Bitcoin investors need to know how to sell cryptocurrency. It is necessary to consolidate capital, fix profits and invest in other assets. In the UK, you can use a lot of services to sell bitcoins. Below we represent reviews of popular sites in the UK, where you can sell cryptocurrency.
How to sell bitcoin in UK?
CoinSpot
CoinSpot.com.au is an Australian exchange for bitcoins. The company works all over the world, customers in the UK can use its services too.
Available methods of replenishing the balance on the CoinSpot exchange – POLi, BPAY.md and cryptocurrencies. Of the fiat currencies, only the Australian dollar is available on CoinSpot. But you can convert Australian currency into the British pound anywhere.
CoinSpot offers more than 60 cryptocurrencies to trade. All popular tokens are available – BTC, LTC, ETH, BCH, NEO, DASH, XMR and others.
The advantage of CoinSpot for a user from the UK is the ability to quickly sell bitcoin in exchange for fiat. CoinSpot is one of the most popular sites for cryptocurrency exchange on the Internet. You can sell bitcoins and get Australian dollars at a favorable rate in a few minutes. The fiat currency received can be converted into the British pound sterling in any exchanger.
Independent Reserve
The IndependentReserve.com offers to sell bitcoin in the UK and get fiat currency in exchange.
On the Independent Reserve platform, there are four types of cryptocurrency – Ethereum, Bitcoin, LiteCoin and BitcoinCash. You can exchange them for three types of fiat money – American, Australian and New Zealand dollars.
British Pound Sterling is absent in the list of available fiat currencies on the Independent Reserve. However, for an investor who wants to sell Bitcoin in the UK, the Independent Reserve is one of the most profitable options. The exchange provides the opportunity to get fiat money for bitcoin immediately. The owner of cryptocurrency will not pay a fee for exchanging tokens for fiat if the Independent Reserve is used.
LocalBitcoins
The largest P2P-exchange service for cryptocurrencies, LocalBitcoins.com allows you to quickly sell crypto and get fiat money for it in the UK.
LocalBitcoins only works with bitcoins. But there is no shortage in fiat money that they offer – more than 50 currencies are available, including the British pound sterling. LocalBitcoins is one of the few places where you can exchange bitcoins for GBP in one stage.
LocalBitcoins does not set a unified exchange rate for all participants in the platform. Participants form proposals independently and wait for someone to agree to their terms. The reliability of platform users is confirmed by the rating system.
Paxful
Paxful.com is an analog of LocalBitcoins service. The site operates on the principle of P2P-exchange: it is a peer-to-peer network where users are equal to each other. Everyone can offer anyone individual transaction terms. If both parties agree, an exchange is made.
At Paxful, you can directly exchange bitcoin for the British pound sterling. Other fiat currencies are also available – more the 50 in total. You can replenish the account on Paxful with cryptocurrency (the platform accepts only bitcoins), credit cards, PerfectMoney.is, AdvCash, PayPal, WesternUnion, Webmoney and other e-commerce systems.
IndaCoin
This is another site that operates in the UK and allows you to sell bitcoins.
IndaCoin.com works with three kinds of fiat money – US dollars, euros and Russian rubles. If you want to get British pounds sterling for bitcoins, sell tokens for US dollars, and then exchange the American currency for British one in any exchanger.
You can replenish the cryptocurrency account on IndaCoin with 140 kinds of cryptocurrency. Also IndaCoin allows you to exchange any tokens for bitcoin. This is useful if you have an unpopular cryptocurrency, which you need to exchange for the British pound sterling. You can first buy bitcoins for these tokens, and then use bitcoins to buy fiat currency.
XCoins
It is a peer-to-peer network for exchanging cryptocurrency and fiat money between users.
XCoins.io offers exchanges only in USD / BTC pair. The platform does not offer other types of cryptocurrency and fiat money.
Since XCoins is a decentralized exchange network, it is always possible to negotiate with other participants about favorable conditions for exchanging your cryptocurrency. This will allow selling bitcoin in the UK more profitable than through other platforms, even though you will need exchange US dollars for pounds sterling.
Cryptex24
Cryptex24.com – a platform for trade in crypto-currencies, operating around the clock.
You can sell bitcoins and get currency on Cryptex24 at a fixed rate. It is set separately for three trading pairs: BTC / USD, BTC / EUR, BTC / RUB.
There is no British pound on the Cryptex24 exchange. Users from the UK can register on the platform site and sell bitcoin, receiving in return US dollars. You can exchange them for British pounds sterling after you withdraw funds from your account on Cryptex24.
What to look for when selling?
If you want to sell bitcoins for British pounds, you should consider three main factors:
- GBP is a fiat currency. Not all cryptocurrency exchanges work with fiat. To reduce fees and buy GBP faster, choose those platforms where this currency is available.
- Payment method. If you use P2P networks (for example, LocalBitcoins or Paxful), you can receive payment directly to your wallet in the electronic payment system or to a bank card. Those who decide to use cryptoexchanges should take into account that withdrawing funds from the account on the exchange will require to pay the fee and will take some time.
- How to sell bitcoin in the UK fast. The faster you want to sell bitcoin in the UK, the lower price you need to install. Conversely, if you are ready to wait, it makes sense to try and get as many pounds for bitcoins as possible.
Costs
Time to get acquainted with the costs that arise if you want to sell bitcoins.
- Trading fee. Exchanges take from 0.25% to 0.5% of the transaction size. Not the frightening amount, but you should take it into account.
- Money transfers fees. Not all users are ready to give you GBP in exchange for bitcoins. If you have the option to exchange cryptocurrency for other fiat money (for example, US dollars), do not forget about the cost of converting USD to GBP.
Methods of selling cryptocurrency
You can use any of the four payment methods to replenish the exchange account with cryptocurrency or transfer it directly to the counterparty:
- vouchers, direct cash transactions – are used on P2P-sites, it is the cheapest method to sell bitcoins because of the absence of additional fees;
- local bank transfers – with their help you can withdraw GBP from the account on the exchange into a bank account, fee is usually below 1%;
- international wire transfers – you can use the SWIFT system to receive pounds sterling for the desired account, but the fees in this case can reach 20-30 US dollars + 5-7% of the transaction amount.
Also, these methods will be needed to withdraw British pounds sterling in cash or on a card.
For our Canadian readers we recommend to check out our guide on how to sell bitcoin in Canada.
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