However, if you sold to a buyer that has listed the price they wanted to pay, there are no fees. Before selling off your crypto to stash piles of cash under your mattress, evaluate your overall crypto investing strategy. If you are a long-term investor and believe in the assets you hold, you may regret selling after prices recover. Many centralized exchanges also offer P2P exchange options, including Binance, KuCoin, and ByBit.
The main platforms to exchange your bitcoin for cash
Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market.
Most services will list the total fees separately, allowing you to see if it’s worth it or not to sell. On the whole, it is cheaper to sell crypto through a centralized exchange or online broker than through other services. Third-party exchanges and fiat gateways typically charge fees from 3% to 5% for converting crypto into cash, which is high.
- Stellar USDC provides users with a fast, cheap, and easy-to-use alternative to other USDC enabled blockchains.
- With access to hundreds of coins, multiple supported fiat currencies, and low trading fees, exchanges offer the most flexibility when cashing out your crypto.
- Overall, selling Bitcoin for cash with an online broker is best when you already hold the crypto assets on the platform.
- For example, you are going to places where internet access doesn’t exist or is limited.
- You must be holding your Bitcoin with the platform to be able to sell it for cash.
An important part of this is usually connecting with your bank account. And it’s crucial to double-check, or else you might why bitcoin transactions are more expensive than you think have a delay in the future. You can read our guide to the cheapest crypto exchange platforms to easily decide which one to use. 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.
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.
Peer-to-Peer (P2P) exchanges
Once a buyer approves your request, the platform will keep your bitcoins locked until you confirm that you’ve received the buyer’s cash, like an escrow function. This setup makes peer-to-peer platforms especially worthwhile if you’re concerned about scams or fraud while interacting with someone over the internet. LocalBitcoins is freeto use unless you create an advertisement for selling your bitcoins, then thereis a small percentage fee charged. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person.
In this article, I will show you how you can cash out your Dogecoin on Robinhood. I will walk through how to sell your dogecoin and the steps you need to follow to withdraw your money. PayPal and Skrill are the most popular options for email-based payment gateways. While we have explored the 5 main steps for exchanging your bitcoin for cash, the cryptocurrency market monthly review each platform has a unique set of steps depending on its architecture.
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You can then use the crypto card just as you would use regular debit cards such as the Visa bitcoin friendly banks in the us card. The only rider is that crypto cards can only be used for shopping in those places that accept cryptos as a payment method. The following steps will enable you to complete a Sell Order via a cryptocurrency exchange. The sell process and terminology may vary slightly from one crypto exchange platform to another.
If you’re itching to exchange your crypto for some cold, hard cash, you’ll want to consider the implications of selling. Making purchases with Bitcoin does not directly turn your crypto into cash, but it allows you to utilize your Bitcoin like cash. Just be aware that sending crypto over the blockchain requires paying network fees, which can be high during times of crypto market volatility. Overall, selling Bitcoin for cash with an online broker is best when you already hold the crypto assets on the platform. Robinhood and Webull are some of the leading online brokerage firms.