If you’re considering buying bitcoin, it’s important to, first and foremost, have a base understanding of…
Selling on our peer-to-peer cryptocurrency marketplace is easy
Turning cryptocurrencies you own back into your preferred fiat currency is a crucial service that helps keep the cryptocurrency market functional. Luckily, selling your bitcoin is a straightforward process with Coindirect. In fact, any of our 35 cryptocurrencies on the platform can be sold after they are converted into bitcoin using the ‘Transfer’ function in our ‘Wallets’ tab.
Our peer-to-peer marketplace includes partners that readily buy your bitcoin regardless of what the market is doing. You can even send bitcoin that you’ve been hosting elsewhere to your Coindirect wallet to sell on our platform. Follow the steps below to see how the selling process works, from setting up your banking details, to concluding your first sale.
Your Coindirect account and balance
If you already have an account with Coindirect, you can skip ahead and continue reading at ‘How you want to get paid’. If you need to create an account with Coindirect, you can click here to see how to do so.
Once your account is set up, Coindirect automatically creates a bitcoin wallet under the ‘Wallets’ tab for you. If you have bitcoin stored outside of Coindirect, in an external wallet, you’ll first need to send the coins you want to sell to the bitcoin wallet hosted on our platform.
Clicking the ‘Receive’ button on your newly created bitcoin wallet will open a page that will provide you with the wallet address that you can deposit coins into. There is also a helpful QR code option for identifying your wallet. Please take care to only deposit bitcoin into a bitcoin wallet as other currencies are not compatible with each other when sending or receiving coins. Attempting to send coins to an incompatible wallet will lead to them to be lost in the blockchain, typically rendering them irretrievable.
How you want to get paid
Before you try selling your coins, you want to configure how you will get paid after you’ve picked your buyer. The payment options available will differ from country to country. The UK accepts bank transfers and PayPal; South Africa has PayPal, bank transfer and Instant EFT as payment options; Nigeria has bank transfers, and Kenya has the M-Pesa payment method.
To set up how you would like to receive payments click on the ‘Enter Details’ button on your Dashboard. This will open up ‘Your Profile’ where there is a ‘+Add Payment Method’ under the ‘Setup Your Payments’ section.
This will bring up the page where you can give the payment method a name, select your currency and choose your prefered payment method. If you are happy with your selection, click the ‘Save’ button. This will open up the second set of details based on the payment category you selected. With Coindirect, you are able to add multiple payment methods to a single account by repeating this process.
Click to sell
Now that you have a payment destination for bitcoin buyers to deposit their money into, you are ready to choose a buyer. Clicking on the Peer to peer tab and opening the ‘Sell Coins’ tab on the top right of the screen will show Bitcoin’s current circulation supply, price in your local currency and the percentage change over the last 24 hours. Click ‘Sell’ on the right-hand side to open up the page with all the offers to buy bitcoin.
This new page details which users from Coindirect’s peer-to-peer network are offering to buy your bitcoin. The page gives their user rating, their currency amount limitations and their available payment methods. Select the buyer that best suits your needs.
Placing your order
Now that you’ve selected your preferred buyer, you can fill in the amount you want to sell in your local currency, the wallet (currently only bitcoin) and your preferred payment method. Double check all the details are correct, then click ‘Place an order to sell bitcoin’.
The buyer now has 20 minutes to complete the transfer to your payment method and confirm that the payment was made by uploading a proof of payment. Be sure to keep an eye on your bank account or wallet, and once the funds reflect in your account, you can then release the coins to the buyer.
All trades on the Coindirect platform are escrow-protected so your bitcoin and the buyer’s transfer are only confirmed once both parties honour the transaction. If the buyer does not make the payment within the 90-minute window, the order will auto-cancel and your bitcoins will be returned to you.