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How to sell Bitcoin

A simple guide to cashing out your Bitcoin for Australian dollars or another cryptocurrency.

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Swyftx Cryptocurrency Exchange

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If you’ve taken the leap and bought some Bitcoin, it’s equally important that you know how (and when) to cash out and sell.

In this guide we’ll walk you through the different ways you can sell Bitcoin in Australia, as well as the ins and outs of converting your BTC to Australian dollars or another cryptocurrency.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Quick guide: How to sell Bitcoin in Australia

  1. Register for an account with a cryptocurrency exchange like Swyftx
  2. Verify your account
  3. Select the asset you want to sell from the Swyftx interface
  4. Select the deposit option to get your Swyftx wallet address for that asset
  5. Send your cryptocurrency to the provided wallet address
  6. Sell the cryptocurrency for AUD
Go to Swyftx's website

This is our quick guide to just one way to buy Bitcoin. Compare some other options in the table below.

Where to sell Bitcoin in Australia

Name Product Deposit methods Fiat Currencies Cryptocurrencies
BPAY
Cash
POLi
PayID
AUD

155
cryptocurrencies

CoinSpot is an Australian-based exchange that allows you to easily buy, sell or trade more than 100 cryptocurrencies.
Bank transfer
BPAY
POLi
Osko
PayID
AUD

105
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Crypto.com App
Bank transfer (ACH)
PayPal
Bank transfer (SEPA)
SWIFT
Xfers
Credit or Debit Card
TransferWise

AUD, EUR, SGD, HKD, GBP, JPY

64
cryptocurrencies

Buy 55+ cryptocurrencies at true cost, earn up to 8% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Blueshyft
BPAY
Cryptocurrency
NPP
AUD

9
cryptocurrencies

CoinJar offers a simple way to buy, sell or trade cryptocurrency with AUD. Enjoy free and instant deposits, flat 1% fees and free withdrawals to your bank account.
Bank transfer
BPAY
POLi
PayID
AUD

2
cryptocurrencies

A digital exchange based in Brisbane where users can pay in AUD to buy their BTC.
Cash
Cryptocurrency
POLi
AUD

1
cryptocurrency

Buy bitcoin with cash or bank transfer without deposit fees through this Australia-based platform.
Cryptocurrency
Electronic Funds Transfer
POLi
SWIFT
PayID
AUD, NZD, USD

15
cryptocurrencies

Trade AUD and other fiat currencies against a wide range of cryptos at competitive rates.
Credit card
Debit card
Bank transfer (SEPA)
SWIFT
USD, EUR, AUD, CAD, GBP, JPY

10
cryptocurrencies

Founded in 2013, CoinMama lets you buy and sell popular cryptos with a range of payment options and quick delivery.
Bank transfer
POLi
AUD

44
cryptocurrencies

Accepting POLi and bank transfers in AUD, Easy Crypto is a simple way to buy and sell a range of cryptocurrencies.
Credit card
Debit card
Neteller
PayPal
Wire transfer
Online banking
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

17
cryptocurrencies

Disclaimer: Volatile investment product. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Copy the trades of leading cryptocurrency investors on this unique social investment platform.
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HiveEx Logo

Enter your details below to receive a quote from a HiveEx.com trader as soon as possible.

HiveEx.com is an over-the-counter (OTC) cryptocurrency platform specialising in high-volume trades.

  • Trade between $50,000 and $100m for a fixed price
  • Tap into HiveEx.com’s global network of high liquidity trading partners
  • Access competitive rates compared to traditional exchange trading
  • Receive your coins in your wallet fast, with same day settlement options
  • As an AUSTRAC registered company, HiveEx.com is fully compliant with industry-standard AML and CTF obligations

A step-by-step guide to selling Bitcoin

There are two main options available when selling your BTC holdings:

  • Selling Bitcoin for fiat currency, such as Australian dollars (AUD)
  • Selling Bitcoin for another cryptocurrency, such as Ethereum, XRP or any number of other altcoins

For many people, the main aim when selling Bitcoin will be to cash out for AUD, so you can find instructions on how to do that below.

However, if you want to trade your BTC for another crypto, we’ve included a step-by-step guide on how to do that as well.

Selling BTC for Australian dollars

If you want to sell BTC for fiat currency, here’s an example of how you can do it:

Selling BTC for cryptocurrency

If you want to exchange your Bitcoin for another cryptocurrency, here’s how you can do it:

How to sell a large amount of Bitcoin

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.

How to choose the best way to sell Bitcoin

There’s no such thing as a best way to sell Bitcoin for everyone, because what works well for one person might not necessarily be a good fit for the next. Instead, it’s all about working out which option is the right choice for you. You can do this by asking yourself a few important questions:

  • Do you want to sell Bitcoin for AUD or another cryptocurrency?
  • How quickly do you want to sell your Bitcoin?
  • Are you willing to accept a price well below the market rate, or do you want to negotiate the best price possible?
  • If selling for AUD, how do you want to receive payment?

This should help you decide how you want to sell your Bitcoin, and you can then figure out which platform has all the features you need. When comparing your options, make sure you consider:

  • Price. How does the exchange rate you’ll get compare to those offered by other platforms?
  • Fees. Compare any trading fees that apply and whether there’s a fee for withdrawing funds into your bank account or crypto wallet.
  • Trading and withdrawal limits. Is there any limit on the amount of Bitcoin you can sell, or on how much AUD you can withdraw from your account?
  • Security features. Are there any security measures in place to help protect your funds and your private data, for example 2-factor authentication or a reputation system for buyers and sellers?
  • Customer support. If something goes wrong with your transaction, how will you be able to contact customer support? During what hours is support available?
  • Reputation and reviews. Seek out online reviews and check crypto forum posts from other users to find out whether they’d recommend a particular exchange, trading platform or Bitcoin ATM provider.

There are several other important features to consider, such as where an exchange is regulated and the payment methods accepted by peer-to-peer trading sites, so check out our cryptocurrency exchange guide for more tips on how to choose the right platform.

How to sell Bitcoin: what are my options?

The step-by-step guides above take you through the process of selling Bitcoin on an exchange. However, this is just one of several options available when you want to cash out your Bitcoin, so let’s take a closer at what other options you have.

Withdrawing your funds after the sale

Even after you’ve sold your Bitcoin, your transaction hasn’t been fully completed. The final step is to withdraw the proceeds of your sale into either your bank account or your cryptocurrency wallet.

Withdrawing AUD

If you’ve sold Bitcoin through a platform that permits AUD withdrawals, check to see what withdrawal methods are supported. Options include:

  • Bank transfer
  • Credit/debit card
  • PayPal
  • Cash

When choosing your withdrawal method, make sure you consider:

  • Fees. Many (but not all) platforms impose a withdrawal fee, and the fee charged usually varies depending on the withdrawal method selected.
  • Limits. Are there any minimum or maximum limits on how much you can transfer? How do they differ between withdrawal methods? Can you increase these limits by providing additional verification or ID?
  • Processing times. How long will it take for the AUD to arrive in your wallet or bank account? For example, while cash withdrawals are instant, bank transfers can take several days to arrive.
  • Any other restrictions. For example, some exchanges will require you to withdraw funds using the same payment method with which you made your deposit.

Withdrawing cryptocurrency

Storing your cryptocurrency on an exchange for the long-term is not recommended. Exchanges control the private keys to these wallets and are also popular targets for hackers, so the safest option is to transfer your crypto into a secure wallet which lets you retain ownership of your private keys. It’s a good idea to set this wallet up well in advance of selling your Bitcoin, and make sure you double-check your wallet address before depositing any funds.

Once again, check whether there are any limits on the amount of crypto you can withdraw per-transaction or in any 24-hour period. You’ll also need to factor any withdrawal fee into the total cost of the transaction.

When is the right time to sell Bitcoin?

Unfortunately, there’s no easy answer to this question.

Timing is crucial to maximising the success of any trade – anyone who sold Bitcoin at or near its ~US$20,000 peak in December 2017 can attest to this fact – but working out the right time to sell can be a tricky task. From crypto regulatory developments and broader economic factors to Bitcoin hype levels and even your own appetite for risk, there are many factors that can affect whether you should or shouldn’t sell your BTC.

Analyse the market carefully to decide whether you want to sell or hold. Our guide to cryptocurrency technical analysis is a useful tool to help you better understand and read the crypto market.

FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Images: Shutterstock

Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.

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