We often receive questions about how to sell a particular cryptocurrency, so we made this page to outline the general process. Essentially, you follow the process of buying cryptocurrency in reverse.
There are currently no services that allow you to sell altcoins (other than Ethereum) for fiat currencies like British Pounds (GBP) or Euros (EUR) directly, so we need to exchange our cryptocurrency for Bitcoin (BTC) or Ethereum (ETH) which we can then sell for GBP or EUR.
The diagram below outlines the process, with example services that you could use…
Step 1: Send your coins from your wallet to an exchange
If you left your coins on an exchange wallet (which we strongly advise against), you can skip the first step.
You need to get your wallets onto an exchange that offers a trading pair for your coin and BTC or ETH. In the diagram above there are some example exchanges that have many trading pairs, so they’re a good place to start. If you can’t find an exchange with a BTC/ETH trading pair for your coin, contact us and we’ll do our best to help.
Step 2: Trade your coins for BTC or ETH
Now that you’ve sent your coin to the exchange, go ahead and sell them for Bitcoin or Ethereum.
Step 3: Sell your BTC or ETH for GBP or EUR
Now, send your Bitcoin or Ethereum to a service that lets you sell it for fiat currency. There are more services offering BTC/ETH -> EUR than there are to GBP, s0 this may be a good option depending on your bank’s EUR transfer fees. In the above image, both CryptoPay and Bitstamp offer BTC/ETH -> EUR, while the others allow you to sell for GBP. Always check the fees you’re paying, and compare rates, as often it is cheaper to sell your Bitcoin or Ethereum for Euros – even with currency conversion fees.
As always, feel free to contact us should you need any more help
– The CBC team