The potential of cryptocurrency to transform the financial industry and the market’s revival after the long crypto winter has once again shifted the focus on Bitcoin. Beginners make new entries on the market, and seasoned investors start to relook and optimize their strategies.
But after cashing in comes the question of how to withdraw BTC to a bank account. Therefore, this article aims to present you with the importance of Bitcoin withdrawals, the most widely used cash-out methods, and how to use them.
Learning How to Withdraw BTC as the Essence of Mastering Bitcoin
Both beginner and seasoned investors need to have a proper exit strategy. The crypto market is highly volatile and rapidly shifts through bear and bull runs. Knowing the most appropriate time to cash out and adopting the right approach can save you valuable time and precious funds.
Not only that, but learning how to withdraw Bitcoin and the different methods for that will build your crypto common knowledge. You will spot more chances, learn more intricate terminology, and look for more advanced platforms, tools, and coins to invest in. Now let’s explore the withdrawal methods that will help you through the process and learning curve.
Bitcoin Withdrawals Through Online Brokers Explained
Withdrawing your Bitcoin through an online brokerage platform like Binance, Coinbase, and Crypto.com, to name a few, is effortless and straightforward. The platforms have made the process as seamless as possible so that you can save precious time on your crypto investments. Moreover, they offer personalised customer services and dedicated learning spaces where you can learn all you need about crypto. With that being said, you can master BTC withdrawals with our short step-by-step guide below:
Step1: Choose your Brokerage
Picking a reputable and trusted online broker is key for the safety of your funds. Also, consider whether you are looking for an entry-level brokerage or a platform with more advanced trading features. The choice should be made depending on your financial goals, needs, and preferred withdrawal options.
Step 2: Open an Account and pass KYC
Registering for some of the most popular platforms will guide you through a detailed and effortless process so that even a beginner can take advantage of their services. Fill in all the necessary fields and pass KYC verification, for which you may need to prepare some personal information, your ID, and a photo of yourself.
Step 3: Make a Deposit
To prevent money laundering and for the safety of your finances, online brokerages require at least one successful deposit to the platform to use the same method for a withdrawal. Therefore, you can just deposit the minimum amount to make the cash-out process easier later.
Step 4: Transfer or Buy BTC
If you already own Bitcoin in your cryptocurrency wallet, you can transfer it to your online broker to cash it out as fiat. If you have trouble cashing out your transferred crypto, ensure you go through the previous step. Otherwise, you can deposit funds and purchase BTC directly through the online broker.
Step 5: Sell your Crypto to Fiat
The last step before cashing out your crypto is to sell it to your preferred fiat currency. Once that is done, you can make a cash withdrawal request through your preferred withdrawal method, the most popular being bank transfers. Your order will be reviewed in a couple of hours, but it may take 1 – 5 business days to see your funds in your account.
Bitcoin Withdrawals Through Peer-to-Peer Exchanges Explained
Peer-to-peer exchanges are essentially the epitome of BTC withdrawals. The idea behind Bitcoin is that it is a decentralised method of value exchange, unregulated by central authorities or banks. P2P exchanges like Binance P2P, OKX, and LocalCoinSwap provide a network for people to buy and sell their Bitcoins using different withdrawal methods. Below, you can learn how to unleash effortless BTC withdrawals through peer-to-peer exchanges:
Step 1: Pick a Trusted P2P Exchange
Begin by choosing a service provider. The ones listed above are great options if you are looking for a popular and trusted online exchange.
Step 2: Create and Verify your Account
Just as with traditional crypto brokerages, you need to create an account and go through the verification process. The difference here is that you are presented with more anonymity due to the decentralised nature of the platforms. Still, you must create a presentable profile for the buyers and sellers to build trust and attract more potential buyers.
Step 3: Place an order to Sell your BTC
Put your Bitcoin on the market by making an offer. You can even create a paid ad to boost visibility and attract more buyers. It is time to attract your first buyer, considering you have put a fair and realistic offer on the exchange.
Step 4: Check the Legitimacy of the Buyer
As people see your listing, they will request to buy your BTC. However, be aware that the industry is filled with frauds and fake accounts, so make sure to check whether the buyer has a verified profile and payment method before you proceed.
Step 5: Load your BTC into escrow
P2P exchanges allow you to choose from alternative withdrawal methods like cash, considering the buyer is from the same country as you. Still, bank transfers are the most common and convenient with the help of escrow, as you can load your BTC in the system and keep it locked until you receive your payment.
Step 6: Wait to Receive the Payment and Release your BTC
Once the funds reach your bank account, you can release your Bitcoin to the buyer. That’s it! You’ve successfully cashed out your Bitcoin using a P2P exchange.
Conclusion
Learning how to withdraw your Bitcoin is the key to mastering the power of the most popular cryptocurrency. Through this article, you’ve gained an understanding of the power of the new digital currency and the two most popular withdrawal methods you can utilize: online brokers and peer-to-peer exchanges. The processes are seamless, and our step-by-step guides will help you unleash your effortless Bitcoin withdrawals.
You are now set to step with more confidence in the crypto industry. Just remember that as the market is volatile and cryptocurrency frauds and schemes are still to be addressed, you should always do your due diligence and only invest as much as you can afford to lose.
Read Also: How Do You Find The Right Crypto Wallet?