Already own bitcoins but want either just exchange with some conventional currency or simply get rid of them considering them mere a bubble of widening hype. However, it is not as easy as buying them. Got lines of stress on your forehead? Do not worry! Here is the complete guide for your easy comprehension of the entire process −
There are two ways to sell your bitcoins −
Although, this carries a number of disadvantages yet exchanges appear to be one of the major solutions if you want cash out of the selling of your crypto. These exchanges play the role of intermediary and they keep the funds of the seller as well as the buyer.
You simply need to set up an account with any exchange you want to go with but you have to go through the complete identity verification because all coveted exchanges have made it mandate. You must also have a connected bank account to withdraw funds.
Once you are done with the initial set up, place a ‘sell offer’, mentioning your currency to trade, its amount and your asking price per unit. The exchange will automatically occur once someone conforms to accept it.
Once you get the fund in your account, you will have to get it into your linked bank account. This might take some time. Moreover, you have to pay some fee to the exchanges and the charges differ exchange to exchange. Most of them even have some limit.
Following are the fee charges of some major exchanges −
|Exchange||Currency Options||Selling Fee||Withdrawal Fee: Bank Transfer||Withdrawal Fee: Credit Cards|
|Bitfinex||US Dollar, Bitcoin, Ether, Ether Classic, Litecoin, Zcash, Monero, BFX, Recovery Right Tokens (RRT), Dash||0% - 0.1%||Wire transfer - 0.1% 24h express - 1%||Not Available|
|Bitstamp||US Dollar, Euro, Bitcoin, Ripple (XRP)||0.1% - 0.25%||International Wire - 0.09%, EUR - €0.09||$10 up to $1000 - 2% for over $2000|
|CEX.IO||US Dollar, Euro, GB Pound, Russian Ruble, Bitcoin, Litecoin, Ether||0%||$50 / €25 / ₽1750 / £30||Visa - $3.80, MasterCard - 1.2% + $3.80|
|Coinbase||US Dollar, Euro, GB Pound, Bitcoin, Ether||1.49%||US - 1.49%, EUR/UK - €0.15||Not Available|
|GDAX||US Dollar, Euro, GB Pound, Bitcoin, Litecoin, Ether||0%||US - $25, EUR - €0.15||Not Available|
|Kraken||US Dollar, Euro, GB Pound, Japanese Yen, Canadian Dollar, Bitcoin, Ether, Ether Classic, Iconomi, Augur, Dogecoin, Lumen, Monero, Ripple, Zcash, Stellar/Lumens||0% - 0.36%||0% - 0.19% or fixed commission||Not Available|
This method is also very popular. You can trade directly with another person. This service is accessible on websites generally linked with exchanges and incorporates an intermediary facilitating the connection.
For that, you need toregister as a seller. Other than setting up your profile, you willrequire a completely verified identity. Once the registration isdone, you can post an offer signaling towards your intention to sellsome Bitcoins. When someone wants to trade with you, you will receivea notification from the service and from then on you are onlycommunicating with the buyer. The website only serves as a platformto finish the trade.
The entire process ofselling bitcoins on some of those sites can kill most of your time.