How to sell Bitcoin in the UK
To sell Bitcoin in the UK and withdraw British pounds to a UK bank account you will need to use a combination of apps. As Bitcoin is still in early stages of adoption, the infrastructure around the currency has not developed enough to make the process streamlined. If you are based in the UK it is especially difficult to switch between BTC and cash as all established cryptocurrency exchanges allow the purchase and withdrawal in Euros or US dollars only. When you make a withdrawal in Euros, to your UK bank account, the euros will be converted to British pounds by your own bank. But the conversion rates are usually very unfavourable. You will also be charged a fee for the international bank transfer by your bank.
Sell BTC and withdraw GBP to a UK bank account
Based on the latest information available, we have developed a guide to help you sell your Bitcoin and withdraw your money safely to a UK bank account with minimum fees.
Step 1 – sell BTC for Euros on GDAX (Coinbase)
You can withdraw Euros to a GBP UK bank account from Coinbase
directly, however you will need to pay a 3.99% fee. You can avoid this by using GDAX instead. To use GDAX you will need to create a Coinbase
account first. If you keep your Bitcoin in your Coinbase wallet already you can transfer it to GDAX free of charge.
Sell your BTC for Euros on the GDAX
exchange. You will need to sell your BTC for EUR and not GPB in order to be able to withdraw your cash from the exchange. Unfortunately, at this stage it is not possible to withdraw GBP from GDAX to a UK bank account.
Download the Revolut
app and sign up. Create both GBP and EUR accounts. It is not necessary to sign up for the premium version to receive your EUR withdrawal from GDAX. The international transfer is free. Withdraw Euros from GDAX to your Revolut euro account. Once the Euros are in Revolut convert EUR to GBP within the app for free.
Step 3 – Withdraw GBP
Send GBP from your Revolut account to any other UK bank account.
Sell Bitcoin for cash at a Bitcoin ATM
Coin ATM Radar
is a Bitcoin ATM map website. There are already plenty of Bitcoin ATM’s dotted around the UK. Find one near you that accepts sales. You can then sell your Bitcoin and withdraw your cash on the spot.
List your Bitcoin for sale locally
allows you to list and sell your Bitcoin locally for GBP. Users who create advertisements are charged a 1% fee for a completed trade. Some sellers pass this 1% fee on the buyer in the form of a markup on the BTC exchange rate. You can meet the buyer in person, or receive your cash directly via online banking. But LocalBitcoins
offers 50+ payment methods including iTunes gift cards.
is a UK based platform, which similarly to LocalBitcoins
, allows you to list your Bitcoin for sale. If you are looking to sell Bitcoin regularly, you can also apply to become a Bittylicious broker.