Working with Bitcoins is a complex process that requires knowledge and some sort of experience. Selling of BTCs maybe sounds like an easy process that will quickly bring you money. With that attitude, there is a big chance you will lose money already at the beginning.
We already talked in one of our articles about the best time to sell bitcoin. Yet, the more important question is WHERE to sell your BTCs. Okay, there are a few places that can bring you the best possible results. But, before everything, we should mention things that you need to consider before selling BTCs.
5 Things to Consider Before Selling BTCs
Each step that we will mention below is equally important for successful selling. Do not try to skip any of them because you can make a huge mistake.
BTC and other cryptocurrencies are becoming more and more popular on a daily basis. However, that also means many hackers will try to take your virtual “money”. All the places that we suggest will ensure your security. There are some security features such as cold storage and 2FA that every marketplace uses. However, do not keep a large amount of crypto stored in your marketplace. Who knows, hackers always find a way to “finish their job”.
2. Payment Method
You cannot sell your bitcoins directly to the buyer. It is necessary to first put it into the marketplace. The majority of exchanges will offer the option to deposit your money via wire transfer. Yet, these transfers usually take up to a week. Good broker services usually offer a faster payment method like MasterCard and VISA. Still, you will have to pay an extra fee for that sort of service.
3. Prices & Fees
You already know that the value of one BTC depends on demand and supply. It is important to know that exchanges mostly have lower fees than broker services. However, trading fees are not the only ones. There are also deposits and withdraw fees as well.
Almost every platform that has anything in common with money will ask for your verification. When we talk about BTC, things are quite the same. Every serious marketplace will ask for a copy of your ID or password. You should know that the verification process always lasts longer. It will sometimes take 4 or 5 weeks until you verify your identity.
5. Wallet Services
You have probably heard many time the phrase “wallet services”. Well, it is the right time to explain that phrase. It is a piece of software where you store your BTCs. The first-time BTC users should check if the marketplace they want to choose offers a wallet service. There are different types of Wallets and you should educate yourself before choosing one. All of them have some purpose and way of using.
Good Places for Selling BTCs
Now when we explain everything, it would be good to suggest some of the best places to sell bitcoin. You can also check online, there are websites like cryptimi.com where you can find a selection of the best cryptocurrency exchanges, it is up to you to decide which one is the best for your interest.
Without any intention to promote, Coinbase is our top pick. It definitely deserves to be in the first place of our list. This platform is the biggest in the US with the best possible reputation. Fortunately for us, it offers wallet and exchange services in one. This is a great place for beginners to understand how the entire process works. Besides BTC, it offers Bitcoin Cash, Litecoin, and Ethereum. Every registered user can transfer his funds out and in of his account and convert in dollars in every moment. The transaction fees vary from 1 to 50 dollars. In case you want to purchase BTCs with debit or credit card, you will have to pay an additional $2.49.
Security is not something you should worry about. First of all, you can access the Coinbase wallet via the web or mobile app. Each access requires two-factor authentication. 98% of customer currencies are offline. This is the best way to save your funds from hackers. This is probably the reason why people often choose Coinbase.
The name of this digital currency exchanger sounds funny. Still, that doesn’t mean they are unprofessional. The best part about this platform is – THERE ARE NO FEES.
Buying or selling bitcoin or any other crypto is completely free. They support 15 different currencies by the way. Also, you should know that you will have 2 different accounts. One is for Robinhood Crypto and another for Robinhood stock. However, your funds will be in the same place. Finally, the Robinhood’s focus is on mobile users. Recently they made a Web version because they wanted to improve their business. Yet, if you plan to check or sell BTS from your mobile, that won’t be a problem. We need to mention one disadvantage. This platform is not available everywhere. They work in only 16 states. Still, if you live in 1 of those states, you got lucky!
This platform is specific because it has its currency – Binance Coin. However, they also work with BTCs. Their trading fees are very low – only 0.1% of the entire trading value. Binance is the platform that supports the biggest number of different currencies. For example, they work with Skycoin, TRON, etc. Some of them are probably completely unfamiliar to you. We need to mention one disadvantage that some of the users reported. Their Android mobile app sometimes has an issue. For instance, app users have reported that their withdrawing was delayed. The company guarantees security, but it is better to mention this.
These are the top 3 picks for us and we suggest you check their websites. However, these three are not the only once. For instance, there is GDAX that is a great pick for active traders. Coin Exchange is also a good choice because it has the best conditions for converting to other cryptocurrencies. Finally, there is also Coinmama that is well-known as the fastest exchange and digital wallet.
Check the one that suits you the most. Pick the one that will make your BTC selling faster and most effective.