Selling your digital assets and converting them back to traditional currency is a fundamental part of the cryptocurrency journey. This guide provides a clear, step-by-step walkthrough for selling Bitcoin and withdrawing the proceeds to your bank account securely.
Before initiating a sale or withdrawal, ensure you meet the following prerequisites:
- Your account must have completed Advanced-Level (Tier A) identity verification.
- The bank account you intend to use for withdrawal must be the one verified and linked to your account during this process.
- There are no processing fees for withdrawing your local currency (TWD).
Prerequisites for Selling and Withdrawing
A smooth transaction depends on having everything set up correctly beforehand. The most critical steps involve account and bank verification.
- Complete Advanced Verification: Exchanges require advanced Know Your Customer (KYC) procedures to comply with regulations. This typically involves submitting government-issued identification and sometimes a proof of address.
- Link a Verified Bank Account: You can only withdraw funds to a bank account under your own name that has been successfully verified on the platform. This is a security measure to prevent fraud.
- Have Sufficient Crypto Balance: Ensure you have enough cryptocurrency in your exchange wallet to cover the amount you wish to sell.
A Step-by-Step Guide to Selling Bitcoin
This section outlines the general process for selling Bitcoin on a mobile application. The exact interface may vary slightly between different platforms, but the core steps remain consistent.
- Navigate to the Buy/Sell Section: From the app's homepage, locate your Bitcoin (BTC) balance and tap the associated "Buy/Sell" button.
- Select the 'Sell' Option: You will be presented with both buy and sell options. Choose "Sell." Many platforms also offer a "Rate Calculator" tool, often found in the top corner, which allows you to calculate the exact amount of local currency you will receive based on the current market rate.
Choose Your Sell Type:
- Market Sell: This option executes the sale immediately at the best available current market price. Enter the amount of Bitcoin you want to sell, review the estimated amount of local currency you will receive, and confirm the transaction.
- Limit Sell (Pre-Order Sell): This option allows you to set a specific target price at which you want your Bitcoin to be sold. The order will only be executed if the market reaches your specified price. Enter your desired sell price and amount, review the estimated proceeds, and confirm to place the order.
- Confirm the Transaction: After reviewing all details, finalize the sale. The Bitcoin will be deducted from your wallet, and the equivalent value in local currency will be credited to your account's fiat balance.
How to Withdraw Cash to Your Bank Account
Once your cryptocurrency sale is complete and the local currency (TWD) is available in your account, you can proceed to withdraw it.
- Access Your Fiat Wallet: Go to your app's main wallet or assets section. Select your TWD (New Taiwan Dollar) fiat wallet.
- Initiate a Withdrawal: Within the TWD wallet interface, tap the "Withdraw Cash" or similar button.
- Enter Withdrawal Details: Specify the amount you wish to withdraw. The system may show your linked bank account details for confirmation.
- Confirm and Submit: After double-checking the amount and destination, confirm the withdrawal request. The funds will typically be transferred to your bank account within one to three business days, though this can vary.
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Market Sell vs. Limit Sell: Which Should You Use?
Understanding the difference between these two order types is key to executing your strategy effectively.
- Market Sell: Use this when your priority is to sell your assets quickly and you are satisfied with the current market price. It guarantees execution but not the exact price, as the market can fluctuate between the time you place and execute the order.
- Limit Sell: Use this when you have a specific profit target or a price in mind that you believe the asset will reach. It guarantees the price (if the order is filled) but not the execution, as the market may never hit your target price.
Frequently Asked Questions
How long does it take to receive money from a crypto sale?
The local currency from a sale is usually credited to your exchange fiat wallet instantly. However, withdrawing these funds to your external bank account can take between 1 to 3 business days, depending on the exchange's processing times and your bank's policies.
Are there any fees for selling or withdrawing?
While the withdrawal of local currency itself may have no processing fee, the exchange will typically charge a spread or a trading fee on the sale of the cryptocurrency. Always check the fee schedule on your specific platform to understand any costs involved in the transaction.
What is Advanced-Level verification?
Advanced-Level verification is a standard security and regulatory requirement. It involves providing detailed personal information and documents, such as a government-issued ID and proof of address, to increase your account's trust level and withdrawal limits.
Can I cancel a withdrawal request?
Once a withdrawal request to your bank account has been submitted and processed by the exchange, it is usually irreversible. You may be able to cancel it if it is still in a "pending" state, but this is not always possible. Contact customer support immediately if you need to attempt a cancellation.
Why is my withdrawal not showing up in my bank account?
First, confirm the transaction status on the exchange; it may still be processing. If it shows as completed, allow for standard bank processing times (1-3 business days). If it still hasn't arrived after that, contact both the exchange's support team and your bank with the transaction details.
What if I want to sell a cryptocurrency other than Bitcoin?
The process is virtually identical for any other cryptocurrency supported by your exchange. You would simply navigate to that specific asset's wallet (e.g., ETH, USDT) and initiate a sell order to convert it into your local currency.