How Do I Sell Bitcoin and Other Cryptocurrency?

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How Do I Sell Bitcoin and Other Cryptocurrency?

By now, you have set up your account purchased your first bitcoins, whilst closely monitoring their performance. You may even have already managed to make yourself a healthy profit. Now you want to know how to sell bitcoin and exchange it for other currencies.

The process of selling bitcoin is just as easy as how to invest in bitcoin and it is even more crucial to familiarize yourself with the concept if you hope to turn a profit.

How To Sell Bitcoin

Selling bitcoin is practically identical to when investing in it. In fact, on many cryptocurrency exchanges, they will be situated next to one another with no visual difference.

There will be two boxes visible when you enter the “Sell” section of your exchange platform. One where you enter the amount of bitcoin you want to sell, and another where you select the currency you want to sell it for.

There will likely be a drop-down menu to select. Alternatively, you may have to select it elsewhere on the exchange’s interface. On CoinEx, for example, it is super easy but some exchanges might be different. It is worth noting that the drop-down menu can be changed on both ends of the transaction.

The value of your transaction, minus the exchange’s commission, will be automatically displayed. Then, after one final check that you have entered details correctly and you are happy with the amount, click to confirm the sale. The process is as simple as 3 simple steps:

  • Enter the Buy/Sell Section
  • Fill in the Boxes
  • Double Check and Confirm

Exchange Rates

You cannot always expect the same value every time you try and sell bitcoin because of exchange rates. The value of the sale will be based upon the current exchange rate on the market at that time and will be different virtually every time you make a sale.

Don’t be alarmed if one day your sale is worth less than another, as such figures merely reflect the fluctuation within the market. The most crucial element of how to sell bitcoin is timing and finding the perfect time to sell.

To assist you with this, you need to find an exchange platform that offers up-to-date exchange rates to ensure you get the most accurate price for your transaction. At CEX, they update price every 120 seconds and freeze it there. Thus, you will get the most recent rates, in real time.

Commission

Although commission is important when you first invest, due to the fluctuation of prices, you can make up for the commission over time with wise investments.

When it comes to the process of how to sell bitcoin, it is a bigger issue as it will be reflected in the amount of funds you get for the sale, with no way to fix that over time.

At this stage, it is a bit late as you will already be at an exchange platform. This is why we stress also checking exchange platform reviews prior to committing yourself with any exchange, so you are equipped with the necessary knowledge and understand the type of service you are getting.

What If You Have Made A Loss?

If you have invested in bitcoin but made a loss, this is the very reason why you need to know how to sell bitcoin. Ultimately, patience is crucial in the entire journey that is selling bitcoin, with the end goal being to make a profit.

The cryptocurrency world is an ever-changing one where things can turn around overnight. It is better to ride out the loss and wait for the market to go back in your favour. Otherwise, when it does, you will be kicking yourself like many who bailed out of bitcoin before the boom of 2017.

Bear all this in mind and you will be good to go.

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