BitPay does not directly buy or sell cryptocurrency, therefore, if you want to sell your cryptocurrency (cash your funds out), you need to do it with a third party.
How do you sell your crypto?
Assuming you already have the crypto that you want to sell in your BitPay wallet, this is what you have to do to sell your crypto:
- Create an account on a cryptocurrency exchange that operates in your country.
- Send the funds to the exchange.
- Sell the funds or withdraw the funds to a bank account.
Create an account on a cryptocurrency exchange
Creating an account on a cryptocurrency exchange is easy and does not differ much from creating an email account. It usually involves a KYC (Know Your Customer) process that consists of an identity verification procedure and normally requires the user to upload documents and selfie pictures.
As the account creation and KYC processes vary from exchange to exchange, we are not going to dive deeper on this matter.
What exchange should I use?
BitPay does not provide a list of exchanges, nor financial advice, what we suggest is you look for exchanges that:
- Are very well known and trustworthy: we don’t want you to be scammed or lose your money. We recommend you do careful research to be sure you can trust the exchange you are going to send your funds to.
- Operate in your country: Otherwise, you may not be able to exchange your crypto into fiat money, to your local currency or may have to pay higher fees to move the money to a bank account.
Send the funds to the exchange
After you have created the account on the exchange of your choice and have investigated how to sell the funds on the exchange, you are ready to send the funds to the exchange.
For this you need:
- Your BitPay wallet.
- The exchange receiving address.
About the exchange receiving address
In the typical case, you will have many wallets in the exchange and the possibility to deposit funds. Going through the deposit flow will provide you with the address where you have to send the funds. Most exchanges provide a QR code and a button to copy the address like the example below:
Please refer to your exchange’s help articles to know how to deposit funds.
In regards to the exchange wallet address we strongly recommend the following:
- Make sure the wallet you are sending funds to matches the coin you are going to deposit, sending the wrong coin may result in the complete loss of your funds.
- Do not enter the address manually on your BitPay app, instead, scan it or copy and paste it. If you are using two devices, you can scan the QR code, if you are using one device, you can copy the address and paste it on the BitPay app.
- Double check the address entered on the BitPay app is the same as the address provided by the exchange before sending the funds, cryptocurrency transactions are irreversible, there is no way to recover funds already broadcast to the blockchain.
Sending your funds to the exchange
To send your funds to the exchange follow the steps below:
- Open your BitPay app.
- Tap the wallet tab.
- Open the wallet that contains the funds you want to transfer.
- Tap Send.
- Paste the receiving address you copied or scan the QR code of the receiving address provided by the exchange. To paste the address on your phone, tap and hold the Search contact or enter address field and then tap PASTE. To paste the address on your desktop app, click the Search contact or enter address field and press CTRL+V / Command+V.
- Enter the amount.
- Tap Continue.
- Review the transaction fees. Learn how to change the miner fee.
- Slide the b all the way to the right (mobile) or click Click to send (desktop) to confirm the payment.
After sending the funds, please allow some time for the transaction to confirm, depending on the fee policy used, it could take a few minutes to a few hours.
Most exchanges will send you an email to notify you of a pending deposit.
Selling the funds
After the funds have been deposited and the transaction has the number of confirmations required by the exchange, you will be able to either trade the funds or withdraw them to a bank account.
To withdraw funds to a bank account you will typically go to the wallet (on the exchange) that has the funds and will have a Withdraw option that will let you withdraw the funds as fiat money.
As the exchange may have different withdrawal options, be sure to choose the most convenient for you.
Keep in mind that withdrawing the funds to your bank account will require setting up all the bank account information and may also require additional KYC steps.
Each exchange has their own conditions, please reach out to your exchange's customer support team if you have any inquiries.