This article focuses on selling crypto into local currency. 

Method 1: Cryptocurrency Wallet Apps

Cryptocurrency Wallet apps are digital platforms that store, manage, and allow the selling of various cryptocurrencies directly to fiat currency within the app itself.

Pros:

• User-friendly and convenient.
• Full control over funds.

Cons:

• Often lack advanced trading features.

Steps to Sell:

1. Open the wallet app and, after importing your cryptocurrency, select the ‘sell’ option.
2. Choose the amount of cryptocurrency to sell.
3. Confirm the transaction and transfer funds to your linked bank account.

Method 2: Cryptocurrency Exchange Services

These are streamlined platforms that facilitate the simple swaps of various cryptocurrencies for other assets. The process typically involves sending your cryptocurrency to a specified address, then receiving fiat in your bank account.

Pros:

• User-friendly and convenient.
• Full control over funds.

Cons:

• Often lack advanced trading features.

Steps to Sell:

With this method, you’ll need to create an account, verify your identity, and connect your bank account, then send the cryptocurrency you’d like to sell to a specified address. After the sale is processed, you’ll receive cash in your bank account. Here’s how it works:

1. Visit our official Sell Cryptocurrency page.
2. Select the cryptocurrency you have.
3. Choose the currency you’d like to receive and enter the amount (either in local currency terms or cryptocurrency terms).
4. Carefully review the order, then add your wallet address and click Continue The wallet address you provide will be used as the return address in the (very unlikely) event the transaction doesn’t go through.
5. Complete the sale process by entering your bank details and sending your cryptocurrency to the address we provide.

Note: It typically takes between 1-3 working days to receive the funds in your bank account.

Method 3: Centralized Exchanges (CEXs)

These are online marketplaces where users can trade various cryptocurrencies for other cryptocurrencies or fiat currency, typically offering high liquidity and advanced trading features.

Pros:

• High liquidity, facilitating efficient market rate sales.
• Advanced trading features and analytics tools.

Cons:

• Users don’t control private keys.
• Potential security risks from hacks and failures.

Steps to Sell:

1. Register and verify identity on the exchange.
2. Deposit your cryptocurrency into the exchange wallet.
3. Sell your cryptocurrency for the desired currency.
4. Withdraw the funds to your bank account.

Method 4: Cryptocurrency ATMs

These are physical kiosks where individuals can sell various cryptocurrencies in exchange for cash, offering a quick and straightforward way to convert cryptocurrency to fiat currency.

Pros:

• Quick and convenient for small transactions.
• No need for an online account or wallet app.

Cons:

• Typically higher transaction fees.
• May require identity verification for larger amounts.

Steps to Sell:

1. Locate a nearby Cryptocurrency ATM.
2. Verify identity if required.
3. Send your cryptocurrency to the ATM’s address and receive cash.

Use our Cryptocurrency ATM locator to find a Cryptocurrency ATM near you.

Method 5: Peer-to-Peer (P2P) Trading

This method involves direct transactions between individuals, bypassing traditional exchanges, and allows for a variety of payment methods, often with an emphasis on privacy.

Pros:

• More privacy, often with no need for ID verification.
• Flexible payment methods including cash, bank transfer, and more.

Cons:

• Higher risk of scams and fraud.
• P2P trading may require adherence to money transmitter laws in some jurisdictions.
• Price volatility can affect the transaction.

Steps to Sell:

1. List your cryptocurrency for sale or browse buyer listings on a P2P platform.
2. Agree on a price and payment method with the buyer.
3. Transfer your cryptocurrency to escrow until payment is confirmed.

Bitcoin.com’s recommended platform for trading Bitcoin P2P is Peach Bitcoin

Why do I need to verify my identity to sell cryptocurrency?

When you sell cryptocurrency through an exchange service, you’re interacting with a regulated business. Such businesses must comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These regulations require the collection and storage of customer information, including identity documents and sometimes proof of address. These regulations are in place to prevent tax evasion and the financing of terrorism.

What are the fees for selling cryptocurrency?

Fees for selling cryptocurrency depend on the payment method and platform/venue used. For example, if you’re selling directly to a friend and settling in cash, you’ll only need to consider the ‘network fee’ for sending the cryptocurrency from your digital wallet to your friend’s digital wallet.

Read more: How to send cryptocurrency.

If you’re receiving cash via bank transfer, you’ll of course need to factor in the associated fees.

Exchange services also charge fees for facilitating trades. These fees cover the exchanges’ operating costs plus a small margin.