If you’ve taken the leap and bought some Bitcoin in Ireland, it’s equally important that you know how (and when) to cash out and sell.
In this guide, we’ll walk you through the different ways you can sell Bitcoin in Ireland, as well as the ins and outs of converting your BTC to Euros or another cryptocurrency.
Quick guide: How to sell Bitcoin in Ireland
Log into your account on an exchange like Binance.
Copy your wallet address and use it to transfer BTC from your external wallet to your Binance wallet.
In your Binance account, click the “Buy/Sell” tab.
Find Bitcoin and click “Sell BTC”.
Enter the amount of BTC you want to sell.
Select the currency you want to exchange for BTC.
Review transaction details.
Once the transaction has been processed, withdraw the EUR to your bank account.
This is our quick guide to just one way to sell Bitcoin. Compare some other options in the table below.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Where to sell Bitcoin in Ireland
As long as you have access to your private keys you can sell your Bitcoin at any exchange. Compare exchanges using deposit methods, fiat currency support and accepted cryptocurrencies to find the best match for your needs.
For many investors in Ireland, the main aim when selling Bitcoin will be to cash out for EUR, so you can find instructions on how to do that below.
However, if you want to trade your BTC for another crypto, we’ve included a step-by-step guide on how to do that as well.
Selling BTC for Euros
If you want to sell BTC for fiat currency, here’s an example of how you can do it:
Register on an exchange that lists the BTC/EUR trading pair To satisfy government regulations, most exchanges will also require you to provide your full name, address and proof of ID.
Deposit Bitcoin into your account Before you can sell your Bitcoin, you’ll need to transfer it into the wallet of your chosen exchange. Find the deposit address for Bitcoin and then transfer BTC from your external wallet to that address.
Sell Bitcoin Once your transfer has been completed, you can then search for the currency pair you want to trade on the exchange you’re using. In this case BTC/EUR, and enter all the details of your transaction.
Withdraw EUR The final step is to withdraw the EUR you’ve acquired to your bank account. This is a simple process on most platforms – just look for the “Withdraw” link and follow the prompts – but make sure to check any limits and fees that apply before finalising your transaction.
Selling BTC for cryptocurrency
If you want to exchange your bitcoin for another cryptocurrency, here’s how you can do it:
Deposit BTC into your account You’ll first need to find the BTC deposit address, so head over to your wallet and use the address you’ve just copied as the destination for your BTC transfer.
Sell BTC Navigate your way to the trading section of your chosen platform and then enter the full details of your sale. You can then type in how much BTC you want to sell, review the details of the transaction and click “Sell BTC.”
Transfer your new cryptocurrency into a secure wallet Consider finding a crypto wallet that supports your new digital currency and allows you to control your private key.
How to sell a large amount of bitcoin
If you’re looking to sell a large amount of Bitcoin, such as €50,000 or more, conducting the transaction through an ordinary crypto exchange may not be the best way to go about it, because there may not be sufficient liquidity on a traditional exchange. This can result in slower processing times or “slippage” – which is when a large market sell order eats through the available buy orders, resulting in a price drop.
The transaction limits on these exchanges may also be too low for your needs, so anyone looking to sell a large amount of Bitcoin should consider an over-the-counter (OTC) trade. OTC trades are those that take place away from a conventional, regulated exchange, and they offer a simpler and more cost-effective way to buy and sell large amounts of Bitcoin.
There’s no such thing as the best way to sell Bitcoin for everyone because 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:
Do you want to sell Bitcoin for EUR or another cryptocurrency?
How quickly do you want to sell your Bitcoin?
Are you willing to accept a price well below the market rate, or do you want to negotiate the best price possible?
If selling for EUR, how do you want to receive payment?
This 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 your options in Ireland, make sure you consider:
Price. How does the exchange rate you’ll get compare to those offered by other platforms?
Fees. Compare any trading fees that apply and whether there’s a fee for withdrawing funds into your bank account or crypto wallet.
Trading and withdrawal limits. Is there any limit on the amount of Bitcoin you can sell, or on how much EUR you can withdraw from your account?
Security features. Are there any security measures in place to help protect your funds and your private data, for example, 2-factor authentication or a reputation system for buyers and sellers?
Customer support. If something goes wrong with your transaction, how will you be able to contact customer support? When is support available?
Reputation and reviews. Seek out online reviews and check crypto forum posts from other users to find out whether they’d recommend a particular exchange, trading platform or Bitcoin ATM provider.
There are several other important features to consider, such as where an exchange is regulated and the payment methods accepted by peer-to-peer trading sites, so check out our cryptocurrency exchange guide for more tips on how to choose the right platform.
How to sell Bitcoin: what are my options?
The step-by-step guides above take 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 the wide range of options you have.
Why might you choose this option? If you’re looking for a convenient and simple way to turn Bitcoin into EUR or another fiat currency.
Pros: Convenient, quick and easy, allows you to exchange BTC for fiat
Cons: Transaction fees can sometimes be steep or the rates poor, ID verification process can cause delays
This refers to selling cryptocurrency directly to an exchange at a market price chosen by the exchange. Many cryptocurrency exchanges offer brokerage services, and you’ll often see brokerage services referred to as “instant buy/sell” or “quick sell” options. This is a popular option for investors in Ireland looking to sell Bitcoin, because it’s fast and easy to do from the comfort of your couch. The downside is that you may be able to get a better price elsewhere, and you need to make sure the broker is offering you a fair price for your Bitcoin.
From Coinbase to Huobi, there’s a huge range of exchange platforms for investors in Ireland to choose from, so you can shop around for the one that meets your needs.
Why might you choose this option? If you want to set your own price and enjoy greater control over the sale process
Pros: Could help you get a better price, provides you with more flexibility and control over the sale process
Cons: Slower than using a broker, options may be limited for certain fiat currencies, can take longer if you want to ensure a good price
Selling Bitcoin on a cryptocurrency exchange involves placing a sell order on the exchange order books, where it gets matched with buy orders places by other users. This can be almost as quick and easy as selling to a broker, and can help you find better prices when selling your Bitcoin. However, it also requires a bit more know-how and your choice of exchanges may be limited depending on what fiat currency you want to sell Bitcoin for.
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. However, you’ll need to be willing to accept that selling in this way may take longer than some other options, and you’ll 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.
Pros: Quick and easy, a fast way to cash out your Bitcoin when you need fiat currency
Cons: Bitcoin ATMs (particularly those that let you sell BTC) can be difficult to find, and have high transaction fees
Bitcoin ATMs allow you to deposit cash and convert it to Bitcoin. However, some of these ATMs also allow you to transact in the opposite direction — in other words, convert your BTC balance into fiat currency so you can withdraw 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’s no guarantee that it will support selling services. 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 want to sell in person, anonymously or for cash, if you want to try to sell above market rates or if you can’t find another suitable exchange
Pros: You can choose a range of payment methods, you can sell anonymously, some buyers may be willing to pay above-market rates
Cons: Very risky if dealing with a stranger, more time-consuming than selling online
Want to sell some BTC to a friend or family member in Ireland? 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 its address, transfer them the BTC, and either accept payment from them in cash or as a bank transfer.
However, you may also be considering selling your Bitcoin to a stranger, 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. You should also familiarise yourself with the kinds of scams that circulate on peer-to-peer exchanges, such as credit card chargeback fraud and man-in-the-middle scams, so you know how to spot any red flags.
Withdrawing your funds after the sale
Even after you’ve sold your Bitcoin, your transaction hasn’t been fully completed. The final step is to withdraw the proceeds of your sale into either your bank account or your cryptocurrency wallet.
If you’ve sold Bitcoin through a platform that permits EUR withdrawals, check to see what withdrawal methods are supported. Options include:
When choosing your withdrawal method, make sure you consider:
Fees. Many (but not all) platforms impose a withdrawal fee, and the fee charged usually varies depending on the withdrawal method selected.
Limits. Are there any minimum or maximum limits on how much you can transfer? How do they differ between withdrawal methods? Can you increase these limits by providing additional verification or ID?
Processing times. How long will it take for the EUR to arrive in your wallet or bank account? For example, while cash withdrawals are instant, bank transfers can take several days to arrive.
Any other restrictions. For example, some exchanges will require you to withdraw funds using the same payment method with which you made your deposit.
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, so the safest option is to transfer your crypto into a 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 crypto 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.
When is the right time to sell Bitcoin?
Unfortunately, there’s no easy answer to this question.
Timing is crucial to maximising the success of any trade — anyone who sold Bitcoin near one of its historical peaks can attest to this fact — but working out the right time to sell can be a tricky task. From crypto regulatory developments and broader economic factors to Bitcoin hype levels and even your own appetite for risk, there are many factors that can affect whether you should or shouldn’t sell your BTC.
You can sell Bitcoin for cash by using a Bitcoin ATM that allows you to exchange your BTC for a EUR cash withdrawal. Alternatively, you could arrange to sell your Bitcoin through a peer-to-peer marketplace that accepts cash as a payment option, either meeting someone in person to accept payment or asking them to send a cash transfer through a payment service in Ireland such as Western Union.
Bitcoin debit cards are linked to your cryptocurrency balance. They allow you to load your card with BTC, which is then converted into EUR by the card provider so you can use it to buy goods and services in-store and online, or withdraw cash from an ATM.
Yes, if you wish to, there are several companies that specialise in facilitating bill payments in cryptocurrency.
You can sell Bitcoin through a peer-to-peer marketplace that accepts PayPal payments, such as LocalBitcoins or Paxful, or use an exchange like VirWox. Alternatively, some exchanges may also allow you to sell Bitcoin for EUR, then withdraw it to the credit card or Irish bank account linked to your PayPal account.
Yes, some multi-currency wallets in Ireland (such as Coinomi and Jaxx) come with an in-built exchange service that allows you to quickly swap Bitcoin for another crypto within your wallet. However, this convenience usually comes at a price, as the exchange rate you’ll get will typically be lower than the price you could get on an open exchange.
Look at the current sell offers listed on your chosen platform to get an idea of the average price. However, remember that you’re competing with the other sellers on that platform and will need to make a compelling offer. The price you set could vary depending on what else you’re bringing to the table, such as being in a convenient location for buyers or accepting cash payments.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.
Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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