CoinSpot 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.
This is our quick guide to just one way to buy Bitcoin. Compare some other options in the table below.
There are two main options available when selling your BTC holdings:
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.
If you want to sell BTC for fiat currency, here’s an example of how you can do it:
If you want to exchange your Bitcoin for another cryptocurrency, here’s how you can do it:
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.
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:
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:
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.
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.
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.
If you’ve sold Bitcoin through a platform that permits AUD withdrawals, check to see what withdrawal methods are supported. Options include:
When choosing your withdrawal method, make sure you consider:
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.
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.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.
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