Monday, August 15, 2022

How To Sell Bitcoin For Usd

How To Buy Sell And Manage Bitcoin

How To SELL BITCOIN On COINBASE – [Step By Step] In 2020!

You don’t need to be a millionaire to invest in crypto, but you do need to be cautious and realistic about potential returns on investment. Ready to go for it? Here’s how to set up a crypto wallet and buy some Bitcoin.

Are you finally ready to take the plunge into the world of cryptocurrencies? It may seem complicated, but with a little research, beginners can be buying and selling Bitcoin in no time.

Bitcoin is the most ubiquitous digital currency on the market, so we’ll show you the ropes on buying, selling, and storing it. However, these tips can apply to other cryptocurrencies like Ethereum .

Why Sell Bitcoin On Coinmama

At Coinmama, we understand that in order to make a smart Bitcoin investment you have to be able to both buy and sell Bitcoin. It’s why we provide a fast, easy way to sell Bitcoin and receive money directly into your bank account. Even better, we do it without compromising your economic freedom or safety: we never store your bank information, and you can sell coins from any wallet, including coins that weren’t purchased through Coinmama.

Since 2013, Coinmama’s mission has been to simplify the way the world does crypto. We’re achieving this by serving over 3,000,000 users in 188 countries around the globe, providing a fast way to buy Bitcoin with credit card, debit card, or with your bank account, and to buy additional cryptocurrencies, including ETH, XRP, and LTC and more.

Now by introducing the option to sell crypto, Coinmama is providing investors with everything they need to trade Bitcoin.

With Coinmama you have:

  • High daily transaction limits. Coinmama currently allows combined buy and sell transactions of up to 15000 USD a day when using a bank transfer.
  • 24/7 access to your account
  • A dedicated team of customer support specialists who are happy to help
  • No hidden fees

We believe in a world without middlemen, where we, the people, are in charge of our own economies, and we’re excited to be on the forefront of the financial revolution.

Selling Bitcoin With The Bitcoincom Wallet

With this method, you can sell any amount of bitcoin in your digital wallet directly to cash, which will then be deposited in your bank account. Here’s how it works:

  • On the app’s home screen, tap the “SELL” button.
  • If you haven’t done so already, follow the instructions to connect your bank account.
  • Select the amount you’d like to sell. You can input the amount in either local currency terms or bitcoin terms.
  • Confirm the transaction.
  • Note: it typically takes between 1-3 working days to receive the funds in your bank account.

    Also Check: Can I Buy Bitcoin On Cash App

    How Can I Sell Bitcoins For Cash

    If youve been holding bitcoin and are now wondering how to cash out bitcoin, follow this guide.

  • Log into your exchange thats holding bitcoin.
  • Select bitcoin as your asset of choice and click the Sell button.
  • Input the amount youd like to sell. Most exchanges allow you to type this is USD or in BTC.
  • Pick your type of sell order. There are generally the following:
  • Limit Order A limit order has you setting an exact amount to automatically sell your bitcoin. This can happen immediately if there is someone looking for bitcoin at that price. Otherwise, it will be held in the exchange until someone buys at the price.
  • A market order means youll be selling your bitcoin at the exact price its currently at. There is no waiting for a price to match. It simply sells at the market price.
  • There are a few other types of orders, but considering this guide is for beginners, well leave it at that.
  • Finish the order, and youre done!

    Thats pretty much it! Learning how to sell bitcoin is pretty easy. But you might have a few extra questions which well answer for you, of course.

    Two: Connect Your Exchange To A Payment Option

    How to Sell Bitcoin in Coinbase

    After you have chosen an exchange, you will need to gather your personal documents. Depending on the exchange, these may include pictures of a driver’s license or Social Security number, as well as information about your employer and source of funds. The information you may need can depend on the region you live in and the laws within it. The process is largely the same as setting up a typical brokerage account.

    After the exchange has ensured your identity and legitimacy, you will then be able to connect a payment option. At most exchanges, you can connect your bank account directly or you can connect a debit or credit card. Though you can use a credit card to purchase cryptocurrency, it is generally something that should be avoided due to the volatility that cryptocurrencies can experience.

    Though Bitcoin is legal in the United States, some banks do not take too kindly to the idea and may question or even stop deposits to crypto-related sites or exchanges. It is a good idea to check to make sure that your bank allows deposits at your chosen exchange.

    There are varying fees for deposits via a bank account, debit, or credit card. Coinbase is a solid exchange for beginners and has a 1.49% fee for bank accounts, with a 3.99% fee for debit and credit cards. It is important to research the fees associated with each payment option to help choose an exchange or to choose which payment option works best for you.

    Read Also: What Are The Newest Cryptocurrencies

    Three: Place An Order

    When you have chosen an exchange and connected a payment option, you can now buy Bitcoin and other cryptocurrencies. In recent years, cryptocurrency exchanges have slowly become more mainstream. They have grown significantly in terms of liquidity and their breadth of features. The operational changes at cryptocurrency exchanges parallel the change in the perception of cryptocurrencies. An industry that was once thought of as a scam or one with questionable practices is slowly morphing into a legitimate one that has drawn interest from all the big players in the financial services industry.

    Now, cryptocurrency exchanges have gotten to a point where they have nearly the same level of features as their stock brokerage counterparts. When you have found an exchange and connected a payment method, you are ready to go.

    Crypto exchanges today offer a number of order types and ways to invest. Almost all crypto exchanges offer both market and limit orders and some also offer stop-loss orders. Of the exchanges mentioned above, Kraken offers the most order types. Kraken allows for market, limit, stop-loss, stop-limit, take-profit, and take-profit limit orders.

    Aside from a variety of order types, exchanges also offer ways to set up recurring investments, allowing clients to dollar-cost average into their investments of choice. Coinbase, for example, lets users set recurring purchases for every day, week, or month.

    Selling Bitcoin On A Cryptocurrency Exchange

    With this method, you’ll need to create an account, verify your identity, and connect your bank account. Once you’ve sold your bitcoin into local currency, you can withdraw that currency to your bank account. The typical flow is as follows:

  • Visit a cryptocurrency exchange, like the Bitcoin.com Exchange or choose from this list of top exchanges.
  • Create an account and verify your identity as required.
  • Follow the websiteââ¬â¢s instructions to sell your bitcoin or other digital asset.
  • Withdraw the funds to your bank account.
  • Read Also: What Is The Difference Between All The Cryptocurrencies

    Why Do I Need To Verify My Identity To Sell Bitcoin

    When you sell bitcoin through an exchange service, you’re interacting with a regulated business. Such businesses must comply with Know Your Customer and Anti-Money Laundering regulations. These regulations require the collection and storage of customer information, including identity documents and sometimes proof of address.

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    Read Also: How To Launch Crypto Coin

    Signing Up And Uploading Your Bitcoin

  • 1Sign up for an account. Signing up for an account involves providing your name, date of birth, address, email address, phone number, and other personal information. Youâll also be required to provide a bank account, an electronic payment service like PayPal, or both .XResearch source
  • 2Select the strongest security options when you sign up. When you create an account on a bitcoin marketplace, youâll have the opportunity to enable two-factor authentication , which means you will enter a password and a randomly generated code sent to your phone. You might also want to enable a multi-signature option, which requires multiple independent approvals before making a bitcoin conversion or withdrawal.XResearch source
  • Both of these security options can protect against theft and hackers, so enable them when youâre given the option.
  • 3Deposit your bitcoins in the marketplace. The specific mechanism by which you deposit your bitcoins will vary depending on how your bitcoins are currently stored. Typically, depositing your bitcoins is as easy as clicking “Deposit bitcoins” near the top of the marketplace’s home page.XResearch source
  • If your bitcoin encryption key is printed out, youâll be prompted to enter it.
  • If your bitcoins are in a âwalletâ , you might be asked to upload the file.
  • Donât be afraid to reach out to customer support if youâre having trouble depositing your bitcoins.
  • Overview Of The Two Main Options For Selling Bitcoin

    Your two main options for selling bitcoin into local currency are:

  • Using an exchange service

    An exchange service is a regulated business that interacts with the traditional banking system. An exchange service may take the form of a simple website with limited exchange functionality, a digital wallet with banking connections, or a full-service cryptocurrency exchange with order book, market makers, etc.

  • Selling peer-to-peer

    When you sell peer-to-peer, you can bypass the traditional banking system to a certain extent by, for example, taking payment in cash, using a payment app like PayPal, or settling the transaction with goods or services. If you know someone who wants to sell bitcoin, you can buy directly from that person. Alternatively, there are a number of platforms that act as a matchmaking service, helping sellers find buyers and vice versa. Buyers and sellers then negotiate trades on a peer-to-peer basis.

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    Choose A Cryptocurrency Wallet

    Ledger Nano S

    Before you buy digital currency, you need a place to store it, and thats where crypto wallets come in. Theyre known by several nameshot wallet, hardware wallet, software walletbut come in two main types:

    • Cold Wallet: A physical, hardware-based digital wallet for storing cryptocurrency that isnt connected to the internet, akin to a very high-tech flash drive for storing cryptocurrency. Cold wallets come with multiple layers of security, and are more difficult to hack than an internet-connected wallet.

    • Hot Wallet: A software-based digital wallet that is connected to the internet and often comes in the form of an app.

    Over the years, certain companies have emerged as reliable crypto hardware wallet manufacturers. Ledger, for example, has been making cold wallets for years now and could be a good place to start. Trezor is another big name in the hardware wallet space.

    If you want to go with a digital wallet, most major cryptocurrency exchanges package an online wallet with your user account. Coinbase, maybe the largest cryptocurrency exchange out there, does this. Its wallet is highly rated, and you dont need a Coinbase account to use its app.

    When Is The Right Time To Sell Bitcoin

    Bitcoin Exchange OKCoin Suspends US Dollar Deposits ...

    Before selling Bitcoin it is important to analyze the market carefully. Is it really the most optimum time to sell? Of course, you will never truly know the answer to this question but there is Bitcoin price prediction analysis that can be performed to help you decide whether to sell or hold. Our guide to cryptocurrency technical analysis is another useful tool to help you better understand and read the cryptocurrency market.

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    Before You Buy Bitcoin

    There are several things that every aspiring Bitcoin investor needs. A cryptocurrency exchange account, personal identification documents if you are using a Know Your Customer platform, a secure connection to the Internet, and a method of payment. It is also recommended that you have your own personal wallet outside of the exchange account. Valid methods of payment using this path include bank accounts, debit cards, and credit cards. It is also possible to get Bitcoin at specialized ATMs and via P2P exchanges. However, be aware that Bitcoin ATMs have increasingly required government-issued IDs as of early 2020.

    Privacy and security are important issues for Bitcoin investors. Even though there are no physical bitcoins, it is usually a bad idea to brag about large holdings. Anyone who gains the private key to a public address on the Bitcoin blockchain can authorize transactions. Private keys should be kept secret criminals may attempt to steal them if they learn of large holdings. Be aware that anyone can see the balance of a public address that you use. That makes it a good idea to keep significant investments at public addresses that are not directly connected to ones that are used for transactions.

    Selling Bitcoins With A Bank Account

    Probably the most common method for selling your Bitcoins would be via a wire transfer or some other form of transfer to your bank account .

    Almost all Bitcoin exchanges support this method, including Coinbase, CEX.io, and LocalBitcoins which Ive reviewed before. Here is a breakdown of an additional selected few.

    Read Also: How To Buy Crypto On Binance

    Turn Bitcoin Into Cash Using A Peer

    Now that you know how to cash out Bitcoin using a broker, let me show you how to do it using a peer-to-peer exchange. There are a few to choose from, however, the one I most recommend is Local Bitcoins.

    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.

    The great thing about P2P is that you can request any payment method you want. Here are some examples of the different payment methods available on LocalBitcoins:

    • Local Bank Transfer
    • Bank Cash Deposit
    • Neteller

    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 , which will charge you a fee of 1% of the total sale.

    However, if you sell to a buyer that has listed the price they want to pay, there are no fees.

    There is also a rating system like eBay, where you can leave feedback for the buyer or seller. This helps you to remain safe when choosing a buyer. If you are a beginner, I only recommend selling to buyers who have 100% positive feedback.

    Local Bitcoins allows you to stay anonymous, too , especially if you also use a reliable and safe VPN to secure your connection. However, some sellers decide to ask new buyers to supply identification.

    Heres a step-by-step guide on how to turn Bitcoin into cash using a peer-to-peer exchange:

    How To Cash Out Bitcoin Using A Broker Exchange

    Sell Bitcoin on GDAX and withdraw USD on COINBASE tutorial

    So, now that you know the difference between the two favored methods, I will now show you how to withdraw Bitcoins to cash using broker exchanges!

    Coinbase

    Coinbase is the most popular broker exchange for buying and selling Bitcoin. They process more Bitcoin transactions than any other broker and have a massive customer base of 13 million.

    • Withdrawal Methods: Coinbase lets you sell Bitcoins for cash, which you can then withdraw into your bank account. You can only cash out your Bitcoin into a bank account that you have already used to buy cryptocurrency on Coinbase. So, if you havent done this yet, I recommend purchasing a small amount of cryptocurrency first.
    • Fees: The fees depend on the country that your bank is located in. For example, if you want to sell Bitcoin for USD, a wire transfer is $25. If you are located in the EU and have SEPA, then this costs just $0.15!
    • Cash-out times: Withdrawal times also depend on the country that your bank is located. US withdrawals normally take between 4-6 working days, while EU withdrawals take 1-3 working days.

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    Sell Bitcoins For Cash

    Services like LocalBitcoins allow you to arrange in-person trades . A secure location, such as a bank or police station lobby, is recommended.

    If you intend to do many such cash trades, you might want to invest in an ultra-violet counterfeit bill detector or a counterfeit detection pen.

    Also, if your buyer indicates any intention of using purchased bitcoins for illegal activities, cancel the trade immediately.

    Different Ways To Invest In Bitcoin

    There currently are no Bitcoin or other cryptocurrency ETFs on the market. But one company, called Grayscale, has developed a number of investment products that are classified as Trusts and invest in digital currency, including Bitcoin.

    The Grayscale Bitcoin Trust has digital asset holdings of $4.8B. It trades over the counter under the symbol GBTC. This Trust has returned an eye-popping 7,228.6% since its inception in 2013. The product does come with a 2% management fee.

    The minimum investment for Grayscale products is $25,000 and they are only available to Accredited Investors.

    Also Check: How To Sell Crypto On Binance

    What You Can Find On The Price Chart

    Whether you look at the price chart of the crypto or stock assets, you can see a visual representation of the price changes in different periods of time. Traders use this information to understand the sentiments on the market â whether they are bullish or bearish . This data helps to catch the good entry points and buy the asset for low prices and sell them when the value rises so as to get income. So, what info can you see on this graph?

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