However, fees can be quite expensive compared to other methods and if you are in a rural area, you may have trouble finding a machine to use. When selling crypto for cash, always check the fees before executing the transaction. Most services will list the total fees separately, allowing you to see if it’s worth it or not to sell. On the whole, it is cheaper to sell crypto through a centralized exchange or online broker than through other services. If you haven’t noticed, most money transfer apps feature the ability to trade crypto.

Spend Your Crypto

Clients can sell directly to over 12 million users worldwide, according to the platform’s website. One of the easiest ways to cash out your cryptocurrency or Bitcoin is to use a centralized exchange such as Coinbase. Coinbase has an easy-to-use “buy/sell” button and you can choose which cryptocurrency you want to sell and the amount.

During a sale, your bitcoin debit card will convert your bitcoin to the required amount of local fiat currency for your transaction. In some cases, you can also withdraw paper cash in the local currency at regular ATMs that take Visa or Mastercard. This convenience is a major part of bitcoin debit cards’ appeal, best bitcoin exchanges of 2021 but it also comes with a fee.

Online brokerages typically have reasonable trading fees for selling crypto. For example, eToro charges a flat 1% trading fee to sell crypto, which is a fairly low rate. Robinhood does not disclose its crypto trading fees, but averages around 0.50% for crypto trades.

Latest Crypto Videos & News

In turn, you will receive payment through Zelle, PayPal, or another method of deposit to your bank account. For example, Coinbase offers a VISA debit card that allows you to spend your Coinbase crypto balance, automatically selling your selected crypto and using the cash for any purchases you make. You can also earn crypto rewards that deposit into your Coinbase account (reward rates vary).

Get cash from a Bitcoin ATM

We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. If you sell your cryptocurrency, however, it’s important to understand that you could be creating a tax liability, so you’ll want to be sure you account for taxes in your decision to sell. To use a Bitcoin ATM, you will need to create buy crypto voucher online an account with the ATM’s operator.

Selling crypto for cash typically comes with fees, but sometimes it is more than you think. While most exchanges and money apps allow you to sell your crypto at a reasonable rate, places like crypto ATMs charge extremely high fees, which may eat into your profits. Centralized crypto exchanges are one of the best ways to turn your Bitcoin (or how to build a dapp game in tron network other cryptocurrencies) into cash. With access to hundreds of coins, multiple supported fiat currencies, and low trading fees, exchanges offer the most flexibility when cashing out your crypto.

1. If you are simply looking to access cash, the Coinbase card can be used at an ATM to withdraw up to $1,000 per day.
2. Whereas exchanges like Kraken, Coinbase and Gemini are centralized exchanges where one entity controls the crypto, a peer-to-peer exchange is one where the transaction occurs between two individuals.
3. Sticking with those roots, using a peer-to-peer (P2P) crypto exchange allows you to sell your Bitcoin directly to another individual in exchange for cash.
4. The buyer and the seller are interacting directly without an intermediary (like a bank or company).

Then, once the withdrawal is ready, you’ll need to be a bit patient. Like most other bank transfers it may take up to 1-5 business days for the cash to reach your bank account. Many popular online brokers now allow crypto trading, and if you purchased your Bitcoin on one of these platforms, you can quickly exchange your crypto for cash.

Final crypto exchange evaluation conclusion based on research, expert opinions & user feedback. Now you know how to sell Bitcoin for cash using a common P2P exchange! This process is more or less the same across different P2P platforms, so you’re good to go. Nevertheless, I’ll include some of the recommended P2P platforms with detailed guides to help you get started.