The cryptocurrency marketplace is a world of its own, and you must be well-guided to navigate it successfully. The advent of centralized exchanges has improved the way Bitcoin and other cryptocurrencies are transacted.
In this piece, I will discuss how to sell Bitcoin on centralized exchanges. So sit back and read with rapt attention.
What are Centralized Exchanges
Centralized exchanges are crypto platforms where you can participate in the market. They give you the leverage you need to interact with the market. You can buy or sell your crypto assets on centralized exchanges.
They are primarily called centralized because third parties are often involved in the transaction execution process. Buyers and sellers on centralized exchanges trust the exchange to help them manage their assets.
This can be compared to the traditional banking system. Customers trust banks to manage their money. In return, the banks guarantee the security and management of their customers’ assets under agreed-upon terms.
Steps to Selling Your Bitcoin on Centralized Exchanges
To sell your Bitcoin on a centralized exchange, you must follow certain steps to ensure a smooth selling process.
Step 1: Find and Download the centralized exchange app
The first step is to identify a centralized exchange that works best for you. Then, you can download the application on your mobile or use the web version of the exchange on your browser.
Step 2: Create an account on the centralized exchange
After downloading the mobile app of the centralized exchange you wish to use, you can proceed to set up your account by clicking on register or create a new account and following the prompts.
You must also complete your KYC by submitting identification documents for verification.
Step 3: Transfer/Buy Bitcoin to the centralized wallet created via deposit options
To initiate the sale of your Bitcoin, your account must be funded either by receiving Bitcoin into your newly created account on the centralized exchange or via buying Bitcoin on the platform via dedicated transaction gateways on the exchange.
Step 4: Go to your spot wallet
After signing into your account on the centralized exchange, you can open your wallet, which contains your crypto assets.
For some exchanges, you’d see the assets under the spot section of your wallet. Click on Bitcoin (BTC) in the list of assets provided.
Step 5: Initiate your withdrawal
After clicking Bitcoin from the list of crypto assets provided, you can press the withdrawal or sell button.
After clicking the withdrawal or sell button, you might be asked to supply your bank information to receive your Bitcoin as fiat currency according to the specifications of your currency where you live.
For countries where direct withdrawals are not supported, like Nigeria, you can sell your Bitcoin using peer-to-peer channels on the exchange.
Top Centralized Exchanges in 2024
Below is a list of top centralised exchanges in the crypto space that you can use as a medium of exchange for your bitcoin
- Binance
- Coinbase
- KuCoin
- Kraken
- HTX
- Gate.io
- OKX
- MEXC
- Bybit
- Bitget
These are only a few of the several centralized exchanges operating within the crypto space.
Frequently Asked Questions (FAQs) About How to Sell Bitcoin on Centralized Exchanges
Is Selling Bitcoin Illegal?
Selling Bitcoin is not generally illegal. Different countries, however, have regulations regarding this.
Can You Sell Bitcoin for Cash?
Yes. Bitcoin can be exchanged for cash on centralized exchanges. You can also convert your Bitcoin to fiat in minutes using Breet, a safe and efficient crypto-to-cash trading platform available to Nigerians and Ghanaians.
What’s Bitcoin selling for today?
Although the price varies because of market volatility, you can always check the real-time price of Bitcoin with Breet’s rate calculator.
What Happens When You Sell Bitcoin?
When you sell Bitcoin, the unit you sell is bought by another trader that needs it in the market.
Who Can Sell Bitcoin?
Anyone with Bitcoin in his wallet can sell it. This can be done through crypto exchanges like Breet, which can help you convert your Bitcoin asset to cash quickly and securely.
Conclusion
This piece contains all you need to know about selling your Bitcoin on a centralized exchange. However, it would be best to take precautions when choosing a centralized exchange to trade your crypto asset.
Do your research and identify the best exchange for your crypto transactions. Breet is one of the best crypto-to-cash exchanges, helping you facilitate transactions seamlessly.
Navigating the crypto space requires carefulness. Take note of everything discussed in this piece, and you’ll be sure to navigate seamlessly.
