If you're planning to sell your Bitcoin and turn them into cash, Binance offers three easy methods to help you.

In the crypto world, many investors like to HODL. However, it is understandable that there are times when they need or want to sell their crypto assets. After all, Bitcoin and cryptocurrencies still have many flaws, and they are still not widely accepted as cash these days.

Luckily, cryptocurrency is a liquid asset that can easily be converted into cash, allowing you to access a wider variety of products and services. As one of the largest, well-known crypto exchanges in the world right now, Binance offers multiple convenient ways to turn your BTC into cash. Let's learn more about each of them.

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Should I Sell My Bitcoin Assets?

At first, selling your coins and turning them into fiat currencies might sound like the best idea. However, it's important to realize that crypto transactions have grown significantly in the past few years, so now there are loads of ways to make use of your crypto assets aside from trading. Consider the following alternatives before you decide to sell:

 

Convert Your Crypto to Stablecoins

If you choose to sell your BTC and turn them into cash because you want to protect yourself from price fluctuations, then don't sell immediately. Consider converting your BTC to stablecoins like BUSD instead. Stablecoins are specifically designed to protect their holders from extreme price fluctuations without having to cash out and pay fees in the process. This option might even cost you less than having to go through the hassle of converting crypto into fiat currencies.

 

Use Crypto for Daily Transactions

Another alternative is to just use your crypto for regular day-to-day transactions. One great way of doing so is by using the Binance Card, which allows users to use crypto on their Binance account balance to pay bills anywhere in the world. It basically works like a regular debit card, except it holds cryptocurrency instead of fiat money. The card is now supported by various merchants in most countries in Europe and more regions to follow in the future. This way, you can use crypto to make simple transactions like buying coffee or groceries.

 

3 Ways to Turn Bitcoin into Cash

If you still believe that turning your BTC into cash is the best way to go, there are several options that you can choose on Binance, such as:

 

1. Binance Convert

Binance Convert is a simple tool that can be used to buy or sell cryptocurrencies with just a few clicks without having to go a great length and place orders on a trading platform. You can instantly convert your crypto assets anytime according to a live price based on current market conditions with no fees. The platform supports over 350 crypto tokens, including Bitcoin and Ethereum. The exact price details can be seen on the token list.

It is worth noting that Binance Convert is connected to your Spot Wallet and Funding Wallet, so you can easily access them anytime you want. Also, the minimum and maximum amount should be dependent on the coin or pair that you use.

 

2. Binance P2P Platform

Binance P2P platform is an excellent peer-to-peer marketplace where you can sell Bitcoin and cryptocurrency by using your preferred payment method. In addition, you can choose your preferred currency and determine your own price. You simply need to make a deal with other traders, convert the crypto into cash, and deposit the cash into your bank account.

Essentially, this can be done in four easy steps:

  • Step 1: Post an ad on the platform
    Post an ad that contains your preferred payment method, currency, and the amount of BTC that you are planning to sell. However, before posting, make sure to meet the following requirements:
    • Registered for more than 30 days.
    • Completed identify verification and SMS authentication.
    • Completed a minimum of 20 P2P orders.
    • Have a 30-day P2P order completion rate of at least 80%.
    • Completed P2P trades with at least 10 unique counterparties.

  • Step 2: Place an order
    Once you place the order, your crypto will immediately be escrowed on the platform. At this stage, you just have to wait until the buyer transfers the money to your account.

  • Step 3: Confirm the payment
    Check the transaction record in your payment account and make sure that you receive the money sent by the buyer.

  • Step 4: Release the crypto
    Once you check everything and you confirm the receipt of money, release the agreed amount of crypto to the buyer and complete the transaction.

 

3. Trade Your Bitcoin to Fiat and Withdraw Them

Lastly, you can sell your BTC by trading them off on the platform. Binance recently launched support for the storage of several fiat currencies, including the Euro (EUR), Brazilian reais (BTL), Australian dollar (AUD), British pound (GBP), and the Turkish lira (TRY). If you want to sell your BTC to any of those fiat currencies, you just need to sell the crypto in the corresponding trading pair, then withdraw the fiat currency you earned from that transaction.

There are other advantages of selling your Bitcoins on Binance. Firstly, the crypto exchange supports over 300 payment methods, which include bank transfer, SEPA transfer, SWIFT transfer, cash deposit to bank, cash in person, online wallet, and mobile top-up. You can also choose between three Binance platforms, namely Binance desktop, website, and Binance app. All of them have the same low fees and benefits.

 

Things to Consider Before Selling

Before you really decide to sell your coins, it's important to consider the following things:

  • Taxes: If you generate profit from selling your coins, then you will have to pay taxes for your profit income. To make things easier, Binance allows you to download a complete file of all of your transactions for tax purposes.
  • Fees: Usually, this matter is very crucial for traders. Converting crypto into fiat can be quite costly in most exchanges. Thankfully, Binance P2P platform does not charge fees for selling your BTC, so you can sell as little or as much as you want without having to worry about expenses.
  • Speed: Most exchanges take at least a few days to transfer funds. However, Binance is able to transfer your crypto instantly, depending on how fast the buyer makes the payment and the payment method that you prefer.

 

The Bottom Line

When buying stocks, a good rule is to hold them for at least a few years. This rule, however, does not always apply in the much more volatile crypto market. There are many reasons why selling crypto might be the best way to go, regardless of how long you've been holding on to the asset. For instance, you may find that the value of your holdings has doubled or tripled and you want to take profit, or perhaps you want to make better use of your money, so you sell your crypto holdings and turn them into fiat.

Whatever your reason is, you need to think it through. As explained in this article, selling crypto is very easy to do on crypto exchanges like Binance. You can do it anywhere and at any time with zero fees. Now you just have to make sure that you take the right decision. Before selling, don't forget to consider how much you're planning to sell, what payment method you choose, and the tax implications.