If you purchased bitcoin or altcoin, and its rate jumped, you are probably wondering: how to sell cryptocurrency for dollars or euros and get a profit. And all you have to do is to choose a suitable exchange platform.
In this article, we will tell you how to do this and where you can sell bitcoin profitably.
How to sell cryptocurrency
The process will differ depending on the method. It is determined by whether you send bitcoin from your wallet directly to the buyer or exchange it through your personal account on the trading platform. There are also platforms that provide both exchange service and a wallet at the same time, but such wallets are not decentralized.
It also depends on how fast and how many coins you need to sell. In general, the whole process looks like this:
- Choose an exchange to exchange;
- Find the suitable rate;
- Create an exchange request. If you use an exchanger, you also send bitcoins to the specified address.
- Get the currency to your bank account.
It should be noted that the fastest way to sell crypto is through exchangers. Usually you do not need to register an account and you can immediately start the transaction. In addition, you do not pay fees like you have to when withdrawing funds from crypto exchange account.
Where to sell cryptocurrency and get profit
We have figured out what the typical sale process looks like. In fact, it is no different from the purchase process so far, with the only caveat that when you buy, you are looking for the lowest price, and when you sell – for the highest.
Crypto currency exchanges
To sell Bitcoin through cryptocurrency exchanges, you first need to get bitcoins to the exchange’s internal wallet. This method has two main advantages:
- You sell bitcoin at the market price with a small spread. For example, exchange platforms have a higher spread, so the exchange rate is less profitable.
- Low exchange fees: usually no more than 0.2%.
But there are drawbacks as well:
- You have to pay a fee for funds withdrawal from the deposi. For small amounts, the fee will be quite large and will “eat” a significant part of your profit, if not all of it.
- Not all crypto exchanges support fiat currencies.
- It will take a long time before you get the currency. A transaction on the bitcoin network can take 1 to 12 hours or more, and while the cryptocurrency is “in transit”, the exchange rate can change significantly.
There are two types of exchangers: centralized and peer-to-peer platforms. On the former, you exchange cryptocurrency with the company, and on the latter you sell bitcoin directly to other users.
P2P services are convenient to use when you buy cryptocurrency, but there are special conditions for sellers there. For example, on LocalBitcoins, sellers are required to pass verification in order to place their own order and deposit bitcoins to the internal account of the platform. And it is not profitable to sell on existing orders. In addition, you will also have to pay a fee for both the exchange and withdrawal.
With centralized exchanges, the situation is different: you send bitcoin directly to the owner’s address. You do not have to register and replenish your deposit. But the problem is different: how to find and determine whether the exchanger is reliable? You will find the answer to this question in the next section.
There are special services that regularly monitor reliable exchangers and update information in real time. One of such services is Changevisor.
You can choose the currency for which you want to sell bitcoin, and how you want to receive the money: to an electronic wallet or bank card, as well as altcoins. The service will provide a list of all available exchangers. You can sort exchangers by price and read reviews about them directly on the Changevisor website.
Cryptomats allow you to sell bitcoins in the offline world. They are very reliable, but have high fees, so they are not suitable for those who want to sell cryptocurrency quickly and at the best price. In addition, there are not many regions where they can be found. But this method is suitable for those who want to exchange cryptocurrency for cash without personal meetings. You can find cryptomats using the Coin ATM Radar service.
Sale to an individual
You can find a person to exchange, negotiate terms with them, and meet in person to complete the transaction. The advantage of this method is that you can sell bitcoin at the most favorable rate.
This option is only suitable for larger amounts and requires a lot of time to perform the operation. In addition, it involves high risks.
Here are some recommendations to ensure security:
- Choose a crowded place: a cafe or shopping center. Do not meet in empty places, especially at night.
- Ask to transfer money immediately after you send the transaction, without waiting for it to be confirmed.
- (For paranoids) after the transaction, get into a taxi immediately, so that it is difficult to follow you.
We have reviewed popular ways to sell bitcoins. Now you know where to buy and sell cryptocurrencies profitably and do it in the fastest way possible. Use only reliable services that have a lot of positive feedback from users.