How to sell Bitcoin

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

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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. Selling your bitcoin with low fees is the best way to get the most return on your investment, which is why we've done the research of comparing 50+ crypto exchanges to help you find the best match.

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.

Where to sell Bitcoin in Australia

So long as you have access to your private keys you can sell your bitcoin on any exchange you'd like. Compare exchanges using deposit methods, fiat currency support and accepted cryptocurrencies to find the best match for your needs.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD

270
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

297
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 250 cryptos.
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

262
cryptocurrencies

Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
CoinJar Cryptocurrency Exchange
Cash, Credit card, Cryptocurrency, Debit card, Bank Transfer (PayID/Osko/BPAY)
AUD, GBP

24
cryptocurrencies

CoinJar offers a simple way to buy, sell, or trade cryptocurrency with AUD. Enjoy free and instant deposits, fees start from 0.05% and withdrawals are free to your bank account
Cointree Cryptocurrency Exchange
Cash, Cryptocurrency, POLi, PayID, Online banking
AUD

158
cryptocurrencies

Finder Exclusive: New members get $10 bonus after first trade. T&Cs apply.
Buy 150+ cryptocurrencies with fast-growth portfolio insights, and the ability to swap any coin to any other instantly.
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi, Osko, PayID
AUD

258
cryptocurrencies

Finder Exclusive: New members get $10 bonus after verification. T&Cs apply.
An Australian based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.
eToro Cryptocurrency Trading & CFDs
Bank transfer, Credit card, Debit card, Neteller, PayPal, Online banking, Skrill
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

23
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. $200 minimum deposit.
Finder app
Finder app
Bank transfer, PayID
AUD

2
cryptocurrencies

Manage all your finances in one place and enjoy instant purchases of BTC and ETH.
Easy Crypto Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi
AUD

53
cryptocurrencies

Easy Crypto is a simple way to buy and sell a range of cryptocurrencies, straight to and from your own crypto wallet.
Gemini Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, CAD, EUR, GBP, SGD, HKD

40
cryptocurrencies

Trade bitcoin, Ethereum and more at a US-based exchange where payments can be made in USD.
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Compare up to 4 providers

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:

  1. Register on an exchange that lists the BTC/USD trading pair
    To satisfy government regulations, most exchanges will also require you to provide your full name, address and proof of ID.
  2. Deposit bitcoin into your account
    Before you can sell your bitcoin, you'll need to transfer it into the wallet of your chosen exchange. Find the deposit address for bitcoin and then transfer BTC from your external wallet to that address.
  3. Sell bitcoin
    Once your transfer has been completed, you can then search for the currency pair you want to trade on the exchange you're using. In this case BTC/USD, and enter all the details of your transaction.
  4. Withdraw AUD
    The final step is to withdraw the AUD you've acquired to your bank account. This is a simple process on most platforms – just look for the "Withdraw" link and follow the prompts – but make sure to check any limits and fees that apply before finalising your transaction.If you're using CoinSpot, you can click on the "Withdraw AUD" link from your account dashboard to initiate the withdrawal process.

Selling BTC for cryptocurrency

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

  1. Register on an exchange that lists BTC
    Bitcoin can be exchanged for hundreds of altcoins on a huge range of platforms, so you'll have plenty of crypto exchanges to choose from.
  2. Deposit BTC into your account
    You'll first need to find the BTC deposit address, so head over to your wallet and use the address you've just copied as the destination for your BTC transfer.
  3. Sell BTC
    Navigate your way to the trading section of your chosen platform and then enter the full details of your sale. You can then type in how much BTC you want to sell, review the details of the transaction and click "Sell BTC."
  4. Transfer your new cryptocurrency into a secure wallet
    Consider finding a crypto wallet that supports your new digital currency and allows you to control your private key.

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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 near one of its historical peaks 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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