How to sell Bitcoin safely, profitably and simply in the market conditions of 2022 in Russia, Ukraine and other CIS countries and abroad. Every owner of cryptocurrency assets at least once thought about how to sell them. With the growing popularity of the crypto market, the number of such reflections only increases. Some just want to understand how it works, while others want to sell, for example, the existing Bitcoin. In 2022, there are many ways to sell and buy cryptocurrency assets, but the most popular and safe take the lead. They will be discussed in this article.
- How to Sell Bitcoin Today – Safe Ways to Sell the World’s First Cryptocurrency
- Buying through exchanges
- Direct sale to the crypto exchange
- Purchasing through wallets
- Tips and secrets
- Why identification is needed – KYC
- What is the best way to buy Bitcoin
- Which exchange is better
- Security when making P2P transactions
- P2P limits
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How to Sell Bitcoin Today – Safe Ways to Sell the World’s First Cryptocurrency
Selling Bitcoin is a very simple task. The process can be carried out both online and by meeting personally with a potential buyer of cryptocurrency. In 2022, there are even Bitcoin ATMs that will allow you to sell a coin in a matter of minutes, but today they are not very popular. The main ways to sell tokens are divided into 2 options:
- sale on cryptocurrency exchanges;
- direct transfer to the buyer’s wallet.
The first method is the most secure and preferred by token holders. Security is achieved through the mediation of a cryptocurrency exchange, which withholds commissions for transactions, but this does not apply to P2P trading. The second is recommended to be carried out only with trusted buyers or automated asset purchase systems. In this way, no one can guarantee the honesty and security of the transaction.
Buying through exchanges
To receive fiat money instead of cryptocurrency, you need to choose an exchange method. The most popular is the exchange through cryptocurrency exchanges. Consider options for selling Bitcoin via P2P (person to person) and directly on the Binance exchange. This crypto exchange does not charge commissions for transactions and guarantees the honesty and transparency of the terms of the transaction. Both methods can be used in reverse. That is, for the purpose of acquiring Bitcoin or another cryptocurrency. It is enough to select the “Buy” item in the appropriate dialog box, and then follow the instructions.
This method is suitable if the cryptocurrency is stored on the balance of the Binance exchange. The transfer of the coin is carried out from the seller’s account to the buyer’s account, so the probability of fraud is zero:
- The first step is to go to the “P2P” section, which is located in the “Trading” tab at the top of the Binance menu.
- On the page that opens, you can select a cryptocurrency for sale and a fiat currency for receiving from one of the available sources. To sell Bitcoin, you need to set the following settings.
- Current offers of traders who are ready for a deal at the current time will appear. In this example, the ruble is chosen as the fiat currency, but Binance allows you to work with most of the world’s popular currencies, for example, the US dollar. It is also possible to sort offers by payment method. This is relevant when you need to receive fiat funds to the account of a particular bank.
- Next, you need to select one offer from a huge variety and click on the “Sell BTC” button to the right of the card with the selected transaction. A window will open in which you need to enter the number of coins for sale. The system will automatically calculate the amount of fiat currency that the seller will receive.
- It remains to confirm the transaction with the appropriate button “Sell BTC”, wait for the transfer to the selected method of receipt from the buyer and confirm the transaction.
If a trader makes the first P2P transaction, then he will not have available payment methods, so they need to be added. You can do this in the “Payment” tab – it is located in the user’s personal account. Russian banks are available, for example, Tinkoff, as well as electronic wallets, for example, YuMoney from Yandex (formerly Yandex.Money). It should also be borne in mind that the account on the Binance crypto exchange must be verified. The user must provide proof of identity and pass a facial recognition test. Without this, it will not even be possible to make a deposit, not to mention the use of a P2P site.
Direct sale to the crypto exchange
The method of direct sale is considered less profitable than a deal with another individual. This is due to the fact that a crypto exchange is involved in the process, which charges commissions and interest for withdrawing funds, for example, to bank cards:
- You need to go to the “Fiat and Spot” menu. You can find it in the “Wallet” drop-down list.
- A menu will open showing all available assets on the account. You should find BTC and select the “Sell” action.
- It remains to enter the number of tokens for sale in the appropriate field. The crypto exchange will automatically substitute the equivalent in another currency, for example, in rubles.
- It remains to click on the “Continue” button, and then confirm the terms of the transaction.
Fiat funds will be credited to the internal balance of the crypto-exchange, so to withdraw to a bank card or electronic wallet, you will need to select the “Withdrawal” action opposite fiat.
Next, you need to select the withdrawal method and click “Continue”.
In the window that opens, it remains to enter the amount to be withdrawn, it will be equal to the amount of Bitcoin sale.
The last step is transaction confirmation. Binance usually asks for 3 verifications at once: a code from a Google ID, an SMS code, and a verification key sent to an email address. If at least 1 of the listed confirmation methods is incorrect, it will not be possible to withdraw funds, these are the precautions of the crypto exchange. This ensures that the withdrawal process was initiated by the account owner, because intercepting 3 sources at once is at least a difficult task for a potential fraudster. If Binance suspects suspicious activity, the owner will need to re-verify.
Another popular way to sell Bitcoin for real money is to use automatic or semi-automatic trading systems – exchangers. Usually they cannot boast of a favorable exchange rate for the seller, but this is one of the fastest ways to sell cryptocurrency. The principle is to transfer tokens from the seller’s crypto wallet to the buyer’s wallet. The latter transfers pre-agreed fiat funds to the former. To search for such offers, you can use BestChange exchanger monitoring. He cooperates only with proven trading systems and helps in case of disputes.
- You need to go to the monitoring site, and then select the currency to sell and the payment system to receive. For example, you can find offers with the withdrawal of funds to Sberbank. To do this, you need to set the following parameters.
- A table will appear with all currently working exchangers, as well as the exchange rate and the limit for the minimum and maximum transactions. It is enough to choose the most suitable trading robot, click on the site in the table and follow the instructions of the exchanger.
Here you can also exchange Bitcoin for any other available coin, for example, Ether or Tron, but the rates will be much lower than on crypto exchanges. Some traders know how to look for profitable bundles of exchanges and earn good money on this.
Each exchange system is unique in its own way, so it is impossible to give universal instructions for the exchange. Exchangers are interested in making transactions, so detailed instructions are usually attached or company employees are ready to help in an online chat to make an exchange. This method is mainly suitable for online crypto wallets. However, it can also be used together with exchanges, but this is impractical, since a considerable commission is charged for transfers in the Bitcoin network – it starts from 0.0001 BTC or 10 thousand Satoshi.
Purchasing through wallets
Initially, crypto wallets were created to store assets, but as the crypto industry developed, they gained new opportunities. One of these is the purchase and sale of tokens, including Bitcoin. Today, there are quite a few wallets that support this possibility, because an asset can be bought on the exchange and then transferred to a wallet. However, they exist and are in demand. One of these is MetaMask. It is worth noting that it does not allow you to exchange tokens for fiat funds directly. With it, you can sell coins for dollars, and then transfer them to a card or other wallet. It is also worth noting that MetaMask is a decentralized wallet. It does not require identification, which is why many crypto investors choose it as the main storage for their assets.
Tips and secrets
Beginners have a lot of questions about selling cryptocurrencies. Therefore, here are examples of the most frequently occurring problems and questions, as well as options for solving them and some tips.
Why identification is needed – KYC
Centralized cryptocurrency exchanges do not allow transactions to be made if the user has not verified his identity – has not passed the KYC procedure. It is necessary primarily to reduce the risks of cooperation with fraudsters and terrorist organizations. Also, KYC allows companies to better understand their client and select the best conditions for him, a vivid example is segmentation by geolocation. Previously, the KYC procedure was not fixed at the legal level, but since 2021 it has become a generally accepted standard for every financial institution. The main stage of the procedure is the collection and verification of the provided information about the client.
What is the best way to buy Bitcoin
Buying cryptocurrency assets is a fundamental process at the very beginning of the journey in the field of cryptocurrencies. There are many ways to buy a crypto asset, but P2P trading remains the most profitable. This is due to the complete absence of commissions for transactions, the increased interest of individuals in receiving fiat funds, as well as security and transparent conditions. Both the buyer and the seller win here. How to buy bitcoin profitably and safely: In Ukraine: https://youtu.be/V564p22kljw In Russia for rubles: https://youtu.be/ozxlxYzrJtQ We buy bitcoin in 2022 – instructions: https://youtu.be/YcWnwrmtpcI
Which exchange is better
It is impossible to say unequivocally that such and such a crypto exchange wins in all respects. Everyone is trying to create their own unique product, offer bonuses and promotions to beginners, hold tournaments and other events. In this article, the focus is on the Binance exchange. At the time of 2022, it is the most famous, and there are many reasons for that. However, to declare a monopoly in the cryptocurrency market on her part is fundamentally wrong. Each user independently determines the appropriate exchange, the necessary tools and other conditions for cooperation. It is worth noting that specific crypto exchanges may be better suited for certain tasks, such as trading.
Security when making P2P transactions
Today, there are more and more people who make transfers from third-party cards. Such frauds are prohibited by crypto-exchanges and are contrary to the laws of some countries, because the transaction is carried out between two persons. In order not to get into unpleasant situations, it is recommended to cooperate with counterparties who have a lot of transactions lately and a good trust rating on the crypto exchange. Such users are unlikely to jeopardize their reputation and work with third parties.
Each offer on the P2P market has limits set by the buyer. This is done in order to reduce banking operations – so as not to cause unreasonable suspicions among banks. It is necessary to pay attention to the minimum amount of the transaction, as well as to check the total available limit of funds. If the buyer does not have enough fiat, it is better to find another who can cover the entire transaction in one go. When an investor wants to sell his assets, there are many opportunities before him. The crypto industry is constantly evolving, so today you can even buy physical goods with bitcoins, but this is still nothing more than an exception to the general rule. Basically, cryptocurrency is exchanged for real money – fiat. For this, both cryptocurrency exchanges and exchangers are used. The final choice is made by the asset holder,
- 1 How to Sell Bitcoin Today – Safe Ways to Sell the World’s First Cryptocurrency
- 2 Buying through exchanges
- 3 Exchangers
- 4 Purchasing through wallets
- 5 Tips and secrets