You may have made quite a fortune with Bitcoins; but now you want to withdraw some of it. How should you go about it? The method for cashing out Bitcoin through broker exchange and peer-to-peer platforms is simple but time-consuming.
When you cash out Bitcoins, there are certain factors that need consideration:
- To cash out Bitcoins, you must check out the transfer fees involved in the various methods t select the one which is most pocket-friendly.
- You should go through the process to see if it is too tedious and complicated; if so, choose another method.
- You need to decide whether to deposit this money to your PayPal or bank account and verify the duration for that transfer.
- Finally, check for the local regulations before selecting any Bitcoin cashing-out method.
How to cash out Bitcoins through a broker exchange:
Amongst the many methods you can use for cashing out Bitcoins, this appears to be a straightforward, albeit time-taking method.
Third party brokers are exchanges like Kraken or Coinbase where you can transfer huge volumes of cash. While some exchanges impose limits on cash deposit amounts, others do not.
- To begin with, you must first deposit Bitcoins in the exchange. Once this is done, you may request for fiat money. This is usually conducted via bank transfer. You must withdraw money to that account from where you had first deposited money. This ensures that the exchange does not flout AML laws. This process typically takes time, approximately 1-5 days for the amount to reach your bank account. This is least complicated and your own involvement is far less after making the first transfer.
- People prefer to cash out cryptos through an exchange as it is secure and easy. If you were to choose an exchange like Coinbase that is one of the leading brokerage platforms today, the process is simple. Coinbase is known for handling maximum Bitcoin transfers and caters to more than 13 million users. Another regulated online broker is Libertex. It offers a wide range of asset classes such as stocks, currencies, ETFs, indices, cryptocurrencies, commodities, etc. You can also view the users’ experience of libertex at libertex erfahrungen blog to confirm their authenticity.
- The biggest advantage here is you may sell Bitcoins to them in exchange for cash. This you may put into your bank account later on. But a condition must be fulfilled for this. In case you have not bought any cryptos through Coinbase, you will first have to buy a minimum amount to enjoy the cashing-out privilege.
- Fees charged by Coinbase, for instance, will depend on location of the user bank account.
- The time by which this amount enters your bank account will also differ from one country to another. While in the EU, it only takes 1-3 days; in the US it takes 4-6 days.
How can you convert Bitcoin into cash?
- When you have an account on a broker platform like Coinbase, for example, you can send Bitcoins to your wallet address. If you wish to sell Bitcoins, you must choose the “sell” option. When you have sent Bitcoins to the Coinbase wallet you can view your default currency and Bitcoin wallet. This will change according to locations.
- When you withdraw cash, you can see your limit; when account is verified, the limits are high. However, prior to withdrawal, you must change the Bitcoins to your local fiat money, like converting BTC to EUR. As you type in the amount of BTC you wish to withdraw, you can view the equivalent fiat currency you will get. So, when you click on the “sell” option, your funds get transferred to the fiat wallet.
- Finally, you can click on the fiat currency wallet and choose the “withdraw” option.