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Withdrawing Bitcoin (or other crypto) is very easy. You can withdraw it from a crypto exchange, an online merchant, a Bitcoin ATM, or a crypto debit card, or even spend it at a crypto-enabled business. So, you bought Bitcoin, but now you want to sell it?
While it’s not as easy as swiping your debit card from an ATM, withdrawing Bitcoin (or other cryptos) has become easier than a few years ago. So, yes, there are various ways to turn your bitcoin holdings into real hard cash, but there are many things to consider before doing so.
1. Crypto exchange
Central crypto exchange is one of the best ways to convert your Bitcoin (or other cryptocurrencies) into cash. With access to hundreds of coins, many supported fiat currencies, and low transaction fees, the exchange offers the best flexibility when it comes to issuing your crypto. However, there is a catch.
Many crypto exchanges charge high fees if you use their simple “sell my crypto” option. For example, Coinbase charges $0.99 when you sell less than $10 of crypto (making it almost a 10% profit) and around 1.50% for larger transactions when you selling through their platform. The only way out of this is to use the “Advanced Trade” platform on Coinbase to sell you crypto, with fees as low as 0.60%. But the user interface is a bit complicated.
The best is to use an exchange like Binance.us or FTX.us to save fees and withdraw your crypto dollars quickly. Mobile apps make it easy to sell, and you can connect your bank account to transfer money when you sell crypto.
2. An online retailer
Many popular online retailers now offer crypto trading, and if you buy your Bitcoin on one of these platforms, you can quickly exchange your crypto for cash. . Trading tools like Robinhood and eToro offer many currencies to invest in, you can buy or sell cryptos like on crypto exchanges. The catch with online retailers is that these platforms do not allow the transfer of crypto into the marketplace.
You must hold your Bitcoin on the platform to sell it for money. This means that if you hold Bitcoin in a digital wallet or on a crypto exchange, you cannot transfer it to an online store account to sell it.
Online sellers often have reasonable transaction fees for selling crypto. For example, eToro charges a flat trading fee of 1% to sell crypto, which is very low. Robinhood does not disclose its crypto trading fees, but it charges around 0.50% for crypto trading. In general, selling Bitcoin for cash with an online broker is best when you already have crypto assets on the platform.
Read more: Best Online Merchant Accounts
3. Bitcoin Trading Machine
Bitcoin ATMs are popping up everywhere, with tens of thousands of them around the world. A Bitcoin ATM is a physical kiosk – usually at a gas station or grocery store – that allows you to buy crypto using cash or a digital wallet. While many crypto ATMs allow you to buy Bitcoin directly, only some of them allow you to sell Bitcoin for cash.
Use apps like Coin ATM Radar to find crypto ATMs near you. You can also select the “sell” function to search for only ATMs that allow you to sell your crypto.
Once you’ve found a Bitcoin ATM that will work, you’ll usually want to follow these steps:
Choose to sell Bitcoin (or other crypto)
Provide proof of identity (such as a driver’s license)
Open a digital wallet that contains the Bitcoin you want to sell
Scan the Bitcoin ATM QR code to send Bitcoin to the ATM address
Once the Bitcoins are sent, the ATM will dispense the money
The downside of bitcoin ATMs is the high fees that most of them charge.
In addition to network fees to transfer your Bitcoins, ATMs charge a service and transaction fee that can exceed 15% per transaction.
So, while Bitcoin ATMs are an option for quickly getting physical cash from selling your crypto, the privilege of using them comes at a high price.
4. Crypto debit card
Crypto debit cards are very popular, and many crypto exchanges offer them as a way to spend with your crypto balance. Crypto debit cards are usually linked to a central crypto exchange account and allow you to use the card for regular purchases. The exchange will convert your crypto into cash and use it to buy it.
For example, Coinbase offers a VISA debit card that lets you spend money on your Coinbase crypto balance, automatically trade your crypto, and use the money to make any purchases.
You can also earn crypto rewards that are credited to your Coinbase account (various rewards). If you’re just looking to get cash, Coinbase cards can be used to withdraw up to $1,000 per day at ATMs. There are no additional fees for using the card at ATMs, although local ATMs may charge usage fees. The downside of crypto debit cards is the fees associated with selling crypto for cash through an ATM. Coinbase ch
6. Crypto wallet
Many crypto wallets have built-in crypto exchanges, and some allow you to instantly exchange your crypto for cash. Although crypto wallets are designed to store and store your crypto, many of them and crypto exchanges offer trading services.
Some of the most popular hardware wallets offer the ability to sell Bitcoin for cash. Ledger has an integrated exchange service, “Ledger Live”, and its partners with Coinify sell crypto for money. Currently, only Bitcoin sales are supported through Ledger Live. Trezor, another popular hardware wallet, also allows you to sell Bitcoin for cash through the “Trezor Suite”.
Trezor and Simplex and other third-party crypto-to-fiat transaction providers interact with each other to withdraw your crypto.
Failure to sell through your crypto wallet is a liability. Other exchanges and fiat gateways usually charge 3%-5% for converting crypto to cash, which is higher. But if you need money and don’t want to transfer your Bitcoin to an exchange, this is a good option. Read more: Best crypto wallet to store your Bitcoin
7. Money transfer tools
If you haven’t noticed, many money transfer apps offer the ability to buy and sell crypto. Apps like Cash App and PayPal are built into crypto exchanges, making it easy to buy crypto, as well as hold crypto funds.
The main thing with these apps is that you have to hold your crypto in the app, otherwise you can’t get money. They don’t allow you to transfer external crypto into the app for sale.
If you hold Bitcoin or other crypto with Cash App, PayPal, or another money transfer app, you can easily sell it. You have to pay in-app, but it’s usually pretty good.
These apps support very limited crypto options, with the Cash app only supporting Bitcoin and PayPal supporting Bitcoin, Bitcoin Cash, Ethereum and Litecoin. Read more: Best payment apps
8. Add it to crypto-friendly transactions
If you want to withdraw your crypto money for regular purchases, you can do it directly from your digital wallet at a crypto-enabled company. Most businesses accept Bitcoin (and select other cryptos) for purchases.
You can buy Tesla accessories with Dogecoin. As bitcoin expands around the world, many companies offer a “Buy with bitcoin” option at checkout. Most retailers that accept bitcoin have a sticker in front of their store, or if you’re shopping online, look for the bitcoin symbol on the checkout page.