26 rows · Dec 05, · Quick guide: How to sell bitcoin in the US Log into your account on an . Oct 12, · Although Bitcoins are not a traditional currency, they are also frequently available for Forex trading through many brokers. However, whereas in the conventional currency market the fluctuation in value is measured in small fractions of a penny, the value of Bitcoins can fall and rise hugely during the course of a trading day, often jumping up and down in amounts of a whole Dollar or . In general it is expected behavior for currencies to be exchanged for one-another. There exists at least one exchange course for each currency pair. Here is one example for Bitcoin and US Dollar: CoinDesk Bitcoin Price Index. As to where and how you can exchange Bitcoin for Dollar and vice versa, you can find many questions here discussing that.
How do you trade bitcoin for dollarsHow To Cashout Bitcoin Into USD, EUR, GBP [Quickly]
Depending on what you mean by "trade," there are plenty of tempting reasons to break into the world of bitcoin trading. Maybe you're intrigued by a new cryptocurrency on the rise and want to trade some of your bitcoins for it, diversifying your portfolio of cryptocurrencies.
Or you could just want out of the bitcoin game and have decided it's time to sell it all. Whatever your reason, there are ways to sell and trade bitcoin to fit your need. If you're trading bitcoin futures, you can even incorporate bitcoin into the literal stock market! Of course, it can be a nuisance, too. Selling bitcoins can require being more involved than simply buying them on your phone.
And if you thought other stocks were volatile, risky and unpredictable, just wait until you spend an hour tracking bitcoin's rises and falls. The world of cryptocurrency trading is still pretty new.
This article is not a recommendation to begin trading bitcoins. However, if it's something you have already decided you're interested in, it's important to know what you're getting into and how to go about bitcoin trading. When discussing ways to invest in bitcoin , I mentioned bitcoin futures contracts. With these, you could essentially bet on the market and what the price of bitcoin will be in the future.
These contracts are cash settled, and are certainly one way to trade bitcoin. There is also a different type of derivative that some prefer to use when trading: A bitcoin contract for difference, more commonly known as a CFD.
With a CFD, you once again invest in where the price of bitcoin is going, without ever needing to download a bitcoin wallet or deal with a bitcoin exchange and potentially fraudulent sellers. You trade instead in the value of bitcoin, going short betting the price will go down or going long betting the price will rise. People who have succeeded using CFDs have often done so because they traded on the margin, paying a small margin requirement for full value.
Should your instinct pay off and bitcoin's price goes the way you thought it would, that could mean a hefty return from that initial investment. But you'd better be right; the increased leverage of a small margin means that losses can become far more than that first investment. Another important aspect of CFDs: They are done through brokers.
You'll need to make sure you're working with a respected and trustworthy broker - one that can actually pay you should you be owed money. Trading bitcoin via CFDs is incredibly risky - even by bitcoin's usual standards of risk. The wrong move can turn into a crushing loss very quickly. With CFDs posing such a risk, some may just decide it's better to own your own bitcoins.
Bitcoin is nearly a decade old now, and in its wake are hundreds, if not thousands of other cryptocurrencies that have sprung up in an attempt to compete with it. Some competitors have become mainstays in cryptocurrency news, but none have yet matched bitcoin's value. If you think cryptocurrencies are the future, or are even just fascinated by one or two particular ones, there are ways to trade in some of your bitcoins for them.
You'll need to make sure you have the right bitcoin wallets and use the right bitcoin exchanges, depending on which cryptocurrencies you're choosing; they're not all as universal across exchanges as bitcoin. In previous bitcoin articles, we've discussed other popular cryptocurrencies that one might look to invest in as well, such as Ethereum, Ripple and Litecoin.
There are other highly valued cryptos out there, like Bitcoin Cash and Dash each of which boast a much faster transaction time than bitcoin , that can be considered. Bitcoin owners who use Coinbase as their wallet use Coinbase's own exchange, GDAX, to buy and sell their cryptocurrencies. Go to GDAX and login with your information. On the left side of the page are the options for Market, Limit, and Stop.
Entering the amount of BTC you want to spend for Market and pressing Buy allows for an immediate purchase at current market prices. Limit tries to order at the specified price or better.
A Stop order becomes active after a specified price is reached, and you have the option for it to be a market order or limit order. It actually offers far more cryptocurrencies to trade for - dozens of them, in fact. Bitfinex also offers several more options for your orders, such as OCO, aka One Cancels Other - placing a pair of orders with the understanding that if one order is completed the other is immediately canceled. Coinbase will notify you and tell you to enter a new amount.
The ACH system used by Coinbase usually takes a few business days to complete after a sell or withdrawal is initiated. With some of the sleekest trading features, Gemini will allow you like Coinbase to get Cash for your Bitcoin in a quick easy manner. Head over to the Sell section of Gemini to choose how you want to sell your Bitcoin and the price you are willing to sell your Bitcoin in fiat for.
Unlike Coinbase, you first need to trade your Bitcoin for fiat currency, before being able to withdraw it to your bank account. Get the USD value for your Bitcoin and prepare to withdraw it to your connected bank account. Choose a withdrawal destination that you are familiar with and the amount of USD you want to formally transfer funds into. That is all it takes. Once you have the bitcoin on an exchange, such as Coinbase and Gemini, you can painlessly sell it.
LocalBitcoins is a person to person trading site where people can post their own bids for the buying and selling of Bitcoins to USD or other local fiat currencies. Not only is there no identity verification, but there are sometimes great arbitrative opportunities depending on how desperate a person is to buy bitcoin and how many other sellers there are in the area.
This can create the ability to sell your Bitcoin above market value. After determining the amount of BTC you want to sell, find a deal that suits your payment method currency wise or post your own listing.
LocalBitcoins gives each user a feedback score similar to eBay where users can get comfortable with the history and number of deals the buyer has completed through local bitcoin. Now that you know your buyer, send the details of exactly what you want from them and make sure you are complying with the terms of the trade. These will tell you where and how you will receive your USD payment.
Also, remember to fund your Local Bitcoins wallet address so you can initiate the transaction based on the minimum about of BTC referenced in the trading request. Now that all parties have agreed on the transaction and ironed out the specifics in the inbox section of LocalBitcoins, your Bitcoins will be moved from your wallet to the trade escrow.
At this point, the buyer will get your payment details how do you want to get paid for your BTC and release the USD equivalent in cash over to you via the agreed upon manner. When you have received the payment, you will confirm to Localbitcoins. That is it the trade is done! As bitcoin and cryptocurrency continue to explode in popularity, more and more services are coming online to help users get their hands-on bitcoin or turn their bitcoin into USD or other fiat currency in a quick and effective way.
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