Selling Cryptocurrency in 2023: Methods & Best Practices

There are many reasons to sell cryptocurrencies, such as wanting to get out of investments, rebalancing a portfolio of investments, needing traditional money, and so on. In this situation, the most important thing is to know how to sell coins safely without losing value.

You can get the money from a sale today in almost any way you want, including on a bank card, because there are so many ways to do it. But this can cost a lot or require you to prove who you are, so you need to take some time to choose a method that will work.

How to Sell Cryptocurrency in 2023: 5 Options

Exchanges

Cryptocurrency exchanges have everything a user needs to sell and withdraw their cryptocurrency. A lot of exchanges accept bank cards and other ways to pay with fiat currency.

Exchangers

If we look at the number of payment directions, then the exchangers may not have any competition. Many of these services work with anywhere from 5 to 20 popular cryptocurrencies and offer dozens of ways to pay with fiat currency. After going to the site you want and choosing the direction of the exchange, you’ll need to fill in the necessary information, such as the details for where the final funds will be sent, the amount of the exchange, and any discount codes.

Start the exchange by moving the cryptocurrency from your wallet to the exchanger’s address. Be careful when sending the amount. Some exchangers are set up to automatically recalculate, while others will simply not pay you if you send the wrong amount that was originally shown. Then you’ll need to send a letter to technical support.

Check to see if the payment was made. Wait for the application to be processed and for the money to come back. Most of the time, this doesn’t take more than 40 minutes for Bitcoin and much less for cryptocurrencies that work much faster.

p2p Platforms

The exchange acts as a mediator when there are disagreements, and it has an escrow account to make sure that everyone involved in a transaction is safe. How to sell cryptocurrency through a peer-to-peer exchange:

• Sort the list of all the offers so that only the ones that meet the requirements are left.
• Pay attention to the exchange rate and the buyer’s rating, which is made up of things like the number of positive reviews, the number of transactions, and so on.
• Go to the page for the transaction, contact the seller, and talk about the options for the transfer. You will be given an address where the cryptocurrency needs to be sent within a certain amount of time.
• In exchange, the buyer will send the fiat to the information you gave.

Cryptomats

When you sell cryptocurrency through a cryptomat, you can get cash.

How to use an ATM to sell cryptocurrency:

• Choose Sell or Sell from the list of options on the screen.
• Type in amount.
• Scan the QR code on the screen with your mobile wallet, and then confirm the transaction.
• Check it out. After waiting for the transaction to be confirmed, go to the ATM and use the built-in scanner to read the check. If the payment was confirmed by the miners, you will be given the correct amount of cash.

Electronic Payment Systems

Digital coins can also be sold through payment systems that are made to do different things with assets and trade them for each other. The following describes how to work with them:

• Make an account in the payment system and, if the rules say so, verify it.
• Put cryptocurrency into the account (as a rule, the most popular assets are supported, such as Bitcoin, Ethereum, Litecoin, Tether USDT).
• You can sell your virtual assets for real money and, if you need to, withdraw your money to a card or in any other way the system lets you.

How to Choose The Best Method for Selling Cryptocurrency

First of all, it all depends on why you want to sell the cryptocurrency and what your goals are. For example, you can use an exchanger for a quick sale, but depending on the rate, it may not be as profitable as an exchange. And if you don’t want to get money on a card but would rather have cash, you could use a cryptomat or a peer-to-peer exchange. But some currency exchanges and payment systems also accept cash.

Because of this, it is impossible to say for sure that some methods are better than others. Each has good and bad points. Use the following signs to help you decide:

• Safety and a good track record. The sales process should have as little risk as possible. If you choose services that have been used before, the risks will be less, but they won’t go away completely. For example, hackers could break into a centralized exchange.
• Convenience. When making an exchange, it’s easier to do it quickly and easily if you only have to do a few things.
• Cost. Rates and commissions are different on each platform in a big way. The goal is to figure out which of all the possible ways to sell the coins will get you the most money.

There probably isn’t a way to combine three things at once. So, you will have to weigh the situation and decide how to move forward.

Summary

As you can see, selling as well as buying cryptocurrency isn’t all that hard, but it does require some care and attention to detail. Pay attention to what your country’s laws say about this so you don’t end up in trouble. Also, only use tried-and-true services and platforms. Even if you see an offer that seems too good to be true, it could be a scam. Sites that have a good name are sure to pay out money.