Once you have bought cryptocurrencies, you’d probably start thinking about how to cash them out at profits. Since cryptocurrencies cannot be directly used in stores or to buy stuff, you have to sell your cryptocurrencies if you are looking for short-term gains. There are several ways to do that, including cryptocurrency exchanges, online forums, Bitcoin ATMs, or selling it to your close friends and family. In this article, we will be discussing different methods of selling your cryptocurrencies. However, it is your responsibility to put your trust in the right channels and sell your cryptocurrencies only through channels you trust.
- Cryptocurrency Exchanges
Selling your cryptocurrencies through cryptocurrency exchanges is one of the easiest and safest ways. To sell your cryptocurrencies through exchanges, you have to create an account with any trusted cryptocurrency exchange site, such as Binance or Coinbase. Cryptocurrency exchanges act as intermediaries – holding the funds from buyers and sellers. They are safest because they hold your cryptocurrencies, preventing potential scammers’ chargeback. Furthermore, cryptocurrency exchanges have security certificates and SSL encryption that make all transactions on their site safe and secure. Several of these exchanges require the verification of account holders’ identities. Your account has to be connected to a bank account to cash your cryptocurrencies. There are restrictions in place depending on the country you live in. So, you must be mindful of that.
It is pretty simple to sell your cryptocurrencies on an exchange. Just choose the coin you want to sell and then go to the market. Enter the number of coins you want to sell and the price you want for those coins. The cryptocurrency exchange system will take care of everything then and find a suitable buyer who wants to buy your coins at your specified price. Once a suitable buyer is found, your order will be processed. The cryptocurrency exchange will facilitate the transaction – your cryptocurrencies will be replaced with fiat currencies. Your money can be withdrawn to your bank account associated with your account on the cryptocurrency exchange. You should also be mindful of any withdrawal fees your bank might charge. Some banks might just refuse to process any funds transactions from cryptocurrency trading, sale, or exchange. You need to consider all these factors while selling your cryptocurrencies through an exchange.
- Online Forums and Communities
Another way of selling your cryptocurrencies is through online forums, platforms, and communities that have people interested in cryptocurrencies. These forums and communities are full of crypto advocates and enthusiasts looking to buy and sell their cryptocurrencies. Through these platforms, you can convert your cryptocurrency to cash and vice-versa. You just need to create a thread about your interest in selling cryptocurrencies, state your price and amount of cryptocurrency you want to sell, and your preferred payment method. Then, you will be directly contacted by potential buyers who will either buy your cryptocurrency at the specified price or try to negotiate. You can decide who you want to sell your cryptocurrency to. However, it is essential to note that your responsibility is to facilitate the transaction. Such platforms provide no formal channel to facilitate transactions between buyers and sellers. Therefore, it is no guarantee you will receive the money for your cryptocurrencies. This is why it is recommended to trade with trusted people with several references. That person you are trading with should give a history of their previous trades and confirmation from people who have received their due money from that person. Once such a trusted person is found, you can simply ask them to send you the money, and you can send the cryptocurrency to their unique cryptocurrency wallet address.
- Selling To Friends and Family
This is the simplest way to sell your cryptocurrencies. You might have some friends and family interested in buying cryptocurrencies. Just let them know that you are interested in selling, set a specified price, the amount you want to sell, and a payment method. In most cases, you can directly get cash for your cryptocurrencies from your family and friends. Then you can just send them the specified number of coins in their unique cryptocurrency wallet address. In many instances, online platforms also facilitate face-to-face cryptocurrency trading. You can meet the potential buyer and negotiate in person. This ensures that you will get the money for your coins.
- Bitcoin ATMs
Another method to get cash for your bitcoin is using ATMs. They look like traditional ATMs and are spread over different parts of the globe. You can simply scan your wallet QR code at the ATM machines and then sell your bitcoin for cash. These ATMs are connected to the internet that facilitates bitcoin transactions. However, you should be mindful of the high transaction fees such ATMs charge. In some cases, bitcoin ATMs require their users to have an account to sell their cryptocurrencies. There is often a registration process that requires both time and effort. They might be required to provide their telephone number, an ID issued by the government, a photo taken by the ATM’s camera, and their palm scan. The requirements depend on the ATM you are using, its location, and its operator.
There can also be anti-money laundering regulations and know your customer requirements set up by the operators of bitcoin ATMs. For example, you may require a money transmitter license to sell your bitcoin through ATMs in some countries.
The Bottom Line
Selling cryptocurrencies the right way is as crucial as investing them in the right way. You can sell them through cryptocurrency exchanges, online communities and forums, friends and family, and withdrawing through a bitcoin ATM. Each of the methods is unique, with different levels of security and feasibility. It is essential to use the technique you trust the most. To know more about how you can sell your cryptocurrencies, read our blog.
