Another thing to consider when cashing out your BTC is that some exchanges and P2P platforms will have withdrawal limits. However, these limits usually only apply if you are cashing out a massive amount of BTC. Selling crypto for cash typically comes with fees, but sometimes it is more than you think. While most exchanges and money apps allow you to sell is there a safe way to invest in cryptocurrency create cryptocurrency faucet for website your crypto at a reasonable rate, places like crypto ATMs charge extremely high fees, which may eat into your profits.

However, instead of using a bank account, the card pulls funds from a crypto wallet. It is also one of the cheapest ways to convert crypto to cash, while still receiving your cash near instantly. Load the card from your BitPay Wallet balance or connect to a Coinbase account. You can use the card to pay for things in-store, shop online or even pull cash straight from an ATM. Bitcoin ATMs are specialized banking machines from which you can buy and sell crypto.

Selling Bitcoin With a Bitcoin ATM

Of course, you may be able to claim a write-off, if you’re selling at a loss. But if you think crypto may continue its recovery, it might be better to stick around and wait. The offers that appear on this site are from companies that compensate us.

As a decentralized currency, Bitcoin was originally designed as app development costs a peer-to-peer payment system. Sticking with those roots, using a peer-to-peer (P2P) crypto exchange allows you to sell your Bitcoin directly to another individual in exchange for cash. Overall, selling Bitcoin for cash with an online broker is best when you already hold the crypto assets on the platform.

Five Ways to Convert Crypto Into Cash

Tax implications are the main consequences of cashing out your crypto holdings. In most countries, all traders must report any profit they’ve made on their crypto trades and pay capital gains tax. You may also have the opportunity to offset capital gains from alternate investments if you sell your crypto assets at a loss. Using a peer-to-peer exchange requires sending Bitcoin (or other crypto) directly from your digital wallet to another user’s digital wallet. In turn, you will receive payment through Zelle, PayPal, or another method of deposit to your bank account.

Centralized crypto exchanges are one of the best ways to turn your Bitcoin (or other cryptocurrencies) into cash. With access to hundreds of coins, multiple supported fiat currencies, and low trading fees, exchanges offer the most flexibility when cashing out your crypto. Yes, BitPay offers flexibility in how much crypto you convert to cash. You can sell up to $100,000 daily and $250,000 monthly via ACH and bank transfers.

1. As a decentralized currency, Bitcoin was originally designed as a peer-to-peer payment system.
2. As with everything, cashing out your crypto results in several consequences.
3. You can sell various cryptocurrencies with BitPay, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), USDC (USDC), and Tether (USDT) .
4. If you don’t feel like using the Spot Exchange directly, the Binance Convert feature is a straightforward alternative.
5. Using a peer-to-peer exchange requires sending Bitcoin (or other crypto) directly from your digital wallet to another user’s digital wallet.
6. The offers that appear on this site are from companies that compensate us.

You will pay a fee within the app, but it’s usually pretty reasonable. Many centralized exchanges also offer P2P exchange options, including Binance, KuCoin, and ByBit. Next, choose BTC in the top field and input the amount you want to sell.

Go with a peer-to-peer trade

Sell bitcoin directly to other Binance users to exchange them for your local fiat currency. On the P2P market, you can browse a variety of bitcoin listings and choose the best offers. To place an order, you’ll need to move your BTC (or other cryptocurrencies) to your Binance account’s Funding Wallet. Follow our How to Transfer Assets from Spot Wallet to Funding Wallet guide for more information. Binance’s [Buy and Sell Crypto] page is one of the simplest ways to convert your bitcoin into cash. Simply select [BTC] in the top field and the currency you want to sell it for in the bottom field.

MetaMask Portfolio’s Sell feature allows you to easily cash out your crypto assets to fiat currency (USD, EUR, GBP). You’ll quickly exchange cryptocurrency into cash, which you can access from your cash balance in Coinbase. From there, you can transfer the money to your bank account if you wish. Finally, depending on how long you’ve kept your BTC and your income status, you may also have to pay some income tax come tax season.

Most of these ATMs also allow users to withdraw other types of crypto, not just Bitcoin. Popular coins you can typically withdraw from a Bitcoin ATM include Bitcoin Cash, Litecoin, Dash, and Ethereum. Although, this method may not be viable for many since Bitcoin ATMs are generally limited to larger cities. If you don’t want to use an exchange or brokerage, you can also cash out via a Bitcoin ATM.

If you’re new to the crypto world, this may be the most suitable method for you since brokers are experienced in offering assistance. The riskiest — but likely most anonymous — way to turn Bitcoin to cash is to do so in person. This will involve negotiations about the asking price and terms, and both parties must take precautions to ensure their personal safety and the integrity of their funds and assets.

ETFs trade on an exchange and are available through most brokers and the expense ratios on several funds are below what you might pay to trade on a crypto exchange. If a broker holds your crypto coins, then the easiest route is simply to go with that broker. For example, if you’re a client of Robinhood or Webull, both of which allow extensive crypto trading, then it will be easiest for you to just execute a trade on their platform and be done with it. If you’re struggling to calculate your capital gains tax, we strongly advise using crypto tax software such as Koinly. This software will help you record crypto transactions, preview capital gains, and generate tax reports.

Sell Your Crypto with the BitPay Wallet

Many crypto exchanges charge high fees if you use their simple “sell my crypto” option. Coinbase, for example, charges $0.99 when selling under $10 worth of crypto (which makes it nearly a 10% fee), and around 1.50% for larger transactions when selling through their platform. The only way around this is to use the “Advanced Trade” platform on Coinbase to sell your crypto, with fees as low as 0.60%. If so, there are other options to explore before you commit to converting your crypto to fiat.

We’re constantly working on improving and evolving the dapp through meaningful updates. You can access a wide selection of BTC trading how to buy on binance exchange pairs on the Binance Spot Exchange to sell for fiat. On the Spot Exchange, you can select the [BTC] pairs button on the right side of the screen and see what’s available. With the search box at the top, you can also look directly for a pair like [BTC/EUR]. BitPay charges a minimal processing fee, which is always transparently displayed in your sale order. The commissions on Bitcoin ATM trades can be tremendously high, however, so it’s important to note how much you’re paying and whether it’s worthwhile to go another route.

However, if you want a wide range of options for cashing out your crypto, then this is your best bet. These exchanges are also very reliable and user-friendly, which makes them an appealing option for many traders. If you want to cash out your crypto, using a centralized exchange, online broker, or money transfer app is a low-fee way to sell, but be aware of the limitations that each app has. Many crypto wallets have built-in crypto exchanges, and some even allow you to exchange your crypto for cash directly. While crypto wallets are designed to store and secure your crypto, many of them partner with crypto exchanges to offer trading services.