But what to do when you want to sell your bitcoin, but you don’t necessarily want to cash out your profits? What if you want to sell your bitcoin so that you can diversify your portfolio with altcoins or wait for a better re-entry position but don’t want to trade?
How to sell bitcoin into fiat currencies
One of the solutions for both scenarios described above is to sell your bitcoin into national currencies (Fiat) such as USD, GBP, or EUR and put your profits somewhere safe. You don’t need to withdraw them directly to your account or card. You can keep them in your Binance Fiat Wallet and access them without waiting for a bank deposit or paying deposit fees for card transfers.
The main advantage of using fiat currencies on Binance is that they’re stable and fungible. You can trade them against a vast number of altcoins, so there’s always a way to spend your fiat and turn it into more profit.
This way, you can move your bitcoin profits into cash without the funds ever leaving Binance, staying ready to be used whenever you need them.
Step-by-step guide
Navigate to Binance.com and login with your Binance account. If you don’t have a Binance account, click here to open one.
In the left top menu, click Buy Crypto and select Cash Balance.
Click Sell Crypto
Select the crypto you want to sell, in this case, BTC.
Enter the amount of BTC you want to sell.
Select the fiat currency you want to receive. The total amount you will receive will now be displayed on the left.
Click Next.
On the next screen, you will see the Sell Preview once again. Click Sell if you wish to continue.
The Order Confirmation pop-up will appear with the order recapitulation, exchange rate, and final amount. Click Confirm to complete the transaction.
You’re done. Your fiat currency is now in your Binance Fiat Wallet.
Do you want to explore other options to sell bitcoin and other cryptocurrencies on Binance?
Check out these excellent materials:
How to Withdraw Fiat Currency from Binance
(Support) Instant Card Withdrawals
(Support) How to Sell on Binance P2P via Desktop
(Support) How to Sell on Binance P2P via App
