The buyer and the seller are interacting directly without an intermediary (like a bank or company). P2P transactions can be a lucrative way to cash your cryptocurrency out since you set your price and there are less fees. However, the process is much more involved than loading a debit card or selling on a centralized exchange. If you don’t need cash right away and want to sell on your own terms then this may be a good way for you to convert crypto into cash. When selling Bitcoin, BitPay facilitates the process through its app, providing a user-friendly platform for either profit-taking or liquidity needs. Users can enjoy transparent transaction fees and flexible selling limits, ensuring they can sell amounts that suit their financial strategies.
- Your buyer will then receive a notification to say that you would like to sell your Bitcoins to them.
- In addition to paying with crypto directly, cashing out Bitcoin or other cryptocurrencies is something every crypto holder should know about.
- Apps like Cash App and PayPal now have built-in crypto exchanges, making it easy to purchase crypto, as well as cash out crypto holdings.
- Many popular online brokers now allow crypto trading, and if you purchased your Bitcoin on one of these platforms, you can quickly exchange your crypto for cash.
Withdraw Bitcoin to Debit Card FAQs
You also need to enter the amount of Bitcoin you wish to sell. LocalBitcoins was created in 2012 and now supports almost every country in the world. So, no matter where you are from, you should be able to find buyers to sell your Bitcoin to.
Cryptocurrency Exchanges
Availability for Bitcoin withdrawals depends on the platform. You can withdraw Bitcoin anytime with what is the purpose of consolidated financial statements some platforms, but others may have limited hours for processing withdrawals. As we discussed, you can cash out Bitcoin for real money through exchanges, P2P platforms, ATMs, and OTC trading.
How to cash out your crypto or Bitcoin
At this step, it’s vital to check all the details of your request once again. It includes the amount, the recipient’s payment method, and fees. Processing time depends on several factors we’ve covered earlier in this article. Withdrawing Bitcoin isn’t always instant, because all platforms have different processing speeds. Most withdrawals are completed in a few hours, but some may take longer. Several exchanges let you cash out faster, but you have to pay a special fee for it.
You can also select the “sell” feature to only look for ATMs that allow you to sell your crypto. The knowledge is easy to understand, I can trade right on coinbase. The article is very detailed and easy to understand on how to withdraw money from BTC. Then you need to choose the country where your ideal buyers are located. I recommend using your own country (of course), however, this is up to you.
Crypto debit cards are typically connected to a centralized crypto exchange account and allow you to swipe the card for regular purchases. The exchange will convert your crypto to cash and use it for the purchase. Bitcoin ATMs are specialized banking machines from which you can buy and sell crypto. To turn your crypto into cash, the machine will create an invoice from which you sell your crypto at an agreed upon rate. They provide a quick and easy way to receive cash for cryptocurrency without a bank account. However, fees can be quite expensive compared to other methods and if you are in a rural area, you may have trouble finding a machine to use.
Overall, selling Bitcoin for cash with an online broker is best when you already hold the crypto assets on the platform. Online brokerages typically have reasonable trading fees for selling crypto. For example, eToro charges a flat 1% trading fee to sell crypto, which is a fairly low rate. Robinhood does not disclose its crypto trading fees, but averages around 0.50% for crypto trades. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency.
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. When you want to turn cryptocurrency into dollars, you can sell those currencies through Coinbase and withdraw the proceeds.
There are no additional fees to use the card at an ATM, though local ATMs may charge fees for use. So while Bitcoin ATMs are an option to quickly access physical cash by selling your crypto, there is a high cost for the privilege of using them. Bitcoin ATMs are popping up everywhere, with tens of thousands of them located around the world. 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. While most crypto ATMs allow you to purchase Bitcoin directly, only some of them allow you to sell Bitcoin for cash.
The app offers various payout options, enabling efficient transfers to bank accounts or linked cards, all while maintaining high security and competitive rates for Bitcoin transactions. Crypto debit cards operate similarly to a regular debit card. However, instead of using a bank account, the card pulls funds from a crypto wallet. The BitPay Card is one of the top crypto cards for U.S. residents.
If you hold crypto assets in your own wallet, you’ll have to connect it to the Bitcoin exchange or transfer it to a wallet on the exchange. In the world of cryptocurrency, bitcoin has emerged as the leading digital currency. With its increasing popularity, more and more people are interested in learning how to withdraw Bitcoin. If you’ve been wondering about the various withdrawal methods and how to cash out your Bitcoin, you’ve come to the right place. The best bet is to use a platform like Binance.us or FTX.us to save on fees, and quickly cash out your crypto for dollars.
But if you need cash and don’t want to transfer your Bitcoin to an exchange, this is a decent option. The catch with the best online brokers is that these platforms don’t allow you to transfer crypto into the brokerage. You must be holding your Bitcoin with the platform to be able to sell it for cash. This means that if you hold Bitcoin in a digital wallet or on a crypto exchange, you cannot move it to an online brokerage account to sell. To transfer Bitcoin to cash, you must first sell it for fiat. You can sell Bitcoin for cash through several methods, but crypto exchanges and P2P platforms are the most widespread and easiest to use.
You can withdraw Bitcoin to a debit card now that several platforms offer the option. You’ll have to check with your bank if your card supports the feature, and confirm that your within the daily limit for spending. Selling crypto for cash typically comes with fees, but sometimes it is more than you think. While most exchanges and money apps allow you to sell your crypto at a reasonable rate, places like crypto ATMs charge extremely high fees, which may eat into your profits. Taxes can get complicated, especially when it comes to crypto assets. BitDegree aims to uncover, simplify & share Web3 & cryptocurrency education with the masses.
Our streamlined user interface makes converting crypto simple. Card deposits are as simple as topping up your crypto wallet online, and you can make either cash deposits to your bank or top up the card directly. 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.
We are an independent, advertising-supported comparison service. There’s an in-depth guide to help you convert and withdraw your cryptocurrencies in the most efficient way. BTC withdrawals can be delayed because they need to be verified by the network first. Busy periods on the Bitcoin network can also slow things down. The first step is to find a brokerage firm that will find a suitable buyer for your tokens. OTC trading is the best option for high-volume crypto holders.
