Selling Bitcoin to cash at centralized exchanges and withdrawing it to the bank account typically takes a few days. A centralized crypto exchange (CEX) is a website where you can buy and sell digital assets using crypto or fiat money. Some of the most popular hardware wallets offer the ability to sell Bitcoin for cash. Ledger has a built-in exchange service, “Ledger Live,” and partners with Coinify to sell crypto for cash. Currently, only Bitcoin selling is supported through Ledger Live. As a decentralized currency, Bitcoin was originally designed as a peer-to-peer payment system.

Peer-to-peer crypto trading

These platforms are easy to use and they handle matching you with a buyer. But if you're seeking lower fees, P2P platforms can be an option. Be aware that P2P platforms require more effort to find a reliable buyer and may involve some risk. Thus, you can bypass the exchange and have more control over trading terms.

A crypto debit card allows you to spend cryptocurrency like regular money. It works like a normal debit card but automatically converts crypto to fiat currency for seamless transactions. When selling crypto for cash, always check the fees before executing the transaction. Most services will list the total fees separately, allowing you to see if it’s worth it or not to sell.

1. In some ways, cryptocurrencies act like fiat money you can use to make purchases.
2. Robinhood does not disclose its crypto trading fees, but averages around 0.50% for crypto trades.
3. Meanwhile, Binance and BitStamp look great for traders who want to make bulky fiat withdrawals following their crypto sales.

Spend it at a crypto-friendly business

Some exchanges will allow you to choose a limit or market price, and some will set the top 10 most profitable crypto to mine in 2020 sell rate for you. Use cash as an alternative to PayPal if selling bitcoin face-to-face or via another person. Bitcoin is a cryptocurrency used as a form of payment for many different things. However, you may be wondering how to cash-out your bitcoin and turn it into cold hard cash. If your crypto is securely stored in your cold wallet, you can sell it — for a fee — without moving it first.

Some of the most common Bitcoin ATM providers are Bitcoin Depot, Genesis, and Lamassu. With a peer-to-peer platform, or P2P exchange, you are selling your coins to a private buyer, similar to how you'd buy products from someone on Etsy or eBay. Here are the best and easiest ways to convert bitcoin to cash. One of the easiest ways to cash out crypto is through a centralized exchange.

Furthermore, keep an eye on the rules and regulations around cryptocurrency. The tax implications when using centralized exchanges depend on the country. Some crypto-friendly countries are tax-free, while others incur capital gains tax. If you’re itching to exchange your crypto for some cold, hard cash, you’ll want to consider the implications of selling. If you hold Bitcoin or other crypto within Cash App or another money transfer app, you can sell it pretty easily. You will pay a fee within the app, but it’s usually pretty reasonable.

Which cryptocurrency exchange is best for beginners?

With an online peer-to-peer trade, you can sell cryptocurrency online in exchange for dollars. These transactions are often facilitated by an exchange, and Binance runs a well-known online peer-to-peer platform called Binance P2P. Once you check the transaction record in the payment account and make sure you have received the money from the buyer, Binance will release the crypto to the buyer on the platform. Paxful is a peer-to-peer marketplace that allows individuals to safely buy, sell, send and receive bitcoin using cash deposit or PayPal as payment methods. The site features over 150 payment options, so any country-specific currency is valid to purchase bitcoins at a low fee.

Using these cards for everyday purchases is becoming as common as using pounds, blurring the lines between traditional banking and digital currencies. According to scientists, CEXs allow users to retain control over their funds. They offer margin trading, crypto derivatives trading, exchange staking, and margin lending. Firstly, not all places accept Bitcoin directly, so converting it to cash allows for everyday purchases or services.

They don’t allow you to transfer outside crypto into the app for selling. Overall, selling Bitcoin for cash with an online broker is best when you already hold the crypto assets on the platform. The article is very detailed and easy to understand on how to withdraw money from BTC. There is also a rating system like eBay, where you can leave feedback for the buyer or seller.

That has made Bitcoin an emerging hedging asset against macroeconomic turmoils. Ledger and Trezor both offer bitcoin sales directly from your wallet. This article was subjected to a comprehensive fact-checking process. Our professional fact-checkers verify article information against primary sources, reputable publishers, and experts in the field. To reduce these risks, use strong security measures like encryption and multifactor authentication.

Think about the market and what you want to achieve with your investment. Selling when the price is low might mean losing money, but waiting for it to go up could lead to more profit. Converting Bitcoin into cash via Bitcoin ATMs typically takes up to 10 minutes to process and confirm the transaction. BTM machines, similar to traditional ATMs, earn fees for the operator who manages them.

This guide will include methods of how to turn Bitcoin into cash such as bank transfer, PayPal and even through cash deposit! I will show you how to withdraw Bitcoins to cash using an exchange (namely, Binance) and through a peer-to-peer exchange. And to make it easier for you, I will also include some helpful images. One of the easiest ways to cash out your cryptocurrency or Bitcoin is to use a centralized exchange such as Coinbase. Coinbase has an easy-to-use “buy/sell” button and you can choose which cryptocurrency you want to sell and the amount. A peer-to-peer cryptocurrency platform typically requires buyers and sellers to connect over a classified portal for a potential crypto deal.

Moreover, choose reputable platforms with strong security measures to keep your Bitcoin safe. Centralized cryptocurrency exchanges function like traditional equity markets, with similar protocols and transaction requirements. There are quite a few ways to cash out your Bitcoin, but you need to know what your goals are before selling.