Have you decided to sell your Bitcoin? Maybe you have Bitcoin holdings amounting to over $50,000. In that case, selling your Bitcoin via an ordinary cryptocurrency exchange might not be a wise option. That’s because the platform might lack sufficient liquidity. Therefore, the processing time might be slower. Also called slippage, slow processing times occur when the network focuses on a significant sell order at the expense of other buy orders, leading to a price drop.
Many cryptocurrency exchanges also have transaction limits that could be too low for your sale. For this reason, you may want to sell Bitcoin via an over-the-counter trade. Over-the-counter trade takes place away from a regulated, conventional crypto exchange. Also, this option offers a cost-effective and more straightforward way to sell and buy Bitcoins in bulk.
How to Select the Best Method to Sell Bitcoin
There’s no single method that suits everyone when selling Bitcoin. A technique that works for one Bitcoin holder may not be a good fit for another. Therefore, take the time to analyze different ways to sell Bitcoin and determine the option that suits your needs. To do this, ask the following questions.
- Why do you want to sell Bitcoin now?
- In which currency do you wish to receive the funds after the bitcoin is sold?
- Will you take a price below the current market rate?
- Can you negotiate the price with the buyer?
- How do you want to get your payment after selling Bitcoin?
Your answers to these questions should help you decide on the best way to sell your Bitcoin holdings. But this might not be sufficient to help you sell your Bitcoin. Also, select the platform via which you can sell your crypto holdings.
Choosing the Best Platform when Selling Bitcoin
Several platforms like dogecoinmillionaire.biz allow you to purchase and sell Bitcoin at any time. Ideally, such a crypto exchange connects a buyer with a seller. It also facilitates crypto transactions. However, consider the following factors when picking the platform to use when selling Bitcoins.
- Security features: You spent your hard-earned money and invested time to acquire Bitcoins. Therefore, you want a platform that protects your Bitcoins or funds when selling your crypto holdings. Also, you need a platform that guarantees the safety of personal data. For instance, a good crypto exchange uses 2-factor authentication to protect the user’s data. It also has a good reputation among Bitcoin users.
- Price: Bitcoin price varies from one crypto exchange to another. Therefore, compare the exchange rates that different platforms offer. That way, you can get the most from the sale of your crypto assets.
- Withdrawal and trading limits: Does the crypto exchange you want to use limit the number of tokens you can trade or sell? Your answer should help you determine whether the platform is ideal for you, depending on the amount you wish to withdraw.
- Customer support: Does the crypto exchange provide contacts you can use to seek assistance if anything goes wrong when selling Bitcoins? Also, check the hours when you can contact support.
- Fees: Check the trading fees that will apply to your transaction. For instance, the platform might charge you a fee to withdraw or transfer the funds to your bank account. Therefore, compare the costs that the platform charges before using it to sell your tokens.
- Reputation: Read reviews from people that use the crypto exchange before using it to sell your tokens. An ideal platform should have positive reviews and ratings.
In addition to these considerations, check the payment methods that a platform accepts and whether it’s regulated. Also, consider the current exchange rates to know the best asking price for your tokens.
