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13 Jul 2021

Selling Bitcoin - The Do's and Don'ts

You spent your hard-earned money on Bitcoins. Maybe you worked hard, offered service, or sold a product and received your payment in Bitcoins. Now you've decided to sell your Bitcoin to get fiat money. Well, knowing the do's and don'ts of selling this virtual currency can help you get the most from your investment. So, here's what you should do and avoid selling Bitcoin the right way.

The Do's of Selling Bitcoin

Pick a Crypto Exchange with a High Trade Volume and Security 

Security and volume are two vital aspects to consider when selecting a crypto exchange. High trade volume means you will get competitive rates when selling Bitcoin. That's because you will get more people interested in buying your Bitcoins.

A crypto exchange with high-security measures assures you the safety of the Bitcoin you want to sell via the platform. So, no matter when you sell your Bitcoin, you enjoy the peace of mind knowing that your Bitcoins are secure.

A platform like bitcoin profit has high trade volumes and has adequate security measures. Thus, a successful bitcoin profit means you can sell your Bitcoins safely and efficiently. Nevertheless, you might have to verify your account first.

Send Bitcoins Securely 

After creating an account with a crypto exchange, check the inherent risks and security features, both on the receiving address and Bitcoins' source. Also, double-check the address you want to send Bitcoins to or scan the crypto exchange account before transferring.

Set Your Rates 

Most crypto exchanges provide several fiat currency-to-Bitcoin trading pairs. Therefore, set your preferred price when selecting to sell Bitcoin for British Pounds, US dollars, Euros, or other national currencies. If the price is below your expectations, be patient for it to hit your preferred mark. Of course, you can also sell Bitcoin for other cryptocurrencies.

The Don'ts of Selling Bitcoin

Use a Crypto Exchange with a Questionable Record or High Fees

Crypto exchanges have varying fees. However, a too high price should be a red flag when choosing a Bitcoin exchange. That's because you could earn less than the amount you wanted from your Bitcoin sale. Also, check the reputation of the cryptocurrency. If you notice complaints from other users, avoid the platform when selling Bitcoin.

Share Personal Details with Anyone

When selling Bitcoin, you can encounter challenges that may prompt you to seek assistance. But, like you would not share your ATM card's password with anybody, don't do it with your Bitcoin wallet. Bitcoin transactions are about money. So, if you need help, get it from the official customer support of the crypto exchange.

Beware of people that claim to act on behalf of some crypto exchanges. Ideally, use legit customer service from a representative of the crypto exchange. And this will contact you via live change on the site, app, or email.

Rush to Sell Your Bitcoins

You have several options to consider when selling Bitcoin. However, you want to make the most of the sale. Therefore, research different ways to trade Bitcoin. For instance, check the rates that several cryptocurrency exchanges offer. Also, compare their fees before deciding on the platform to use. That way, you can select the Bitcoin exchange that will allow you to make the most of your Bitcoin sale.

Regardless of your reasons for selling Bitcoins, consider these dos and Don'ts to get the most from your sale. Ideally, don't forget that Bitcoin is money. Therefore, take your time to research the Bitcoin or crypto market. Also, compare different crypto exchanges in terms of their rates, services, and fees. That way, you can optimize the amount you will get from the sale of your Bitcoins.

 

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