Loki

selling cryptocurrency, How to sell cryptocurrency: Crypto selling basics

How to sell cryptocurrency: Crypto selling basics

The process of selling cryptocurrency is generally the reverse of buying crypto. And just like buying crypto, the process will change depending on what kind of exchange you’ve chosen to use: Regular trading platform, brokerage service, or direct trading service. No matter which platform you’re using, though, you’ll need to move your crypto from your personal wallet back to the exchange. For more on how to do this, click here.

How to sell cryptocurrency on an exchange

Selling your crypto using a regular trading platform is as simple as reversing the steps used to purchase crypto through the platform.

Selling crypto using a regular trading platform:

These steps assume that you’ve moved your crypto back to the exchange from your software, hardware or paper wallet. If your crypto is still secured by a software, hardware or paper wallet, you’ll need to follow the steps here to move it back to the exchange so you can sell it. If you left your crypto stored in an exchange wallet, you don’t need to do anything else, just follow the steps below:

  1. Navigate to your account page on the exchange website.
  2. Click the Buy/Sell option (or similar).

Just like when buying crypto through a regular trading platform, you’ll need to decide the type of crypto selling order you want to place: a market order or a limit order.

  • A market sell order will sell your crypto immediately, at its current market price
  • A limit sell order will wait to sell your crypto until its value hits a price point you choose (typically, above current market price)

3. Once you’ve picked your order type,  you’ll need to choose the size of your order: the amount (and type) of crypto you’d like to sell, and (if you’re making a limit sale) the price you want to sell it for.

4. Review your order and double-check that you have the amount and type of crypto ready to go in your exchange wallet (most exchanges simply won’t let you place the sell order if you don’t, but it always pays to check).

5. Click ‘Confirm’, ‘Sell’ or similar.

The trading platform should send you an email confirming the details of your order.

Selling cryptocurrency through an OTC service

Selling your crypto through an OTC brokerage service is essentially the reverse of buying through one — and just like when buying crypto, selling it using a brokerage service is often easier and faster, though you might not get the best price for your crypto.

Selling crypto using a brokerage service

Just like with a regular trading platform, you’ll need to move the crypto you want to sell back into your brokerage service’s account wallet before you can sell it through the service. Once you’ve moved the crypto into your account, the process is pretty simple:

  1. Navigate to your account page on the brokerage service’s website.
  2. Click the Buy/Sell option (or similar).

Note: Brokerage services typically only offer the market order option for selling crypto, and may simply label it as ‘Sell’.

3. Once you’ve picked your order type, you’ll need to choose the size of your order: the amount (and type) of crypto you’d like to sell. 

4. Review your order and double-check that you have the crypto required for the sale (most brokerage services simply won’t let you place the sell order if you don’t, but it always pays to check).

5. Click ‘Confirm’, ‘Sell’ or similar.

The brokerage service should send you an email confirming the details of your order.

Selling cryptocurrency using a direct trading service

The process of selling crypto through a direct trading service will generally be similar to the steps for selling through a regular trading platform. The key difference with a direct trading service is that you’re trading your crypto for a different crypto, not fiat money. If you’re looking to ‘cash out’ on your crypto investments, a brokerage service or a regular trading platform is the way to go.