Step 2: Most exchanges have a dedicated trading account, separate from the main account, and you need to transfer your bitcoin there in order to sell it. However, it usually only takes one click, and is often a free and instant transfer;
Step 3: The trading account will give you the option to execute a market, limit or stop order; choose the one that best suits your trading strategy, the amount and the fiat currency you want to use for the trade;
Step 4: Click “sell” and when your order is completed, you can transfer it back to the main exchange account if necessary;
Step 5: Withdraw your money to your bank account.
3. ATMs/BTMs
The fastest and easiest way to sell BTC is to use a Bitcoin ATM, provided there is one nearby. Some will require little or no KYC; however, their fees are much higher than other exchange providers. It may be worth considering that you can only receive the proceeds of the sale in cash from an ATM, so this should probably be a preferred method for trading with smaller amounts.
Step 1: Find a Bitcoin ATM near you on CoinATMRadar.com. Remember that most ATMs only offer a buy service, so make sure you can sell at the chosen machine;
Step 2: Most ATMs require you to verify your identity, so bring an ID document;
Step 3: Select “sell bitcoin” when prompted for this option;
Step 4: Scan the QR code on your screen, as it contains the address where you will send your bitcoin;
Step 5: You will probably only have to wait for one confirmation before you can cash out the sale. This can be almost immediate, or at worst take a few minutes.
4. Brokers
Bitcoin brokerage marketplaces are growing worldwide due to their diversified offerings, including futures contracts and assets beyond digital currencies. Some even allow you to trade bitcoin directly, 24/7, and with competitive fees. You should choose this third-party service if you are interested in trading derivatives and multiple assets.
Step 1: Choose your broker and open an account with them;
Step 2: Transfer your bitcoin from your personal wallet to the provider’s wallet;
Step 3: Since brokers offer trading in different assets and commodities, you need to choose the right account that allows you to sell bitcoin;
Step 4: Set up your trade by selecting the order type you want;
Step 5: Once the sale is done, you can withdraw your money to your linked bank account.
5. Payment apps
Payment apps are the fastest and easiest way to buy and sell bitcoin, and a growing number are emerging as peer-to-peer services. You pay for convenience with usually higher fees than exchanges, but they have brought in millions worldwide due to their broad user base.
You may already have an account with one of the popular payment apps such as Strike or Revolut that you use for your daily financial activities. If you don’t, you may find it helpful to open one.
Some apps are geographically restricted to certain countries; therefore, check their terms beforehand, as you may be denied access if your jurisdiction is not included in their service.
Step 1: Download the preferred app on your mobile phone and go through usually soft-KYC verification which only requires basic information;
Step 2: Link your bank account;
Step 3: Transfer BTC from your wallet unless you have already purchased some through the same app;
Step 4: Select the “bitcoin” tab that appears in the app and select “sell” plus the amount to sell;
Step 5: Once the transaction is completed, you can withdraw to your bank account.
Conclusion
Once you’ve bought bitcoin, selling it is easy from a practical level. To get started, you just need an account with the relevant exchange you want to use and some bitcoin in the exchange wallet to sell. Select order type and click sell after considering trading and withdrawal fees.
The difficult part of the selling process is parting with sound money in exchange for fiat currencies that have been going through a financial and systematic crisis for a long time now.
As Satoshi Nakamoto once suggested, “It might make sense to get some just in case it catches on,” which 14 years later revealed to be a startling prophecy. However, the circumstances of life can prevail over the personal belief that bitcoin is the natural evolution of money, and there should never be judgment for people who want or need to sell it.
