If you live in the United Kingdom and want to sell Bitcoin (BTC) for GBP, the procedure will vary depending on the account where you have deposited your Bitcoins. For example, if your Bitcoin assets are held by the same broker from which you purchased them, you can immediately make a sell order. However, if you keep your Bitcoin tokens in a private wallet, you must take a number of steps.
If you’re interested in selling your Bitcoins for GBP, hunt through the article to know the complete process.
A Step-by-step Guide To Selling Bitcoin UK
Selling Bitcoin in the UK through a licensed broker is the safest option. eToro comes out on top in this category because the broker is approved by the FCA.
Here’s a quick guide to selling Bitcoin in the UK on eToro.
- Step 1: Create an eToro account: Before you can buy or sell Bitcoin in the UK, you must first sign up with eToro, an FCA-regulated broker. Don’t feel nervous, this should only take you a few minutes to complete the step.
- Step 2: Confirm Identity: FCA brokers, such as eToro, must also authenticate all customer accounts. It only takes a couple of minutes to confirm identity. It only demands your passport copy or driver’s licence.
- Step 3: Get eToro Wallet: You must first download the eToro crypto app to deposit your Bitcoins. The app supports both iOS and Android devices. After completing the installation process, you can move the Bitcoins to the distinctive wallet address given by the eToro app.
- Step 4: Sell Bitcoin: After transferring bitcoins to your eToro wallet, you must sell them. Your sell order will be executed by eToro in a couple of moments. The money will subsequently appear in your eToro cash balance.
- Step 5: Withdraw Money: At this point, you may withdraw your cash from eToro and deposit it into your bank account. You can perform the necessary procedures from your account dashboard.
List Of Best Brokers To Sell Bitcoin UK
If you wish to sell Bitcoins in the UK, you must do so through a reputable broker. There are a lot of brokers in this market, some of whom have an excellent reputation. However, there are many Bitcoin brokers who trade without a governmental licence or who are known to demand exorbitant fees. As a result, it’s critical to perform some investigation before settling on a platform.
I’ve reviewed a few of the finest brokers for selling Bitcoin in the UK.
I discovered that eToro is by far the greatest trading platform for selling Bitcoin in the United Kingdom. The most crucial point to note is that eToro is approved and governed by the FCA, so you can be confident that you are dealing with a trustworthy broker. Over 20 million individuals use eToro, which has been in the brokerage business since 2017. The procedure for selling Bitcoin on eToro is fairly straightforward. To begin, you must create an account and provide a copy of your ID, as required by FCA laws.
Then, you must download the eToro wallet, which is accessible as an Android or iOS app.
Then, copy your eToro Wallet address and go to the place where the tokens are now kept. After you have transferred the Bitcoin tokens to your eToro wallet, you may cash them out. Lastly, you may request a withdrawal, which will move the funds to your UK bank account. That’s all there is to it.
Coinbase, a cryptocurrency exchange established in the United States with over 56 million customers, has just joined the UK market. This implies you can easily sell Bitcoin in the UK via the platform. You must first set up an account and give a copy of your passport or driver’s licence, as with eToro. This is to guarantee that Coinbase abides with UK anti-money laundering legislation.
The next step is to access your Coinbase wallet and note down your personal bitcoin wallet address. Then, its time to transfer your bitcoins from your external wallet and allow time for the tokens to come. It normally takes 10-20 minutes to transfer.
You will next be forced to execute a manual trade by looking for BTC/GBP. This indicates you’re exchanging Bitcoin for GBP.
When you finish the sale, the money will appear in your GBP wallet. Then you just request a withdrawal back to your UK bank account. Although Coinbase has earned a good repute but it is amng those exchanges that charge a high fee. In reality, the site will cost you a 1.49 percent fee to trade Bitcoin in the UK.
Wirex is a cryptocurrency-friendly currency account that accepts fiat currencies (e.g., GBP, EUR, USD) as well as for cryptocurrencies (e.g., Bitcoin). They also offer one of the best bitcoin debit cards available in the UK and Europe right now.
Wirex will impose a fixed 1% fee when exchanging Bitcoin (BTC) into GBP in 2021. However, there is a secret fee in the conversion rate that ranges between 1% and 1.5 %. That implies you might spend up to 2.5 percent on Wirex fees.
You may withdraw GBP from Wirex via the Faster Payments Service (FPS), which means it will often be in your bank account within a few hours.
You may also keep your GBP in your Wirex account and spend the rest with your crypto debit card. It is recognized everywhere as a standard Visa debit card. Although this crypto debit card is free to purchase, there is a £1 monthly administration fee.
Bittylicious has been in business since 2013. It initially had offices in the United Kingdom, but it relocated to the Isle of Man at the beginning of 2021.
With a start rating of 4.9 out of 5 on Trustpilot, they are reliable and very well-liked by twelve hundred user reviews. And, according to Trustpilot, they are a top-rated Cryptocurrency Service firm!
Their user interface seems to be out of date. On the bright side, it’s user-friendly and provides ease of use to its clients which is the best thing about it.
Trading costs vary from 2 to 3%. This is factored into the Bitcoin (BTC) price you will be quoted so that it will be somewhat lower than the actual BTC to GBP conversion rate.
They accept UK bank transfers through the Faster Payments Service (FPS). Most of the time, you can sell your Bitcoin (BTC) and it will be transferred to your bank account within a few hours.
Binance is a well-known cryptocurrency exchange with over 100 million customers. Till now, UK clients could sell Bitcoin for GBP through Faster Payments network. The FCA has subsequently put a stop to this, thus fiat cash withdrawals are no longer possible in the UK.
However, if you are planning to sell Bitcoin for yet another cryptocurrency, Binance is still worth exploring. If you are, you will have accessibility to hundreds of individual crypto assets of all sizes and types. Binance will provide a trading volume against Bitcoin for popular tokens like Ethereum, Tether, or BNB, as well as smaller initiatives such as AAVE or Decentraland.
Furthermore, the costs associated with selling Bitcoin for cryptocurrency at Binance are quite minimal. In actuality, you will only be charged a 0.10 percent commission. This implies that if you sell £5,000 worth of Bitcoin for Ethereum, you will only pay a £5 fee.
Is It The Right Time To Sell Bitcoin UK?
The main goal is to invest a specific amount of money and then sell out at a high rate in the future. However, understanding when to sell Bitcoin in the UK might be difficult because it is impossible to predict whether the price will keep climbing or fall.
For example, in early 2020, the price of Bitcoin plunged precipitously, reaching lows of roughly $5,000 per token. However, less than a year later, the digital currency reached all-time highs of $64,000. This implies that if you worried and sold your Bitcoin tokens for $5,000, you would have lost out on some substantial gains.
Congratulations! Now you’re able to sell Bitcoin in the UK after thoroughly reading this article. Time to recap: you would need a licensed broker on your side who is legally permitted to accept fiat currency transactions. Because the platform is authorised and licenced by the FCA, eToro is an excellent choice.
Right after opening an account on your favourite exchange like etoro, and transferring your bitcoins to the etoro wallet, you could sell your bitcoins anywhere. Finally, it would be a matter of seconds to sell bitcoins and withdraw your cash in GBP from your UK bank account.