Published on September 13th, 2020 | by Sumit Bhowal0
How to Sell Your Bitcoin in 5 Easy Steps
Are you holding bitcoins in your wallet? If you are a regular trader, then you must have a good idea of how to sell your bitcoins. But if you are new to the crypto space, you may not have the right knowledge of how to sell them.
There are apps, which is a trusted platform for trading bitcoin. Initially, it might look a little overwhelming, but once you get familiar with the transaction processes, it is super easy. Now let us know how to sell your bitcoin following the five easy steps. Read more here at itechpost.com for more information.
Sell Your Bitcoin in 5 Easy Steps
There are certain ways of doing every work. Similarly, there are some steps that you need to follow to avoid any mistake while selling your bitcoin. Bitcoins are stored in a digital platform; if you make any mistake, then you might lose your digital money. So it’s crucial to be careful while dealing with your digital money. Here are five easy steps you need to follow.
- Choose a Secure Platform
- Create a Crypto Account
- Transfer Your Bitcoin into the Wallet
- Place a Sell Order
- Withdraw Your Money from the Wallet
Before you conduct these operations, you need to choose a secure platform (maybe website or application).
Choose a Secure Platform
First of all, you need to choose a website or application for selling your bitcoin. An important thing to note is that you need to consider some important factors when choosing a platform. Ensure that the platform you choose provides you high-liquidity, and it’s legitimate.
Here are some important things that you need to check before you choose a platform.
- The platform you choose is trustworthy and legitimate.
- It must support fiat currencies or national currencies.
- The volume in the platform should be high.
- The transaction and exchange fee must be less.
Once you check that the above factors are aligned with your requirement, then create a crypto account in that platform.
Create a Crypto Account
After you find a platform that is legal in your country, and it’s a legitimate site or app, next, you need to create an account. It usually takes five to ten minutes or less to register with your details. Some platforms may ask you for more details, like filling a KYC form for security reasons.
Transfer Your Bitcoins into the Wallet
Once you set up your account, now transfer your bitcoins to the wallet. Visit the wallet section of the website and add your bitcoins by verifying through your private key. Make sure you are very careful while making the transfer, double-check the private key.
Sell Your Bitcoins by Placing a Sell Order
After transferring your bitcoins to the wallet, you need to place a sell order. Here you need to think about the price, whether it is profitable to sell your bitcoin.
If you think you have reached your investment goal or your targets have reached, you can simply place the sell order. Once the order is executed, you will get the value in your national currency or the fiat currencies that platform supports.
Withdraw Your Money from the Wallet
Finally, you need to withdraw your money from the wallet. It takes only a few minutes on most of the websites. However, some websites may take two or three days for the withdrawal to be completed. It varies because of several reasons, such as:
- Website policy
- Country you reside
- Bank processing and
- Other minor factors
Now you have learned the important steps you need to sell bitcoins. The above steps are quite similar in most of the sites. However, some good sites and applications provide a simpler process to sell your bitcoins.
Remember, you should never forget to check the legitimacy of the platform you choose to sell your bitcoin. Make sure you read the exchange charges or transaction fees before you choose a platform.