Monday, August 15, 2022

How To Sell Bitcoin To Bank Account

Paypal & Other Payment Services

How to Sell Bitcoin To Bank Account In Nigeria Using Binance

Sometimes, you might prefer to use a third-party payment service perhaps to keep the funds separate from your bank, keep your bank details off of the exchange or just to make use of a low flat fee. However, the services each exchange supports will vary, and youll still have to link your PayPal account, or an equivalent, before you begin.

Much like withdrawing to a bank account, first go into the withdraw section. However, this time, you need to select the payment service such as PayPal or Faster Payments instead of a bank account. Then just enter how much you want to take out, check that the additional charges arent too steep and confirm you want to withdraw.

Selling Bitcoin Cash On Our Peer

Bitcoin.com Local is a simple, transparent, and private platform to buy and sell Bitcoin Cash. Like other P2P marketplaces, Bitcoin.com Local is an introductory service that helps people interested in trading bitcoin cash to find each other. People can use Bitcoin.com Local to create advertisements where they offer to buy or sell bitcoin cash. Other users reply to these advertisements and the two can agree to meet to trade BCH for anything they want – or complete the trade online.

With this method, it’s possible to remain partially anonymous, but you’ll need to take into account local regulations.

Here’s how it works:

  • Visit Local.Bitcoin.com and create an account.
  • Browse the listings to find an existing buyer looking to purchase bitcoin cash , or create a new sell listing yourself.
  • Negotiate a trade with your chosen buyer and send your BCH to the blind escrow account. This is a decentralized escrow mechanism that exists on the Bitcoin Cash distributed network, meaning Local.Bitcoin.com never touches the BCH.
  • Once the buyer has sent your payment via the agreed payment method, confirm youâve received the funds.
  • The BCH youâve sold will then automatically be released from the blind escrow and sent to the buyerâs crypto-wallet.
  • Things To Remember About Converting Bitcoin To Cash

    Before you convert all of your BTC to a bank account, keepin mind the following pitfalls associated with converting bitcoin to cash:

    • Taxes.Death and taxes are inevitable, even for bitcoin investors. Although somejurisdictions have yet to clarify their stance on bitcoin and taxes, most taxauthorities say that you have to pay taxes on profits that you may make whenselling bitcoin for cash. And lest you think you can simply ignore those rules,keep in mind that some bitcoin exchanges will report your profits to the taxman when you cash out.
    • Fees.Most of the BTC-to-bank-account methods described above entail exchange fees.

    When youre ready to convert bitcoin to cash, consider such things as the cost and ease of the cash out method, where you want it deposited the type of currency you need to convert your bitcoin to, and how long you want to wait to receive your cash. Whatever your needs, theres a method that can fit and the options continue to grow as bitcoin becomes more common and accepted throughout the world.

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    Select The Asset That You Want To Sell

    After youve tapped on Sell, youll land on the Select asset to sell page.

    On the page, youll see a list of assets that you own.

    Now, you need to select the asset that you want to sell.

    For example, if you want to sell Bitcoin, select Bitcoin.

    On the other hand, if you want to sell Ethereum, select Ethereum.

    Figure Out Which Currency You Want To Cash Out In

    How to Withdraw Bitcoin to Your Bank Account

    This is usually the currency you used to buy your crypto. For example, if you purchased Bitcoin with USD, then sell BTC for USD. If you want to cash-out in another currency like Ethereum , find a cryptocurrency exchange that trades ETH and trade it there for whatever currency looks good on that day.

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    Withdraw Canadian Dollars To Bank Account

    After the Bitcoin sale you will see the Canadian Dollar balance on your Accounts page.

    You now have the ability to withdraw the Canadian Dollars to your Canadian bank account.

    If you want to move the funds from Bitbuy to your bank click Withdraw Funds beside your CAD Balance.

    On the withdrawal page you can select either Interac e-Transfer or Wire Transfer. For the purposes of this guide we will be using an Interac e-Transfer withdrawal as the example.

    Enter your withdrawal amount and select your Canadian bank.

    There is a 1.50% fee on Interac e-Transfer withdrawals, and the minimum withdrawal is $50.

    You will have to complete a two-factor authentication to complete the withdrawal request. Your Interac e-Transfer will be sent to your registered Bitbuy email address within 24 hours. The withdrawals are often completed within a few hours.

    You will need the security answer to complete the Interac e-Transfer. You will find this on the Settings page of your Bitbuy account.

    Thats it. If you followed and completed those steps you should have sold Bitcoin for Canadian Dollars and withdrew the funds to your bank account.

    Studying The Price Charts

    The chart shows you a relation of a base currency to the quote currency . In other words, this is a BTC value in dollars. You can see the list of all markets on the left part of the page and choose , , , or any other pair.

    On the price chart, you can see the historical changes of the asset value reflected in candlesticks. Each candle consists of information about the first, last, highest and lowest price within 15 minutes. But you can switch the timeframe and choose from 1 minute to 1 day. The candlestick chart is useful for studying the market trends and patterns and spotting the good time for buying and selling crypto.

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    How Can I Sell Bitcoins And Transfer The Funds To My Bank Account

    A friend of mine gave me two bitcoins which I now want to sell. I don’t understand the process which would enable me send the funds generated to my bank account.

    Although you can find a more comprehensive list here on the Bitcoin Wiki, some of the most popular exchanges in the community are:

    • Bitstamp

    You can exchange your bitcoins for US dollars on these websites and have them funded to your bank account.

    • jorijnsmitDec 24 ’14 at 20:13
    • From what I have heard, Payza is now doing bitcoin, not sure how the service is, but may be worth mentioning. Ben P. Dorsi-TodaroDec 25 ’14 at 1:19
    • Is Coinbase reputable? There are an overwhelming number of repots of people claiming they stole their money. Also they require your bank account login password. Seems sketchy.May 30 ’17 at 0:00
    • Do any of those allow instant withdrawals to a bank account?May 25 ’19 at 3:26

    The usual procedure would be to deposit the bitcoins into a bitcoin exchange, sell them there, and withdraw the cash to your bank account. You will have to identify yourself to the exchange, and the exchange must be able to send money to your bank.

    If there are Bitcoin ATMs in your country it should be as simple as goint to the ATM ask for a refound and transfer the Bitcoins to where the ATM asks for. After that it should give you the money .

    There are a couple of ways to sell bitcoins for fiat currency

    I’ve always been a fan of LocalBitcoins.

    How To Transfer Bitcoin To Your Bank Account Via Coinbase

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    Theres no need to have any trading experience to exchange money on a third-party exchange platform. In fact, anyone can easily manage the task since it only requires filling in some information in a few blank spaces and deposit Bitcoin on the platform to swap it and request the withdrawal of the fiat money.

    The most used way to do this is to choose an exchange that accepts bank wire transfers. Experts also recommend setting for the fiat money to be sent to the same bank account from where you transferred them. Typically, it takes around one to five days to get the funds to your bank account.

    One such exchange platform is Coinbase. Being a leading cryptocurrency exchange, Coibase also allows users to withdraw Bitcoin and other currencies to bank accounts that support them.

    Residents of both the United States and the European Union can get fiat money in the bank for selling BTC from their bank accounts. However, the process is different: while it only takes up to two days in the E.U. to receive the money via SEPA, it takes up to five days in the U.S. to get the funds via ACH. In case you want to speed up the transaction, use MasterCard or Visa if you own any of these cards. The withdrawal fees also differ and depend on the country they can range from a few dollars to several cents.

    Here is how to cash out Bitcoin on Coinbase:

    Read Also: How To Buy Bitcoin Online With Debit Card

    How Long Does It Take Before I Receive Euros On My Bank Account

    You have decided to sell your Bitcoin, and now you would like to know how long it takes before you can expect to receive your payment in EUR on your bank account. The length of this process depends on a couple of factors.

    Where To Sell Bitcoin In Canada

    Exchange
    Visit

    **Full Disclosure: We are members of the Bitbuy affiliate program and may earn commission on user referrals.

    Bitbuy.ca is a top cryptocurrency exchange for Canadians. They offer BTC/CAD trades and allow you to withdraw Canadian Dollars to your Canadian bank account.

    Bitbuy is located in Canada and compliant with all Canadian regulations.

    Also Check: What Is Investing In Bitcoin

    Send Your Bitcoin To Satos

    The next step is to send your bitcoin to a SATOS wallet address. After filling in your details and clicking on send, you will be shown an address to which you must send us your ethereum to. It is vital that you select an appropriate transaction fee. This ensures that we will receive your ethereum before your order expires. Most bitcoin wallets automatically display a recommended and average transaction fee. Once you have uploaded your transaction to the network, you will need to wait for the confirmation of the blockchain. Wondering how long this takes? We will explain this process a bit further down the page. For now, let us go to the final step!

    Pros And Cons For Each Option

    Mt. Gox Trustee Sell

    Here’s a rundown of the pros and cons for each option:

    Selling bitcoin cash using an exchange service

    Exchange services can be divided into two groups: 1) simple exchange, and 2) full-service exchange.

    1. Simple exchange services

    • Not available in all regions
    • Payments made to bank accounts only
    • Relatively difficult to use
    • Custodial
    Selling bitcoin cash peer-to-peer

    Advantages

    • For small amounts, no identity verification is required
    • Any payment method is possible
    • Non-custodial

    Disadvantages

    • Less convenient
    • Generally only legal to sell small amounts

    Also Check: How To Buy Bitcoin On Fidelity

    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.

    How To Sell From The Bitcoincom Wallet App For Android And Ios

    1 Tap the Discover tab .

    2 Scroll down to Services then slide the bar to find Crypto2Cash.

    3 Sign up to this 3rd party provider. You will be asked to provide your banking details and ID.

    4 After signing up, you’ll be able to type in how much Bitcoin or Bitcoin Cash you would like to sell

    5 Send the BTC or BCH to the address provided by Crypto2Cash. After about six confirmations , the order will be complete and youll receive an email from Crypto2Cash.

    6 The funds will then be sent to the bank account you provided.

    Please be aware bank transfers can take several hours to several days depending on your bank and currency requested.

    If you have issues with their service, their support is available Monday-Friday 9 a.m. to 6 p.m. CET at +31 85 225 05 10

    or email them at

    Also Check: How To Pay With Bitcoin

    How Do I Transfer Bitcoin To My Bank Account

    If youre just starting out in crypto youve probably encountered the question: How do I transfer bitcoin to my bank account?

    In this article you will find out:

    • How can I transfer bitcoin to my bank?
    • What services to use?
    • What payment methods and currencies are available?

    Transferring bitcoin to your bank account can be a bit of a nuisance. What I mean here is cashing out your bitcoin and transferring the money to your bank account. Were not quite there yet to send actual bitcoin to our bank accounts.

    That said, not that far off either. It is technologically absolutely possible to have a bitcoin or crypto wallet linked to your bank account or a part of your bank account. Some FinTech startups are already doing something similar. For example, you could treat your CoinMetro account like a real bank account very soon as we continue to launch challenger banking services and acquire further licensing.

    Whether you want to buy or sell your bitcoin in fiat, were here for you. We support USD, EUR, GBP and AUD!

    Make A Cryptocurrency Account On A Selling Platform

    How To Sell Bitcoins on Luno and Withdraw To Your Bank Account

    You can use a platform like Coinbase or Binance. With the account you created, search for a market on which to buy and sell bitcoin , Ethereum , Litecoin , etc. Using your money, buy the amount of crypto you want to sell and transfer it into a personal wallet. To find out how much bitcoin or other cryptocurrency is worth in US dollars, visitCoinMarketCap.com.

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    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.

    Place An Order To Sell Bitcoin

    In contrast to many other brokers, SATOS does not require you to create an account to trade Bitcoin. The first step in the Bitcoin selling process is to enter the amount of Bitcoin you like to sell. You can also enter the amount in euros you would like to receive. The computer will then automatically calculate the other amount based on the exchange rate. Click on âPlace orderâ once you are ready.

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    Watch For Cash Out Scams

    Cryptocurrency is still relatively new and much of the market is unregulated.

    There are many scams out there that may claim to help you turn cryptocurrency into cash that you can withdraw to your bank account.

    Sometimes, these deals will advertise better than typical conversion rates or low fees.

    The reality is:

    With cryptocurrency, it can be almost impossible to recover your funds if you transfer them to a less than trustworthy exchange or organization.

    Be on the lookout for scams and only use well-known, trusted companies to exchange your bitcoin for cash.

    Signing Up For A Cryptocurrency Exchange

    How to Buy and Sell Bitcoin in Ethiopia

    Its not very difficult to sign up for an exchange. Generally, youll want to do some research before deciding on one. Use BeInCryptos best exchange guide to help you out.

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    Once youre decided on an exchange, its time to sign up. Most of these platforms follow a similar signup process, which includes the following steps:

    • Signing up and verifying an email address
    • Verifying identity and following other procedures
    • Inputting a payment method

    When the signup process is complete, you can simply purchase whichever amount of bitcoin you prefer. From there, hold it, convert it, do whatever youd like! But when the time comes for knowing how to sell bitcoin, were here to help.

    Read Also: How To Earn Bitcoin Online

    How Can You Move Btc To A Bank Account

    There areseveral ways to convert bitcoin to cash and ultimately move it to a bankaccount:

  • Sell bitcoin on a cryptocurrency exchange, such as Coinbase or Kraken. This is the easiest method if you want to sell bitcoin and withdraw the resulting cash directly to a bank account. To make sure brokers do not break money laundering laws, you will need to withdraw to the same bank account that you deposited with. Its simple, easy, and secure, but its not the fastest method. For the U.S., the average time for money to reach your account is about 4-6 days but it varies by country. Any associated fees also depend on the country that your bank is located in. 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. The steps:
  • Sign up and complete the verification process.
  • Deposit BTC into your account
  • Cash-out your BTC to fiat via bank transfer or PayPal
  • Bitcoin Debit Cards: Several websites allow you to sell bitcoin and receive a prepaid debit card in exchange, allowing you to use it like a regular debit card. Each card is powered by either VISA or Mastercard, which means that they work for both online and offline shopping at most businesses anywhere in the world. Aside from purchases, you can even use bitcoin debit cards to withdraw cash at ATMs where VISA or Mastercard are accepted.
  • A sample transaction would go something like this:

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