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Sell Bitcoin in 5 Easy Steps — Choose from These 4 Best Crypto Platforms

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How to Sell Bitcoin - The Ultimate Beginner's Guide 2020. thinkmaverick

How to Sell Bitcoin - The Ultimate Beginner's Guide 2020. thinkmaverickNavigating the world of cryptocurrency can be daunting, especially when it comes to selling your Bitcoin. With so many different platforms and options available, it’s hard to know where to start.

 

This guide will walk you through the simple process of selling Bitcoin in just 5 easy steps, and we’ll compare four of the best platforms — ChangeNOW, LocalCoinSwap, Coinmama, and Noones — to help you make the best choice for your needs.

 

We will feature the best platforms for selling bitcoin right here today:

  1. ChangeNOW – Easy to Sell BTC with a Credit Card
  2. LocalCoinSwap – 300+ BTC cash out options available (↓)
  3. Coinmama – User-Friendly BTC selling with Debit/Credit Card (↓)
  4. Noones – Best BTC selling for Gift Cards & Prepaid Debit Card (↓)

 

Let’s dive into it…

 

How to Sell Bitcoin in 5 Easy Steps

(A) Selling Bitcoin on ChangeNOW

 

Is it easy to sell BTC on ChangeNOW? Here’s what I found…

 

ChangeNOW simplifies the process of selling Bitcoin with its intuitive user flow. With clear instructions, a logical progression, minimal distractions, and seamless protocols, their fiat transfer out process (via Transak) is clear and easy to understand for mainstream users.

 

 

You can even do this here on your own without this guide. But I will just walk you through the process so you can be sure what’s ahead. I hope this will save you time, money and frustration from dealing with complicated trading charts and redundant registration procedures.

 

Before you begin, you will need the following:

  1. Your Visa/Master Debit card (SEPA/Faster Payments)
  2. Proof of ID
  3. Proof of Address
  4. You will need to do a Selfie with your ID

 

Step 1.

Go to the ChangeNOW main page and choose “Buy/Sell Crypto” within the exchange panel. Use this Bitcoin buy and sell calculator to estimate how much BTC you can get with the amount of money you are willing to pay. Click “Sell”.

 

You can choose any local currency, preferably the native currency where you credit card issuing bank is denominated in. Click “Sell”.

 

 

Step 2.

Click “Next”. In case something goes wrong with the exchange, I would always test with a small amount for my first try. This is just a precaution — normally, everything goes smoothly.

 

 

The next page gives you an overview of your transaction to confirm your trade.

 

If everything is in order, simply click ”Confirm”.

 

Step 3.

Now, you will be redirected to the third-party partner for ChangeNOW. This is the interface of Transak, a fiat payment on/off ramp.

 

 

Crypto Coverage: Transak supports 170+ cryptocurrencies across 75+ blockchains in over 188+ countries.

 

The next screen will ask you to carefully review your order details:

 

 

You can see that Transak, ChangeNOW and the network will all take a fee of approximately 2-4%. 

 

So you can go ahead and click ”Sell Now”. After clicking, you will need to confirm your email is working and get the verification code to proceed. 

 

Step 4.

After that, complete the 4-step KYC process which includes entering your basic information, like your name, social security number, D.O.B., residential address & phone number.

 

*Note — The following steps are quite rigorous if it is your first time, involving an ID check, which is ALL good, because you only have to do it once!

 

 

Make sure all the information entered are correct. You will need to attach proof of your I.D. and/or residential address (a pdf of your recent utility bill within a 3-month period)

 

Now, if you’re on desktop, you can either upload photos of your ID, or switch to your phone to continue, which will give you a QR code to scan with your phone camera.

 

 

You’ll be guided through very clearly on your selfie portrait and on uploading your identifying documents.

 

Do your Selfie and then click Submit Verification. Transak will run an ID check — for 2–3 minutes… but approval is usually instant.

 

Once that’s all approved, that yellow message will turn to green, which means you are now verified! 

 

Step 5.

Click on Sell Now, and you’ll be taken to the payment details section. Add your debit card details, click Add Card. You’ll get to the final confirmation screen with T&C for your reference.

 

 

Accept the terms, once you click ”Confirm” you will see their BTC address. To complete the trade, send your Bitcoin in using one of the following ways:

 

Proceed to send the exact amount of BTC displayed in your trade to the address provided on Transak. (It is important to do it within the allotted time!)

 

As soon as Transak receives your BTC, the fiat payment will be sent to your debit card.

 

That’s how simple it is! Now you will be able to sell crypto on ChangeNOW at any moment. (↑)

 

(B) Selling Crypto on LocalCoinSwap

 

Selling bitcoin on LocalCoinSwap offers incredible control and flexibility unlike traditional cryptocurrency exchanges. The platform offers extensive global coverage, it covers 6 continents while supporting more than 190+ local currencies, along with a 300+ diverse payment methods.

 

This makes selling crypto on LocalCoinSwap an ideal platform for everyone!

 

Like any other decentralized P2P trading platfrom, LocalCoinSwap uses an escrow service to protect users during trades.

 

For Sellers, this would mean two things:

  1. Assurance of payment: Escrow guarantees that the seller will receive payment once they release the cryptocurrency.
  2. Reduced risk of chargebacks: Since the buyer has already paid through escrow, the seller is less likely to face chargebacks or disputes.

 

Step 1.

Sign up and verify. Register an account on LocalCoinSwap and once you have signed up, verify your email address & proceed to verify your phone number as well in order to start trading.

 

 

Step 2.

Select the ”Sell” Option. Choose the cryptocurrency, payment method and your location.

 

 

In the “Cryptocurrency” column, select a currency. I chose “Bitcoin – BTC”.

 

In the “Payment method” field, select how you want to receive payment for your bitcoin. This means that you can sell the currency by receiving money for it on a bank card, PayPal or bank account.

 

In the “Location” field, select the country in which your bank is located, to the account in which you want to receive money for the sold cryptocurrency.

 

Step 3.

Browse listings. Reputation is Everything! You get to see how much each buyer is willing to pay for bitcoin. Check out the caption beneath the price, ”8% below market”, simply shows how much less they are willing to buy from you.

 

In the first column below the seller’s nickname, pay attention to the number of trades. Usually the more trades, the better. 

 

 

Click on ”Sell” to view the buyer’s profile which includes all their terms and conditions for the sale. 

 

Learn to look for these trade details and badges; Star Rating, Total trades, ”Fast Trader”, Verification level, Popularity and ”New Users Welcome”. This will help you evaluate the person you’re dealing with.

 

On LocalCoinSwap you can visit the profiles of users and check their recent feedback, see when they were last active, as well as see other useful information such as the number of completed trades they have performed. 

 

Step 4.

Choose a buyer to Enter a trade. Once you’ve made a decision, follow the trade terms and conditions. 

 

 

Enter the amount of BTC you would like to sell within the limits stipulated by the buyer. In this case, you can only enter an amount between $100 – $1,000 USD. Click on ”Sell Bitcoin” to initiate the trade.

 

A trade request will be sent to the buyer, if they accept you will receive a notification and entered into the communication and escrow dashboard. 

 

Step 5.

Communication & Escrow. After accepting your offer to sell cryptocurrency, you need to deposit. You can no longer change the amount, but with the help of the ”BTC network fee” slider you can choose the fees at your discretion. Then click the “Fund escrow” button.

 

 

Deposit the amount, and also send your details where the buyer will send you the money (i.e. PayPal, Bank Transfer, Debit card etc).

 

After one confirmation on the BTC blockchain, you’ve funded escrow.

 

 

Now its time for the buyer to send you the money. Wait to receive money. Verify it in your PayPal account that the money has actually arrived.

 

After that, press the button to release the cryptocurrency from escrow. The buyer will now receive your bitcoin, and you are happy that you have received payment for it.

 

 

The process is incredibly streamlined, and you can simply follow the progress chart on the right box from start to finish. You can’t go wrong! (↑)

 

(C) How to Sell Bitcoin on Coinmama

 

Coinmama is one of the longest serving crypto exchange platforms that allows you to sell bitcoin with ANY debit or credit cards.

 

Sell Crypto for cash easily. If you’re looking to safely cash out your crypto or Bitcoin to cash, Coinmama’s streamlined checkout process swiftly transfers funds into my bank account or credit/debit card with clear instructions, minimal steps, and a secure interface making the selling process a breeze.

 

Here’s how you start to withdraw fiat from your BTC:

 

Step 1.

Sign Up for a Free Coinmama account. Register with your email. You will receive an email from Coinmama with a code to enter in order to confirm your account. 

 

 

Step 2.

Go back to the page where you first signed up and click on sell to proceed with converting your bitcoin.

 

 

Step 3.

Once you have selected the ‘Sell’ option on your account homepage, simply enter the amount of Bitcoin you wish to sell and select the desired currency and payment method (note that payment methods might vary depending on the currency you choose).

 

 

Note: The Payment option you select will determine how much money you will gain. Credit/Debit card options always yields the best fiat cash returns (including service fee + network fee + payment processing fee)

 

 

Once you’ve made the choice, tap on ”Continue” to proceed.

 

Step 4.

Start the verification process. Add your personal details now. Fill in and complete the requested form, adding your residential address, phone number, and date of birth.

 

 

Upload your documents. Choose the ID type you want to upload, based on your country of residence. Photograph the front and back with your cell phone camera, making sure all four corners are visible, and that both the image and text are clear, then upload them to your account.

 

 

Next, write “Coinmama” and today’s date on a piece of paper. Holding the paper and the ID you’ve just uploaded, take a photograph of yourself. Make sure your face, ID, and paper note are all clearly visible. Then upload the photo to your account.

 

Once your documents are uploaded, click to submit them. A member of Coinmama’s verification team will review your form and documents, and if everything looks ok, you’ll be approved to proceed selling bitcoin with Coinmama, often in as little as fifteen minutes.

 

Step 5.

Enter your Payout details. Now you can choose to add a new credit/debit card or your bank account details in order for you to receive your fiat money. Double check your details before you click ”Continue”.

 

 

Send coins to Coinmama’s Bitcoin wallet. Open up your Bitcoin wallet and send the exact amount of BTC to the wallet address they provide you with. You can copy and paste the provided wallet address, or scan the QR code if you have a Bitcoin wallet on your smartphone. (↑)

 

 

» That’s it! Shortly after receiving your coins, Coinmama will send out the funds – this may take a few business days depending on the time of the sell request.

 

How to Sell Bitcoin for Cash

(D) Selling Bitcoin on Noones

 

Noones is a peer to peer bitcoin marketplace that’s easy to use, secured by escrow, and accessible across the globe.

 

It’s now easy to sell Bitcoin as a Noones vendor. You have the freedom to set your own rates, and also the luxury of multiple payment options to get paid for the Bitcoin you sell. As Noones is a peer-to-peer marketplace, you can sell your Bitcoin directly to many users worldwide. The platform makes it extremely easy for beginners and veterans alike to make passive income trading bitcoin.

 

Just follow these 5 easy steps to start selling bitcoin:

 

Step 1.

First establish a Noones account. Verify your email address & your phone number to initiate a trade. 

 

 

By signing up for a free Noones account here, you’ll receive 100 Sats in your Noones bitcoin wallet with no strings attached. When you make your first trade, you’ll get another 1000 Sats.

 

Step 2.

Set your requirements – Choose your preferred payment method and the maximum amount of Bitcoin you’re willing to sell. You may also indicate your location and your preferred currency. Once you’re done, click ”Find me an Offer”. You will see a list of relevant offers to choose from.

 

 

You can also ”Create an Offer” if you don’t see any good ones.

 

Step 3.

Review offers – Before selecting an offer, be sure to check all vital information about the buyer, including but not limited to their name, reputation, verification level, and rate per Bitcoin. Once you’ve found a suitable offer, click Sell. It won’t open a trade yet, but will guide you through the offer terms and conditions set by the buyer.

 

Before you proceed with a trade, take the time to review the profile of the user you’re considering transacting with. Sometimes, users with a lot of positive feedback are actually bad actors that work in teams and use a range of methods to make their profiles appear to be legitimate. Tricky, right?

 

Sometimes, it appears a user is a legitimate and trusted. No negative feedback and a great many positive feedbacks. Take the extra time to read the actual feedback left on the users profile, and don’t just glance at the first page. If you see feedback comments that are repeated over and over, exactly the same… that’s a red flag. Or, if the feedback comments are by different users but the comments are oddly similar in tone and word choice… that’s a red flag.

 

 

When you find an offer that suits your needs, click “Sell” to view the offer overview page. Read all the instructions. 

 

Step 4.

Start the trade – If you are satisfied with the buyer’s terms, enter the amount you’re willing to trade for and click Sell Now.

 

This will open a live trade chat and move your Bitcoin to our secured escrow. Read the instructions provided carefully, and follow them. Once your buyer completes their end of the trade and you receive the payment, you can release the Bitcoin. You can download a public receipt after the trade.

 

 

Step 5.

Leave feedback – After successfully selling your Bitcoin, don’t forget to give your trade partner a feedback. This is important for the Noones platform as it helps build a user’s reputation. (↑)

 

 

Is it difficult to sell Bitcoin?

With the growing demand for Bitcoin (BTC), it’s getting a whole lot easier to liquidate your Bitcoin for fiat currency. For countries that ban bitcoin; for example - Bolivia, Ecuador and China, you can still use Peer-to-peer platforms like LocalCoinSwap or Noones to trade BTC freely. Banks can cut off your credit lines with crypto exchanges, governments can regulate Bitcoin but they can never kill Bitcoin. No one can stop you from selling Bitcoin.

Do I have to pay taxes for selling Bitcoin?

It depends on the tax law of your country. For example, countries like the United States has a very strict rule on cryptocurrency. Selling Bitcoin or spending Bitcoin is a taxable event in the US. In other words, you have to report capital gains on your tax return and pay tax on your Bitcoin. While countries like Singapore and Germany don't require capital gains as long as you hodl for more than one year. With that said, it's best to consult a CPA specializes in cryptocurrency including tax and accounting in your jurisdiction. Use a crypto tax software to calculate taxes on your profit.

What is the best way to sell Bitcoin for fiat currency?

The best way for selling bitcoin for cash is via a peer to peer marketplace that offers escrow protection like LocalCoinSwap

Can I sell Bitcoin at an ATM?

If you'd like to sell a small amount of Bitcoin for physical cash, using a Bitcoin ATM can be a quick and convenient way to do so.

 

Selling Bitcoin Conclusion

Selling Bitcoin for cash has never been easier. If you have been patient at hodling your bitcoin investment, now is the time to enjoy some of that sweet sweet profit.

 

Even if you live in China and bitcoin is banned, you can still use Peer-to-peer platforms like LocalCoinSwap or Noones to trade BTC freely. You can check out some of the ways to cash out bitcoin fast from anywhere in the world.

 

Banks may cut off your credit lines with crypto exchanges and governments will regulate Bitcoin but they can never stop you from buying, selling or hodling Bitcoin. It is the one freedom granted by Lord Satoshi himself!

 

Just remember that you may have to report capital gains taxes if you sell bitcoin. Some countries like Singapore do not require you to pay capital gains taxes if you hold your bitcoin investments for more than a year.

 

With that said, it’s best to consult a CPA specializing in crypto within your jurisdiction. You can always use a crypto tax software to calculate taxes on your crypto holdings.

 

If you love to spend your Bitcoin instead of selling them, use Lolli to earn some Bitcoin cashback while you shop online.

 

You can also get a VISA/MasterCard linked-bitcoin debit card accepted by merchants across the globe that allows you to easily spend and withdraw Bitcoin for cash whenever you need it.

 

How do you like spending your Bitcoin? Do you have any unique experience or tips you’d like to share with us? Let me know in the comment section below.

 

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