How to sell Bitcoin in 4 steps in the UK

sell bitcoin

Therefore, when picking a cryptocurrency platform, you’ll need to factor in what features are essential and which services you value over others. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the buyer).

But after being befriended by a woman claiming to be a car dealer online, he fell for a bitcoin investment scheme and now he owes thousands of pounds to his bank. Users were told they could double their investments online but are now unable to make withdrawals. Your buyer will then receive a notification to say that you would like to sell your Bitcoins to them.

How to sell Bitcoin?

Use the receiver’s address on the eToro account to send the crypto asset. The type of provider you choose will most likely depend on the level of expertise and the crypto you are selling. Beginners prefer on-ramp platforms such a a cryptocurrency exchange and a cryptocurrency broker. Unlike centralized exchanges, these are non-custodial platforms that allow buying and selling of cryptocurrency. There are crypto brokers who manage the buying and selling of crypto on behalf of investors. They are also renowned for providing other trading options like margins, Contracts for Differences(CFDs), and futures.

  • Even though it will cost you 1% in fees, you can set up your own price and choose your own payment method.
  • You can choose the form of payment you wish when you sell bitcoins to other individuals.
  • When Gary Edmunds joined an online car enthusiasts group on Facebook, he could never have envisaged it would lead to a £30,000 loss and the sale of his home.
  • For cold wallets, guarantee they are put away in a solid spot, away from likely dangers.
  • To get started, you’ll need an account with the particular exchange you want to use and some bitcoin in the exchange wallet to sell.
  • The easiest, cheapest, and fastest way to sell your bitcoin and other supported assets into your local currency is Binance Buy & Sell.
  • The buyer should contact you to let you know that the funds have been sent.

Bitcoin has been going through a long period of devaluation and corrections lately, intermixed with slight recoveries, though the current boom has further shaken things up. Some serious research may be required to decide when the best time to sell is for you. There are different ways to go about it, depending on whether you want to sell on an exchange or directly, but here are some steps to take to sell your Bitcoin fast and easily. Do it all, from fast trades to easy transfers, all in one place. You’ll need to do some due diligence before liquidating your cryptocurrency.

Top crypto platforms in the US December 2023 does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. Reading up on how to cash out Bitcoin, you’ll quickly notice that there are quite a few different ways of going about it.

  • Within the Vault you can store all your digital assets and swap them against one another.
  • 83% of retail investor accounts lose money when trading CFDs with this provider.
  • Therefore, we’ve created a step-by-step guide to help guide you.
  • You’ll need to do some due diligence before liquidating your cryptocurrency.
  • Binance, Coinbase, and Paybis are world-leading exchanges available in the UK.

The only difference is that rather than inserting a debit card and PIN, you type in your bitcoin address. Just make sure that no one’s watching over your shoulder while you type it out, as physical threats to your privacy are a potential issue using this method. We’ll focus on hot wallets, but even then, you should make sure to research the one you choose well, so you don’t end up losing all of your invested money to a security flaw or fraud. Although there is plenty of information out there on what bitcoin is and how to trade it, you also need to make sure you can sell it.

PayPal & Other Payment Services

Sellers who know how to cash out Bitcoin can also choose the price they would like to sell their Bitcoin for. You can do this by creating an advertisement, which will charge you a fee of 1% of the total sale. If you don’t like the thought of having to wait three days for sell bitcoin cashing out Bitcoin, you should consider using a peer-to-peer selling platform like LocalBitcoins. These are some of the questions that you will need to ask yourself. So, read through the following methods on how to cash out bitcoin and then decide which is best for you.

Let us know your thoughts in the comments section below. Note that we’ll use Binance for its ease of use, but many people prefer to use a dedicated peer-to-peer platform for the extra privacy and wider array of payment types. If you’re in a country or region where the platform is banned, you’ll need one of the best VPNs for Binance. There are some problems around this, such as what happens if the buyer doesn’t pay up, and the peer-to-peer marketplaces will still have some information on who you are. Knowing how to trade bitcoin is fine, except that it doesn’t let you actually use the profits that you’ve made — and that can be frustrating if you’ve got a lot of capital tied up.

If you know what you’re doing, peer-to-peer selling is safe. However, it’s critical to be on the lookout for fraudsters. Using a peer-to-peer network that enables you to keep your bitcoins in escrow until you can verify the buyer has made payment may be helpful. Then we will send the payout to your bank account as soon as the crypto is received safely. Check whether the crypto you want to sell is supported on a platform before signing up. If it’s not offered on a platform, you’ll not be able to sell it there.

There are several options for traders to sell their cryptocurrencies. Well-known and dependable cryptocurrency exchanges are always a safe choice, and peer-to-peer online marketplaces could provide greater payment flexibility. To have quick access to your cryptocurrency, you can take the easy path and use a Bitcoin ATM, but the commission will be substantially greater. However, it’s crucial to realize that selling your bitcoin may result in a tax burden, so you should make sure taxes are taken into consideration before selling. Peer-to-peer websites let users list their crypto assets and the price at which they want to sell them.

Key Takeaways When Selling Bitcoin in the UK

Depending on which country you’re in, you will have to comply with different forms of “know your customer” rules, meaning sending the site certain ID forms. Signing up for Coinbase Pro is also recommended, though not strictly necessary, to give you greater control over your sale. If you’re investing in cryptocurrencies, you need to know how to buy Bitcoin. Unless you’re a true evangelist waiting for it to displace fiat currencies, then knowing when to take your profits is important and being able to do so, even more so.

sell bitcoin

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