When to buy and when to sell bitcoin

Just a decade ago, bitcoin mining could be performed competitively on normal desktop computers. Bitcoin is built on the blockchain , a public ledger containing all the transaction data from anyone who uses bitcoin. Debit and credit cards, on the other hand, allow you to buy bitcoin almost instantly.

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Here is a detailed analysis of each one and how to best approach selling your coins. Before beginning, it is important to understand that Bitcoin is a relatively new phenomenon. As such, taking care of all aspects of buying, storing, and selling your coins is vital. Additionally, due to the volatile nature of the currency, you should be extremely cautious when making investments and never risk more than a small percentage of your wealth. That being said, because the currency is so volatileit can be useful whej both short and long-term investors. If one approaches this correctly, then the gains biycoin be vast.

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when to buy and when to sell bitcoin
Last updated: 15 February Go to Bitbuy’s website This is our quick guide to just one way to sell bitcoin. Compare some other options in the table below. For many people, the main aim when selling bitcoin will be to cash out for CAD, so you can find instructions on how to do that below. However, not all of them allow you to exchange your BTC for fiat currency, and an even smaller amount allow you to cash out to CAD.

Afraid that Bitcoin could be a bubble? Here’s how to sell what you’ve got

Last updated: 15 February Go to Bitbuy’s website This is our quick guide to just one way to sell bitcoin. Compare some other options in the table. For many people, the main aim when selling bitcoin will be to cash when to buy and when to sell bitcoin for CAD, so you can find instructions on how to do that. However, not all of them allow you to exchange your BTC for fiat currency, and an even smaller amount allow you to cash out to CAD.

That said, there are a growing number of exchanges that do, so compare the features of a few to find a platform that meets your needs. You can then sign up for an account by providing your email address and creating a password. Of course, make sure you take a moment to review the full details of the transaction before submitting it. If you want to sell your bitcoin on the exchange where you initially purchased it, skip ahead to step 2.

When you find one that suits your needs, enter your email address and create a password to sign up for an account. Once the coins have arrived in your account, navigate your way to the trading section of your chosen platform. Find the currency pair you want to trade and then enter the full details of your sale.

While you can keep your new crypto in your exchange wallet if you plan on making regular trades, the security risks associated with exchanges mean this is risky and not recommended for long-term holding. With this in mind, find a crypto wallet that supports your new digital currency and allows you to control your private key. Create your wallet, find its deposit address and then transfer your crypto from the exchange into your wallet.

Select the currency you want to transfer, specify your withdrawal amount and then enter your wallet address. Your new cryptocurrency will then be sent to your private wallet for safe storage.

The transaction limits on these exchanges may also be too low for your needs, so anyone looking to sell a large amount of bitcoin should consider an over-the-counter OTC trade. OTC trades are those that take place away from a conventional, regulated exchange, and they offer a simpler and more cost-effective way to buy and sell large amounts of bitcoin. Check out our OTC cryptocurrency trading guide for more info on how this type of trading works. You can do this by asking yourself a few important questions:.

This should help you decide how you want to sell your bitcoin, and you can then figure out which platform has all the features you need. When comparing your options, make sure you consider:. There are several other important features to consider, such as where an exchange is regulated and the payment methods accepted by peer-to-peer trading sites, so check out our cryptocurrency exchange guide for more tips on how to choose the right platform.

Compare ways to sell bitcoin. The step-by-step guides above take you through the process of selling bitcoin on an exchange. Selling on a cryptocurrency exchange Why might you choose this option? Pros: Convenient, quick and easy, allows you to exchange BTC for fiat or a huge range of cryptocurrencies Cons: Withdrawal fees can sometimes be steep, ID verification process can cause delays This is the most popular option for anyone looking to sell bitcoin.

Exchanges act as an intermediary — which means both you and the buyer will need to entrust your funds to your preferred platform, and that exchange will impose trading fees to take a cut of each transaction.

Using an exchange means you have the option to either turn your bitcoin into CAD and withdraw the funds to your bank account, or exchange your BTC for just about any other cryptocurrency in existence. Selling through a peer-to-peer platform Why might you choose this option? If you want to set your own price and enjoy greater control over the sale process. Pros: Could help you get a better price, provides you with more flexibility and control over the sale process, may offer increased privacy Cons: Can take time to find a buyer, risk of fraud when dealing with private buyers Peer-to-peer trades, which are sometimes also referred to as direct trades, offer the option of selling your bitcoin to another person.

Online peer-to-peer marketplaces give you more freedom and control over the specifics of the transaction — you can set your price, nominate how you want to receive payment, and then wait for the right buyer to come.

For example, while some platforms only accept online bank transfers, sites like LocalBitcoins accept everything from cash and credit cards to PayPal and Western Union transfers. The registration process varies from platform to platform, but some peer-to-peer marketplaces allow you to trade with a certain level of anonymity. Selling via a bitcoin ATM Why might you choose this option?

If you want a quick and easy way to turn your bitcoin into cold, hard cash. Pros: Quick and easy, a fast way to cash out your bitcoin when you need fiat currency Cons: Bitcoin ATMs particularly those that let you sell BTC can be difficult to find, and have high transaction fees Bitcoin ATMs allow you to deposit cash and convert it to bitcoin.

However, some of these ATMs also allow you to transact in the opposite direction — in other words, convert your BTC balance into fiat currency so you can withdraw cash. The main advantage of this approach is that it offers fast access to cash, providing an instant way to turn your digital coins into real-world money.

Selling in person Why might you choose this option? Pros: Dealing direct means there are no middleman fees, you can negotiate the price you want Cons: Very risky if dealing with a stranger, more time-consuming than selling online Want to sell some BTC to a friend or family member? If they already have a bitcoin wallet set up, the process is easy. All you have to do is scan their wallet QR code or copy its address, transfer them the BTC, and either accept payment from them in cash or as a bank transfer.

However, you may also be considering selling your bitcoin to a random person, perhaps someone who contacted you through a peer-to-peer marketplace or who you arranged to meet via an online forum. Taking normal safety precautions, such as arranging to meet in a public place, is also a. The final step is to withdraw the proceeds of your sale into either your bank account or your cryptocurrency wallet. Options may include:. Storing your cryptocurrency on an exchange for the long-term is not recommended.

Exchanges control the private keys to these wallets and are also popular targets for hackers, so the safest option is to transfer your crypto into a secure wallet which lets you retain ownership of your private keys. Once again, check whether there are any limits on the amount of crypto you can withdraw per-transaction or in any hour period.

Analyze the market carefully to decide whether you want to sell or hold. Our guide to cryptocurrency technical analysis is a useful tool to help you better understand and read the crypto market. Coinbase only offers buy services to Canadian users. Can I sell bitcoin for another crypto within my wallet? Yes, some multi-currency wallets such as Coinomi and Jaxx come with an in-built exchange service that allows you to quickly swap bitcoin for another crypto within your wallet.

How should I set my price if selling bitcoin on a peer-to-peer marketplace? Look at the current sell offers listed on your chosen platform to get an idea of the average price.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks — they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service including its legal status and relevant regulatory requirements and consult the relevant Regulators’ websites before making any decision.

Finder, or the author, may have holdings in the cryptocurrencies discussed. Daily cryptocurrency news digest and breaking news delivered to your inbox. Don’t miss out! Andrew Munro is the global cryptocurrency editor at Finder.

After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder’s comprehensive range of guides to help people understand cryptocurrency. Click here to cancel reply. You must be logged in to post a comment. Optional, only if you want us to follow up with you. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.

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Please don’t interpret the order in which products appear on our Site as any endorsement or recommendation from us. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Navigate Cryptocurrency Cryptocurrency What is cryptocurrency? Where to buy cryptocurrency Cryptocurrency wallets What is the blockchain? IO A-Z list of exchanges. How to sell bitcoin A simple guide to cashing out your bitcoin for Canadian dollars or another cryptocurrency.

Andrew Munro. Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Quick guide: How to sell bitcoin in Canada Register for an account with an exchange that allows when to buy and when to sell bitcoin to sell bitcoin like BitBuy.

Find your BitBuy Bitcoin wallet address. Transfer your Bitcoin to your BitBuy wallet address. Go to the Bitcoin section and select sell Bitcoin. Enter the amount you want to sell and check the price. Check the transaction details and confirm the sale if everything is in order. Withdraw funds from BitBuy to your bank account.

Go to site View details. Coinberry Cryptocurrency Exchange. Buy cryptocurrency with CAD on this beginner-friendly Canadian exchange through credit card, wire transfer and several other payment options. Kraken Cryptocurrency Exchange. Buy, sell and trade a range of digital currencies on this high-liquidity exchange — suitable for beginners right through to advanced traders.

UK residents: In addition to normal crypto trading, Kraken offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service.

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