Cashing out your Bitcoins is not as straightforward as buying them. If you decide to sell your Bitcoins online, you can either do it via an exchange, direct trade or carry out a peer-to-peer transaction.
Outside of the comfort of your own home, you can withdraw flat money using a Bitcoin ATM or sell your Bitcoins in person.
Despite having several disadvantages, exchanges are a one-stop solution when it comes to trading Bitcoins. In the case of selling the cryptocurrency, exchanges act as an intermediary that holds both seller’s and buyer’s funds.
First, you need to set up an account with an exchange of your choice. The absolute majority of reputable exchanges will require a complete identity verification and a connected bank account so that you can withdraw your funds.
Then, you just simply place a ‘sell offer,’ stating the type of currency you wish to trade, its amount and your asking price per unit. The exchange will automatically complete the transaction once someone matches your offer.
After the funds are credited to your account, you will need to withdraw them to your connected bank account. This can sometimes take an excessive amount of time, especially if the exchange is experiencing issues with its banks or facing liquidity problems. Several months before its bankruptcy, the Mt. Gox exchange was experiencing this exact problem. Moreover, some banks just outright refuse to process transactions with funds obtained via cryptocurrency trading.
It is also important to consider a fee you’ll need to pay in order to use some exchanges. For example, one of the world’s biggest cryptocurrency exchanges CEX.io charges a flat fee of $50 for withdrawal via Bank transfer, $3.80 if you’re withdrawing your funds to a Visa card and 1.2 percent of a transaction + $3.80 if you’re using MasterCard. The withdrawal fees can vary drastically depending on an exchange, but transaction fees are almost always either tiny or non-existent at all.
In addition, most exchanges will have a limit on the amount of money you’re allowed to store. The limit will increase over time if you stay loyal to a particular exchange.
Bitroz exchange have over 700k members sell bitcoins and other cryptocurrency for cash and paypal skrill and receive amount in your local bank account they offer world wide service its secure and fast signup bitroz and start your sell your first bitcoin