How to Sell Bitcoin in 2024: “Cash Out” Your BTC Holdings Safely

The INX Digital Company INC | February 5, 2024
12 min read
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Bitcoin is not just thriving; it is evolving and offering investors new ways to make money and increase their Bitcoin holdings. But getting your profit out from BTC is also as important as making it. This is why one of the common questions beginners ask is: “How do I sell my BTC?”  

This comprehensive guide provides an efficient way to sell your Bitcoin in 2024 using INX. INX is a well-regulated crypto trading platform that ensures you can sell your BTC seamlessly and securely. This piece covers everything you need to know to sell Bitcoin without running into any problems. 

How to Sell Bitcoin on INX

INX is an SEC-registered crypto trading and exchange platform known for its regulatory compliance and user-friendly interface. It provides services for buying, selling, and trading various cryptocurrencies, including Bitcoin. INX prides itself on its strict regulatory standards and providing users with a secure and transparent trading experience. To use INX.one, you must complete a KYC process for full regulatory compliance. So, you will have to register an account, provide your details, and upload the necessary documents. Don’t worry; the KYC process is straightforward; you only need identity documents or proof-of-address. Here is a video to help you through the KYC process.

Please note that there is a short wait period for application review after you submit your verification documents. You may also have to provide other documents if the submitted document doesn’t meet all the KYC standards. Our support staff can assist through the KYC process in case of any problem. 

Once your application is approved, you’re set to sell your BTC for USD on INX. The next section will cover how to send your BTC to INX.one wallet. 

How to Send Bitcoin to Your INX Wallet

To send your Bitcoin to your INX account, you must create a wallet on INX.one for BTC. Here is a step-by-step of how you can do that: 

  • From the Dashboard, navigate to My Portfolio
  • Click on the “Deposit” dropdown on the Right Sidebar
  • Select “Crypto” to go to Cryptocurrencies Assets 
  • Click on the Deposit Arrow beside BTC; this will reveal your Unique wallet address for the Bitcoin Blockchain

Copy and paste this address as the recipient when sending BTC from another wallet. Note that you can generate more than one wallet address. You’ll get an email confirmation once your BTC transaction is confirmed and in your INX wallet. The next section covers how to exchange BTC for USD on INX. 

How to Swap Your BTC to USD on INX 

From “My Portfolio,” navigate to the BTC/USD trading terminal to sell your BTC for USD. Select the “Market” option to sell at the current market price and enter the amount of BTC you want to sell. Click the Red “Sell” button to confirm the transaction to complete the trade. 

Use the “Limit” option to sell at a particular price mark. For example, you can set your limit price to $50,000 if you prefer to sell your BTC when it reaches $50,000. In this case, your transaction will not be completed until the price of BTC reaches $50,000, which might take a while.

You will get an email confirmation to confirm your transaction, and the USD will be reflected in your Portfolio. Once you get your USD, you can withdraw it to your local bank or send it to another USD wallet. The next section will cover how to withdraw USD from your bank account. 

How to Withdraw Your Fiat to Your Bank Account on INX 

You can send USD to your local bank account through the Bank Wire withdrawal option. Here are the steps to follow to withdraw from INX: 

  • Navigate to the “My Portfolio” Page and Click on the Withdraw Drop down under Actions.
  • Select the USD for Crypto and click the Withdraw Arrow; this will open a withdrawal screen.
  • You can add a new bank account or choose a previously used bank on the Withdraw screen.
  • Enter the amount you want to withdraw and provide the necessary bank information. 
  • Select “Submit” and wait for the confirmation mail.
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  • You have to confirm the transaction through the confirmation email sent to your mail for your transaction to be processed. 

Note that the Beneficiary account (the Bank account name) must be in your name for the withdrawal to be successful. This is to comply with the AML regulation guidelines, so withdrawal to an account with another name will be automatically rejected. 

Check our support article for further information about how to withdraw to your bank account. Our customer is also available 24/7 to answer your queries. 

Is Now the Right Time to Sell My Bitcoin?

The short answer? There is no “right time” to sell your BTC. The decision to sell your BTC should be based solely on your investment strategy and a thorough analysis of the market conditions. 

Active Bitcoin traders generally create a trading plan that includes the market price at which to sell their BTC. For long-term investors, the decision to sell their BTC is usually a combination of several factors, including personal financial goals, market trends, regulatory development, and global economic factors. 

If you’re not sure of when to sell your Bitcoin (BTC), the best practice is to monitor the market trend that can affect the market value of Bitcoin, like the Bitcoin halving. Also, to make informed decisions, stay informed about regulatory and technological developments in the Bitcoin space. You might need to consult a professional for more insights when deciding. 

Where to Sell Bitcoin in 2024? 

Crypto exchanges usually provide a BTC/USD or BTC against fiats as trading pairs. This makes it easy to swap your BTC for USD or other fiat currencies. However, that is not the only way to sell your BTC; here are the common options available to sell your BTC in 2024:

  • Through a Centralized Exchange (CEX): The easiest and most common way to exchange your BTC for cash is through a centralized exchange. You will usually need to open an account with the CEX before you can sell your BTC for USD or another fiat available on the CEX. After selling, you can then withdraw your fiat to your bank account. 
  • Peer-to-Peer (P2P) Platforms: Peer-to-peer platforms connect you directly with another user willing to buy your BTC in exchange for your local currency. Usually, you and the buyer agree on an exchange rate; the buyer pays directly into your account while you send the BTC from your wallet to theirs. While P2P can be convenient, several malicious actors can exploit unsuspecting sellers.
  • Bitcoin wallet Apps: Some Bitcoin wallet apps provide on/off-ramp services, allowing users to sell their Bitcoin from their crypto wallet and withdraw it into their bank account. Some wallet providers usually partner with another company/exchange to enable this feature. In most cases, the service is usually limited or needs to be fully developed.
  • Bitcoin ATMs: You can exchange your Bitcoin for cash at a Bitcoin ATM if you can find one. Bitcoin ATMs work like traditional ATMs, but instead of withdrawing money from a bank account, you’d be withdrawing from your bank account. You might need to do some verification, too, depending on the amount you want to withdraw or the ATM. The downside is that the transaction fees are usually high, and the exchange rate may be lower than what you will get on a CEX or P2P platform. They are also not available everywhere in the world. 

How to Sell Bitcoin Safely in 2024 

The best way to sell your Bitcoin safely is to use a reputable, well-regulated platform with robust security features. Check for the platform’s authenticity and its regulatory measures; how many licenses does it hold? What are the security measures in place to secure your assets? 

Here are tips you can follow to stay safe when selling your BTC: 

  • Use Additional security measures like two-factor authentication (2FA) and strong, unique passwords to safeguard your accounts. 
  • Be careful of potential phishing scams by verifying the authenticity of websites and communications. Avoid clicking on suspicious links or revealing sensitive information.
  • If you use a P2P platform, don’t release your BTC/USD until you have confirmed the payment to your bank account. 

FAQs (Frequently Asked Questions)

Is it Safe to Sell my Bitcoin Online? 

You can sell your Bitcoin safely online if you use the right platform. Avoid suspicious sites without any licenses or regulatory overview. Choose a reputable and regulated platform with strong security measures like INX . Furthermore, ensure you enable security features like two-factor authentication and use strong, unique passwords. Be wary of phishing attempts, and never share your private keys or sensitive information. Staying informed about the latest security practices can also enhance the safety of your transactions.

How Long Does It take to sell Bitcoin and Receive Funds in My Bank account? 

The time it takes to sell Bitcoin and receive funds can vary. Transactions on exchanges can be relatively quick, especially if you’re selling at the current market price. However, withdrawal times to your bank account or other destinations can vary depending on the platform’s processing times and withdrawal method. You might have to wait 2 – 3 business days for a bank wire withdrawal to reflect in your account. 

How can I get the best price for my Bitcoin? 

To get the best price for your Bitcoin, keep a close eye on market trends and consider using limit orders to sell when the price reaches a level you’re comfortable with. Staying informed about market conditions and being patient can help you maximize your returns. It’s also advisable to compare prices across different platforms to ensure you’re getting a competitive rate.

Do I have to pay a transaction fee when selling my BTC?

Yes, you usually have to pay a transaction and withdrawal fee when selling your Bitcoin, which depends on the platform. For example, there is a $35 withdrawal fee when you withdraw through a bank wire on INX. It’s essential to review the fee structure of the platform you choose to use so that you’re aware of any costs involved in your transaction.

Are there tax implications when selling Bitcoin?

Selling Bitcoin can have tax implications, often a capital gain or loss. Profits from selling Bitcoin are typically considered capital gains and may be subject to taxation in many countries. It’s important to understand the tax regulations in your country and report your transactions accurately. Consider consulting with a tax professional knowledgeable about cryptocurrency regulations for full compliance.

How can I track the transaction after selling my Bitcoin?

Most platforms provide a transaction ID or hash that you can use to track your transaction on the blockchain. This provides transparency and allows you to verify the transaction details.

What should I do if my Bitcoin sale doesn’t go through?

If your Bitcoin sale doesn’t go through, check for error messages and ensure you have followed all instructions correctly. If the issue persists, contact our customer support for assistance.

The INX Digital Company INC February 5, 2024

The INX Digital Company inc. is an expert in the field of finance, crypto and digital securities.

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