There are three main options for withdrawing funds from online wallets. However, be aware that the trading platform will have a different withdrawal fee depending on which you choose, so be sure to look at that before deciding on a method. The best method to cash out of Bitcoin is using a suitable crypto exchange. The process involves depositing BTC to the exchange, hitting the ‘Sell’ button, choosing the payout method, entering the amount to sell and making a withdrawal to a bank account.
Bonus: Buy gift cards with crypto
Some countries have outrightly banned the use of Bitcoin for any financial activity. To hold or sell Bitcoin for cash in these regions (China, for example) may have severe consequences. But this is not the case in some countries like the US and UK, which supports crypto swaps to cash and charges income taxes on such trades. Overall, Gate.io is one of the oldest and most trustworthy exchanges for cashing out of BTC. The only disadvantage is that US investors are not allowed on the platform. For more information on its features, pros, and cons, read our Gate.io review.
Things to consider before cashing out Bitcoin (or other crypto)
First, you’re going to have to accept the market price conversion rate to your local fiat currency. Then, once you’ve accepted the conversion, you’ll have to pay some deposit/withdrawal fees to initiate the bank transfer. Sometimes there will be a short holding period before you are allowed to complete the withdrawal. Then, once the withdrawal is ready, you’ll need to be a bit patient. Like most other bank transfers it may take up to 1-5 business days for the cash to reach your bank account.
Benefits of selling crypto with BitPay
If you’re not interested in HODLing or having trouble figuring out how to spend your Bitcoin, you can always just cash out your BTC for fiat. To sell Bitcoin, you’ll need to pick an exchange that you are comfortable with and supports the currencies that you need. I’ve been writing about money and lifestyle design since 2006. I created this site, grew it to 2 million monthly readers, sold it, and bought it back again.
- Bitcoin ATMs are a physical kiosk — typically located in a gas station or grocery store — that allow you to buy crypto with cash or a digital wallet.
- In order to make a cash withdrawal and sell your Bitcoin from the ATM, the machine provides a QR code to which you send your Bitcoin.
- Bitcoin is relatively easy to sell with a wide selection of exchanges and brokers available.
- The article also provides basic knowledge about cryptocurrency transactions.
- If you’re not interested in HODLing or having trouble figuring out how to spend your Bitcoin, you can always just cash out your BTC for fiat.
This is advantageous if want to swap BTC directly for fiat deposits in their bank accounts. Moreover, Gate.io is a top provider in terms of trading volume at the time of writing. However, instead of using a bank account, the card pulls funds from a crypto wallet.
For instance, Binance charges 3.9% for debit card withdrawals which is higher than other supported payment methods. Insert the amount of fiat to withdraw and click on ‘Confirm’ to complete the transaction. For instance, there is a $4 withdrawal fee for both FedWire and SWIFT (Silvergate Bank).
Transaction times can vary depending on the partner rate you choose as well as the payout method. Typically it’ll take between hours before the funds are in your checking account. And while peer-to-peer (P2P) exchanges and Bitcoin ATMs offer anonymity, consider the (potential) high fees and hassles of the process. If you are looking to cash out your crypto holdings to make regular purchases, you may be able to do this directly from your digital wallet at a crypto-friendly business.
Secondly, Binance is one of the cheapest exchanges, with a default 0.10% fee for transactions on the exchange. Once the Bitcoin has been converted to fiat, the user latest news informations about cryptocurrency can then proceed to withdraw the swapped fiat to their bank account. What makes Binance stand out as the best place to sell Bitcoin is its ability to convert Bitcoin into fiat and stablecoins with zero fees.
If you don’t like the thought of having to wait three days for cashing out Bitcoin, you should consider using a peer-to-peer selling platform like LocalBitcoins. These are some of the questions that you will need to ask yourself. crypto exchange white label api trading on your platform So, read through the following methods on how to cash out bitcoin and then decide which is best for you. Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. However, no amount of trading knowledge can save you from the losses cybercrime can cause. That’s why you should always use a reliable antivirus to keep your computer safe and the best VPN for crypto trading to keep you safe online.
For this example, we’ll use Coinbase, but most crypto exchanges have a similar method. Third-party exchanges and fiat gateways typically charge fees from 3% to 5% for converting crypto into cash, which is high. But if you need cash and don’t want to transfer your Bitcoin to an exchange, this is a decent option. Investors can sell BTC for cash by trading on a crypto exchange, P2P marketplace, or using a Bitcoin ATM. The latter is by far the easiest and fastest way of selling Bitcoins for cash, but, they are not widely available. Crypto exchanges are the most popular way to instantly cash out of BTC to a bank account.
You can sell Bitcoin and other top cryptos using the BitPay app or directly through the BitPay website. BitPay’s self-custody wallet unlocks a wide world of crypto commerce possibilities. If you’re sitting on some excess gains after a forex brokers uk forex broker reviews best forex brokers online recent bull run, you can put it to good use in a number of different ways. These apps support a very limited selection of crypto, with Cash App only supporting Bitcoin, and PayPal supporting Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The knowledge is easy to understand, I can trade right on coinbase. Binance can be more convenient and safe for beginners, whilst LocalBitcoins allows you to remain anonymous and sell at a higher price.
For EU customers, payments are made via SEPA (withdrawals paid in Euros). However, if you want to sell Bitcoin for USD, brokers normally use the SWIFT payment method. Kraken offers fiat withdrawals for US and UK customers through ACH, SWIFT, FedWire, FPS (UK), and SEPA transfers. When liquidating Bitcoin via the ‘Buy Crypto’ widget, there is a 1.5% cost.
