The exchange also charges a fee for the transaction, and it differs from broker to broker and nation to nation. In both instances, you create an account that enables you to sell bitcoins and withdraw physical cash. The biggest disadvantages are the high transaction fees. This service, however, is not available in India.
Choose a third-party broker exchange that you want to use. Finally, cash out your bitcoin by depositing it into your bank account. Method 2: Peer-to-Peer Platforms You may go with the peer-to-peer platforms method to sell bitcoin for cash if you are in a hurry. In this method, you can also decide which payment method you want the buyers to use while selling bitcoins. Moreover, this often provides faster transactions with fewer fees.
You can also frequently get a more favourable exchange rates with an individual buyer than a third-party brokerage. But at the same time, while using the peer-to-peer selling method, it is crucial to be aware of fraudsters. Also, it may be beneficial to use a peer-to-peer platform that lets you keep your bitcoins locked until you verify the payment has been obtained from the buyer. Select which peer-to-peer exchange platform you want to use.
Sign up and choose the location of your ideal buyer. Then, use the marketplace to find buyers and send a trade request. Most peer-to-peer platforms have an escrow option where your bitcoins are not released to the buyer until you have confirmed you have received payment. Notably, peer-to-peer platforms also enable you to stay anonymous.
You must be holding a piece of paper that has your name written on it and the current date. Some sites will provide a unique code that you need to write on a piece of paper. Activate 2FA This is an optional step but it is recommended. Some exchanges require it regardless.
Activating 2-factor authentication adds an extra layer of security to your account. In order to do this, follow these steps: Navigate to the wallets or balances page of the exchange Locate "Bitcoin" Copy the address the exchange provides for your BTC deposit Paste the address into your external Bitcoin wallet Double-check the address! Depending on your comfort level, you can also send a small test amount first.
This will cost you an extra transaction fee but will give you peace of mind. Send the transaction You will have to choose the network fee a higher fee results in faster processing Once the transaction is broadcasted, you can exit your wallet Wait for the deposit to be confirmed by the exchange This can take a few minutes up to an hour depending on the exchange and network congestion Once the deposit is confirmed, you can sell your Bitcoin Step 4: Sell Bitcoin Now that your Bitcoin is in your exchange account, you can sell it.
There are a few different ways to sell BTC through an exchange: instant sell, market order and limit order. It is important to remember that you can sell Bitcoin for fiat or for other crypto coins and tokens. Instant sell In order to do an instant sell, you will have to have previously connected a bank account or withdrawal destination.
Instant sales tend to have the highest fees and are made at market price. Overall, you net less than using the spot market. With instant sale options, you are paying for convenience and speed. Generally, you choose how much to sell and where to deposit. You will get a preview of the transaction so you can check the details. Once you've confirmed the details, you can finalize the sale.
How the trading interface is labeled varies by exchange. While there are often more trading options than just market and limit orders, they are the most common.
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