How to Sell Bitcoin in the UK

Bitcoin

There is a lot of speculation about how to buy and spend Bitcoin. Many users want to avoid expensive transaction fees and learn about the best retailers for shopping with cryptocurrency.

But another important aspect of dealing with Bitcoin comes to mind – how and when to sell Bitcoin?

First, you need to have funds in your online Bitcoin wallet. UK-based Bitcoin investors should know about the most reliable and efficient way to sell their digital coins for cash. Fortunately, there are several ways to go about it, and we’ll tell you everything you need to know.

Sell From Crypto Exchange Platforms

The crypto exchange platform is where a lot of crypto-related activity happens. Users join, provide their information, connect their bank accounts, and buy Bitcoin and other cryptocurrencies.

Some platforms even offer crypto loans and custodial wallets. But crypto brokerages are the usual go-to place for selling your assets too. The process is pretty straightforward. All you have to do is select GBP as the fiat currency of choice set the amount of Bitcoin, and place a sell order.

Once the funds you receive from the sale are credited to your account, you need to make a withdrawal. This is where things get complicated.

Receiving funds into your bank account might take a few days, depending on the exchange. There might also be some limitations on how much money you can withdraw in a specific period.

Make a Direct Trade

You can sell Bitcoin by trading it for cash with other people. It might seem somewhat unconventional, but many people choose this route to avoid fees and having to wait to receive the funds.

A direct trade can be made in person. If you know someone who wants to buy Bitcoin, you can meet, make transactions in front of them, and receive the agreed-upon amount.

It’s important to point out that taking this route is risky and should only be utilised if you know the person well. Those who want to reap the benefits of a direct trade but want to avoid in-person transactions can use a P2P trading platform.

There are several reputable P2P exchanges available to UK traders but caution is always essential. To sell Bitcoin, all you have to do is create a trade listing, mention your desired price, preferred payment method, and wait for the buyer. The buyer can send money to your bank account, PayPal, or use a wire transfer.

Use a Bitcoin ATM

A Bitcoin ATM might look like your average ATM, but it operates quite differently. They are connected to the internet and can be used for buying and selling Bitcoin.

To convert your digital coins into fiat currency, the ATM first needs to scan your online Bitcoin wallet UK based Bitcoin sellers can find the nearest Bitcoin ATM by searching this map.

Once the machine reads the amount in your wallet, you can enter the amount you want to withdraw. It’s a relatively simple process. The only problem with Bitcoin ATMs is that transaction fees can be high compared to other ways of selling.

Another issue is that not every Bitcoin ATM features both buy and sell options. You need to make sure that the ATM offers cash withdrawals as an option before making the trip.

When to Sell Bitcoin?

Even if you already know your preferred method of selling Bitcoin, you might not know the right time is to do so. An easy answer would be – when you have achieved your Bitcoin-related goal.

Ideally, the current price of Bitcoin is significantly higher than what it was when you’d purchased it. But as cryptocurrency is volatile, the price may go down unexpectedly, and you want to avoid that.

Perhaps a good reason to sell Bitcoin is if you want to move on to another cryptocurrency. Alternatively, your investment may be making you anxious. Ultimately, the reasons and timing for selling Bitcoin can vary drastically.

Selling Your Bitcoins Safely

As the popularity of the oldest and biggest cryptocurrency grows, there is no shortage of people who want to buy it. Whatever the amount of Bitcoin you want to sell, there are different ways you can complete the trade.

The most secure option is selling through the crypto exchange platform, but the downside is waiting for the cash. P2P trade platforms are a great option, but it can be tricky to find a reliable company. Finally, you can go to a Bitcoin ATM or sell your digital money to someone in person.