Are you struggling to sell your bitcoins? If you live in the UK and want to convert your Bitcoin (BTC) into cash, the procedure may vary depending on where your tokens are kept right now. For instance, you may simply issue a sell order if your Bitcoin investment is being held by the same broker that you used to make the transaction. However, there are extra measures to do if you are keeping your Bitcoin tokens in a private wallet.
Whatever your conventional practice of storing bitcoins, we’ll guide you through the complete procedure of how to Sell Bitcoin UK.
A Short Guide on Selling Bitcoin in the UK for 2022
Without a doubt, using a licenced broker is the most secure and affordable option to sell Bitcoin in the UK. Since the broker is subject to FCA regulation, eToro clearly wins in this case. Also, don’t forget to track the price of your bitcoins before selling. A trading bot such as yuanpay group might help you in this regard. If the price goes up, be ready for selling.
Here is a simple tutorial on how to sell Bitcoin in the UK.
- Sign up for a brokerage account: First, you have to choose the trading platform according to your needs and preference. We here use the eToro trading platform as it is one of the best brokerages in the UK.
- Confirm Identity: Brokers regulated by the FCA, such as eToro, are also obligated to confirm the identity of every customer account. Again, you shouldn’t need more than a few minutes for this, and all you need is a copy of your passport or driver’s licence.
- Download eToro Wallet: You must download the eToro cryptocurrency app in order to deposit your Bitcoin tokens. Mobile phones running iOS and Android can use the app. After installation, send the Bitcoin tokens to the specific wallet address provided by the eToro app.
- Sell Bitcoin: You must then sell your Bitcoin tokens once they appear in your eToro wallet. Your sell order will be carried out by eToro in a matter of seconds. After that, the money will appear in your eToro cash balance.
- Take money out: Finally, you may transfer your remaining cash amount from eToro to your bank account. The necessary actions may be finished from your account dashboard.
Selling Bitcoin On Peer-to-peer Bitcoin Exchange
The trading of bitcoin and other cryptocurrencies is made possible by a number of platforms that provide a place for traders to place their buy and sell orders.
In many countries, these platforms aren’t legally categorised as exchanges or “money transmitters” because their primary function is to connect individuals, therefore in such situations, using them doesn’t necessitate disclosing your identity. P2P networks can therefore be a desirable way to acquire bitcoin for customers who are concerned about their anonymity. This implies that there are usually plenty of customers for such sites.
It’s crucial to keep local regulations in mind while peer-to-peer selling bitcoin. If you sell more than a certain amount each day, week, or year, you risk breaking the law in many countries.
Typically, the procedure for selling bitcoin on a P2P site goes like this:
- You may either make a listing for the quantity of bitcoin you wish to sell or check through those of buyers.
- Start a trade. By doing this, you secure the bitcoin you plan to sell by placing it in escrow.
- Verify that the accepted payment amount and payment method have been received. Be aware that this can even include meeting the customer in person and taking payment in person. The site will transfer your bitcoin to the buyer’s wallet once you’ve verified payment.
Factors To Note When Choosing A Trading Platform For Selling Bitcoins
The important things to think about when deciding how to sell Bitcoin in the UK are covered in the discussion that follows to assist clear up any confusion.
- Investment: As was already said, you may sell bitcoin for cash or other cryptocurrencies. In any case, this is the first item you should consider.
- Regulatory oversight: Regardless of whether you wish to sell Bitcoin for GBP or another cryptocurrency, you need to think about your broker’s regulatory status. For instance, the FCA, SEC, and CySEC all oversee eToro. However, the majority of platforms in this industry are not regulated, thus it is imperative to confirm this before moving further.
- Fees: To sell Bitcoin in the UK, your selected broker will impose a fee on you. When you sell Bitcoin back to cash through eToro, the spread is only 0.75%.
- Withdrawal Options: You should also take into account the withdrawal methods that the broker accepts. For instance, eToro offers bank transfers, debit/credit cards, and e-wallets. Before you may make a withdrawal, you might be required to verify your desired payment method in accordance with KYC rules.
- Customer Service: The process of selling Bitcoin may seem intimidating if you are brand-new to the world of cryptocurrency. In this situation, choosing a broker with excellent client service is recommended. A 24/7 live chat service is available from eToro.