Although Bitcoin Cash (BCH) has not been around since August 2017, it is now among the top 20 cryptocurrencies in terms of market cap.
If you have already purchased a share of Bitcoin Cash, you may be considering ways to sell it. This guide will provide you with detailed instructions on how to do this.
Sell them for Bitcoin or altcoins
Since Bitcoin Cash is a relatively new cryptocurrency, there are a very limited number of major international exchanges that support it, especially when it comes to selling it for fiat currencies. It may be easier to trade your Bitcoin Cash for other cryptocurrencies.
Some exchanges operating globally, such as Poloniex and Bittrex (where BCH is listed), enable users to trade BCH for Bitcoin, Ethereum, or Tether.
If you’re looking to sell Bitcoin Cash, you probably already know your way around exchanges and wallets.
And if you’re not a fan of exchanges in general, or if you want to avoid linking your bank account and verifying your identity (which can take several days), you can always use services like Changely and ShapeShift, which offer instant exchange between multiple cryptocurrencies. They both support Bitcoin Cash.
Sell BCH for cash
Currently, three major exchanges are operating globally where you can sell Bitcoin Cash for fiat currencies: Coinbase, Kraken, and Cex.io.
Coinbase only allows you to sell Bitcoin Cash for US dollars. Kraken also supports the EUR, while Cex.io supports the USD and EUR as well as the British Pound.
Keep in mind, if you’re looking to exchange your Bitcoin Cash for cash, you’ll have to link your bank account to an exchange and go through a lengthy identity verification procedure. Once all that is done, you can go ahead and withdraw your funds in cash.
Most exchanges only allow withdrawals to a linked bank account. This can be done via bank transfer, SEPA for European customers, SWIFT for customers from almost every country in the world as well as some other options.
Furthermore, Cex.io allows withdrawals directly to Visa or MasterCard cards in USD, EUR, or RUB.
Depending on where you are in the world and your chosen withdrawal method, it may take from one business day to a week for the funds to appear in your account. Also, withdrawing funds from the exchange will incur fees that vary depending on the exchange.
For example, some platforms, such as Kraken, will charge fees ranging from €0.09 for SEPA withdrawals to €60 for SWIFT withdrawals. While others, such as Coinbase, automatically calculate fees for each specific withdrawal.
Finally, exchanges usually impose daily and monthly limits on withdrawals, but these limits are not imposed on fully verified users or corporate accounts.
To find out about your favorite exchange’s withdrawal methods, fees, and restrictions, simply navigate through its website and find the “About Us” or “FAQ” section.
You can find a full list of exchanges, including a growing list of local exchanges for Asian markets that support Bitcoin Cash here.
Sell Bitcoin Cash directly
To avoid all the hassle associated with trading and withdrawing from an exchange, you can sell your Bitcoin Cash directly to someone else.
You can use Meetup.com to find your local BCH exchanges, where you can meet other Bitcoin Cash fans and trade with them directly in a safe environment.
Safety Tips
Remember to keep your money safe. Most importantly, do not keep too much money in the wallet provided to you by the exchange. The history of digital currencies is filled with cases of exchanges that were hacked and went out of business without compensating their customers.
Furthermore, if you use an exchange wallet, you are effectively giving up control of your private keys and, therefore, your funds to a third party.
Always keep most of the funds in your private wallet that stores your keys offline or consider investing in the most secure option currently available – a hardware e-wallet.
Also, keep in mind that all Bitcoin Cash transactions are irreversible, so be sure to verify the amount you are sending, as well as your and the recipient’s addresses.
Make sure you protect your exchange accounts with strong passwords.
Finally, if you’ve set up a one-on-one meeting in the real world, make sure to meet in public places like a café or a crowded park. Never go to a seller’s home, especially if the trade you’re about to make is a large one. Furthermore, you will need active internet access to sign the deal as well as to check the current exchange rate.
Should I sell Bitcoin Cash?
The cryptocurrency market remains highly unpredictable and extremely volatile. Within 5 years, Bitcoin Cash could be worth anywhere between a dollar and almost any conceivable number.
Bitcoin Cash is considered among the highest digital currencies in terms of value and market capitalization, and it has risen steadily.
However, every trading move involves risk, so you should do your research when making a decision.
