So, you bought Bitcoin at a lower price and played the long game by holding, or you made some profit off a day trade. Now you’re wondering how to withdraw Bitcoin to your bank account. Whether you are an amateur or an experienced crypto enthusiast, this knowledge is part of the fundamentals. Here are five methods to withdraw Bitcoin to your bank account for cash, quickly, and easily:
- Through Crypto exchanges
- P2P trading
- Bitcoin ATM
- Use the OTC method
- Use a Broker
Keep reading as I delve into each cash-out method for speedy and secure transactions. Let’s begin!
Five Cashout Methods to Withdraw Bitcoin to Bank Account
1. Through Crypto Exchanges
You can use any trusted crypto exchange like Binance or Coinbase to sell your Bitcoin for cash. Despite a few misses, crypto exchanges are one-stop solutions to get some money for your Bitcoin. Select any trusted exchange, set up an account, and verify your identity to get started.
Once you finish registration, add your bank account, as it is the only way to withdraw cash into your account. Next, you transfer Bitcoin to your account on the exchange. Activate the sell order with the amount and price you want to sell. You might have to take a minute for someone to match your order, but once they do, you can process a withdrawal.
Note: Due to regulations, Nigerians can’t opt for this method and should check out the others on this list.
2. P2P Trading
P2P (or Peer-to-peer trading) is a common method to sell Bitcoin for cash. Many crypto holders prefer it since it eliminates bank interference and withdrawal charges. So here is how it works:
Bitcoin buyers post listings on the platform, often crypto exchanges, with their desired price and other essential information. If you are interested in a buyer’s offer (there are usually many buyers) you follow the platform’s instructions.
Most platforms offer escrow services to ensure the process is secure and scam-free. It is as simple as a typical buy-and-sell trade. You can also opt for P2P Trading with friends willing to buy Bitcoin!
3. Bitcoin ATM
Before you imagine a Bitcoin ATM dispensing cash like a typical ATM — don’t. Instead of the Bitcoin ATM being connected to your bank account, it connects to the internet to keystart Bitcoin transactions. The ATM works simply by scanning your wallet QR code, enabling you to sell your Bitcoin for cash.
Bitcoin ATMs are common, and you can easily spot one through an online search. However, they are known for their high transaction fees compared to other methods. Also, they aren’t as common as typical ATMs, and not all offer the buy-sell feature.
4. Use the OTC method
OTC (or over-the-counter) methods are fast gaining popularity for their ease and speed. Crypto holders can use their Bitcoin for cash using this method that works without an exchange. There are many OTC platforms, but they are not built equal. The Breet app is the best OTC platform in Nigeria and Ghana, offering speedy and direct Bitcoin-to-cash transactions in an easy-to-use app.
Once you decide to sell your Bitcoin, opt for Breet! This crypto-to-cash exchange is a reliable solution provider in Nigeria and Ghana. You get direct bank deposits without any hassle, among many benefits.
5. Use a Broker
If you have your Bitcoin in a broker, you can sell Bitcoin for cash with it. Options like Robinhood or Webull are decent brokers with an extensive crypto-trading platform. Once you complete the trade, you have the money in your account, and you have the option to use it to trade again. Opting for this option is one of the fastest ways to sell your coin for cash.
Frequently Asked Questions (FAQs) About How to Withdraw Bitcoin to Bank Account
What’s the quickest way to sell Bitcoin for Cash?
OTC platforms like the Breet App are the quickest way to sell your Bitcoin for cash and have it deposited in your account. The over-the-counter solution offers speedy and secure Bitcoin-to-cash transactions, which is behind its growing popularity.
How much is Bitcoin selling in Nigeria?
What app converts Bitcoin to Cash?
In Nigeria and Ghana, selling BTC has never been easier with the Breet app. You can exchange your crypto for Naira and Cedis in minutes. Plus, you have an in-app rate calculator, so you know the value of a Bitcoin in real-time as you make your trade.
How long does it take to sell Bitcoin for cash?
It depends on the method you choose. For instance, some P2P trades can take hours. If you fancy speedy transactions, opt for the Breet app. It only takes minutes to convert your Bitcoin for cash at Breet.
How much Bitcoin can you sell at a time?
Most cashout methods have their maximum limit outlined, so it is hard to miss. However, if you want the Naira or Cedis equivalent of your Bitcoin, Breet offers the best rates regardless of how much you are selling!
Selling Bitcoin for cash can be seamless, and the Breet app stands out as a swift and secure option. The app boasts quick transaction speed, and you get your crypto-to-cash deposits in minutes. If you love juicy rates and lightning-fast transactions, you will love Breet. Ready to make the best out of your Bitcoin investment? Try the Breet App for a seamless experience!