Try cash-in-person on Binance P2P if you’re looking for a simple way to convert your bitcoin holdings into physical cash.
Main Takeaways
Learn more about the different methods you can sell bitcoin for physical cash.
Using a peer-to-peer marketplace like Binance P2P allows you to make cash-in-person transactions with no fees.
While most people conduct their crypto transactions online, some users still prefer the offline option of converting their holdings into physical cash. This article will cover the most popular methods for bitcoin-to-cash conversions, from Bitcoin ATMs to peer-to-peer (P2P) marketplaces, and how you can get started with a secure, cost-effective platform like Binance P2P.
What Methods Are Available?
Before we dive into the different options, make sure you have bitcoin available in your wallet. To get started, you can read the Binance guide to buying bitcoin. If you’re already holding bitcoin, consider other options — such as the Binance crypto visa card — before converting to fiat currency.
Bitcoin ATM
At first glance, Bitcoin ATMs look just like your traditional cash machines. However, instead of connecting to your bank account, these ATMs facilitate transactions on the Bitcoin network.
For most Bitcoin ATMs, you’ll need to scan a wallet QR code and then sell your bitcoin for physical cash. Some ATMs may require know-your-customer (KYC) checks, such as identity verification, before you can transact crypto.
While a Bitcoin ATM sounds convenient, the transaction fees are typically higher than other methods. So if you want to save money on fees, consider selling your bitcoin on a peer-to-peer marketplace.
Peer-to-Peer (P2P) Marketplace
P2P marketplaces allow two parties to directly trade with each other instead of going through a matching engine on the Spot market.
For example, users can list buy or sell ad postings with their preferred local currency and payment method — in this case, cash-in-person. Think of a P2P marketplace like eBay listings, but with cryptocurrencies instead of used items.
If you’re interested in P2P trading, consider making your first trade with experienced crypto merchants on Binance P2P. Since October 2020, Binance P2P has offered support for users looking to buy and sell crypto via cash payments made in person.
How to Buy and Sell Crypto for Cash on Binance P2P
At Binance P2P, we provide a global marketplace with over 180 supported countries and zero trading fees. Users can connect with a vetted merchant and start their transaction in three simple steps:
Please note: Although every Binance P2P merchant undergoes a strict approval process, P2P traders should adhere to basic safety guidelines for cash-in-person transactions. Bring a trustworthy friend, meet your counterparty in a safe, public place during the day, and ensure you have sent or received the correct amount before any funds are released.
How to buy crypto with cash on Binance P2P
Step 1: Filter your homepage to Buy
Press [Buy] on the P2P homepage, select BTC, and then filter your homepage listings to [Cash-in-person].
Step 2: Find a seller
Search the marketplace for a BTC price that suits your preferences. If you’re a first-time P2P trader, we recommend transacting with a verified Binance P2P merchant. You can recognize verified merchants by the yellow badge next to their names.
Step 3: Meet your seller and complete the transaction
Negotiate with the seller and meet them at an agreed place and time using the Binance P2P messenger. When meeting the seller, ensure you have paid them in full before they release crypto funds to your account.
How to sell crypto with cash on Binance P2P
Step 1: Filter your homepage to Sell
Press [Sell] on the P2P homepage, select BTC, and then filter your homepage listings to [Cash-in-person].
Step 2: Find a buyer
Search the marketplace for a suitable ad posting. If you’re a first-time P2P trader, we recommend transacting with a verified Binance P2P merchant. You can recognize verified merchants by the yellow badge next to their names.
Step 3: Meet your buyer and complete the transaction
Negotiate with the buyer and meet them at an agreed place and time using the Binance P2P messenger. When meeting the buyer, only release the crypto funds until you have received full payment.
Get Started on Binance P2P
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To start buying or selling crypto on Binance P2P, create a Binance account and verify your identity. If you’re an experienced crypto seller, join the Binance P2P merchant program and enjoy exclusive benefits such as in-depth ad posting tools, a verified badge next to your username, and 24/7 one-on-one customer support.
To start buying or selling crypto on Binance P2P, create a Binance account and verify your identity. If you’re an experienced crypto seller, join the Binance P2P merchant program and enjoy exclusive benefits such as in-depth ad posting tools, a verified badge next to your username, and 24/7 one-on-one customer support.