P2P
Convert Bitcoin To Cash
How To Convert Bitcoin To Cash
Turn your bitcoin to cash; choose from 300+ payment methods including bank transfer, cash and online wallets. Buy and sell digital currencies using Binance P2P.
Over 300 Payment Methods to Turn Your Bitcoin to Cash
The ways in which you can sell your cryptocurrencies are called “payment methods”. Choose your payment method and click 'Sell bitcoin for cash' to start trading with other people!
Payment Method | Description |
|---|---|
Bank Transfer | A domestic wire transfer where the originator and beneficiary institutions are located in the same country. A bank transfer refers to any chain of wire transfers that takes place entirely within the borders of a single country. Domestic wire transfers are often processed within 24 hours but may also vary depending on your country. |
Transfer With a Specific Bank | A transfer to another individual using the same bank as you. This option allows you to add your bank account information if you are unable to find the name of your bank. |
SEPA (EU) Transfer | Single Euro Payment Area (SEPA) transfers. These wire transfers simplify money transfer for Euros. Please note that SEPA transfers can take anytime between a few seconds to 2 business days, depending on the country you are in. |
SWIFT Transfer | Society for Worldwide Interbank Financial Telecommunications are transactions processed via the SWIFT network. Payment types can range from direct deposits to international bank transfers. Transfers generally take 1-5 working days. The bank processing the payment may charge around 3 to 4% as part of their service. |
Cash Deposit to Bank | You can deposit cash into the seller's bank account at your local bank branch or via an ATM. The money will be available instantly or by the next business day, depending on your bank's policy. |
Cash in Person | Offline payment method and the only method that requires face-to-face (F2F) meetings to complete transactions. You will need to arrange a meeting with the counterpart in a safe place and exchange the crypto for cash. |
Online Wallet | Customers can transfer money from one wallet to another if both parties have the same e-wallet. The transfer is done instantly. |
Mobile Top Up | It is a transfer where you add credit to the recipient's mobile number. All you need to know is their phone number. |
Why Convert Bitcoin?
Although bitcoin and other cryptocurrencies are set to rival or even replace fiat and other traditional currencies in the future, cryptocurrencies are still not as widely accepted as cash. Thankfully, crypto is a liquid asset class that can be easily converted to cash, allowing you access to more funds to buy tangible products and services.
Steps To Transfer Funds From Crypto Wallet To Your Bank Account?
Transferring crypto funds to your bank account is a two-step approach of converting your crypto to cash, and then depositing that cash into your bank account. You can do so easily with Binance P2P, a platform that lets crypto buyers and sellers create ads to buy or sell crypto with each other.
Set up your ad
Choose your preferred payment method, currency and the amount of bitcoin you are planning to sell.
Place an order
After reviewing all the ads and selecting the one that works better for you, place your order. Your crypto will be escrowed by Binance P2P.
Confirm the payment
Check the transaction record in the given payment account, and make sure you receive the money sent by the buyer.
Release your crypto
Once you confirm the receipt of money, release the agreed amount of crypto to the buyer on Binance P2P.
Things To Remember About Converting Bitcoin To Cash
Before you convert your bitcoin to cash, consider the following points:
Taxes:
If you are earning profits by selling bitcoin, you will need to pay taxes on your profit income. On Binance, you can download a file with all your transactions for tax purposes.
Fees:
Unlike other platforms, Binance P2P does not charge fees for buying and selling cryptocurrencies. You can buy and sell bitcoin with zero fees.
Speed:
It usually takes exchanges a couple of days to transfer the funds. However, on Binance P2P you can convert your bitcoin into cash instantly, depending on how fast the party makes payment and the payment method you are using.
If speed is a concern, you can go to the advertiser profile and check the average pay time to trade with the fastest one.
Binance: Where the World Converts Bitcoin to Cash
Payment Method | Currencies Supported | Crypto Supported |
|---|---|---|
Bank Transfer | All | USDT, BTC, BUSD, BNB, ETH, DAI, ADA, DOGE, BIDR and SLP |
Transfer With a Specific Bank | All | USDT, BTC, BUSD, BNB, ETH, DAI, ADA, DOGE, BIDR and SLP |
SEPA (EU) Transfer | EUR | USDT, BTC, BUSD, BNB, ETH, DAI |
SWIFT Transfer | All | USDT, BTC, BUSD, BNB, ETH, DAI, ADA, DOGE, BIDR and SLP |
Cash Deposit to Bank | All | USDT, BTC, BUSD, BNB, ETH, DAI, ADA, DOGE, BIDR and SLP |
Cash in Person | BRL, USD, COP, RUB, PYG, PEN, TWD, VES, HKD, AED, NGN, INR, UAH, ARS, EGP, KZT | USDT, BTC, BUSD, BNB, ETH, DAI, ADA, DOGE, BIDR and SLP |
Online Wallet | All | |
Mobile Top Up | AED |
FAQ
How to sell bitcoin and other cryptocurrencies on Binance P2P (desktop)?
You can sell cryptocurrencies on the Binance P2P platform, instantly and securely! For more information, you can refer to our guide.
How to sell bitcoin and other cryptocurrencies on Binance P2P (app)?
You can sell cryptocurrencies on the Binance P2P platform, instant and secure! For more information, you can refer to our guide.
How to sell bitcoin and other cryptocurrencies via P2P trading on Binance Lite?
Binance Lite allows users to sell cryptocurrency via P2P trading with over 150 payment methods. Using P2P trading, you can easily sell crypto to other Binance users.
For more information, you can refer to our guide.
P2P user transaction policy
For more information, you can refer to our guide.
Binance Terms of Use
For more information, you can refer to our Terms of Use.