How can I cash out my Bitcoin to USD?

There are many things to consider when cashing out Bitcoin. Here are a few:

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Third-Party Broker Exchange

A third-party broker is just another name for an exchange. Most cryptocurrency exchanges do not allow you to deposit funds using fiat money, however, some do.

How it works is like this: You deposit your Bitcoin into the exchange, then once the exchange has received your Bitcoin, you can request a fiat currency withdrawal. The most common way to do this via a bank (wire) transfer.

To make sure brokers do not break money laundering laws, you will need to withdraw to the same bank account that you deposited with. If you have never deposited fiat on to a broker exchange, then you will more than likely need to make (at least) one deposit first.

This can be annoying, I know… but that’s the way it goes.

If you decide to cash out your Bitcoin using a broker exchange (such as Coinbase), then it will normally take about 1-5 days for the money to reach your account. For EU customers, payments are made via SEPA (withdrawals paid in Euros). However, if you want to sell Bitcoin for USD, brokers normally use the SWIFT payment method.

And that’s how to cash out Bitcoin using a broker exchange — skip the next section to follow instructions on how to do this.

However, if you’d prefer the more anonymous & less time-consuming approach, let’s look at how to sell Bitcoin for cash using a peer-to-peer platform!

Peer-to-Peer

If you don’t like the thought of having to wait three days for cashing out Bitcoin, you should consider using a peer-to-peer selling platform like LocalBitcoins.

When selling Bitcoins to other people on LocalBitcoins, you can decide which payment method you want the buyers to use. These include:

• Cash deposit: You can ask the buyer to deposit cash into your bank account. However, you should always ask them for proof of ID and proof of Payment before releasing your Bitcoins to them.
• Bank Transfer: You can ask the buyer to send you a bank transfer payment. Before trying this method on how to cash out bitcoin be sure to always request proof of ID from the buyer before going ahead. Once you have received the money, you can release the Bitcoins to them.
• Meet in person for cash: You can arrange to meet up with a buyer who is local to you, and they will pay you in cash for your Bitcoins.

P2P selling is safe if you know what you’re doing. However, it’s important to be aware of fraudsters. LocalBitcoins offer a good level of safety because of their escrow service. This keeps your Bitcoins locked until you confirm the payment has been received from the buyer.