How to sell Bitcoins? Well those are the hottest potatoes in the market right about now, aren’t they?
Maybe you’re a trader, or maybe you’re simply unloading your stash for any of the million possible reasons.
Either way this guide is exactly about helping you sell your Bitcoins, so if your questions are even remotely related to “ How to sell Bitcoins? ”, well, you get rid of them here and now!
We start off by introducing you to some of the best platforms (chosen based on personal experience, reviews, speed and reputation) which solve your question regarding “ How to sell Bitcoins? ”.
The three platforms we are taking into consideration as the best places to sell your Bitcoins are:
1). Local Bitcoins.
There honestly aren’t many platforms which can be placed in the same league as LocalBitcoins when it comes to buying and selling of Bitcoins.
We would cover the exact steps on how to sell Bitcoins, but before that let us just list down some points on why LocalBitcoins being listed as the best option:
- Deal with real people, and not a bot or algorithm: Even though it slightly increases the chances of being scammed as compared to dealing with an automated bot, it offers far more options and liberty as compared to a what a computer program would offer you.
- Competitive rates are offered by different people across the globe: One of the liberties that real people offer you is that, you don’t have to deal on a “fixed” price by the platform. Instead, there are a lot of people with different rates and profits for you, and you’re free to make your pick (and profits accordingly).
- Has a very transparent buyer profile to prevent scammers from operating: LocalBitcoins knows that people aren’t always to be trusted, and hence it offers a very transparent and trustworthy profiling system. You can check the person’s complete history, trust level and an overall behavior (response time, last online) etc which gets you a fair idea of how serious and trustworthy the person is before actually dealing with them.
- Supports 15334 cities, and 248 countries (Including US and Canada!): Well, this as well might just be the best country support that this complete article on How to sell Bitcoins hosts. No other platform (apart from Paxful) has this kind of global reach.
- Escrow makes sure both parties are paid: Again, a security feature in place. Just transparency isn’t enough to facilitate a 100% secure transaction, cause hey people might still cheat, right? That’s where LocalBitcoin’s Escrow comes to your rescue, making sure that no party gets cheated and probably that’s the reason why it’s one of the best solutions to “How to sell Bitcoins” despite being a “human-centred” platform.
- Supports nearly all the global payment methods for you to get paid: As if all the above reasons weren’t enough to make you fall in love with LocalBitcoins, it also lets you get paid via just about any method in the world. Be it Paypal, Bank transfer, or the other over two dozen payment methods available on the platform.
- Fee: Completely Free (applies to buying and selling of Bitcoins, without an advertisement). If you do setup an advert, it’s charged at 1% of the completed transaction.
- Identity Verification isn’t mandatory: Unlike some of the other options on this list where an identity verification is compulsory, that’s not so with LocalBitcoins. Identity verification on LocalBitcoins totally depends on the person you’re dealing with, at times they may or may not require you to produce an ID, but in most cases you can simply hit the back button and choose a different buyer.
How to sell Bitcoins on LocalBitcoins:
Go to the Homepage, and click on “Quick Sell”, and then enter the amount of BTC you have, in your native currency. (For e.g. if you have 0.00001BTC, convert it to your native currency, and then enter that amount).
Specify your country, and select the method you’d like to get paid by on the last drop-down menu, and click on search.
Note that in all the payment methods, you’re protected by Escrow and hence unless and until you’re completely satisfied that you’ve actually been paid by the buyer, you’re not required to release the Bitcoins.
The next page would show you all the people who’re willing to buy Bitcoins matching your requirements(your currency, preferred payment method etc).
From this list, select the person who’s offering you the highest price for your Bitcoins, and is ready to pay via your payment method.
You can obviously also go for any rate from the list, in fact, at times lower price traders might seem to be more trustworthy than those offering the best rates, so I’d proceed not only by keeping the rate in mind, but the buyer’s profile as well.
The next step is verifying the trader’s authenticity (optional, but recommended). Well not everyone who says they’re legit, is legit. That’s where the transparent profiling system of LocalBitcoin comes to your rescue.
Simply check all the data such as real-name verification, first purchase, feedback store etc. and once you’re satisfied that the user is trustworthy, send them a trade request along with your payment info in the “message box”, click on “Send Trade Request” to do so.
Once you’ve sent the request, and the buyer agrees to the trade, he’d make the payment and click on “I have paid” button, you need to confirm that you’ve received the payment and then you can click on “Release Bitcoins” to release the funds.
How it works:
Here’s a bit of background story to how this whole thing works, once you send the “Trade request”, Bitcoins from your LocalBitcoins are deducted and stored in Escrow, and then when you click on “Release Bitcoins”, only then they’re released out to the seller.
This makes sure no party gets an advance payment without fulfilling their end of the deal first.
Well anyway, that’s how to sell Bitcoins on LocalBitcoins, but there are a dozen other platforms which let you sell Bitcoins, so let’s move on to some of the other options.
Cex.io needs no introduction when it comes to Bitcoins either, it’s one of the most popular Bitcoin exchanges on the planet and industry, and that brings with itself the trust and the reputation that Cex.io wears with pride as stars on its shoulder.
Read our Cex.io Review!
Here are some key points about selling Bitcoins on Cex.io:
- Fixed Prices (automatically calculated every 2 minutes): This is one of the primary factors how it differs from LocalBitcoins, the prices on Cex.io are fixed by the platform, although they’re updated every 2 minutes or so, the prices aren’t negotiable and you don’t get to choose a different priced buyer as you can do on LocalBitcoins.
- Deal with an automated algorithm (the exchange): On LocalBitcoins you have to deal with real people, but on Cex.io it’s the exchange (cex.io) you primarily deal with and not any person.(Although if you’re trading that’s a different case).
- Doesn’t support all the currencies, instead only supports:
So if you need to transact in any other currency, you’ll have to go with any of the other platforms on this list of “ How to sell Bitcoins ”. Although it’s not a major deal breaker, cause you can always use a third-party platform, PayPal for e.g. and exchange these currencies for your native currencies (considering PayPal or whatever you’re using supports your currency).
- 0% Chance of Fraud/Scam: You aren’t dealing with a Human, and a bot doesn’t cheat! There might be transaction issues or some other technical issue in a very rare case, but you’ll always be able to get a refund of a reason for the problem instead of Cex.io simply running away with your funds as might happen while dealing with a human.
- Optional Identity verification (depends on the account level you need).
How to sell Bitcoins on Cex.io:
Simply go to the Cex.io Bitcoin selling page, click on the “sell” tab > select your currency from the currency tab > and select an amount you’d like to sell, or type it manually in the box provided.
Once you click on Sell, there basically is nothing else left to do, considering your account had the amounts of BTC you’re trying to sell, you’d almost instantly get the promised amount in your flat (native) currency on your Cex.io account.
And then obviously you can withdraw it as easily as the following animation depicts:
Note that instead of selling it on the Cex.io rate, you can also “Trade” the BTC for a rate which “you” want.
To do so, go to the Cex.io Trade page, and enter the price at which you wish to sell your BTC in the “Sell BTC” box, and click on Place order.
These orders take some time to be fulfilled, as there must be a buy order matching your specified price, but if you can wait, and if you think your price isn’t outrageous, the order gets taken up and you again get flat currencies in your account.
Note that even though in this case you’re indirectly dealing with a real human being, chances of being scammed are next to non-existent, because of the various security measures and protocols Cex.io has built in place.
Paxful markets themselves as “the best place to buy and sell Bitcoins instantly”, although that’s debatable, but they sure are among the top 5 Bitcoin selling platforms.
Paxful in a lot of ways is similar to LocalBitcoins, only the “interface” is somewhat better to be honest.
Apart from that, it’s basically the same thing as LocalBitcoins:
Some key features are:
- Deal with humans: Similar to LocalBitcoins they too let you deal with real humans. Does this mean chances of being scammed increase? Yes, it does. But does this mean you’ll definitely be scammed? Nope! They’ve got security measures and have been operating for nearly half a decade successfully.
- Transparent profiles for trust verification: Again, when you’re dealing with a human and you’re still new to this whole thing which I know cause you’re searching on the Internet for “ How to sell Bitcoins ”, it’s important for you to make sure the person you’re dealing with won’t run away with your funds. Well as far as security goes, Paxful let’s you totally verify the buyer’s account and his reputation before making a trade with the person.
- Escrow protects both parties from scams: One of the firewalls apart from “Transparency” that Paxful offers similar to LocalBitcoins is its Escrow services. It gives you the power to “not release” the funds till you’ve confirmed that you got the payment. It also makes sure that you can’t scam the buyer after they’ve paid. So basically in a nutshell, it offers quite a bit of protection.
- Sell using “Live chat”: Just like you’d do on a face to face sale, on Paxful too you make the sale while chatting “Live” with the buyer. Except the physical proximity, it does feel like a real-world sale, you need to provide the person with your requirements and payment options, and it all happens in real-time.
- Supports a wide range of currencies and payment methods: Again something that keeps it in the same league as LocalBitcoins is its support for Global currencies. It supports nearly all the currencies on the planet (with few exceptions) and that’s what gets it the upper hand as compared to Cex.io
- Optional Identity Verification: Again, you’re not always required to verify your identity, and instead it depends on the buyer’s terms and conditions.
So here’s how to sell Bitcoins on Paxful:
Go to their homepage, click on “Sell Bitcoins” radio button, specify your currency and amount, and finally select a payment method you’d prefer and click on Search.
The next page would show you all the open orders for matching your requirements. Note that these matches have been found for you based on the details provided by you in the earlier step.
You’ll only be shown the buyers willing to trade in the currency of your choice, the amount you’ve specified and the other details.
Again, before actually starting the trade, I urge you to click on the person’s profile and check his details out (optional). Only if they have the good number of trades, good trade volume, low “blocked by” number, and other metrics ease you out, only and only then proceed further.
Let me make it easy for you so you can sell your Bitcoins with ease:
- Check if he has a verified stamp on his (or her)
- A number of trades: If this number is high, it assures us that the person has dealt quite a few times and is less likely to be a scammer.
- Trade Partners: Don’t get fooled simply by the “number of trades”, as the person might create a fake account and trade with himself to take that metric up. So make sure that the account along with a good “number of trades”, also has a good “Trade partners” ratio. It doesn’t need to be exactly 50:50 but 50:1 does arouse suspicions.
- Trade Volume: This basically gives you an idea of how much BTC the person has traded for. If the volume is high, well even 10-50BTC, that converts to a lot of USD so obviously, you won’t be scammed for 1BTC by someone who has sold over 100BTCs, isn’t that right?
- Positive/Negative/Neutral Reputation: Well it basically tells you how smooth or well liked the person is on Paxful. Both the positive and neutral reputation can be considered as Positive (because neutral doesn’t mean “negative”, and I’m stating that in a very basic sense to make sure this How to sell Bitcoins guide is as transparent as possible) while the negative reputation is to be aware of. So just makes sure there aren’t a lot of negative ones, and you should be fine.
Anyway, once you’re satisfied with the buyer, hit the back button to go back to the orders page, and click on the “Sell” button. (or simply start over and click on sell on the buyer’s profile).
On the next page, again specify the amount of BTC you’re willing to sell, and make sure you meet the requirements that the buyer has specified (minimum / maximum transactions, price etc), and then click on “Sell Now”.
Note that as soon as you click on “Sell now” your Bitcoins are deducted and stored in Paxful Escrow to prevent any scamming possibilities, but they aren’t “Released” yet, and the final releasing power still remains with you considering there isn’t a dispute.
A chat is initiated, and once you’ve talked to the person, he has paid you and provided you with a proof (Optional), simply check your accounts to make sure you actually got the payment, and then click on the “Release Bitcoins” buttons to release the coins.
Some Interesting article for you:
- How to buy Bitcoins with PayPal
- How to buy Bitcoins with Credit Card
- How to buy Bitcoins with Debit Card
- How to buy Bitcoins with Cash
- Best Trading platform for Trade
Final Words on How to sell Bitcoins:
So let’s wrap this “ How to sell Bitcoins ” piece up folks, I’ve encompassed throughout this piece the process and methods of how to sell Bitcoins on different platforms on the Internet.
I’m sure you won’t run out of “options” anytime soon, because in a very rare case, either of the above listed three options on this “ How to sell Bitcoins ” guide would disappoint you forcing you to search for an alternative.
Anyway, every platform has its own pros and cons, for e.g. LocalBitcoins offers different rates and more choices with currency and payment methods, but there’s a slight issue of you being scammed.
While with platforms like Cex.io you might be devoid of dealing with a “person”, but it’s automated, simpler, and trustworthy. In fact, Cex.io is a much faster, and more trustworthy platform as compared to the other options on this guide on How to sell Bitcoins if you can afford the slightly higher rates.
As for Paxful, there isn’t much discussion to it, if you loved LocalBitcoins, you’d be able to use Paxful as a solution to “ How to sell Bitcoins ” as well, the only difference is LocalBitcoins is a much more established platform and hence you’ll find more buyers, more matches for your searches and hence slightly better profit margins in some cases.
Finally, if you ask me which platform I’d choose to sell my Bitcoins, all I can say is, I’d choose LocalBitcoins as the first and foremost option, especially when there isn’t an emergency.
And if it doesn’t work out, I’d go with Paxful, which is basically the same thing but just with different buyers.
And finally, if “time” was of the essence and not profits, I’d go with Cex.io cause I can basically sell my Bitcoins anytime I want, instantly, without having to find a buyer and wait for him to come online.
Anyway, do let me know if this guide on How to sell Bitcoins helped you out, or if it didn’t. Also, once you use any of the above-provided options, do get back to us with your experience, which will help us refine this article better. (And it does matter).