Cashing in bitcoin is easy, like withdrawing money from ATM but not for every country's users. But that not means you can not cash out your bitcoin.
There are several ways to sell bitcoin for cash, but not all ways will support your country or your currency.
So which will support let's find out.
Cashing in Bitcoin - How To Convert Bitcoin To Cash
To convert bitcoin to cash, you will need three things.
1. Wallet - That has bitcoin. (with login)
2. Exchanger - A third party to convert bitcoin to fiat.
3. Payment getaways - To receive your money like a bank card, bank account. Paypal.
Why are you selling bitcoin?😢
It is a weird question but I can understand it's hard to hold for a long and there can be many reasons that force you to sell your bitcoin other-wise it's pretty hard for a bitcoin lover to sell their coin.
➝You have some amount of bitcoin like 0.01, 0.001 that are not giving better returns.
➝You have found another coin that is giving a better return.
➝Want to sell bitcoin for buying some stuff.
➝Want to sell to pay school fees or something else.
➝The price of a bitcoin is dropping.
1. Cashing in bitcoin on P2P sites.
P2P sites like LocalBitcoins, LocalCryptos, P2P Binance is very popular among the users to sell bitcoin for cash. Where exchange websites use the boot to convert bitcoin to cash while a P2P allows you to interact with actual people.
The best part of using P2P is to support a wide range of payment methods and country currency while other platforms mostly use bank card or bank account payment method and support only USD, GBP, EUR.
And also to start with P2P is very easy and doesn't need any KYC or other information just enter email address and password.
One thing you will also like about that is the broker compare features. You can compare all 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 websites (LocalBitcoins recommended).
- Create an account by entering email and password.
- Deposit bitcoin amount from a wallet that you want to sell into any chosen P2P site.
- Search for payment method and your country's currency.
- Select any broker and send a message with the amount broker will respond back and ask you for payment detail. (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 & Demerits.
✔️Easy to use and need no KYC verification for cashing in bitcoin.
✔️Have many payment getaway options.
✔️You can also buy bitcoin.
❌A big difference between buying and selling price.
❌Not much security to store bitcoin for a long time.
❌The price will change if you change the payment option.
2. 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 bank account, bank card, SEPA, PayPal.
It supports 100+ countries and has listed almost all popular coins, including bitcoin for a cash sell. On its fee is variable for example it charges about 2.99% for a bank account and 3.99% for a bank card for bitcoin purchasing in the USA.
Coinbase provides full features for your assets such as wallet, trading, buy, sell in a single place. The only thing you will don't like is KYC verification that takes 1-2 days to complete, so you will need to wait until your verification complete for cash out bitcoin. Check here the Coinbase fee and supporting country.
Merits & Demerits.
✔️A mobile wallet is extremely simple.
✔️You can use it as you want.
✔️Support 100+countries.
✔️Usually a low fee than other exchanges.
❌Buying and selling are not available in every country.
❌Coinbase tracks your activity, so it has no privacy.
❌Limited buying and selling amount in some country.
3. Cash out Bitcoin On CoinSwitch.
Are you 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 at least one time, so CoinSwitch will also impress you.
On it, you can easily sell bitcoin for cash and withdrawal it via PayTM, GooglePay, PhonePay, UPI, or Bank account. Where other exchange platforms accept only bitcoin or Ethereum coin for cash while on CoinSwitch you can sell any coins directly without exchanging them into 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 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 & Demerits.
✔️Easy to start.
✔️Best for Indian users.
✔️The minimum limit is ₹100.
✔️Have listed a thousand coins.
✔️You can directly sell any coin without exchanging.
❌Not friendly for all countries.
❌Need KYC to start.
❌The maximum buys and sales amount is low.
4. Cashing in bitcoin on Kraken.
Kraken one of the best option for American users with low fees. It allows users to sell their bitcoin for cash currently it accepting USD, JPY, CAD, GBP, EUR, AUD, 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 the USA users and has an American bank account for them it charges about $5.
Merits & Demerits.
✔️Low fees.
✔️Available worldwide.
✔️Secure and reliable.
✔️One of the oldest and respected exchange platforms.
✔️Listed many popular cryptos for buying and selling.
❌Not friendly for beginners.
❌Payment only is done by the Bank account.
5. Sell bitcoin for cash on the Lumi wallet.
We talked about Indian and American users so what we got for European users here Lumi wallet 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 during selling bitcoin, it will ask your ID if you buy more than $150 worth of bitcoin. If we talk about fees, it does not charge exclude payment processing fees.
Merits & Demerits.
✔️Extremely simple in use.
✔️Multi-cryptocurrencies wallet.
✔️Over,1200 coins and tokens listed.
✔️Available for all device Android, iPhone, Desktop.
✔️The exchange features available for over 1200 tokens.
❌Cryptos selling features only for European users.
❌Sometimes it shows trouble due to governance by Changelly.
❌No popular coins listed than Ethereum based tokens.
6. Cash Out Bitcoin On Bitpanda.
Another European-based buy and sell bitcoin platform that supports all over the world and has a large number of payment methods. Currently, it supports EUR, USD, CHF, GBP for cashing in bitcoin.
Bitpanda does not display fees on its website, but the fees amount you can see during the selling process of digital currencies.
For withdrawal, it has many payment methods such as SOFORT, VISA/MASTER CARD, NETELLER, SKRILL. GIROPAY/EPS, Amazon.de voucher, EURO WALLET, BANK TRANSFER.
Merits & Demerits.
✔️Users friendly.
✔️Have listed many cryptos for buying and selling.
✔️Have many payment methods.
✔️Gives many services in a single place such as Swap, Trading, Pay, 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 amount are also high.
7. Sell bitcoin for cash via Bitcoin ATM.
It is a popular and secure way to cash out your bitcoin involving no third party and fees. Finding Bitcoin ATM is quite difficult on the traditional map but knows many companies have released an online map that provides the exact location of 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 a complete guide and list of how to find Bitcoin ATM near me on the map.
Merits & Demerits.
✔️Totally secure.
✔️Low fees
✔️No need to worry about the wallet address.
❌Difficult to find a Bitcoin ATM.
❌Not available in every country.
❌You can only cash out bitcoin via bank card.
8. Sell bitcoin in Person.
Where Bitcoin ATM is secure, then here selling bitcoin in person is most easy and anonymous. But the question is where I can find a person who selling bitcoin for cash, the answer is also simple: there are many websites and forums that provide trader location and LocalBitcoins, LocalCryptos is one of them.
After finding the location you can easily meet the trader at a specific area and let you scan the trader bitcoin wallet QR code if don't have QR then share bitcoin address to your mobile when you both satisfied with the last price.
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| Bitcoin selling trader local on Localcryptos. |
Merits & Demerits.
✔️Fully anonymous.
✔️Simple, just scan QR and send it.
✔️Every activity will happen in your presence.
❌You can not specify fees.
❌Pretty difficult to find a trader in near areas.
❌Have to meet the trader, so it takes time.
Which payment options best for cash out bitcoin?
The payment option plays an important role in cash out bitcoin because all fees depend on it so chose wisely. If you look for a popular payment option, then the bank card will come first, but it is costly too around 3.99+ percent. While for low fees, bank account transfer 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 rarely you will find. So you have only remain bank card and bank account to convert bitcoin to cash.
In my recommendation, you should go for bank account transfer as much as possible and also it secure, but in the case can not then go for the bank card.
Things To Remember during converting Bitcoin To Cash
You should remember some points while selling your bitcoin to reduce risk.
➝The fees are applied everywhere.
➝Chose bank transfer as a payment option for cash out bitcoin.
➝KYC verification will always require selling bitcoin
➝You can not sell any other coin, except Bitcoin and Ethereum (but some platform allows).
➝You can not 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 I hope I have given enough information that can help you to sell you bitcoin. If you think there is something I have missed then put your comment, I am excited to hear. And also if you have converted bitcoin for cash, then tell your experience.✌😍
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