If you need to offload some cryptocurrencies and are searching for the safest, simplest and most cost-efficient methods, we explain all the available options. Updated 11 October Selling cryptocurrencies can be more challenging than buying them. This guide will help you navigate this tricky situation. We strongly recommend selling through bona fide companies rather than private individuals and unknown companies due to the high potential for fraud.
Summary You can use the following methods to sell your Bitcoin: sell back to an exchange, sell via a peer-to-peer platform facilitating transactions, use a Bitcoin ATM, use a prepaid debit card connected to a payment account holding cryptocurrencies, or sell directly to an individual. Fortunately, New Zealand is home to a handful of reputable exchanges, such as Easy Crypto and BitPrime , facilitating cryptocurrency exchanges back into New Zealand dollars and other currencies.
Many more exchanges allow you to sell your Bitcoin in exchange for other cryptocurrencies and a range of stablecoins. Using stablecoins like Tether and Circle eliminate exposure to price volatility but allow you to avoid paying bank transfer and foreign exchange costs. Be aware of income tax obligations arising from the sale of cryptocurrencies. The New Zealand Inland Revenue Department has defined clear guidelines on when you should pay income tax on cryptocurrency-related revenue. Selling bitcoin and other cryptocurrencies with two local and trusted platforms - Easy Crypto and BitPrime.
Our bitcoin research highlighted several bitcoin platforms, but few are based in New Zealand and offer transparency. For this reason, we suggest considering the locally-owned and trusted Easy Crypto and BitPrime platforms.
These two platforms are popular with our users, have esteemed reputations and are trusted by tens of thousands of New Zealanders. Additionally, the launch of Swyftx , an Australian-based platform, offers New Zealanders low fees, minimal spreads and a wide choice of coins to sell and buy. Advertising Disclosure: We may earn a referral bonus for anyone that clicks on some of the below links - see our Advertising Policy for more details.
Sell your Bitcoin and cryptocurrencies for NZD. One of the fastest, easiest and, in most cases, safest ways to sell your cryptocurrencies is via an exchange or broker. Although dozens of exchanges operate internationally and accept New Zealand-based clients, many only support US dollars or Euros for international transfers. As an overseas client, that can be very expensive. Therefore, we recommend using platforms operating in New Zealand to sell your cryptocurrencies so you can benefit from faster and cheaper bank settlements.
Option One - Easy Crypto. Easy Crypto is a New Zealand-based cryptocurrency broker, acting as a bridge between you and numerous international exchanges. You can learn more about this company by reading our Easy Crypto review. You can sell different coins via the Easy Crypto platform. Easy Crypto quotes all coins in New Zealand dollars, and all fees are included in the quote prices. Firstly, you need to verify your identity to sell cryptocurrencies via Easy Crypto. Enter or confirm your bank account details to receive the New Zealand dollars.
Easy Crypto will generate a wallet address where you should send the coins. Make sure to send it to the precise amount to avoid any errors. To learn more about this process, check the Easy Crypto how to sell cryptocurrency guide. Option Two - BitPrime. BitPrime is another New Zealand-based cryptocurrency broker acting as a middleman between customers in New Zealand and international exchanges.
You can learn more about this company by reading o ur BitPrime review. BitPrime lists 99 coins for customers to buy or sell. All prices are quoted in New Zealand dollars and inclusive of all fees. Depending on the coin and size of the order, the quotation could be generated automatically or manually. When initiating the transaction, make sure you send the right coins and amount, factoring in the network fees.
Once you transfer the coins, send an email to BitPrime with the blockchain transaction ID. BitPrime will proceed with transferring NZD to your bank account when the blockchain confirms the transaction. All bank transfers are processed at 5 pm on weekdays. To learn more about selling cryptocurrency via BitPrime, check their how to sell cryptocurrency through this BitPrime guide.
Sell your Bitcoin for cryptocurrencies or stablecoins. Using exchanges like Coinbase , Kraken , Binance and Bitstamp , you can exchange Bitcoin for hundreds of other tokens. The primary advantage of taking this approach is lower transaction fees. For example, Binance charges just a 0. One great way to use crypto to pay for your expenses is the Binance Card , which allows you to use the crypto on your Binance account to pay for your bills anywhere in the world.
The card is now available in many countries in Europe, with more areas to follow soon. Get one now, and you may not need to cash out for long. Sell Bitcoin directly to other Binance users to exchange them for your local fiat currency. Browse a variety of Bitcoin listings to shop for the best offers on Bitcoin from other users. To place an order, you must first place your Bitcoin or other cryptocurrencies into the P2P wallet portion of your account.
If you need to sell your Bitcoin into any of the following supported fiat currencies, all you need to do is to sell Bitcoin in the corresponding trading pair, then withdraw the fiat currency you earned from that transaction. No matter your preference when it comes to selling your Bitcoin for cash, Binance has a quick and convenient way to buy, sell and trade crypto.
Well, Coinmama is there for you. Although, the platform enables you to sell only BTC. Unlike crypto exchanges that play an intermediary role between sellers and buyers, Coinmama sells cryptocurrency directly to a user. The platform has been on the market for a long time. Today, Coinmama is operating within more than countries. Coinmama accepts credit and debit card payments Visa, MasterCard. Such services usually charge high commission fees. Coinbase is one of the most trustable exchanges out there.
Allowing you to buy and sell BTC for USD and with a bank card, Coinbase also provides advanced trading features and a wide choice of traded assets. The exchange platform is regulated and licensed. Therefore, in case you have any issues with deposits or withdrawals, be sure it will be resolved. However, Coinbase has high fees: 3. Being founded in , Kraken stands among the oldest crypto exchanges on the market.
The platform provides various trading instruments and features for trading to be smooth and secure. The process of BTC selling is similar to other exchanges. In case you have any issues or questions, Kraken provides solid customer support and a comprehensive FAQ. The exchange has been on the market for almost a decade, thus having great expertise in cryptocurrency trading. HitBTC offers a wide range of trading pairs over along with multiple advanced trading instruments and features.
The UX and UI are native, so there will be no problems to sell or buy cryptocurrency. Providing 2-factor authentication, whitelists, cold storage, and so on, the exchange is quite solid in terms of security. Despite being a relatively new crypto player founded in , Binance has rapidly conquered the hearts and minds of almost 23 million users around the globe.
Binance partnered with read — purchased Trust Wallet two years ago, so now traders can safely store their funds in the wallet. The crypto exchange tries to enhance the crypto industry by providing an educational platform, Binance Academy, and a BinanceLab that helps blockchain and crypto entrepreneurs. All you need is your credit or debit card, and in case you are willing to sell BTC, some Bitcoins.
Both machines are connected to the internet and look like conventional ATMs. Just check whether PayPal withdrawals are available in your country. Please note that Coinbase charges a 3. However, there are other options, though. A multifunctional cryptocurrency exchange CEX. IO offers a broad range of payment methods for both deposits and withdrawals. The platform was founded in and was a pioneer to provide cloud mining to the industry. IO is not that challenging. The CEX.
As we can see that there are multiple ways to sell BTC. While Bitcoin is being the first huge sensation in the cryptocurrency world, today it can be bought and sold even via ATM, PayPal, and other ordinary and extraordinary payment options.
Where to sell Bitcoin in Australia A step-by-step guide to selling Bitcoin How to choose the best way to sell Bitcoin How to sell Bitcoin: what are my options? Withdrawing your funds after the sale When is the right time to sell Bitcoin? FAQs Start comparing.
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Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Deposit bitcoin into your account Before you can sell your bitcoin, you'll need to transfer it into the wallet of your chosen exchange.
Find the deposit address for bitcoin and then transfer BTC from your external wallet to that address. Sell bitcoin Once your transfer has been completed, you can then search for the currency pair you want to trade on the exchange you're using. This is a simple process on most platforms — just look for the "Withdraw" link and follow the prompts — but make sure to check any limits and fees that apply before finalising your transaction.
If you're using CoinSpot, you can click on the "Withdraw AUD" link from your account dashboard to initiate the withdrawal process. Selling BTC for cryptocurrency If you want to exchange your bitcoin for another cryptocurrency, here's how you can do it: Register on an exchange that lists BTC Bitcoin can be exchanged for hundreds of altcoins on a huge range of platforms, so you'll have plenty of crypto exchanges to choose from.
Deposit BTC into your account You'll first need to find the BTC deposit address, so head over to your wallet and use the address you've just copied as the destination for your BTC transfer. Sell BTC Navigate your way to the trading section of your chosen platform and then enter the full details of your sale. Selling to a cryptocurrency broker. Why might you choose this option? Pros: Convenient, quick and easy, allows you to exchange BTC for fiat Cons: Transaction fees can sometimes be steep or the rates poor, ID verification process can cause delays.
Selling through a cryptocurrency exchange market. If you want to set your own price and enjoy greater control over the sale process Pros: Could help you get a better price, provides you with more flexibility and control over the sale process Cons: Slower than using a broker, options may be limited for certain fiat currencies, can take longer if you want to ensure a good price. Selling via a Bitcoin ATM. If you want a quick and easy way to turn your Bitcoin into cold, hard cash.
Pros: Quick and easy, a fast way to cash out your Bitcoin when you need fiat currency Cons: Bitcoin ATMs particularly those that let you sell BTC can be difficult to find, and have high transaction fees. Selling peer to peer. If you want to sell in person, anonymously or for cash, if you want to try to sell above market rates or if you can't find another suitable exchange Pros: You can choose a range of payment methods, you can sell anonymously, some buyers may be willing to pay above market rates Cons: Very risky if dealing with a stranger, more time-consuming than selling online.
PayPal Cash. How can I sell Bitcoin for cash? Alternatively, you could arrange to sell your Bitcoin through a peer-to-peer marketplace that accepts cash as a payment option, either meeting someone in person to accept payment or asking them to send a cash transfer through a payment service such as Western Union. How can I spend my cryptocurrency with a Bitcoin debit card?
Bitcoin debit cards are linked to your cryptocurrency balance. They allow you to load your card with BTC, which is then converted into AUD by the card provider so you can use it to buy goods and services in-store and online, or withdraw cash from an ATM.
Find out more in our Bitcoin debit cards guide. Can I pay my bills with Bitcoin? Yes, there are several companies that specialise in facilitating bill payments in cryptocurrency. Check out our cryptocurrency bill payment services guide for more information. How can I sell Bitcoin using PayPal? You can sell Bitcoin through a peer-to-peer marketplace that accepts PayPal payments, such as LocalBitcoins or Paxful , or use an exchange like VirWox.
How do I sell Bitcoin on Coinbase? Coinbase only offers buy services to Australian users. Can I sell Bitcoin for another crypto within my wallet? Are there any tax implications if I sell Bitcoin? For more details on the tax treatment of Bitcoin in Australia, check out our cryptocurrency tax guide. How should I set my price if selling Bitcoin on a peer-to-peer marketplace?
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It works like LocalBitcoins but has less users. If in a large city with lots of users, Local Trader may helpful for finding trade partners. Cash trades only. Some ATMs only allow for the buying of bitcoins, while some offer both buying and selling. Services like LocalBitcoins and BitQuick can help you accept cash payments for bitcoin online.
You create a sell order on one of the sites. Once a buyer accepts your offer, they are given your bank account details. Buyers then make a cash deposit to your bank account. Once you confirm payment, the bitcoins are released from escrow to the seller. Selling bitcoins online is convenient but much less private than selling bitcoins for cash. Circle is only available in the U. Kraken and BitStamp are good options for Europeans. LocalBitcoins is another option for selling online.
Since LocalBitcoins is an escrow service, buyers and sellers are free to agree on trade terms. LocalBitcoins has no control over which payment methods are available. Visit the buy page of this site for more help finding an exchange in your country. You can for example pay your monthly bills with bitcoins. Cashila , a European licensed payment processor, is a good option which lets you pay for bills or other services that accept a SEPA bank transfer.
Bitcoin remittance companies, merchants, and traders may find themselves with large amounts of bitcoin. These companies, however, are geared more towards institutions rather than individuals. If you are simply a Bitcoin holder and want to cash out then an exchange with high liquidity like Bitstamp , BitFinex , Kraken , or Coinbase may be a better option. Selling bitcoins for cash on LocalBitcoins will often yield the best sell price.
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Sell bitcoin in four ways. Another way of selling your Bitcoin is via a direct trade with another entity, either online or in person. There are several ways to achieve this, either by. There are tons of platforms to sell Bitcoin on, and the easiest, by far, are exchanges and brokers like Coinbase or Coinmama. Signing up on.