Bitcoin easy to sell

How to Sell Bitcoins – A Beginner’s Guide

By: Ofir Beigel | Last updated: 1/9/21

People who want to sell their Bitcoins for fiat currency (i.e. dollars, euros, etc.) have several ways they can do so online and offline. In the following post, I will cover the different selling methods available.

How to Sell Bitcoins Summary

If you want to convert your Bitcoins back to “normal” money you’ll need to do the following:

1. Find an exchange (e.g. Coinmama, CEX.io, Coinbase)
2. Send your Bitcoins to that exchange
3. Trade your Bitcoins for fiat
4. 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 Bitcoins in a nutshell. If you want a more detailed explanation about how to sell Bitcoins and to know about a variety of other methods available keep on reading. Here’s what I’ll cover:

1. How Do You Sell Bitcoins?

When you feel like it’s time to trade those precious Bitcoins 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 to 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 about 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.

Now that we’ve got the basics out of the way, let me review the various methods you can use to sell Bitcoins.

2. Selling Bitcoin with PayPal

One method people search for online often, is how to sell Bitcoins and receive funds to your PayPal account.

PayPal, in general, aren’t very fond of Bitcoin mainly due to the fact that they can’t give their customers chargeback protection for Bitcoin transactions (here’s why).

Having said that, there are still some workarounds that will allow you to sell Bitcoins for PayPal.

Coinbase

The popular exchange Coinbase (available in 103 countries worldwide) allows you to connect your Coinbase account with your PayPal account. While you won’t be able to buy Bitcoins this way, you will be able to sell Bitcoins on Coinbase and withdraw the funds to your Paypal account.

This feature is available in the US, UK, and the EU. Here’s how it’s done:

1. Sign up to Coinbase
2. Complete your account verification
3. Go to Settings > Linked Accounts > Link a New Account button
4. Choose PayPal and log in to your PayPal account

This is probably the fastest and most convenient method around if your country is supported. You can read my complete Coinbase review here.

LocalBitcoins

If you’re not eligible to use Coinbase, you can still find buyers who will accept your Bitcoins for PayPal through LocalBitcoins.

LocalBitcoins is a marketplace where buyers and sellers meet and trade Bitcoins for a variety of payment methods, including PayPal.

Keep in mind that if you’re selling Bitcoin for PayPal credits, you’re risking getting scammed by a buyer that will file a complaint to PayPal saying that you never sent him the Bitcoins he paid for. You can read my complete LocalBitcoins review here.

Here’s how to sell Bitcoins for PayPal on LocalBitcoins:

1. Open a LocalBitcoins account
2. Go to “Sell Bitcoins”
3. Choose a country – since you’re not meeting in person it doesn’t really matter which country you choose so personally I’d go with countries that have more probability to have sellers like USA, UK, etc.
4. Choose “PayPal” as the payment method
5. Select a buyer

3. 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 it’s also a bit more expensive.

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.

4. Selling Bitcoins with a Bank Account

Probably the most common method for selling your Bitcoins would be via a wire transfer or some other form of transfer to your bank account (e.g. SEPA, ACH, etc.).

Almost all Bitcoin exchanges support this method, including Coinbase, CEX.io, and LocalBitcoins which I’ve reviewed before. Here is a breakdown of an additional selected few.

Coinmama

If you reside within the EU, Coinmama gives you the option to sell your Bitcoins 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. You can read my full Coinmama review here.

Bitpanda

Bitpanda, the Vienna based service, allows you to sell Bitcoins and withdraw funds via a bank account or a SEPA transfer. You can read my full Bitpanda review here.

Bitstamp

Bitstamp is one of the oldest Bitcoin exchanges around. It allows you to sell Bitcoins and withdraw them via a wire or SEPA transfer. You can read my full Bitstamp review here.

5. How Do I Sell Bitcoins 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.

Bitcoin ATMs

Bitcoin ATMs are machines that accept Bitcoins and spew out cash. Not all ATMs allow you to sell Bitcoins, some allow you only to buy Bitcoins. 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 see a complete coverage of ATMs worldwide here.

Paxful

Paxful has been running since 2015, and it allows you to find buyers (or sellers) that trade with various payment methods 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.

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.

6. Additional Methods for selling Bitcoins

In this post, I tried to focus on the main methods for selling Bitcoins. However, there are numerous other methods you can use to sell your Bitcoins.

For example, Skrill, Netteller, Amazon gift cards and more. Most of these options can actually be found on LocalBitcoins (you’ll be amazed by the variety).

Another option would be to just exchange your Bitcoins for real life goods you want to buy such as a car, a house, a computer, etc.

7. Frequently Asked Questions

Is it Illegal to Sell Bitcoins 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 a 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 Bitcoins Be Traced?

Yes. Bitcoin is actually 100% traceable, however it’s hard to know who the person holding the Bitcoins is. Simply put, Bitcoin is pseudonymous. Here’s a short video about this issue:

7. Conclusion

There’s no shortage of methods you can use when it comes to selling Bitcoins. Keep in mind that the irreversible methods such as wire transfers will almost always give you better rates and lower fees than the reversible methods such as credit cards and PayPal.

The biggest question you probably have to ask is not how to sell Bitcoins but when to sell them. Trying to time to time the market to make a profit is an almost impossible task. You can learn a bit more about this in my Bitcoin trading guide.

Do you know of any other methods for selling Bitcoins? Have any comments or questions? Leave them in the comment section below.

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5 Easy Ways to Sell Bitcoin Fast

This guide shows you all the best ways to sell any amount of Bitcoin quickly, cheaply, and easily.

If you don’t want to pay an arm and a leg in fees, but want to cash out of Bitcoin, this is the guide for you!

• General steps to selling Bitcoin
• Best platforms to sell on
• How best to sell in each country

Read on to find all our top methods and platforms for 2021!

Quick Info: Best Exchanges to Sell On

• Exchange based in Canada
• Very high buy and sell limits
• Supports Interac & wire

Chapter 1

Step-By-Step: How to Sell Bitcoin

Selling Bitcoin is pretty easy these days.

Before we hop into the specific methods and platforms we like to use to sell Bitcoin, let’s walk through the normal steps.

1. Figure out which currency you want to cash out in

If you are in the US, you probably aren’t looking to sell your Bitcoin for Euros (EUR) or Pound sterling (GBP).

That’s important, because some services don’t support US dollars.

Heck, some exchanges don’t support fiat currency at all.

That means the first thing you need to do is decide which form of money you will accept for your Bitcoin.

2. Make a cryptocurrency account on a selling platform

Now that you know which currency you want in exchange for your cryptocurrency, its time to make an account on a platform that lets you sell your BTC.

This is obvious, but you should check to make sure that platform cashes out in the currency you determined in step 1.

The ones below support many different fiat currencies and we like all of them!

• Exchange based in Canada
• Very high buy and sell limits
• Supports Interac & wire

There are tons of platforms to sell Bitcoin on, and the easiest, by far, are exchanges and brokers like Coinbase or Coinmama.

Signing up on Coinbase is really simple — it’s like making an account on Amazon!

Some methods, like selling to a Bitcoin ATM or to a friend at a Bitcoin meetup won’t require an account at all.

If you choose that method, you can skip this step.

QUICK TIP

If you do choose an exchange or broker, the process of creating an account is slightly different on each platform, but for the most part it will consist of:

• Creating a Username and Password
• Protecting it with Two-Factor Authentication
• Going through a «Know Your Customer» process where your identity is confirmed
• Occasionally a waiting period before you can buy

You may already have an account verified if you originally bought your Bitcoin on the exchange you are selling it on.

3. Transfer your coins to the platform

Now that your account is created, you’ll need to deposit your crypto assets on the exchange.

Hit the “deposit” or “sell” button.

You’ll be presented with a wallet address and/or a QR code.

Scan that into your Bitcoin wallet and send the amount of coins you want to sell.

QUICK TIP

This step only applies to actual selling platforms.

If you are selling to someone you know in person, you’ll just send the digital currency to them directly and they will hand you cash — then you are done.

4. Create a sell order

Now it’s time to make a sell offer on the platform you are selling on.

That means picking a price you are willing to part with your Bitcoin for.

The process for doing this always looks a little different on every platform, but for the most part, it works the same way.

Look for the “sell” or “trade” tab, and either sell at the price offered by the broker or create a custom sell order on an exchange order book.

The only difference is, with a broker, you are selling at whatever the spot price is (minus some fees).

With an exchange, you can set whatever price you want. Just don’t expect for the sell to be accepted by any takers if your price is too high.

The nice thing about the crypto exchanges are that the fees tend to be lower than the brokerages.

And that’s really all there is too it!

Now, let’s look at the best platforms and methods to sell in each country!

Chapter 2

Best Way to Sell Bitcoin in Each Country

Sell Bitcoins in the United States

Coinbase is a prominent and feature-rich crypto exchange which allow you to sell Bitcoins for USD.

Coinbase Pro also caters to Americans. It has high volume and advanced trading features. Ensure that you read the respective documentation for all these cryptocurrency exchanges for further information on trading limits and terms.

Sell Bitcoins in Canada

The big American exchanges, Coinbase and Coinbase Pro, are also available in Canada for purposes of selling Bitcoin for Canadian dollars.

Coinberry is also a great choice to sell your Bitcoins in Canada.

Sell Bitcoins in Europe

Coinbase and Coinmama are some of the biggest exchanges servicing Europe.

Sell Bitcoin in the UK

UK-based Bitcoin sellers have extensive options when it comes to exchanges. Coinbase and Coinmama are all represented in the UK.

Sell Bitcoins in Australia

The major global exchanges are absent from Australia. CoinCorner, which also services Europe, is a recommended option.

Sell Bitcoins Around the World

To view all the available sale venues in your location, obviously excluding the private sale method, consult the Buy Bitcoin Worldwide “Find a Bitcoin Exchange” page.

In person exchanges such as LocalBitcoins is available (almost) globally.

And while you are looking at LocalBitcoins, you should also check out LocalCryptos.com.

Its pretty much the same as Localbitcoins, but they also allow you to sell altcoins.

However, Bitcoin sellers are the most common, so make sure to check it and see if you get any better offers there.

Check out their sleek interface!

Larger exchanges, such as Coinbase, span several countries or entire regions. Smaller, local exchanges exist in most nations with a significant Bitcoin user-base.

Now that we’ve got locations covered, let’s focus on methods for selling Bitcoins if we want cash!

Chapter 3

Sell Bitcoins for Cash

Services like LocalBitcoins allow you to arrange in-person trades for cash. A secure location, such as a bank or police station lobby, is recommended.

If you intend to do many such cash trades, you might want to invest in an ultra-violet counterfeit bill detector or a counterfeit detection pen.

Also, if your buyer indicates any intention of using purchased bitcoins for illegal activities, cancel the trade immediately.

LocalBitcoins

Perhaps the most well-known “decentralised” exchange, LocalBitcoins facilitates both online and in-person trades.

However, LocalBitcoins was finally forced to submit to KYC and AML regs and verify the identity of its users the moment they transacted more than €1,000 worth of crypto. Therefore, LocalBitcoins cannot technically be called a “decentralized exchange” any longer.

Here is a view of their different verification tiers:

Tier 0	Tier 1	Tier 2	Tier 3
Full Name
Country
Email Address
Phone Number
Home Address
ID Verification
KYC Info
Proof of Residence
Extra ID
trade Limit	1000	20,000	200,000	NA

For selling Bitcoin, Ethereum (ETH), BitcoinCash (BCH), Ripple (XRP) or Litecoin (LTC) online, up to 70 different payment methods may be requested (depending on your location), including traditional options such as bank transfer, PayPal, Western Union and so on.

BitQuick

BitQuick is an escrow service that holds a seller’s bitcoins until the buyer’s in-bank deposit (to the seller’s account) is confirmed by the bank.

Since Bitquick is unique, so is their look and feel. They offer estimates for how long the transaction should take as well as a host of other useful features.

Private Sale

For individuals who know and trust each other, such as family, friends and business colleagues, there’s no compelling reason to use any go-between service.

The private sale method has several advantages; no fees, convenience and, depending on the level of trust and familiarity, the highest security.

A good way to meet potential buyers for private sale purposes is to attend Bitcoin meetings or conferences in your area.

Bitcoin ATMs

Certain Bitcoin ATMs around the world enable you to sell as well as buy bitcoins. Check out our Bitcoin ATM Map for locations.

To list only ATMs which buy Bitcoin, ensure that the checkbox marked “crypto -> fiat” is ticked and disable the “fiat -> crypto” box.

Clicking the location markers provides detail on specific ATMs, including basic information such as address, operating hours, fees, limits and the type of ATM.

The “read more ->” link should provide contact details for the ATM’s owner should you require any further information.

It’s best to enquire in advance as to what form of identification is required to use a Bitcoin ATM; some have rather invasive information requirements, such as fingerprint or ID book scans.

Chapter 4

Conclusion

We’ve shown you the best methods and platforms to sell Bitcoin in 2021.

We chose these methods because They are:

• Easy to do
• Don’t cost a lot in fees
• Can be done quickly

So you really can’t go wrong with any of them.

But what do you think? Think you know an even better way to sell Bitcoin?

We want to know!

Hit that contact button to share your favorite method.

Or share this post on social media and let’s start a discussion!

About the Author: Jordan Tuwiner

Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.

He has also written extensively about the history, technology, and business of the crypto world. Jordan is also the creator of some of the internet’s most famous Bitcoin pages, including The Quotable Satoshi and Bitcoin Obituaries.

To learn more about Jordan, see his full bio.

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