Sell Bitcoin

sell bitcoin in the uk

How to sell Bitcoin in the UK

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.

As Bitcoin is still in the early stages of adoption, the regulations and infrastructure around the cryptocurrency have not yet developed enough to make the process streamlined. If you are based in the UK it is tricky to switch between BTC and GBP as most of the cryptocurrency exchanges allow the purchase and withdrawals 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 really unfavourable. You will also be charged a fee for the international bank transfer by your bank. Thankfully as of April 2018, Coinbase rolled out same day deposits and withdrawals in GBP to British bank accounts.  

 There are essentially four main channels to sell your Bitcoin in the UK:

 

Sell Bitcoin (BTC) and withdraw GBP to a UK bank account

Step 1 – Sell Bitcoin (BTC) for Euros on CoinbasePro (Coinbase)

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 CoinbasePro instead. To use CoinbasePro you will need to create a Coinbase account first. If you keep your Bitcoin in your Coinbase wallet already you can transfer it to CoinbasePro free of charge.
 
 Step 2 – Sell BTC for GBP on Coinbase Pro and withdraw to your UK bank account 
 

CoinbasePro

Sell your BTC for GBP on the CoinbasePro exchange (formerly known as GDAX). As of April this year you are able to withdraw your  GBP from the exchange directly to your UK bank account. If you execute your trade as a maker order it’s literally zero fees!
 

 

Withdraw GBP from a Visa/Mastercard ATM with a Revolut debit card

Revolut Debit Card

The main benefit of this pre-paid debit card is that you can use it with other cryptocurrency exchanges, which don’t offer GBP withdrawals. Download the Revolut app and sign up.   You can withdraw in Euros or US dollars from the exchange and then convert to GBP within the Revolut app. The international transfer is free. You can transfer from your Revolut GBP account to any other UK bank account, free of charge. It is not necessary to sign up for the premium version to receive your EUR withdrawal. But you might want to do this if you want to get a physical pre-paid Revolut Visa or Mastercard.  You can use this to withdraw your Bitcoin proceeds at almost any ATM around the world.

 

 

Sell Bitcoin for cash at a Bitcoin ATM

 

Coin ATM Radar

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

 

LocalBitcoins

LocalBitcoins  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.

 

Bittylicious

Bittylicious 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.

 

 

 

 

Disclaimer: This information should not be interpreted as investment or trading advice. Bitcoin and other cryptocurrencies can be extremely volatile and you should always do your due diligence and research on the product, service and legal and regulatory requirements before deciding to invest or trade. We do not take any responsibility for any possible losses you may incur.

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