The world of cryptocurrency might still seem new to many people as there are endless cryptocurrency coins, multiple currencies, and lots of exchanges. So it is always good to learn how to sell cryptocurrency in GPB.
Cashing out your cryptocurrency assets might seem like a long term goal but eventually, the time will come and you have to be ready when the time comes. Because trading is a time constraint activity and it is always handy to know How to sell cryptocurrency in GBP.
Moreover, We often receive questions about how to sell a particular cryptocurrency, so we made this page to outline the general process for how to cash in your crypto for GBP or another fiat currency.
Essentially, you follow the process of buying cryptocurrency in reverse.
The way in which you are able to cash out your crypto for GBP depends on which cryptocurrencies you’re holding:
- If you’re looking to sell popular cryptos like Bitcoin, Ethereum, and Ripple, you’ll likely be able to trade directly to GBP as outlined in Option 1. Selling Bitcoin to GBP is the easiest.
- If you’re trying to cash in a less popular crypto (or, ‘altcoins’), you’ll likely need to first trade it for one of the more popular coins, as explained in Option 2.
Option 1: Sell Crypto Directly for GBP
This option is the easiest, but is only available with certain (larger) cryptocurrencies.
Updated March 2022: Binance is one of the easiest and quickest ways to sell your cryptocurrency directly for GBP. With the massive volume traded and the vast currency options available, Binance is the go-to exchange.
Here’s how you can sell crypto directly for GBP on Binance
- Create a free account on Binance
- Complete the KYC and verify your identity
- On the top right, click on Wallet > Overview
- Click on the Deposit button and select Bitcoin (BTC)
- Next, select the network you are using on your external wallet (Double check the network, failing to select the correct network might result in loss of funds)
- Once you select the network, a BTC address will appear. Copy the address and transfer the funds from your wallet
- Once the funds are deposited in your Binance account, head over to the Binance sell crypto page
- Enter the amount you want to sell and click on sell to convert your BTC to GBP
- Once it is completed, go to Wallet > Overview and click on Withdraw
- Select GBP (£) as the currency and withdraw to your bank account
PS: Depositing and withdrawing from your GBP Bank account will cost you £2 per transaction.
|Is trusted and reliable||Bank card withdrawal @1% fee|
|Has High liquid orders for all volumes of trades||Isn’t beginner-friendly|
|Has dedicated customer support teams|
|Has an active YouTube channel with lots of tutorials|
Here’s how you can sell crypto directly for GBP on Etoro
- Signup for a free Etoro account and complete the verification
- Once verified, log in to Etoro mobile app and head over to the Crypto tab
- Under that tab, select the cryptocurrency you’d like to receive
- Tap on the ‘Receive’ button and copy the Etoro Crypto address
- Use the same address to transfer crypto from your wallet to Etoro
- Once the crypto assets appear on your Etoro dashboard, head over to that asset by clicking on it
- Click on the small red cross icon to close the trade
- Once you close the trade, the balance will be updated
- You can go ahead and withdraw the funds from the withdraw section directly to your bank for GBP
Please note: The minimum balance you can withdraw is $30 and each withdrawal costs $5. If you are withdrawing to a UK bank account you will be charged 0.75% for BTC withdrawals and 1.90% for ETH withdrawals
|Is trusted and reliable||Has minimum Withdraw $30 with a $5 transaction fee|
|Has free stock and ETF trading||Has only one base currency|
|Has seamless account opening process|
|Has proper documentation and tutorials|
Updated March 2022: there are now a variety of easier options for cashing out your crypto directly to British Pounds (GBP).
Below are the GBP and EUR trading pairs for two reputable exchanges: CEX.io and Coinbase.
If you see the cryptocurrencies you wish to sell for GBP/EUR listed below, it means you can do so directly on these platforms
Binance is one of the famous trading platforms that allow you to buy and sell crypto directly for GBP via credit/debit cards or via bank transfer.
- BTC/GBP, ETH/GBP, XRP/GBP, BNB/GBP and GBP/BUSD trading pairs
- GBP Trading Pairs: ADA, ATOM, BAT, BCH, BTC, ETH, GAS, LTC, MHC, NEO, XRP, XTZ
- EUR Trading Pairs: ADA, ATOM, BAT, BCH, BTC, BTG, BTT, DASH, ETH, GAS, LTC, MHC, NEO, OMG, ONG, ONT, TRX, XLM, XRP, XTZ
- GBP Trading Pairs: BTC, BCH, ETH, ETC, LTC
- EUR Trading Pairs: BTC, BCH, EOS, ETH, ETC, LTC, XLM, XRP, ZRX
See your cryptocurrency listed above? Great! It’s going to be easy to sell for GBP or EUR.
Just sign up for an account at those exchanges (if you don’t already have one), and send your coins there to be traded for GBP/EUR.
Option 2: Cryptocurrency -> BTC/ETH -> GBP
If you don’t see a GBP/EUR trading pair for your cryptocurrency in Option 1, you will most likely have to first exchange it for a coin that does have a GBP trading pair (BTC or ETH are usually your safest bet).
Then, when you have your BTC or ETH, you can sell that directly for GBP as highlighted in Option 1.
The diagram below outlines the process, with example exchanges/services 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 cryptocurrency 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 trade it (sell it) for BTC/ETH.
Step 3: Sell your BTC or ETH for GBP or EUR
Now, trade your BTC or ETH for GBP or EUR. Then, follow the withdrawal instructions for the exchange you’re using.
It may be best to check which UK banks allow you to interact with cryptocurrency services before making a large withdrawal.
Top tip: Always check the fees you’re paying — and compare rates — as it may actually cheaper to sell your Bitcoin or Ethereum for Euros, even with currency conversion fees.
Sell Crypto in P2P Market
Peer-to-peer is when you sell crypto in an open market to individuals. In the above options, it is usually you selling the Bitcoin to the exchange and the money is sent to you from them. However, P2P exchanges only act as an intermediate to facilitate the trade. Buyers usually list the price that they’re willing to pay, with reviews and reputations that are made public. The exchange is an escrow, which after your confirmation that the buyer has sent you the money releases the crypto to them. P2P markets are usually limited by cryptocurrencies. Most only cater to the major cryptocurrencies such as Bitcoin and Ethereum.
Step 1: Selecting a P2P Crypto Exchange
LocalBitcoins: One of the oldest P2P cryptocurrency exchanges. It is based out of Helsinki, Finland and supports almost every payment method in the UK.
Paxful: Paxful came much later than LocalBitcoins. But it offers similar options and has a large number of buyers.
You can’t go wrong with both exchanges. Choose the one that you find the most appealing according to individual seller ratings and the payment methods you want to use.
Step 2: Opening a sale
For this example, we are going to use LocalBitcoins. First Click on the wallet above and bring in the Bitcoins you want to sell. Once the funds are ready, click on ‘Sell Bitcoin’ at the top. You now have a list of buyers that you can choose from. It is very important to choose the right buyer. Each buyer sets their own price, limits, and the payment methods.
Click on sell once you find a buyer that works for you. It is straightforward to fill in the amount of Bitcoins to sell. Sometimes, individual buyers also have their own terms. Make sure to read it up.
Step 3: Closing a sale
After opening a sale, patiently wait for the buyer to send your funds to the payment method of your choice. While most sellers are quick to respond, they usually have a window of 1 to 2 hours. Once they’ve transferred the funds, they mark it as such and you get a notification. Make sure you’ve received the money and release the Bitcoins.
Things to keep in mind while selling your crypto for GBP
Now that you have an idea of how you can sell your cryptocurrency in GBP, transfer your assets between wallets, here are a few security tips that will keep you safe while you are doing these.
– 2FA authentication – Irrespective to which exchange you are using, always enable multiple 2FA (two-factor authentication) or whatever security feature is available on the exchange.
– Avoid clicking fishy links – Avoid clicking on shady-looking links as it can lead to anything from keylogging to giving your computer access to a hacker.
– Contact the crypto exchange only on official channels – Scammers often pretend to be a crypto exchange and contact users on different platforms. Make sure you are contacting via official channels.
– Triple check the BTC address – Check the BTC address before initiating a transaction as there are chances for your computer to be affected with Clipboard Hijack malware even without your knowledge.
– Move large assets to a hardware wallet – If you are holding a large amount of cryptocurrency, then it’s recommended to move the assets to a hardware wallet for utmost security.
As always, feel free to contact us should you need any more help
– The CBC team
FAQs on Selling cryptocurrency for GBP
- Is it illegal to sell cryptocurrency for GBP in the UK?
There is no official statement from the officials. Moreover, the legal status for Bitcoin isn’t defined yet, so there’s no proper response whether it is illegal or not.
- Is cryptocurrency taxed in the UK?
According to HMRC, any kind of personal cryptocurrency investment is taxed on its capital gains.
- Can you withdraw GBP on Binance?
Yes, Binance has recently resumed its GBP withdrawal at 2.00 GBP per transaction directly to your bank account.