How to Withdraw Bitcoin to Your Bank Account

Most Bittrex customers who verify their identity can buy and sell bitcoin directly for fiat currencies like the US dollar. There are many different bitcoin exchanges that you can use to turn your bitcoin into cash. If you decided to store your Bitcoin offline to keep them safe from hackers, then you have a bit more work cut out for you. You’ll have to get your digital currency online first before you can exchange it for cash. So if you’re sitting on a pile of Bitcoin you may be thinking that it’s time to sell before things can get any worse.

• However, if you want to sell Bitcoin for USD, brokers normally use the SWIFT payment method.
• You can use them exactly how you’d use regular debit cards, as long as the point of sale accepts Visa or Mastercard, which so far are the two major payment card providers offering crypto support.
• Bitcoin kiosks and tellers, powered by Coinme, are a great example, as they’re mostly located in the entrances of major supermarket chain locations.
• Once you check the transaction record in the payment account and make sure you have received the money from the buyer, Binance will release the crypto to the buyer on the platform.
• If you decide to cash out your Bitcoin using a broker exchange such as Coinbase, then it’ll normally take about 1-5 days for the money to reach your account.
• If you hold Bitcoin, you can use Bitstamp to sell that bitcoin for US dollars.
• It was a crucial part of the P2P process that set the example for the current P2P platforms like Binance P2P or Bybit P2P.

Is it worth it to learn how to cash out Bitcoin?

That said, many users believe that KuCoin is one of the simpler exchanges on the current market. For example, LocalBitcoins offered a good level of safety ft guide to exchange traded funds and index funds pdf because of their escrow service. This kept your Bitcoins locked until you confirmed the payment had been received from the buyer.

Getting Bitcoin out of Coinbase

There was a great option like LocalBitcoins that paved the way to the current P2P platforms where you could sell Bitcoin for USD. Unfortunately, the website has closed down as of writing this article. Score based on genuine user reviews & opinions about the crypto exchange.

You can also earn crypto rewards that deposit into your Coinbase account (reward rates vary). When cashing out crypto, only utilize reputable mainstream platforms, never forex brokers uk forex broker reviews best forex brokers online random peer-to-peer sites or shady offshore exchanges. These introduce massive counterparty risk, fraud exposure, price manipulation, exorbitant fees, and other pitfalls. Don’t let the lure of avoiding ID verification entice you into using disreputable sites.

Keeping Records For Tax Reporting

The downside of Bitcoin ATMs is the high fees that most of them charge. In addition to paying network fees to transfer your Bitcoin, ATMs charge service and transaction fees that can exceed 15% per transaction. This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser.

While unlikely, some users experience delays or account freezes when withdrawing to bank accounts suddenly. This can occur when exchanges suspect fraudulent activity or cannot verify the source of funds. Once signed up at a selected exchange, navigate to the Bitcoin deposit address and QR code. Send your Bitcoin holdings from your existing Bitcoin wallet to the exchange’s provided address. Transactions may take roughly minutes to fully confirm on the Bitcoin network before appearing in your exchange account.

But if you sell when the markets are down, the opportunity cost may be huge. Bitcoin has grown from a digital curiosity to a mainstream investment option. Kraken lets you make withdrawals in a variety of currencies, including US dollars, British pounds, and Canadian dollars.

Steps to Buy Bitcoin with Credit Card

• One of the easiest ways to cash out your cryptocurrency or Bitcoin is to use a centralized exchange such as Coinbase.
• Crypto debit cards are typically connected to a centralized crypto exchange account and allow you to swipe the card for regular purchases.
• Using a peer-to-peer exchange requires sending Bitcoin (or other crypto) directly from your digital wallet to another user’s digital wallet.
• Third-party exchanges and fiat gateways typically charge fees from 3% to 5% for converting crypto into cash, which is high.
• Kraken charges a fee for each transfer, with the fee ranging from $4 to $40.
• The easiest way to do it is through your hardware wallet’s own service.
• While LocalBitcoins discontinued its operations, it has been an important P2P platform since its creation.

However, you also have the option to instantly send money to your Paypal account for smaller amounts. One of the easiest ways to cash out your cryptocurrency or Bitcoin is to use a centralized exchange such as Coinbase. Coinbase has an easy-to-use “buy/sell” button, and you can choose which cryptocurrency you want to sell and the amount. Cryptocurrencies have seen a broad rise in prices top bitcoin and other crypto payment processor over the past few years — despite the volatility that has kicked off 2025 — leaving some traders with solid gains.

Expanding Our Cash Network, Adding Over 22,000 ATMs For Instant Cash Pick Up

When you want to turn cryptocurrency into dollars, you can sell those currencies through Coinbase and withdraw the proceeds. Coinbase deposits the money to your bank account within a few days. You’ll quickly exchange cryptocurrency into cash, which you can access from your cash balance in Coinbase. From there, you can transfer the money to your bank account if you wish. It’s one thing to know you want to convert your bitcoin to cash, but it’s another to know how to cash out bitcoin. Sure, there are several cashout methods, but depending on your situation, each one’s structure, fees, and cashout timeframes might be either a burden or a boon.

Bybit offers all the necessary information about it, so make sure to read it before completing a transaction. If you want to cash out your crypto, using a centralized exchange, online broker, or money transfer app is a low-fee way to sell, but be aware of the limitations that each app has. If you haven’t noticed, most money transfer apps feature the ability to trade crypto. Apps like Cash App and PayPal now have built-in crypto exchanges, making it easy to purchase crypto, as well as cash out crypto holdings. The best bet is to use a platform like Binance.us or FTX.us to save on fees, and quickly cash out your crypto for dollars.

This can be done with a QR code, or by typing in the Bitcoin wallet address to your digital wallet, and sending the requested Bitcoin amount. If you are simply looking to access cash, the Coinbase card can be used at an ATM to withdraw up to $1,000 per day. There are no additional fees to use the card at an ATM, though local ATMs may charge fees for use. So while Bitcoin ATMs are an option to quickly access physical cash by selling your crypto, there is a high cost for the privilege of using them.

This undermines the entire point of interfacing with the banking system. Whenever cashing out crypto gains, be sure to download all transaction records for tax reporting. Exchanges provide CSV files outlining your trading history and cost basis. Hold these files for use later when preparing crypto gains/losses tax calculations. Abiding by “know your customer” regulations, exchanges will also issue 1099 forms if activity exceeds reporting thresholds.

For example, eToro charges a flat 1% trading fee to sell crypto, which is a fairly low rate. Robinhood does not disclose its crypto trading fees, but averages around 0.50% for crypto trades. While not quite as easy as swiping your debit card at an ATM, cashing out Bitcoin (or other cryptos) has gotten much easier over the past few years. So, yes, there are several ways to turn your Bitcoin holdings into cold, hard cash — but there are several things to consider before you do.

Buy, store, swap, spend and cash out cryptocurrency

If you run into an issue and can’t get your money out, your best bet may be dealing with customer service (they seem to be pretty responsive on Reddit). The road to financial equality will be paved by easy-to-use and secure access, and that’s what drives Coinme’s mission. You now know how to cash out Bitcoin using an early P2P exchange, LocalBitcoins. You now know how to turn Bitcoin into USD, EUR, and other fiat currencies using Binance! These apps support a very limited selection of crypto, with Cash App only supporting Bitcoin, and PayPal supporting Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.