Jan 13, · Many people use Coinbase and CoinJar to buy Bitcoin (and other coins) and cash out their profits through a bank transfer as their cryptocoins gain in value. Others use their accounts to receive cryptocurrency payments from friends, family members, or customers. 03 of Jul 29, · Convert Bitcoin Into Cash Through A Fiat Supporting Exchange It is highly likely that if you don’t have Bitcoin ATMs near you, you will be having fiat accepting Bitcoin exchanges in your country. Using these exchanges, you can easily convert your bitcoins into cash like USD, EUR, or GBP. You must have a balance of at least bitcoin to make a withdrawal. You can withdraw up to $2, worth of bitcoin every 24 hours and up to $5, within any 7-day period. Transfers to external wallets usually take between 30–40 minutes but can take longer. To view your bitcoin limits and progress: Tap on the Banking tab; Tap Bitcoin.
How to cash out bitcoinHow to Cash Out Bitcoin: Complete Guide
They process more Bitcoin transactions than any other broker and have a massive customer base of 13 million. Looking for more in-depth information on related topics? We have gathered similar articles for you to spare your time. Take a look! Not sure how to buy cryptocurrency? Follow this tutorial, and learn how to purchase your first crypto coins! First, you will need to open an account with Coinbase , link your bank account, and make a deposit.
If you need help on how to do this, view our guide here. If you have already done this, proceed to step 2! Once you have set up your account, you will need to send your Bitcoin to your Coinbase Bitcoin address! You will then be shown your Bitcoin Coinbase wallet address.
This is the address you need to send your Bitcoin to. Next, click on Sell. The next step on how to cash out Bitcoin is in the wallet. Assuming you have now sent your Bitcoin to your Coinbase wallet, you should see your Bitcoin wallet and your default fiat currency here.
This will change depending on where you are located. For example, U. You will also see your withdrawal limit. If you have already verified your account, your limits will be quite high. However, if you need to increase this, click on See Limits and follow the additional verification instructions! Before you can withdraw, you need to exchange your Bitcoin to your local currency. Enter the amount of Bitcoin that you wish to sell, and the fiat currency equivalent will update.
Once you click on Sell Bitcoin Instantly , your funds will now be in your fiat currency wallet. Ok, so we are at the final step on how to cash out Bitcoin to your bank account. Your bank account details will already be saved from when you set it up earlier.
Another popular choice for Bitcoin sellers is Kraken! Kraken is another popular exchange that allows fiat currency deposits and withdrawals. It has been around since , and processes the most Bitcoin to Euro transactions. 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 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:. Sellers who know how to cash out Bitcoin can also choose the price they would like to sell their Bitcoin for. 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. Local Bitcoins allows you to stay anonymous, too when choosing such payment methods as web money or gift vouchers , especially if you also use a reliable and safe VPN to secure your connection. However, some sellers decide to ask new buyers those who have no feedback to supply identification. First, you will need to open an account at Local Bitcoins. You can do this by clicking here.
Choose a username and a strong password. You also need to enter and confirm your email address. Then you need to choose the country where your ideal buyers are located. I recommend using your own country of course , however, this is up to you. In this example, I have selected the UK.
You also need to enter the amount of Bitcoin you wish to sell. It is not difficult to find a trusted crypto exchange with reasonable fees and get money to your bank account quickly and without putting much effort.
That is why lower you will find 7 platforms where every person can sell BTC in exchange for money to land on the bank account. There is no need to have any trading experience to convert money on third-party exchange platforms.
In fact, even a child will easily cope with the task set since it is enough to fill out some information in the blank spaces and deposit Bitcoin to the exchange in order to request the withdrawal of fiat money then.
The most widely accepted way to do that is to prefer an exchange that accepts bank wire transfers, and experts advise asking for fiat money to be sent to the same bank account where they were transferred from too. Usually, it takes from 1 to 5 days to get money to your account.
However, there is also an opportunity to use the Peer-to-Peer approach or turn to a broker too. Now it is time to analyze the offer of the best platforms to convert BTC and choose the most suitable one.
This London exchange established in offers to withdraw cryptocurrency only for registered and verified users. Residents of different countries can transfer Bitcoin to their bank accounts using this service. When it comes to citizens of other countries, it is possible to ask for a debit card withdrawal or do that in ATM too.
At the same time, there are several benefits of the platform too including round the clock customer support, several payment methods supported, and fast money transfers. Being a leading Bitcoin trading platform Coinbase allows its users to withdraw Bitcoin to bank accounts too. It is possible to speed up the transaction if you own MasterCard or Visa. The cost of withdrawal also depends on the country and can vary from several dollars to several cents.
This peer-to-peer platform was founded in and its headquarters are located in Helsinki, Finland. It is a decentralized platform aimed at matching people who want to sell or buy cryptocurrency. If you did!! Do share it with your friends on social media who want to buy or sell Bitcoin!! Note: Better than selling and cashing out your bitcoins, you can always take Bitcoin loans on your BTC holdings. Here is how you do that!! Also, If you need some direction, feel free to contact us at themoneymongers.
Having a backup is always good option. Written By Sudhir Khatwani. Do you HODL bitcoins? Are you looking to cash out your bitcoins? I believe some of you want to sell their bitcoins because of one of these reasons: You have now lost interest in Bitcoin.
Or you think you have made enough returns out of your Bitcoin investment. Where to cash out Bitcoin? Sudhir Khatwani Hey there! Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit.