While you might be able to buy and sell bitcoin quickly on some sites, you won’t be able to sell your bitcoin at the real exchange rate (i.e., the mid-market rate). You’ll get ripped off.
In this guide, I’m going to summarise the process of how you can easily sell bitcoin in the UK and get the best possible price.
Remember: I’m not a financial advisor. Check out my full disclaimer here.
Sell Bitcoin in the UK
Let’s just get straight to the point.
The best option for most people is to reverse Option #1 detailed in my Buy Bitcoin Cheaply in the UK guide. This allows you to sell your bitcoin at the best possible price, pay just 0.5% in fees in transaction fees, and £1 to withdraw your GBP via Faster Payments.
Here’s a summary of the process:
- Transfer your bitcoin to Coinbase Pro
- Sell your bitcoin on the BTC/GBP market (using a market sell order)
- Transfer your GBP from Coinbase Pro to Coinbase (this is instant)
- Initiate a GBP withdrawal to your connect UK bank account on Coinbase.
- Your GBP will be deposited into your bank account within a few hours
It’s really that simple.
Get a Hardware Wallet
I personally use a Ledger Nano S and I find it 100% worth the money. It not only safely stores your bitcoins, but other cryptocurrencies too – with more supported all the time.
Check out my write-up about the Ledger Nano S.
Anything to add?
Did I miss something? Or did I make a mistake?
Let me know in the comments below or tweet me!