How to Cash out Bitcoin Using a Broker Exchange

[Roman Alex]

How to Cash out Bitcoin Using a Broker Exchange
Using a broker exchange for your Bitcoin is also quite simple if you follow these easy steps:

1. Decide which third-party broker exchange you want to use. Cashing out with Coinbase or Kraken are popular options.
2. Sign up and complete the brokerage’s verification process.
3. Deposit (or buy) bitcoin into your account.
4. Cash out your bitcoin by depositing it into your bank account or PayPal account (applicable to some services).

Keep in mind the withdrawal times may be 4-6 days. Transaction fees may also apply.
Peer-to-Peer Platforms
For a quicker, more anonymous method, you can use a peer-to-peer platform to sell bitcoin for cash. When selling bitcoins to other people, you can decide which payment method you want the buyers to use. This often allows for faster transactions with fewer fees. You can also often get a better exchange rate with an individual buyer than you can with a third-party brokerage.
You can ask the buyer to deposit cash into your bank account or to send you a bank transfer payment (you can even use PayPal). Always ask for proof of ID and proof of payment before releasing your Bitcoins to them.
Peer-to-peer selling is safe if you know what you’re doing. However, it’s important to be aware of fraudsters. It may be useful to use a peer-to-peer platform that allows you to keep your bitcoins locked until you confirm the payment has been received from the buyer.
The most popular peer-to-peer platform is LocalBitcoins.
Turn Bitcoin into Cash Using a Peer-to-Peer Exchange
Here are a few simple steps for how to cash out Bitcoin using peer-to-peer exchange:

1. Decide which peer-to-peer exchange platform you want to use. LocalBitcoins is a popular option.
2. Sign up and choose the location of your ideal buyer.
3. Use the marketplace to find buyers, and send a trade request.
4. Most peer-to-peer platforms have an escrow option where your bitcoins are not released to the buyer until you have confirmed you’ve received payment.

Many peer-to-peer platforms allow you to create an advertisement for your bitcoin (although there are added fees associated with this method). There is also a rating system like eBay, where you can leave feedback for the buyer or seller. This helps you remain safe when choosing a buyer.
Peer-to-peer platforms also allow you to stay anonymous. You can use a VPN to secure your connection and choose payment methods such as web money or gift vouchers.