Charging your Bitcoins is not as easy as buying. If you decide to sell your Bitcoins online, you can do so through an exchange, direct trade or by conducting a transaction without an intermediary (peer-to-peer).
Out of the comfort of your own home, you can withdraw money using Bitcoin machines or sell your Bitcoins in person.
Despite several shortcomings, exchanges are a one-time solution when it comes to Bitcoin trading. In the case of cryptocurrency sales, exchange offices act as intermediaries who keep the funds of both the seller and the buyer.
First, you must open an account at the exchange of your choice. Most reputable exchanges will require full identity verification and an associated bank account so you can withdraw your funds.
Then simply set an offer to sell, stating the type of currency you want to trade, its quantity and the price you are looking for per unit. The exchange office will automatically complete the transaction when someone agrees to your offer.
Once the funds reach your account, you must withdraw them to a linked bank account. This can sometimes take quite a while, especially if the exchange has problems with its banks or is facing liquidity problems. A few months before the bankruptcy, the Mt. Gox exchange had this problem. Moreover, some banks simply refuse to process transactions with funds obtained through cryptocurrency trading.
It is also important to consider the fee you will have to pay to use some exchanges. For example, one of the largest cryptocurrency exchanges in the world, CEX.io, charges $50 for withdrawals via Bank Transfer, $3.80 if you withdraw your funds to a Visa card, and 1.2 percent of the transaction + $3.80 if you use a MasterCard. Withdrawal fees can vary drastically depending on the exchange office, but transaction fees are almost always either small or non-existent.
In addition, most exchanges will have a limit on the amount of money you are allowed to keep. The limit will increase over time if you remain loyal to a particular exchange.
Finally, it is important to remember that exchanges, whether or not they offer wallet services, are not a safe and reliable place to store your funds. They are very prone to hacker attacks, and there are also cases of exchanges that are shut down and leave with the user’s funds. Therefore, you should take full responsibility for your funds and put aside the amount you do not need immediately in your offline wallet.
Some of the best/most used Bitcoin exchanges in the world:
Another way to sell Bitcoin is to trade directly with another person. This service is available on sites often linked to exchange offices and includes an intermediary who facilitates the connection.
First, you need to register as a seller. In addition to setting up your profile, you need to fully verify your identity. Once you have registered, you can place an offer indicating your intention to sell Bitcoins. When a customer wants to trade with you, you get a notification from the service, and since then you are only interacting with the customer. The website only serves as a platform to complete the trade.
The process of selling Bitcoin on some of these sites can be quite complicated and time consuming. So, it is necessary to do research before you decide on a trading platform and be sure that you have the necessary time and patience.