9 Best Crypto Exchanges, Apps & Platforms of June 2024

If you don’t need cash right away and want to sell on your own terms then this may be a good way for you to convert crypto into cash. Though some stock brokers also offer crypto exchanges, crypto trading is not subject to the same investor protections you get when working with traditional investments. Securities Investor Protection Corp. insurance doesn’t apply to cryptocurrency, so if your exchange fails (as FTX did in the fall of 2022), you could lose your investment. For this reason, some users prefer not to store assets on exchanges unless they’re actively trading. You can use your own crypto wallet in many cases to store, trade and carry out transactions using cryptocurrency.

You can face a limit if the platform doesn’t have enough people buying Bitcoin when you are trying to sell. Fortunately, Bitcoin is the largest cryptocurrency with the 2nd most daily trading volume, so you are highly unlikely to encounter issues when selling. Yes, UK investors must pay taxes on crypto profits once they cash out their investment. The United Kingdom is fairly simple on how cryptocurrencies are taxed and do not have short-term or long-term capital gain tax, like other nations.

cheapest way to sell bitcoin

BitMart is our top pick in the best for altcoins category because it allows users in 180+ countries to buy and sell over 1,500 cryptocurrencies. Launched in 2014 in New York City by Tyler and Cameron Winklevoss, Gemini stands out for putting a strong emphasis on security and compliance. The New York-based exchange has hot wallet insurance to make sure user funds remain safe in the case of a security breach. Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions.

However, its infancy in the market has by no means hindered its growth as an international exchange. One of Pionex’s best features is its range of useful trading bots, which allow users to trade assets, invest in tokens automatically, and more. Based in San Francisco, California, Poloniex isn’t actually available to those residing in the U.S. but can be used in a variety of other locations, including the U.K., France, Japan, and Canada. CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. The compensation we receive may impact how products and links appear on our site.

This method is usually faster than a wire transfer but also a bit more expensive. People who want to sell their Bitcoin for fiat currency (i.e., dollars, euros, etc.) have several ways they can do so online and offline. In the following post, I will cover the different selling methods available. Some countries have outrightly banned the use of Bitcoin for any financial activity. To hold or sell Bitcoin for cash in these regions (China, for example) may have severe consequences. But this is not the case in some countries like the US and UK, which supports crypto swaps to cash and charges income taxes on such trades.

Investors can sell BTC for cash by trading on a crypto exchange, P2P marketplace, or using a Bitcoin ATM. The latter is by far the easiest and fastest way of selling Bitcoins for cash, but, they are not widely available. Crypto exchanges are the most popular way to instantly cash out of BTC to a bank account. Once sales have been completed, tap on the ‘Fiat and Spot’ icon and click on ‘Withdraw.’ Select a preferred payment method and follow the on-screen prompts. However, investors should consider the applicable charges before using one of the payment methods. For instance, Binance charges 3.9% for debit card withdrawals which is higher than other supported payment methods.

The best crypto exchanges enable you to trade coins and tokens easily while keeping your assets safe and your fees low. It’s important to note that some crypto exchanges have had issues with these secondary services. For instance, some have had to freeze withdrawals from their rewards programs amid liquidity issues. And storing crypto in an exchange’s wallet can leave you vulnerable to losses if an exchange fails or suffers a cyberattack. Aside from their primary role at the center of crypto sales and purchases, exchanges have added a handful of other offerings.

cheapest way to sell bitcoin

However, if you’re willing to take on the challenge, this is how you make a P2P trade. Cryptocurrency is treated as a capital asset, like stocks, rather than cash. That means if you sell cryptocurrency at a profit, you’ll have to pay capital gains taxes. This is the case even if you use your crypto to pay for a purchase.

  • It is also one of the cheapest ways to convert crypto to cash, while still receiving your cash near instantly.
  • Our editorial team does not receive direct compensation from advertisers.
  • It’s also one of the few exchanges operating in all 50 US states — and the only exchange on this list that does.
  • However, since hot wallets are fine for short-term storage and free to set up, it’s a good idea to start with them.
  • Despite the exchange’s drawbacks and the current charges by the SEC, Coinbase is still worth considering due to its ease of use.

If you’d like to invest in Bitcoin and stocks in the same place, you’ll need a platform that offers that. We think investors should approach these assets like any other technological investment — with a long-term mindset and the expectation of ups and downs. But we encourage everyone to be well versed prior to investing to understand the potential risks and rewards. The versatile trading platform is a standout, as is the CopyTrader feature that allows you to copy your favorite investors.

They will need to complete a verification process to confirm their identity before selling Bitcoin to cash. This service allows users to deposit cash into a machine and receive the equivalent amount of bitcoin. Some ATMs have daily withdrawal limits, while others require verification from a team member of the machine’s owners.

If you love shopping online, this is an easy and quick way to get bitcoins. While you can invest in cryptocurrencies, they differ a great deal from traditional investments, like stocks. When you buy stock, you are buying a share of ownership of a company, which means you’re entitled to do things like vote on the direction of the company. If that company goes bankrupt, you also may receive some compensation once its creditors have been paid from its liquidated assets.

cheapest way to sell bitcoin

You can also check out Craigslist and Facebook Marketplace if you want more diverse options. Users who have used CoinBase in the past know that they charge hefty fees when buying and selling Bitcoin, but BitPanda charges a smaller fee. This is the easiest way to “cash-out” cryptocurrencies because it doesn’t require uploading ID or waiting days before receiving any money. However, listings are not always free, and there may be some fees when selling certain currencies like Bitcoin Cash. Whatever method you choose, there are some basic concepts about bitcoin trading and selling that you should know first before making any decisions.

cheapest way to sell bitcoin

Once you’ve verified your identity and funded your account, maker and taker fees on the bitFlyer Lightning Network max out at 0.1% for transactions less than $50,000. That’s even lower than Kraken’s baseline 0.2% fee for makers and 0.5% for takers — and far more affordable than Coinbase Pro’s 0.4% for makers and 0.6% for takers. The exchange supports transactions for about 130 crypto assets for purchase or trade in the US. It also supports more than 100 crypto pairs — two crypto tokens that can be exchanged for each other. And purchasing crypto with a debit card adds a significant 3.99% fee.

Whereas exchanges like Kraken, Coinbase and Gemini are centralized exchanges where one entity controls the crypto, a peer-to-peer exchange is one where the transaction occurs between two individuals. The buyer and the seller are interacting directly without an intermediary Understand How Otc Trading Works (like a bank or company). P2P transactions can be a lucrative way to cash your cryptocurrency out since you set your price and there are less fees. However, the process is much more involved than loading a debit card or selling on a centralized exchange.