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So the time has come to sell your Bitcoin.
Hopefully you've made your millions and are looking to retire, or maybe you just need the spare cash.
Either way, the easiest way for most people of people to sell their Bitcoin is through a recognised cryptocurrency exchange.
In this guide we're going to focus on selling Bitcoin via an exchange, but if you're looking for other ways to sell your Bitcoin you can get more information below.
Cryptocurrency exchanges are the most common (and easiest) way to sell your Bitcoin.
They allow you to sell or convert your Bitcoin to Australian dollars (or another currency) or other cryptocurrencies with ease.
Chances are you may have originally bought your Bitcoin via an exchange and kept it on there. If that's the case, you can jump straight to step 4 in order to sell your Bitcoin.
If you're instead keeping your Bitcoin on your own hardware or software wallet, you can follow the steps below to learn how to sell it.
There's 2 main things to consider when picking an exchange to sell your Bitcoin.
Does it let you sell your Bitcoin for your preferred local currency (such as AUD) and does it offer competitive fees?
To help you pick, we've put together a table of crypto exchanges that let you sell Bitcoin for AUD below:
We currently don't have that product, but here are others to consider:
How we picked theseOnce you've chosen a crypto exchange, you'll need to sign up for an account by following these steps:
After you've signed up to an exchange, you can then transfer your Bitcoin across.
Once your Bitcoin has arrived in your account, you have a couple of options for how to sell it, depending on which exchange you use.
If you're looking to sell your Bitcoin in the most cost effective way, you might want to opt for a limit order. Not only does this let you set the price at which you sell your Bitcoin (provided it hits that price), but you'll also avoid the higher fees associated with instant sells and market orders.
Of course, this will depend on the fee structure of the exchange you're using. Some exchanges may actually offer cheaper instant sell fees, or charge the same fee regardless of whether you're using a market or limit order.
Once you've sold your Bitcoin for AUD, you should be able to withdraw the funds to your bank account using the following methods:
Some popular exchanges such as Binance no longer let you sell your Bitcoin for Australian dollars, or withdraw funds to your bank account. In this case, you can choose to transfer your funds to an exchange that supports AUD withdrawals first.
There's also a few factors to keep in mind when choosing how to withdraw your funds.
Pros:
Cons:
Bitcoin ATMs allow you to deposit cash and convert it to Bitcoin. However, some of these ATMs also allow you to transact in the opposite direction – in other words, convert your BTC balance into fiat currency so you can withdraw cash.
These ATMs provide a convenient and straightforward way to sell your Bitcoin, but the trade off is higher fees. You may need to pay up to a 10% fee when selling your Bitcoin, depending on which ATM you use. As a result, it's probably a better idea to use a crypto exchange to sell your BTC, but if you're set on using an ATM, you can follow the steps below.
The selling process will vary depending on which ATM you use. For the purposes of this example, we're using CoinFlip Bitcoin ATMs.
"Selling BTC for the first time can be simple if you follow a few steps. Start by choosing a well-known and secure exchange like Coinbase, Kraken, or Gemini, and check what fees they charge for selling BTC. Next, you'll need to verify your identity through a process called Know Your Customer (KYC), where you provide some personal information and documents. To keep your account safe, enable two-factor authentication (2FA) and make sure your password is strong and unique. If your Bitcoin is in a personal wallet, transfer it to the exchange by carefully copying the deposit address provided and waiting for the transaction to be confirmed on the blockchain. Decide how you want to sell your Bitcoin. You can place a market order to sell it right away at the current price or a limit order to sell it at a specific price you choose. Follow the exchange's instructions to place and confirm your order. After selling, you'll need to withdraw your money. You can usually transfer the funds to your bank account, or other methods. Make sure your bank account is linked and verified with the exchange, and be aware of any fees and how long the transfer might take. Keep a record of the sale for tax purposes, noting the date, amount of Bitcoin sold, price, and any fees, as you might need to report any profits or losses. Finally, think about why you decided to sell and how it fits into your overall investment plans. Stay updated on market trends and regulations that might affect your future investments. "
Peer-to-peer or P2P marketplaces are one of the most popular alternative ways to sell Bitcoin. P2P exchanges require no identity verification and allow you to browse through buyers and see offers for each type of accepted payment method. They also do not require you to give up custody of your funds.
To sell your BTC on a P2P marketplace, you can follow the steps below.
Be sure to research any P2P marketplace before using it as fees for selling on P2P marketplaces vary.
Online payment services such as PayPal, Revolut and Venmo offer options to sell Bitcoin directly within their platforms. Users can quickly convert their Bitcoin into fiat currency, which can then be used for other transactions or withdrawn to a bank account, using the following steps:
If you're looking to sell a large amount of Bitcoin, such as $50,000 or more, conducting the transaction through an ordinary crypto exchange may not be the best way to go about it, because there may not be sufficient liquidity on a traditional exchange. This can result in slower processing times or "slippage" – which is when a large market sell order eats through the available buy orders, resulting in a price drop.
The transaction limits on these exchanges may also be too low for your needs, so anyone looking to sell a large amount of Bitcoin should consider an over-the-counter (OTC) trade. OTC trades are those that take place away from a conventional, regulated exchange, and they offer a simpler and more cost-effective way to buy and sell large amounts of Bitcoin.
Check out our OTC cryptocurrency trading guide for more info on how this type of trading works.
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I’m with expert markets with bitcoin shares. I only want to sell them .I’m not sure how it what to do cause my broker is not letting me. He wanted to get into my phone to show me how with any desk ese
I’m with expert markets with bitcoin shares. I only want to sell them .I’m not sure how it what to do cause my broker is not letting me. He wanted to get into my phone to show me how with any desk use
Hi Angela, no broker should stop you from selling your assets or ask to have access to your phone or computer. There is a good possibility you are using a scam platform. The first important step is to contact your bank or financial institution to make sure no further transactions to this entity are possible. You should also report the incident: https://www.cyber.gov.au/report-and-recover/report. This may come a little late but it’s worth saying anyway – before signing up to any investment platform, please make sure it’s registered with ASIC or Austrac as this means it’s regulated in Australia.
Good luck