It isn't a difficult task to sell your bitcoin. In this article, we will extensively discuss the most effective ways to quickly sell your bitcoin.
Ever tried finding a buyer outside exchange platforms to sell your bitcoin? I'm sure it was frustrating and took longer than you had the patience to handle. The most effective way of selling your bitcoin is to make use of exchange platforms.
In order to validate and verify your profile, these exchange platforms would have you create an account with them.
If you have no account with these exchange platforms it would be difficult to facilitate any individual transaction. These exchange platforms serve as the brokerage for both buying and selling of bitcoins.
The Best Exchanging Platforms to Sell Bitcoin
There are numerous exchange platforms for selling bitcoin.
In order to make sure you're getting quality information on selling your bitcoin, we have narrowed down the list to the three best exchange platforms where you can quickly sell your bitcoin.
Coinbase started in 2012 with the sole aim of ensuring people can send and receive bitcoins through their platform. So far they have done well with their service delivery and quality.
One of the hiccups you'd experience when signing up on this platform is the know-your-customer routine. Like I said earlier, this is simply a way of validating the identities of their many customers all over the world.
Coinbase is the largest exchange platform in the United States. This exchange platform is also popular because it exchanges over 30 different cryptocurrencies.
The only downside with their service is the number of days it takes to verify you as well as the high fees compared to some competitors.
Nevertheless, it is one of the most secure platforms with great minimum funding limits. The cryptocurrencies on Coinbase are insured. Even better, you can get better fee rates if you use their premium Coinbase service, Coinbase Pro.
LocalBitcoins is another dynamic exchange platform that allows buyers and sellers to interact. This platform connects different people all over the world.
They allow the user to put out adverts for sales or purchase of cryptocurrency. In the advert, the buyer/seller states their preferred payment methods and rates.
To secure the transaction there's an escrow system that safeguards the money and bitcoin of both parties until a transaction is successful on both ends.
The major downside with these platforms is the odds of being scammed since anyone can be a seller or buyer without verification.
Also, you can expect high fees since each individual chooses their rates. Nevertheless, LocalBitcoins is a great place to hook up with a buyer irrespective of your payment method.
To stay safe on LocalBitcoins, don't be deceived by rates and focus on customer transaction history, how actively the buyer deals, what clients say about the buyer, feedback score, and how long the account has been in existence.
Binance is one of the leading exchange platforms in the world. This exchange platform supports over 200 cryptocurrencies. Binance has some of the most competitive fees as they charge a 0.1% flat rate and as low as 0.02% for people who just joined their platform.
They have a limited structure that restricts the amount of money you can withdraw from your account daily. Level 1 verified accounts can withdraw up to 2 BTC every 24 hours while level 2 accounts can withdraw 100BTC every 24 hours.
The major hurdle some users experience is the 2FA/SMS confirmation system, but it's there for protection purposes.
Overall, Binance is an excellent exchange because of its extensive amount of cryptocurrencies that are available for trading, purchase, and exchange.
How to Sell Your Bitcoin Via An Exchange Platform
It's simple, firs you'll need to create an account with these exchange platforms.
After creating an account comes the transfer of money to the exchange platform. Highly secured platforms need to know you have what you want to sell.
This is the way they sustain the reputation and security of transactions on their sites.
Once you have made the transfer to this exchange platform. Confirm through the wallet of these exchange platforms the receipt of a successful transaction.
Now that you have successfully sent money to the exchange platforms wallet or escrow (whatever the case may be), you can now buy bitcoin and put an order/advert that you want to sell.
Most exchange platforms consist of millions of users all over the world who transact daily. On rolling out your order/advert you can expect to find a buyer and make sales in no time.
Some of these exchange platforms allow you to buy directly from them and give you the cash equivalent of your bitcoin at a pre-agreed rate before the transaction.
Others may link you with buyers, and you may have to make a choice of the best buyer to cast your lots with. At the end of the day, the benefit remains that you can exchange your bitcoin for money in a matter of minutes or seconds.
Finally, await the receipt of the successful transaction or check your preferred account for a credit alert. Some of these exchange platforms can allow you to repeatedly perform this transaction automatically if you deem it fit.
It's hard to find buyers outside exchange platforms. If you find them, there's an issue of trust.
Sometimes they want you to send bitcoin first and in response to a successful transaction, they'd credit your account. You on the other hand cannot risk sending your coins to a stranger.
This is why exchange platforms are the best. You can quickly find a buyer and bank on the integrity of the platform to secure your transaction.
Some of these platforms have insured transactions such that a failed transaction can always be indemnified.
If you're using peer-to-peer platforms ensure you take the necessary precautions discussed in the LocalBitcoins section to stay clear of scammers.