Like all investments you make, it would be irresponsible not to have an exit plan. Therefore, we’ve compiled everything you need to know to cash out when your investment pays off. The first thing to understand is that there isn’t one single way to sell bitcoin, there are various different methods that can be used to liquidate your return. Although, no matter which one you decide to go with, always remember that you will need a certain amount of BTC available in your withdrawal wallet. Take a look below as we explain how to sell bitcoin and the different ways that you can do this.
If you’re wondering how to buy and sell bitcoin, going the exchanges route is a great option. Not as intuitive as simply downloading the TRASTRA mobile app, activating your wallet and just going at it but still, especially if the plan is not spending your crypto but investing in it long term. Exchanges provide you with everything you need when you have bitcoin for sale. But what exactly is a cryptocurrency exchange?
An exchange acts as an intermediary between the seller (you), and the buyer. This makes it much safer when selling is concerned. Are you wondering how exchanges work? The process for setting up an exchange is as follows: First, you need to set up an account. There is a range of different platforms available, so do your research to find the one that best suits your needs. Ensure that the platform is safe and secure as you’ll be connecting your bank account to the platform.
After the account is set up, you’ll be able to transfer your bitcoin to your account so that it is ready to be sold. The next step is to create a selling order. When you create this, you will then be asked what currency you are trading, how much you have, and what amount you want for it. As soon as a buyer on the platform accepts the price and the order, you can request for the bitcoins to leave your account and you will see the amount come straight into your bank. Sounds easy right?
Are you looking for the best way to sell bitcoin and want a more direct approach? Direct trades offer the ability to sell BTC with an individual interested in buying – something as easy as it gets to do with TRASTRA, whose support for six major cryptocurrencies (BTC, ETH, LTC, XRP, BCH, and USDC) is designed around P2P (Peer-to-Peer) transactions and disbursing wages globally. Direct trades can be done at a joint physical location or over the internet via a speciality app. If you decide that online is the best option, TRASTRA is designed to ensure that the process of selling your crypto runs smoothly.
Although not too common, in-person trades are still a viable option when selling bitcoin. Certain online platforms act as an intermediary when individuals meet up to exchange BTC for cash. To use this method, you’ll need to know how to transfer bitcoins to other crypto wallets, from your own one. Otherwise, as mentioned, you can use a platform specifically designed to carry out the transaction.
As most of us are aware, BTC value can change dramatically in small periods of time. Therefore, knowing the exact price at the time of the sale is required to ensure you know when to buy and sell bitcoin. There are numerous places where this information can be found so it shouldn’t be too difficult.
Some physical exchange businesses provide the option to transfer bitcoin into your local currency, or the opposite. The actual location that the sale takes place can depend on the value you receive. For example, many exchanges charge a premium. Make sure to check this before going ahead with selling your investment.
Online P2P trading
Online P2P trading is slightly different from in-person selling. There are various online platforms that help safeguard the process of selling BTC and other cryptocurrencies. This way, it’s not left up to chance if you’ve found a reputable buyer or not, the transfer can be done swiftly with reduced risk.
Typically when selling through online P2P trading, a buyer will post a listing that will detail the amount they’re willing to pay, how they want to pay, and more. If you find one that meets your requirements, you’ll need to follow the steps provided by the platform to facilitate the sale.
To add extra security, the majority of these platforms will use some sort of escrow service. Both parties’ funds are placed in a holding account and only released once everyone is satisfied. Funds are usually paid into your bank account after selling BTC, however, be sure to check because this can differ.
When you think of ATMs, the first thing that probably comes to your mind is traditional ATMs you see down your high street. However, Bitcoin ATMs are quite different from the ones you are used to. Although they may look similar, they are instead used to facilitate safe and secure Bitcoin transactions. These ATMs have been increasing in popularity over the last couple of years and can be found all over the world, no matter where you are located. When thinking about where to sell bitcoin, these ATMs should be considered.
Unfortunately, there are some disadvantages to Bitcoin ATMs, therefore it may not be the best way to sell bitcoin. The first disadvantage is that not all ATMs offer multiple functions. Although some allow you to buy and sell bitcoin whenever you want, some only allow you to do one or the other, which limits your ability to do what you want to do with your Bitcoin. Another disadvantage is that they usually require high transaction fees to use. This makes it one of the more expensive ways to make Bitcoin transactions.
However, it’s not all doom and gloom. There are various advantages that prove why it can be a great way of conducting Bitcoin transactions. The biggest advantage is the security features. It is much harder to hack into, as you don’t need to provide your bank account info and can pay in cash.
You are probably used to suffering from bad online customer service when making transactions on online platforms. ATMs differ from this, as you can speak to a real person, and get all your issues solved straight away.
The best way to sell Bitcoin
The thing about selling Bitcoin is that first, you have to have some Bitcoin to sell. Meaning, you have to buy some, and that’s where TRASTRA really shines. The option to use a personal IBAN account stands out in particular. It’s available to all TRASTRA users across EEA countries and is designed to help you transfer euros directly to your TRASTRA wallet or convert euros into crypto so you can buy or sell as much Bitcoin as your heart desires. Use the Visa-issued TRASTRA crypto debit card to convert your newly acquired crypto into euros in real-time when swiping your card anywhere Visa is accepted and shop till you drop. All this without the need to involve a bank – ever.
The point is, everyone wants the best deal when selling anything, let alone something as exciting and lucrative as Bitcoin. Whether you end up using IBAN, external wallets or some other option for selling or buying your precious, you need to be able to negotiate well to get the best price. In order to achieve this, the first thing you do is to research the market to answer the only question that really matters: should I buy or sell my bitcoin at the moment and how do I go about it?
Pieces of advice for staying safe
Unfortunately due to BTC and other cryptocurrencies being untraceable, there are many unpleasant individuals that will try and take advantage of this. In a nutshell, the tips on how to stay safe selling Bitcoin aren’t that different from general guidelines for staying healthy online: try not to deal with people you don’t know, make sure the platform you’re using for your transaction is a regulated entity (many use escrows so the money can be safely deposited and exchanged without the threat of getting scammed). And as a rule of thumb, don’t take unnecessary risks: if a situation arises where an offer looks too good to be true, it usually is. Research everything you come across to prevent any dodgy situations occurring which could lead to you losing out. Here, watch:
Again, TRASTRA’s area of expertise. Once you have funds in one of your TRASTRA multiple crypto wallets, you can easily make use of them with a few clicks. Currently, there are several ways available to withdraw funds:
- exchange your crypto into Euro on TRASTRA Payment card balance (currently, TRASTRA is working on implementing the option of selling Bitcoin through SEPA bank transfers – something that will simplify things greatly for those of us operating in the EEA (European Economic Area)).
- spend Euro online/offline or withdraw cash in any ATM
- send/transfer 6 types of cryptocurrency to other crypto wallets
You can also exchange crypto into Euro using the TRASTRA applications for iOS and Android.
If you want to complicate things, another method to get ahold of your funds is placing them into a bank account by using an automated clearing house or wire transfer. This takes place after the BTC has been sold on a crypto exchange.
We’ve covered a lot of different options that are available to sellers that are looking to cash out their BTC. Hopefully, you’ll find the right choice for you to make the process as smooth as possible.
No matter what you decide to use when figuring out how do you sell bitcoin, remember that TRASTRA is a solution designed specifically for buying, selling and storing your crypto in a safe and secure digital wallet for six major coins. make sure you decide where it’s going to be stored. Whether that be a specific bank account set-up for that purpose or your normal one.
Find more helpful guides on our blog when BTC is concerned.