Sell Crypto: Convert to Cash Fast, Securely & with Low Fees

The BitPay Wallet app allows you to import any self-custody wallet for an easy way to buy/sell/spend/swap your crypto assets. Converting crypto into fiat is a taxable event whether you are selling on an exchange, P2P, using a Bitcoin ATM or loading onto a crypto debit card. You will want to talk to a tax professional to understand how crypto transactions are taxed in your area. You can also do a direct trade, selling your cryptocurrency directly to another person through another entity.

For a more detailed guide, see our How to Sell Cryptocurrency via P2P Trading on Binance App guide. In both these cases, there wouldn’t be a need to convert manually to fiat. Opting for crypto payments can often be cheaper than going through the process of cashing out into fiat. No matter your reason for buying or holding crypto, there often will come a time when you need to sell it for cash. You may need to purchase something, pay a bill, or reduce your crypto forex trading reviews holdings.

With Binance, there are multiple ways you can turn your bitcoin (BTC) into fiat without much fuss or hassle. Availability may vary depending on the payout method and the selected off-ramp partner. Most importantly, you should do extensive research before signing up for any platform or service. Your research should include reviewing user testimonials, thoroughly reading the company’s privacy policy, and using a scam-checking tool. Call us paranoid, but if you don’t want to risk losing all your assets, you should do this with any website or app before providing any of your financial information.

LocalBitcoin used to offer an option for in-person cash trades, but removed it in June 2019 as a concession to the current crypto regulatory climate. When cashing out Bitcoin, you are most likely going to be subject to some transaction, network or withdrawal fees. Unfortunately, there is no magical Bitcoin bank that can cash you out without charging any commission or additional fees. However, if you do your research well enough, it’s possible to find ways to reduce these additional charges. If you’re itching to exchange your crypto for some cold, hard cash, you’ll want to consider the implications of selling. If you hold Bitcoin or other crypto within Cash App or another money transfer app, you can sell it pretty easily.

The best self-custody app for selling, buying, storing, and spending BTC

On the whole, it is cheaper to sell crypto through a centralized exchange or online broker than through other services. Crypto debit cards are becoming more popular, with many crypto exchanges offering them as a way to spend your crypto balance. Crypto debit cards are typically connected ethereum is rising faster than bitcoin to a centralized crypto exchange account and allow you to swipe the card for regular purchases.

1. Funds typically arrive in your bank account within 3-5 business days, offering a fast, secure, and straightforward way to convert crypto to cash in your bank account.
2. Third-party exchanges and fiat gateways typically charge fees from 3% to 5% for converting crypto into cash, which is high.
3. Making purchases with Bitcoin does not directly turn your crypto into cash, but it allows you to utilize your Bitcoin like cash.
4. From there, you can transfer the money to your bank account if you wish.
5. If a broker holds your crypto coins, then the easiest route is simply to go with that broker.

That is unless you’re in a situation where you need as much cash as possible. But despite the limitations, converting your crypto to cash has become much easier than it used to be. So no matter what crypto app you prefer, you should be able to quickly convert it to a stack of Benjamins. The key with these apps is you need to already hold your crypto within the app, otherwise you can’t cash out. They don’t allow you to transfer outside crypto into the app for selling. The downside to P2P exchanges is the risk of losing your funds (Bitcoin sent, but no cash received), and the time it takes to sell, as you need to find a prospective buyer and negotiate the sale.

Pay With BitPay at Ralph Lauren

Once you check the transaction record in the payment account and make sure you have received the money from the buyer, Binance will release the crypto to the buyer on the platform. Third-party exchanges and fiat gateways typically charge fees from 3% to 5% for converting crypto into cash, which is high. But if you need cash and don’t want to transfer your Bitcoin to an exchange, this is a decent option. Popular crypto exchanges are always a good bet, as they are reliable and well-known, while online platforms with peer-to-peer selling may allow for flexibility of payment. You can go the convenient route and use a Bitcoin ATM to get fast access to your crypto but at a significantly higher commission. Sellers have the ability to set their own rates and can choose from more than 350 payment options, such as cash, gift cards or other digital currencies.

So, yes, there are several ways to turn your Bitcoin holdings into cold, hard cash — but there are several things to consider before you do. Using the Buy and Sell features in MetaMask Portfolio allow you to go full circle in your crypto and fiat journey, with many of the same providers. That means you’d only need to sign-up and link your bank account once with a specific provider.

Remember, if you do thorough research on each platform before providing sensitive information, then you’re much less likely to fall victim to a scam. Another possible consequence of converting your crypto assets into cash is falling for a crypto scam. The cryptocurrency industry is ripe with scammers, each refining new ways to lure in and deceive victims. These scams won’t be an issue for you if you’re aware of them and understand how to avoid them. Additionally, many of these providers offer various rewards and cash bank options for users who withdraw fiat money using their crypto, making it a highly affordable and interesting option. A Bitcoin ATM will look just like a regular ATM you use to withdraw money from your bank account, but you’ll notice a few key differences.

Robinhood does not disclose its crypto trading fees, but averages around 0.50% for crypto trades. The best bet is to use a platform like Binance.us or FTX.us to save on fees, and quickly cash out your crypto for dollars. The mobile apps make it easy to sell, and you can connect your bank account to transfer funds after the crypto is sold.

Cash out crypto onto popular gift cards like prepaid Mastercards, Best Buy gift cards and more. 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. With the introduction of spot Bitcoin ETFs in 2024, investors have a simple way to buy and sell Bitcoin using a familiar structure.

Use the Binance Convert Feature

If you don’t need cash right away and want to sell on your own terms then this may be a good way for you to convert crypto into cash. This is a fast and reasonably cheap method that is suitable for both beginner and experienced traders. Even if you have limited knowledge of trading and crypto withdrawal, you should have no trouble using a crypto debit card. With BitPay, you can withdraw cash using multiple crypto coins, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Trade one crypto for another and then cash out

Rather than trading on the exchange using an order with a large number of other traders, P2P lets you deal directly with a single user. Each P2P merchant can offer a variety vpnsecure reviews of payment methods, including fiat payments, when trading with another individual. We partner only with the most reputable off-ramp platforms to ensure your transactions are secure.

How to cash out your crypto or Bitcoin

The article was reviewed, fact-checked and edited by our editorial staff prior to publication. To sell Bitcoin, you’ll need to pick an exchange that you are comfortable with and supports the currencies that you need. These apps support a very limited selection of crypto, with Cash App only supporting Bitcoin, and PayPal supporting Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The availability of some of these will depend on your location, but the methods discussed here should be open to most of our users. Our 24/7 Customer Support team is always ready to help if you need any extra information or assistance.

If your goal is to reduce the effects of price volatility on your portfolio, it may be best to trade your bitcoin for a stablecoin like BUSD. Stablecoins are designed to maintain the value same to that of a particular reference asset (such as the US dollar), without the need for users to cash out and incur fees in the process. Some exchanges do not allow the conversion or selling of some cryptos to dollars, so you’ll need to take an indirect route to get your cash. Depending on which exchange you use, you may need to transfer or convert your cryptocurrency to another popular currency such as the stablecoin Tether, before finally converting to dollars. If you want a more regulated option, you can cash out your crypto through a centralised crypto exchange.

To turn your crypto into cash, the machine will create an invoice from which you sell your crypto at an agreed upon rate. They provide a quick and easy way to receive cash for cryptocurrency without a bank account. 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. With an online peer-to-peer trade, you can sell cryptocurrency online in exchange for dollars. These transactions are often facilitated by an exchange, and Binance runs a well-known online peer-to-peer platform called Binance P2P.