How To Cash Out Your Crypto Or Bitcoin | Bankrate

Compare accounts

Get guidance

Compare accounts

Get guidance

Money market accounts

Money market accounts are similar to savings accounts, but offer some checking features as well.

Get guidance

Banking

Unlock financial rewards by signing up for a savings or checking account with a bonus offer.

Get guidance

Compare rates

Get guidance

Compare rates

Get guidance

Buying & selling

Find an expert who knows the market. Compare trusted real estate agents all in one place.

Get guidance

Compare investments

Get guidance

Compare plans

Get guidance

Finding an advisor

Get guidance

Compare cards

Find my matches

See your card matches

Answer a few quick questions and we’ll show you your top credit card options.

Compare cards

See what the experts say

Read in-depth credit card reviews to find out which cards have the best perks and more.

Get guidance

Get advice

Build credit

Compare lenders

Get guidance

Compare lenders

Get guidance

Compare lenders

Get guidance

Compare lenders

Get guidance

HELOC

A HELOC is a variable-rate line of credit that lets you borrow funds for a set period and repay them later.

Home equity basics

Home equity loans

Home equity loans let you borrow a lump sum at a fixed rate, based on how much of the home you own outright.

Get guidance

Compare rates

Get guidance

Compare rates

Get guidance

Compare companies

Get guidance

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.

Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

Editorial disclosure

All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication.

How to cash out your crypto or Bitcoin

Bankrate is always editorially independent. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money . Our Bankrate promise is to ensure everything we publish is objective, accurate and trustworthy.

The Bankrate promise

Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.

Bankrate follows a strict editorial policy , so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts , who ensure everything we publish is objective, accurate and trustworthy.

Our investing reporters and editors focus on the points consumers care about most — how to get started, the best brokers, types of investment accounts, how to choose investments and more — so you can feel confident when investing your money.

The investment information provided in this table is for informational and general educational purposes only and should not be construed as investment or financial advice. Bankrate does not offer advisory or brokerage services, nor does it provide individualized recommendations or personalized investment advice. Investment decisions should be based on an evaluation of your own personal financial situation, needs, risk tolerance and investment objectives. Investing involves risk including the potential loss of principal.

Editorial integrity

Bankrate follows a strict editorial policy , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.

Key Principles

We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.

Editorial Independence

Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.

How we make money

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.

Bankrate follows a strict editorial policy , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.

We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.

Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.

Bankrate is always editorially independent. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money . Our Bankrate promise is to ensure everything we publish is objective, accurate and trustworthy.

Table of contents

Table of contents

Table of contents

Our writers and editors used an in-house natural language generation platform to assist with portions of this article, allowing them to focus on adding information that is uniquely helpful. The article was reviewed, fact-checked and edited by our editorial staff prior to publication.

Cryptocurrencies have rebounded in 2024, leaving some traders with solid gains. Some crypto holders may be looking for ways to cash in on current market enthusiasm by selling their digital assets.

If you’re selling any asset, then you’ll want to understand the tax implications. You may owe a bundle if you’re booking a capital gain , and the tax rate will depend on the holding period, among other things. Of course, you may be able to claim a write-off if you’re selling at a loss. But if you think crypto may continue its recovery, it might be better to stick around and wait.

Here are five ways you can cash out your crypto or Bitcoin .

1. Use an exchange to sell crypto

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.

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.

And while Coinbase is a popular option to sell cryptocurrency, it’s likely most useful to go with whatever exchange currently holds your coins , if you don’t have custody of the coins yourself. Some of the top exchanges include Binance and Kraken .

2. Use your broker to sell crypto

If a broker holds your crypto coins, then the easiest route is simply to go with that broker. For example, if you’re a client of Robinhood or Webull , both of which allow extensive crypto trading, then it will be easiest for you to just execute a trade on their platform and be done with it.

After you complete the trade, you’ll have the cash in your account and be ready to trade again.

With the introduction of spot Bitcoin ETFs in 2024, investors have a simple way to buy and sell Bitcoin using a familiar structure. ETFs trade on an exchange and are available through most brokers and the expense ratios on several funds are below what you might pay to trade on a crypto exchange.

3. Go with a peer-to-peer trade

You can also do a direct trade, selling your cryptocurrency directly to another person through another entity. The most popular way is through a peer-to-peer online platform that allows sellers to find the best offers through an exchange, though one could even do it in person if needed.

With an online peer-to-peer trade, you can sell cryptocurrency online in exchange for dollars. These transactions are often facilitated by an exchange, and Binance runs a well-known online peer-to-peer platform called Binance P2P. After agreeing to a trade, the platform escrows your crypto. 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.

Another popular option is the online platform Paxful. Sellers have the ability to set their own rates and can choose from more than 350 payment options, such as cash, gift cards or other digital currencies. Clients can sell directly to over 12 million users worldwide, according to the platform’s website.

4. Cash out at a Bitcoin ATM

Cashing out at an ATM is the equivalent of selling your Bitcoin, says California Bitcoin ATM company Hermes Bitcoin. Bitcoin ATMs are a way to get immediate access to cash using your bitcoins. Bitcoin ATMs do not operate like traditional ATMs. In order to make a cash withdrawal and sell your Bitcoin from the ATM, the machine provides a QR code to which you send your Bitcoin. You simply wait a couple of minutes and receive your cash.

The commissions on Bitcoin ATM trades can be tremendously high , however, so it’s important to note how much you’re paying and whether it’s worthwhile to go another route.

5. Trade one crypto for another and then cash out

Some exchanges do not allow the conversion or selling of some cryptos to dollars, so you’ll need to take an indirect route to get your cash. Depending on which exchange you use, you may need to transfer or convert your cryptocurrency to another popular currency such as the stablecoin Tether, before finally converting to dollars.

Bottom line

Traders have a number of ways to sell their cryptocurrency. Popular crypto exchanges are always a good bet, as they are reliable and well-known, while online platforms with peer-to-peer selling may allow for flexibility of payment. You can go the convenient route and use a Bitcoin ATM to get fast access to your crypto but at a significantly higher commission.

If you sell your cryptocurrency, however, it’s important to understand that you could be creating a tax liability, so you’ll want to be sure you account for taxes in your decision to sell .

— Bankrate’s Logan Jacoby contributed to an update of this article. Former Bankrate reporter Georgina Tzanetos contributed to an earlier version of this article.

You may also like

12 ways to save money every day

How to make an international money transfer

How to open a money market account: 5 steps to take

How to give cryptocurrency as a gift

Bankrate logo

About

Help

Legal

How we make money

Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.

Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access
BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access

© 2024 Bankrate, LLC. A Red Ventures company. All Rights Reserved.

• Fiat Wallet - USD Withdrawals via ACH
  
• How to cash out your funds using the Coinbase app
  Sell crypto securely and receive your cash quickly with BitPay. Enjoy competitive exchange rates and low fees on all transactions. Start converting your ...
• How to Cash Out Bitcoin: Top Methods to Convert BTC ...
  Choose the cryptocurrency and amount you want to sell, and once it's converted into fiat, then you can withdraw it to your bank account. This ...
• How to Turn Bitcoin into Cash
  Start an instant card cashout · Make sure you have an eligible cash balance (you may need to sell or convert crypto to your cash balance). · From your cash ...
• How to Sell Crypto UK: 8 Ways to Cash Out Bitcoin
  You can sell cryptocurrency for fiat on MoonPay within a few minutes. If you are using a VISA Fast Funds card, you will receive the payout within 30 minutes.
• What is the easiest way to turn Bitcoin back into cash?
  Instant Fiat Payout: The fiat equivalent is instantly deposited into their linked bank account (SEPA, FASTER) or card (Visa/Mastercard). This ...
• Sell cryptocurrency
  Why sell with MetaMask. Direct Conversion: MetaMask's Sell feature enables you to cash out your crypto to fiat currencies with just a few clicks, offering ...
• Sell Crypto: Convert to Cash Fast, Securely & with Low Fees
  There are several methods to do so. You can use centralised crypto exchanges or P2P platforms, visit a Bitcoin ATM, or get a crypto debit card.
• Sell Bitcoin instantly: convert your crypto to fiat
  HEADS UP: Sorry guys, I had to disable comments on this video too. Way too many scammers/spammers targeting this video.
• How to Turn Bitcoin into Cash Instantly
  Find one of over 6,000 Coinme-powered Coinstar Bitcoin ATMs to instantly turn cash into crypto. Turn cash into 7 supported cryptocurrencies, instantly!