be a good fit for the next. Instead, it's all about working out which option is the right choice for you. You can do this by asking yourself a few important questions:
These questions should help you decide how you want to sell your Bitcoin, and you can then figure out which platform has all the features you need. When comparing different cryptocurrency exchanges, make sure you consider:
There are several other important factors, such as where an exchange is regulated and the payment methods accepted by peer-to-peer trading sites. For a full breakdown of the features to look out for check out our cryptocurrency exchange guide and discover tips on how to choose the right platform.
The step-by-step guide above takes you through the process of selling Bitcoin on an exchange. However, this is just one of several options available when you want to cash out your Bitcoin, so let's take a closer look at what other options you have.
Why might you choose this option? If you want to set your own price and enjoy greater control over the sale process.
Peer-to-peer trades, which are sometimes also referred to as direct trades, provide the option of selling your Bitcoin to another person. Online peer-to-peer marketplaces give a user more freedom and control over the specifics of the transaction. You can set your price, nominate how you want to receive payment, and then wait for the right buyer to come along.
The way the sale actually takes place will vary depending on the peer-to-peer platform you're using. For example, while some platforms only accept online bank transfers, sites like LocalBitcoins accept everything from cash and credit cards to PayPal and Western Union transfers.
The registration process varies from platform to platform, but some peer-to-peer marketplaces allow you to trade with a certain level of anonymity. Although offering extra flexibility, a user will need to be willing to accept that selling may take longer than some other options. A user will also need to compete with other sellers to get the attention of a suitable buyer.
Why might you choose this option? If you want a quick and easy way to turn your Bitcoin into cold, hard cash.
The main advantage of this approach is that it offers fast access to cash, providing an instant way to turn your digital coins into real-world money. Unfortunately, Bitcoin ATMs can be hard to find, and even if you stumble across one there is no guarantee that it will support the sale of Bitcoin. You'll typically also need to provide some form of ID before you can complete a transaction, and be willing to accept high fees compared to other selling options.
Why might you choose this option? If you're selling to a friend or relative, or if you want to negotiate a better sale price and avoid middleman fees.
Want to sell some BTC to a friend or family member? If they already have a Bitcoin wallet set up, the process is easy. All you have to do is scan their wallet QR code or copy their Bitcoin address, transfer the BTC to them, and either accept payment from them in cash or as a bank transfer.
However, you may also be considering selling your Bitcoin to a random person, perhaps someone who contacted you through a peer-to-peer marketplace or who you arranged to meet via an online forum. It doesn't take a rocket scientist to work out that this can be a risky move, so it's a good idea to arrange your meeting through a site that has some sort of rating system to help you gauge the legitimacy of the other party.
Taking normal safety precautions, such as arranging to meet in a public place, is also a must.
Before selling Bitcoin it is important to analyze the market carefully. Is it really the most optimum time to sell? Of course, you will never truly know the answer to this question but there is Bitcoin price prediction analysis that can be performed to help you decide whether to sell or hold. Our guide to cryptocurrency technical analysis is another useful tool to help you better understand and read the cryptocurrency market.
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