This can be a convenient option, especially for those who prefer not to go through an exchange or other third-party platforms. To begin buying bitcoin and other cryptocurrencies you will need to link a bank account or credit card to the exchange. Exchanges will differ by fees, security, payment methods, and other features, so explore the «info» tab on the exchanges listed above to find which one is the right fit for you. Therefore, to save you time, we’ve created this guide that discloses the best crypto platforms where you can sell Bitcoin in the UK.
Once you have chosen a cryptocurrency to sell, click on the «Add» button. You scan a QR code on the machine, send your Bitcoin, wait a few minutes for the transaction, and then collect your cash. It’s a simple, no-fuss way to convert Bitcoin into physical money when needed. Satoshi Nakamoto holds the most bitcoin, with about 1.1 million BTC. As the creator of Bitcoin and its first miner, Satoshi earned close to one million BTC through block rewards. These coins are stored across 20,000 addresses and have remained untouched, apart from a few test transactions.
The San Francisco-based trading platform supports over 100 digital assets and can process transactions in large volumes. Moreover, Kraken makes it easy for crypto traders to part ways with Bitcoin securely given it is a regulated cryptocurrency platform by FinCEN to operate in the United States. I recently tried Uphold, and I was impressed with its lower withdrawal fees and instant bank transfers.
Further Considerations when buying and selling Bitcoin
- If you need help on the creation of a wallet, we have made a step-by-step guide here.
- With some P2P platforms, you can facilitate this directly, which is really the best way to do so to protect yourself.
- This information is general in nature and is for education purposes only.
- Some see the government holding billions of pounds worth of a speculative asset as imprudent when public finances are strained.
- However, the most popular option for selling Bitcoin is to use a central trading platform like Binance to convert crypto to regular fiat.
Moreover, a decentralized crypto exchange lets you deposit Bitcoin from another platform or a private wallet, making them convenient to use. Also, you won’t have to pay a deposit fee, only the network fee for transferring Bitcoin. Coinbase, Binance, and Kraken are a few of the leading brands worth checking out. For low fees, Uphold (0.9%-1.2%) is the best option for selling Bitcoin in the UK. If you don’t like how traceable digital banking can be, or you just need some cash, and all you have is your bitcoin wallet, you should consider withdrawing funds from a bitcoin ATM. This allows you to get the money immediately, though remember that you also can’t rely on finding another ATM, so you’re normally stuck with whatever rates and limits the ATM you’re at has.
Do You Have to Pay Tax After Selling Bitcoin?
These instruments allow you to trade without owning the underlying asset, i.e., Bitcoin. If your primary objective is to profit from this digital currency, wait for its price to rise to your preferred level, then sell how to sell bitcoin in the uk it. To ensure you gain maximum returns from this golden asset, establish the best prices to buy and sell BTC beforehand and stick to your strategies.
How to sell Bitcoin in 4 steps in
If you own a less commonly traded cryptocurrency, its liquidity could impact how easily you can convert it to fiat currency. You might find that larger exchanges offer better liquidity for more widely adopted coins like Bitcoin and Ethereum. Some modern cryptocurrency wallets come with built-in functionalities that allow you to sell your Bitcoin directly from within the app.
- The cheapest way to convert crypto to cash often involves using a cryptocurrency exchange with low trading and withdrawal fees.
- When selling Bitcoin through spot trading, you can sell it for fiat pegged stablecoins or other digital assets.
- Read on to explore your options and find the method that best suits your needs.
- Home Office plans for a “crypto storage and realisation framework” would allow law enforcement to securely store frozen digital currencies and sell them.
- In addition, a few exchanges provide their own cryptocurrency, which you can use to pay for fees and receive a discount.
Get the MoonPay app and sell Bitcoin whenever, wherever
Using a centralised exchange is often the go-to method for many due to its simplicity and speed. However, it’s crucial to do your research and ensure you’re using a reputable platform to safeguard both your funds and personal information. Trusted by over 30 million users worldwide for buying and selling crypto. These platforms act as middlemen, facilitating trades between buyers and sellers while ensuring the security of transactions.
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This is an often-overlooked but straightforward method for realising the value of your crypto holdings. Once your account has been funded, you are ready to buy your first bitcoin. To complete this step you will need your photo ID readily available to take pictures of both the front and back sides of the document. Also it’s important to note that you can always sign up to other exchanges later. We test each product thoroughly and give high marks to only the very best.
Step 3: Deposit Bitcoin
Going this route would see an investor incur 0.10% in trading fees. Overall, Gate.io is one of the oldest and most trustworthy exchanges for cashing out of BTC. The only disadvantage is that US investors are not allowed on the platform. For more information on its features, pros, and cons, read our Gate.io review.
By failing to do so, they make their clients’ accounts more vulnerable to issues like hacking. Furthermore, some exchanges have super-high fees, limited coin availability, laughable customer support, and many other shortcomings. WhiteBit is another European exchange that simplifies fiat withdrawals, offering a seamless experience for users, including those in the UK. While the platform allows direct conversion of BTC to fiat currencies such as EUR and USD, users must first exchange their BTC for USDT to withdraw GBP. Some platforms and services have limits on the amount you can sell or withdraw at one time.