How to Sell Cryptocurrency: A Step-by-Step Guide

How do you sell Cryptocurrency?” is among the first thoughts that come to mind when most people become willing to buy cryptocurrencies. Because having your cash out is just as key as investing. Selling Cryptocurrency is similar to buying it as well, except that the procedure is somewhat opposite. To begin selling any Cryptocurrency, you must first have Cryptocurrency in your wallet.

Buying Cryptocurrency is accessible in a range of methods. Likewise, when you’re willing to sell some or all of your Cryptocurrency, you can do it in a range of ways. Such as an online cryptocurrency exchange, direct peer-to-peer (P2P) transfers online or in person, and a Cryptocurrency ATM. Keep reading to discover more on this topic.

How to Sell Cryptocurrency

how to sell cryptocurrency

Users can buy Bitcoin and other cryptocurrencies quickly and easily through a range of payment methods. Such as bank transfer, credit or debit card, and cash. On platforms like Binance, there is a payment method for everyone. It
exclusively deals with authorized and trustworthy partners to create a stable and smooth cryptocurrency buying experience. Meanwhile, Binance accepts a number of currencies and makes it simple to purchase cryptocurrency using US Dollars. As well as Euros, Pound Sterling, and other fiat currencies. Furthermore, you can purchase crypto using a number of commonly accepted stablecoins such as Binance USD (BUSD). As well as Coinbase USD Coin (USDC), PAXOS (PAX), Tether (USDT), and True USD.

Once the purchase is complete, Binance will transfer your new cryptocurrency directly into your Binance wallet. A secure and convenient means to manage your crypto investments. However, anyone can instantly trade their bought cryptocurrency on the Binance Platform’s various goods and services.

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Breaking Down These Several Methods Of Selling Cryptocurrency

#1. Cryptocurrency Exchanges

Notwithstanding its many drawbacks, exchanges offer a one-stop solution for Cryptocurrency exchanges. When it comes to selling cryptocurrency, exchanges function as a middleman, keeping the cash of both sellers and buyers.

To begin trading on a cryptocurrency exchange, you must create an account with the platform of your pick. Several legitimate exchanges show proof of identity. Bear in mind that exchange limits vary by location. Most exchanges restrict access from certain geographic locations. Meanwhile, you must have a bank account connected to withdraw cash.

Once you’ve opened an account via an exchange and moved your Cryptocurrency there. Or whether you have an account with Cryptocurrency in it, simply submit a sell order specifying the currency you desire to trade. As well as the quantity, and your ask price per unit. Once someone accepts your offer, the exchange will immediately finalize the transaction. On the other hand, trading cryptocurrency can be far more complex than this quick explanation. With several order kinds and additional features.

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Further Explanation On Cryptocurrency Exchanges

After the money is transferred to your account, it must be withdrawn to the bank account to which they are linked. This can take an excessive period of time sometimes. Particularly if the exchange is having problems with its banks or is experiencing liquidity challenges. Many months prior to its bankruptcy, the Mt. Gox exchange faced this same issue. Furthermore, some banks simply refuse to handle transactions involving funds earned through cryptocurrency trading.

Moreover, it is important to understand any withdrawal costs that may apply to your platform of choice. Furthermore, exchanges may place a limit on the amount of cash you can withdraw within a specified time period. The limit may increase over time if you maintain a strong relationship with a particular platform. Or if you upload extra paperwork to satisfy Know Your Customer (KYC) and Anti-Money Laundering (AML) validation procedures.

Finally, it is key to realize the fact that exchanges offer wallet services, they are not a secure or safe place to store your assets. They are easily hackable, and there have been occasions where exchanges have been forced to close. Due to their owners misusing users’ funds or running with users’ funds.

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One possibility for selling Cryptocurrency is to convert it to a stablecoin on an exchange. And afterward withdraw the funds to a personal wallet located outside of the exchange. You can also easily maintain that money on the exchange, which has a number of advantages and disadvantages. It is wise to assume full accountability for your own cash. As well as store any funds that are not urgently needed in a safe offline wallet. Also, withdrawing funds to a personal wallet located outside of the site provides you better control of your money.

A stable coin is a digital asset whose value is determined by the value of an underlying asset. Often a fiat currency such as the US dollar. There are a variety of stablecoins for which you can trade your Cryptocurrency.

Another indirect means of selling your coins via a cryptocurrency exchange is to spend them on one of the many crypto-focused payment cards available. There are many ways in which these cards operate. However, users’ assets are converted to cash at the point of sale. Allowing the cards to be used at merchants that accept standard payment cards. Alternatively, some cards enable users to put stablecoins onto a cryptocurrency-friendly card. As well as avoid volatility associated with cryptocurrencies.

>> Related: How To Spot And Protect Yourself From Crypto Pump And Dump Scheme

#2. Direct Transaction (person-to-person)

Another method of selling Cryptocurrency is to do a direct transaction with another person, whether online or in person. There are many ways of achieving this, including setting up a face-to-face meetup to sell Cryptocurrency or completing the transaction online via a dedicated forum. Below are two major direct means of Cryptocurrency transactions.

Online Peer-to-Peer Crypto Selling

Many specialized platforms or even solutions from credible cryptocurrency exchanges generally allow online P2P Cryptocurrency sales. In one way or another, these services effectively enable the online exchange sell of Cryptocurrency for cash, or likewise.

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In general, Cryptocurrency buyers place ads on these platforms, specifying their desired price, chosen method of payment, and other details. Potential buyers then locate offerings they like and make the transaction by following the platform’s guidelines.

These platforms often include escrow services to ensure both parties’ security and asset transfer. Regarding the payment method selected, the seller of the Cryptocurrency may receive a direct deposit into their bank account. Also, through credit card, a wire transfer, or an arrangement to receive cash. Perhaps, through one of the major traditional payment systems.

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Whatsapp Peer-to-Peer Cryptocurrency Transaction

Of recent, Whatsapp has been another means people sell Cryptocurrency through the P2P method. Many individuals have taken this method as the fastest and easier way for them to sell. As well as buy any Cryptocurrency of their choice. Though finding a safe and reliable Whatsapp P2P platform can be scary. Because of some level of scam involve with Cryptocurrency. But trading on a safe and reliable Whatsapp P2P platform is truly exciting, as it doesn’t involve too many processes. Many Whatsapp P2P groups have taken sensitive security measures in place to ensure a sweet and safe P2P transaction of Cryptocurrency. As the admin of these groups save and serve as the middleman between sellers and buyers, just like the “Neptunmag P2P For All Coins” Whatsapp group. In order to provide safety in all transactions taking place on the platform.

However, let me give more light to our platform, the “Neptunmag Whatsapp P2P“. As one of the safe means of Cryptocurrency Buying and Selling platform and how you can join and participate in the group.

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Neptunmag P2P For All Coins Whatsapp Platform (Group)

This platform was recently launched by Chiemerie Ozurumba, the founder of Neptunmag and a Crypto expert. However, the purpose of this platform is to give individuals the opportunity to buy and sell all their Cryptocurrencies on a safe and reliable platform using the Whatsapp app. Also, lecturing beginners in the Crypto field the basics of Cryptocurrency and how they can trade coins successfully. It is safe, fast, and reliable with many security measures put in place to ensure safe transactions. As well as protect the platform users from scams and Crypto pump and dump schemes.

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Meanwhile, the admin saved as a middleman on the platform between sellers and buyers. With that, all transactions are made through this admin with an extra cheap fee, which is referred to as the admin fee. However, you can trade all kinds of coins on the platform either as a buyer or a seller. Including all the popular and listed, and penny and non-listed Cryptocurrencies. Bitcoin, Ethereum, BNB smart chain, etc, and also the African best Cryptocurrency “Zugacoin” are all traded on the platform. With a safe method of payment and having your coin safely credited to your preferred wallet. But we always recommend using “Trust Wallet” or “Zugacoin Wallet”.

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How Neptunmag P2P For All Coins Whatsapp Platform works

Our platform is of no doubt very easy to join and use with the steps below.

  1. First, download the Whatsapp app from the playstore if you don’t have one yet.
  2. Join following this link which is the platform link.
  3. Identify with admin as a seller or buyer or both as the case may be.
  4. List your coins on the platform as a seller for potential buyers to make thier picks.
  5. The buyer contacts you private for price negotiation and agreement.
  6. Afterwards, payment is made to the admin account by the buyer with a fee of $1 as the admin fee. The admin holds the fund till the seller has credited the buyer’s wallet with the amount of coins paid for. Then, the admin now pay the money into the seller’s account following the coin confirmation by the buyer.
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Note: Price negotiation is not allowed on the platform, only money transactions are allowed. The reason is to give every seller the privilege and chance to sell according to their best rate. But buyers are required to negotiate only on the price with the seller in private, but should make payment through the admin to avoid being scammed.

However, buyers are not required to respond to any private chat except on a price negotiation only. This is for their own safety and to avoid being scam by any fraud member. Meanwhile, our group coordinators are always at alert to raise a red flag if any scammer is spotted in the group or platform. In order to protect the interest of the innocent ones in the group. Furthermore, lectures on Cryptocurrency usually take place every Tuesday and Thursday on the platform for beginners. And anyone who wishes to know more about Crypto investing and airdrop claims.

Missed the first link to join? You can join the group right here to start buying and selling your coins to have your investment cashback.

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Face-to-Face Transactions

Selling Cryptocurrency P2P in person is another option. Certain online platforms enable parties to sell Cryptocurrency for cash in person. While others may just meet up with friends or relatives and sell Cryptocurrency for cash. When selling Cryptocurrency in person, you must know how to send Cryptocurrency. As well ashow to use a cryptocurrency wallet or the platform on which you store your cash. For example, if you hold your funds on an exchange.

Crypto’s value changes often, so it’s key to know its cost at the moment of an in-person transaction. The majority of traders make use of rates from well-known exchanges. Alternatively, sites such as Cointelegraph’s Bitcoin Price Index can be used to determine the cryptocurrency’s most recent price.

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In some regions of the world, individuals can also visit real venues or stores to trade Bitcoin for physical money or real currency for Cryptocurrency.

It is key to keep in mind, that Cryptocurrency can trade at varying prices. Between exchanges and in different countries worldwide. In essence, a Cryptocurrency price premium is a difference between the price of an asset and the rest of the market. Or the price of an underlying asset, when talking about other kinds of trading, such as futures.

Cryptocurrency frequently trades at a premium in South Korea – a market situation called the Kimchi premium. Furthermore, the Coinbase Pro cryptocurrency exchange has been known to charge a premium for Cryptocurrency.

It is essential to take precautions if you arrange an in-person Cryptocurrency sale with a stranger. Either through a platform or otherwise. Just as there are with other in-person financial transactions.

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Cryptocurrency ATMs

Despite their appearance, Cryptos ATMs are not traditional cash machines. But with the web in order to enable digital transactions like Cryptocurrency.

Cryptos ATMs, at their most basic level, allow you to scan a wallet QR code and afterward sell Cryptocurrency for cash. However, they typically charge higher transaction fees than other methods. Furthermore, not every Cryptocurrency ATM supports both buy and sell functions. Which is essential to consider while searching for a Crypto ATM to sell BTC and other coins. You can easily found these ATMs on the internet.

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Occasionally, Crypto ATM operators demand customers to have an established account in order to conduct selling activities. Also, the application process usually requires a huge amount of time, energy, and effort. For instance, new users may be required to submit a telephone number for setup and notification. As well as a government-issued picture identification, a palm scan, and a recent photoshoot by the ATM’s camera. The identification process varies according to the machine and the operator. But some form of identity verification is always necessary when selling Cryptocurrency.

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Likewise, Cryptocurrency ATM operators must configure their devices. In accordance with the AML and KYC requirements in the authority in which their ATMs are located. It needs a money transmitter license in some countries. While existing restrictions prevent the installation of any Crypto ATMs in others.

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After your identification has been verified, you will be sent a QR code. Which contain the wallet address to which you must send your Cryptocurrency. Depending on the machine, you will either receive instant cash or a redeem code. Also will need to wait for the transaction to be verified on the Crypto network.

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Withdrawing Funds

A typical method of changing Cryptocurrency to cash is to withdraw the funds to a bank account. Either by wire transfer or automated clearing house (ACH) transfer following the sale of your coin on a cryptocurrency exchange.

Instead, funds can be moved using the Common Euro Payments Area, or SEPA. Which allows euro-denominated payments. It is a method meant to improve the efficiency of international transfers between European Union countries. Certain European cryptocurrency exchanges offer this method of payment.

However, both of these methods are far from excellent. Transfers can take a longer amount of time. Depending on the country and the sum moved, and processing can take days. Additionally, these systems may involve additional fees.

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For example, certain banks may charge a flat price for SEPA payments. Which may increase depending on the speed with which you require the transfer to occur. Furthermore, it’s important to note that some banks may view assisting payments to. Also, from accounts connected with cryptocurrency companies with mistrust.

Therefore, if you’re opening a bank account particularly for the purpose of withdrawing funds earned through Cryptocurrency sales. You should keep a close watch and select the bank that best meets your demands.

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Conclusion

When cashing out a sale from your fiat wallet to your bank account, a short holding period will be placed. Perhaps, before you can cash out the funds from the sale. Despite the hold period, you are still able to sell an unlimited amount of your crypto at the market price you desire.

>> Read Also: How to Save Money: 10 Simple Ways for Beginners, Savings Strategies

>> EXPLORE: Crypto Investing, Make Money, Save Money, Or visit the Neptunmag blog for more articles like this.


Chiemerie Ozurumba (Adorablepen) is a freelance writer & Computer Science degree holder, a personal finance expert, blogger, public speaker, and poet. He is also a relationship & life coach. Currently a writer at BusinessYield.

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