How can I sell cryptocurrencies?, if you are thinking about investing or have invested in virtual currencies this is the first question we must solve. Knowing how and where to do it will save us time and headaches, in this guide we will try to solve all your doubts.
What can you do to sell cryptocurrencies?
Many times people invest in cryptocurrencies with the intention of keeping them (commonly known as HOLD), because the project is trusted or because a long-term benefit is sought.
But if for some reason you need to convert that virtual money into fiat, you need to know what to do to sell cryptocurrencies. There are several ways to do it and the most advisable, both for speed and safety, is to sell those virtual coins to someone close to our environment such as a family member, a friend …
If this is not possible, we can use one of the many selling methods that the market offers us.
Where can you sell cryptocurrencies?
There are different ways and places to sell cryptocurrencies, these are the safest and best known:
Sell cryptocurrencies through a Bitcoin ATM
Every time there are more bitcoin ATMs around the world, where bitcoin can be sold for real money, fast and secure. From this page you can find if there is a cryptocurrency ATM near your location.
Pros:
• Service security
• Comfort
• Cash instantly.
Cons:
• Retail price is lower than in an Exchange
Sell cryptocurrencies in a buy/sell platform
The selling platforms of cryptocurrencies like Coinbase or Bitso are also a safe option when changing crypto to fiat, but it also has a downside since the price for which they buy on these platforms is lower than the market price, so the benefit would be less than if we sell in person or in an exchange.
Pros:
• Service security
• Comfort
• Direct money to the bank account
Cons:
• Retail price lower than in an Exchange
Sell cryptocurrencies between individuals
If we want to sell our cryptocurrencies but we want to do it in person, we can use a peer to peer sales platform, such as LocalBitCoins – one of the best and safest platforms that give the purchase / sale option in person. On this website it is possible find people who want to buy and sell cryptocurrencies near us.
Pros:
• Cash instantly
• Sales price higher than the market price
Cons:
• Distrust with the buyer if he is unknown.
Sell cryptocurrencies through exchange platforms
To sell cryptocurrencies in an exchange we must take several factors into account.
1st. That the Exchange has the Pair / Fiat that we wish to exchange
Not all exchanges allow an exchange to Dollar or Euro directly. Because of legal reasons many exchanges are limited to only exchanging cryptocurrencies without including any Fiat pair.
2nd. That the Exchange has the possibility of sending the Fiat money into our bank account
In most cases, if an Exchange allows the change to fiat money, it is because it also allows money to be sent from the bank account to the Exchange and vice versa, but it is best to make sure before making the change.
3rd. That we meet the requirements that the Exchange asks to send the money
For legal reasons, Exchanges that allow you to sell cryptocurrencies and convert them into fiat money, ask to verify the identity of the account, either by ID, Passport, Address verification, a photo with the date on it, etc.
In some Exchange houses these verifications go by levels, for example:
- Level 1: Allows the exchange of cryptocurrencies – No identification needed.
- Level 2: Allows the exchange of cryptocurrencies, fiat deposit and fiat withdrawal up to 500 euros (every 24 hours): Verification with telephone number and address.
- Level 3: Allows the exchange of cryptocurrencies, fiat deposit and fiat withdrawal up to 5000 euros (every 24 hours): Verification with Photo + ID …
And so on depending on the limits that are required, the levels should be verified.
How can I know in which Exchange should I sell cryptocurrencies to Fiat?
The exchanges list and de-list coins continuously. The best way to know that an Exchange will allow us to sell cryptocurrencies for fiat money is as follows:
1– We go to a platform that tells us the value of cryptocurrencies in real time, for example Coinmarketcap.
2– We choose the cryptocurrency that we want to sell.
3– Mark the “markets” tab
4– And if we slide down, we will see which Exchanges have that cryptocurrency and the pairs that it has available. If for example you want to exchange bitcoin for euros, we should look if that Exchange pair appears.
Pros:
• Same sale price as the market.
• Direct money into the bank account.
Cons:
• You have to provide a lot of personal information to allow the withdrawal of money.
Can cryptocurrencies be sold all over the world?
At this point we must differentiate the could from the should. Can you sell cryptocurrencies around the world? YES. There is always one way or another to sell and a peer to peer sale is always possible.
But … Is it allowed to sell cryptocurrencies all over the world? In that case, the answer is NO. There are governments that have banned trade with cryptocurrencies, although this does not stop people from investing in them.
Tips before selling cryptocurrencies
If this is the first time that a cryptocurrency sale is going to be made, either in person or on another platform, we must be careful to perform the operation correctly, if we do not want to give ourselves a scare.
– If we are going to make a sale in person with a stranger from a platform like localbitcoins we should look at the reputation and the comments for and against the person, so we will be sure if it is legit.
– Before making a withdrawal of Fiat money into a bank account, you should perform a test with a small amount of money to see if everything is correct. Once we see the steps to follow with a test, we will be unconcerned when sending more money.
Have you invested in cryptocurrencies? If after reading this guide you have doubts about how to sell cryptocurrencies, do not hesitate to ask, either in a comment or from [email protected]
