header banner

Binance: The Fastest Way to Convert Bitcoin to Dollars (Step by Step)

Once you've invested in Bitcoin, what you do next is up to you. Some wish to hold their BTC short-term, while others are in it for the long run. Regardless of your personal goals, if the time comes when you want to cash out on your Bitcoin, you want a method that's quick and easy.

Here's the fastest way to convert your Bitcoin to dollars using Binance.

1. Log Into Your Binance Account

To access your BTC funds on Binance, you'll need to log into your account.

If you don't have a Binance account but still want to use this method to cash out on your Bitcoin, the process will take a little longer, as you'll need to create a Binance account and verify your identity. Head to Binance and select Sign Up in the top-right corner of the page to create a new Binance account.

Binance's KYC (Know Your Customer) verification usually takes a few minutes to an hour to process, but it may take longer if there are problems with your identity documents.

2. Head to Binance's Buy and Sell Option

You can convert your Bitcoin to dollars on Binance in several ways, but the fastest is to use the exchange's buy-and-sell feature. You can access this page by clicking on the Buy Crypto option on the left-hand side of the top menu bar.

screenshot of binance buy and sell webpage

Here, you can switch between the buying and selling features with just a click. You'll initially be taken to the buying section, but clicking the Sell option right next door switches to the selling option.

3. Select How Much Bitcoin You Want to Sell

Now, it's time to select how much Bitcoin you want to sell for cash. Make sure your Bitcoin is currently in your Binance account's Funding Wallet, or you won't be able to conduct the transaction.

screenshot of binance sell webpage

Enter the amount of Bitcoin you want to sell, and you'll immediately be able to see how much USD you'll get in return. This amount will change frequently, as the price of Bitcoin is always fluctuating.

If you're happy with the sale amount, go ahead and click Continue. You can then select a trading option. In this case, we went for peer-to-peer (P2P) trading.

You can also buy Bitcoin on Binance using the P2P feature.

4. Select the Buyer

Now, you'll be taken to the peer-to-peer sell page, where you can view a list of users looking to buy Bitcoin.

screenshot of binance peer to peer buyers list

Here, you can see the ratings for each buyer, as well as how many orders they've facilitated. You can also view the forms of payment they support, such as UniCredit, Skrill, Perfect Money, and regular bank transfers.

Depending on the payment method you use, you may have to create an account with the receiving payment option. Upon sale, you'll have to provide information on your receiving payment account so that the buyer can send the funds to the right place.

If you are selling Bitcoin using a peer-to-peer platform, make sure you have received the payment for your crypto before approving any transfer. This will prevent a malicious user from taking your crypto and hitting the road without paying you. You should also check that a buyer isn't poorly rated before going through with a sale.

Prospective buyers often provide some information on how they conduct sales in the Advertiser's Terms section. You'll see this when you select a buyer.

screenshot of binance p2p advertiser sales terms

Check these terms before going through with the sale, as you may find something you don't like.

5. Confirm Your Sale

Now that you've chosen a peer-to-peer buyer, select a payment method and provide details about your receiving account. For instance, if you're using Perfect Money, you'll need to provide your PM account number. If you want to get paid via a direct bank transfer, you'll need to provide your bank name and account number.

screenshot of binance p2p payment method options window

Once you're happy with the payment method and feel you have selected the right buyer, you can go ahead and confirm the sale. The amount of time it takes for your funds to arrive will vary based on the seller you've chosen.

After confirming the sale, your Bitcoin will be placed in escrow until you've confirmed payment from the buyer. Once you've received the buyer's payment, you can confirm it on your Binance account, and the escrowed Bitcoin will be sent to them.

Selling Bitcoin for Cash Doesn't Need to Be Complex

If you're looking to sell your BTC for cash, you can do so in minutes using Binance. Whether you just want to sell off a few dollars worth of Bitcoin or want to make a hefty sale, Binance can accommodate you.


Article information

Author: Richard Moore

Last Updated: 1698186482

Views: 1302

Rating: 4.3 / 5 (94 voted)

Reviews: 80% of readers found this page helpful

Author information

Name: Richard Moore

Birthday: 1963-05-24

Address: 8751 Bates Wall, Sloanton, VT 15164

Phone: +4453670954021248

Job: Network Administrator

Hobby: Golf, Drone Flying, Woodworking, Camping, Playing Piano, Hiking, Chocolate Making

Introduction: My name is Richard Moore, I am a striking, Open, apt, forthright, skilled, enterprising, steadfast person who loves writing and wants to share my knowledge and understanding with you.