How to sell Bitcoins
To sell bitcoins is again more or less same way as buying bitcoins. We have following options to sell bitcoins :
Sell Bitcoins through exchanges.
There are now exchanges in almost all countries. A list is given herebelow. This list is same as mentioned in my “Buying Bitcoins” post. This is better option than others since normally exchanges offer very low brokerage rates, usually 0.2 to 1% per trade. You need to register yourself and complete KYC and AML requirements.
|Huobi||China & HK|
Sell Bitcoins online to individuals :
There are many sites which register individuals interested to buy or sell bitcoins. In this case no KYC or AML is required. You register whether you want to buy or sell bitcoins. You may also quote your price and anyone interested to buy your bitcoins at your price will contact you. Some such sites are :
i) Localbitcoins.com : This is one of the popular site which has information of the individuals interested in buying and selling bitcoins. One can register on this site and give quantity and desired rate to sell their bitcoin. This site offers escrow service too. Usually you can get a good price on localbitcoins as localbitcoinbuyers are usually willing to pay premium of 10% over usual market price. The seller can specify the mode of payment preferred.
ii) Bitcoin Meet up group : bitcoin.meetup.com : This is a site for people who would like to meet personally and trade in Bitcoins. This site helps you organise meetings at your local location provided you have enough people interested to meet and discuss trade of bitcoins. You may refer this site to see if there is a Bitcoin meet up group in your city or country.
Besides trading among the group members you can discuss regarding Bitcoin as the group has members with common interest.
Sell bitcoins at an ATM
Three are now 1600 ATMs for bitcoins. However all of them do not buy and sell bitcoins. Some of them only buy. You need to check if there is an ATM nearby and if bitcoins can be sold on that ATM for cash. Information regarding this can be checked at Coin ATM Radar. You can check if there is an ATM around your location and whether it only facilitates buying bitcoins or if it also allows selling bitcoins. Usually ATMs charge 5-10% commission on each sale transactions.
- Buying merchandise online with Bitcoins : It is not that everytime you need to get cash for your bitcoins. If you have bitcoins, you can encash them by buying merchandise online. Now a days you can buy almost everything online using bitcoins.
6. Institutional Selling : If you are an institution and want to sell large amount of Bitcoins then OTC Trading is the right solution. Genesis and itBit are more common OTC trading sites.