If you've Googled "How to sell Bitcoin" you probably have some Bitcoin that you don't know how to sell because it's stuck on an exchange like Coinbase which doesn't allow crypto sales, or you stored it on a crypto wallet. Either way, the easiest way to sell your Bitcoin, or any cryptocurrency, is to open an account with a reputable crypto exchange such as Digital Surge. I will run through the steps in detail below.
Where to sell Bitcoin?
You can sell Bitcoin from any of the best cryptocurrency exchanges (see list here). However, the most important step is to choose a legitimate site that will not scam you. Here at Debt Bombshell, we only recommend trusted crypto exchanges that we have personally tested, so you know that they are safe to use. If you use any exchange on our list of recommended crypto exchanges for Australians, you can trust your funds will be safe.
In this step-by-step guide of how to sell Bitcoin, I will include screenshots from my personal Digital Surge account. If you want to follow along easily with this guide, you can sign up with Digital Surge for free. The reason I use Digital Surge as my cryptocurrency exchange is for these reasons:
- Over 300+ different cryptocurrencies supported, including BTC
- Low trading fees of 0.5%
- Mobile app to buy or sell anywhere
- Pay Aussie bills using Bitcoin
- 24/7 Live Chat and email customer support
- Free deposits and withdrawals
Top cryptocurrency exchanges
How to sell Bitcoin?
7 easy steps
Selling Bitcoin is really easy. You just need to follow these simple steps, and you will have sold your Bitcoin for AUD in a few clicks.
1. Open an account with a crypto exchange
The first step is to sign up for an account with a reputable cryptocurrency exchange. I suggest signing up with Digital Surge because it is the best crypto exchange in Australia, and also it will be easier for you to follow along with my guide, as I will be using screenshots from Digital Surge. You can read my Digital Surge review here if you want to do some more research first.
To open an account with Digital Surge, click this link and you will be taken to a page like the image below. Either sign up easily with your Facebook account, or simply enter your email address and create a password, then click 'Create your account'.
2. Verify your account
Once you have created your account, you will see a screen like the one below, prompting you to confirm your email and verify your account. Sign into your email and find the email from Digital Surge to confirm it is really you.
After confirming your email, when you return to Digital Surge, you will see the screen below. Click on 'Verify your account', and follow the simple instructions to verify your mobile number and identity.
3. Deposit Bitcoin into your account
Now that you have verified your account, it's time to send Bitcoin to your Digital Surge account. Click on Wallets (circled in green, in the screenshot below) and then Actions on the right (circled in blue), next to Bitcoin. You will then see a button for Receive, click that to get your Bitcoin address.
You will see a pop-up similar to the screenshot below. Your Bitcoin address will be shown as a QR code (where the grey square is below), and a long random list of letters and numbers (where the blue rectangle is below). Next, you need to log in where your Bitcoin is currently being held, whether it is on an exchange or in your wallet, and find the option to Send Bitcoin to another account. You can copy and paste the Bitcoin address over, of if you are using a mobile, scan the QR code Bitcoin address. Remember to check that the address is the same before you make your transfer, because if it's wrong, you will lose your BTC and it is unrecoverable.
When you have made the BTC transfer, you will need to wait for it to show up in your Digital Surge account. This can take from a few minutes up to over an hour, which varies based on the network usage. In most cases, you should receive your Bitcoin within 10-20 minutes. You can tell when it has arrived because you will see an increase in your Bitcoin balance in the Wallets section.
4. Go to the Sell section in the cryptocurrency exchange
Now that your Bitcoin has arrived in your Digital Surge account, it is time to sell it. Click on 'Buy & Sell' (circled in green in the screenshot below), and then click on Sell next to Bitcoin (circled in blue in the screenshot below).
5. Select how much Bitcoin you want to sell
You can now decide how much Bitcoin you want to sell, either 25%, 50%, 75%, 100% or you can type in your desired amount of Bitcoin. In my example below, I decide to sell 0.005 BTC which is worth $257.82 at the time of writing.
6. Sell Bitcoin
When you have chosen the correct amount, click on the Sell Bitcoin button underneath and follow any on-screen prompts to finalise the sale. Congratulations, you have successfully sold your Bitcoin, and you should see your AUD in your account balance now!
7. Withdraw AUD or buy more crypto
Now that you have your AUD from your sale of Bitcoin, you can buy more crypto if you like. Simply click on Buy & Sell and find which crypto you want to invest in. Alternatively, you may want to withdraw your money to your bank account. To do this, click on the menu button in the top right (circled in green in the screenshot below), and then click Withdraw money from the dropdown menu.
A pop-up will show up, and you can enter the amount in AUD that you want to withdraw to your bank. Select your bank account (you may have to add the bank details if this is your first withdrawal), and then click Withdraw AU$. The withdrawal should be instant, but there may be a delay if this is your first ever withdrawal, so don't stress out if it takes a few days to transfer.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell, and own cryptocurrency in Australia.
Yes, Australia considers cryptocurrencies such as BTC to be assets, and you will need to pay Capital Gains Tax (CGT) when you sell your crypto. If you have held your Bitcoin for more than a year, your tax will be halved, so this is a good thing to remember.
The method is the same, as long as the cryptocurrency is found on the exchange. Digital Surge offers over 300+ coins, so there is a good chance the coin you want to sell is available.