🟠 How to Sell Bitcoin (BTC) for GBP in the UK

Learning how to sell bitcoin in GBP is vital for every UK Bitcoin investor. You may not plan to sell your assets now, but you may eventually need to cash out bitcoin if the price increases.

You don't want the headache of your transactions being flagged or withdrawals being halted for no reason. You also need a platform to sell Bitcoin seamlessly and without a lengthy process. 

We wrote this article to give you all that comfort and hope that you will know how to convert Bitcoin to pounds or another crypto by the end.

A quick guide on selling BTC for GBP on OKX

1. Create an OKX.com account.
2. Complete the identity verification process
3. Go to Assets > Deposit and select Bitcoin (BTC).
4. Copy your BTC deposit address and transfer funds from an external wallet.
5. After deposit confirmation, go to Binance's Sell BTC Page.
6. Enter the amount of BTC to sell (minimum amount is 0.00004 BTC).
7. Click Sell BTC and confirm your order details on the next page.
8. Follow the prompts to complete the sale and receive GBP to your bank account.

After that quick guide, we'll go over some exchanges anyone can use to sell bitcoin in the UK. 

How to sell Bitcoin for GBP 

OKX

OKX is one of the most widely used cryptocurrency exchanges. Aside from our earlier example, there is another route to selling BTC to GBP, using the platform's P2P marketplace

How to do it:

1. Register at OKX.com and complete the KYC process.
2. Deposit BTC on OKX via the provided address.
3. After the deposit confirmation, go to Buy Crypto > P2P Trading
4. Change the order type to Sell and select BTC as the coin to sell.
5. Change the receiving currency to GBP and review the available buyer order
6. Choose an order that falls within the range and price you wish to sell.
7. Initiate the sale for the amount and add a payment method if prompted
8. Wait for the buyer to make the payment to your provided bank account or payment platform.
9. Release the assets.

Pros

• OKX has a responsive customer service team.
• OKX is relatively reliable and rarely suffers from downtime.
• The exchange has highly liquid order books for both small and large trades.
• Users can lend their BTC on OKX to earn interest using the platform's crypto savings product.

Cons

• OKX doesn't offer a native GBP account for UK users.
• The platform isn't too friendly for inexperienced users.

Fiat Withdrawal Methods: Bank Transfer, P2P Trading (Revolut, Wise, FasterPay)

Bitget

Bitget has emerged as another popular option for U.K. users seeking to buy or sell Bitcoin for GBP. The platform offers a native GBP account, meaning you can hold GBP on the platform and withdraw directly. Additionally, the process isn't complicated for first-time users.

How to do it

1. Create an Account with Bitget and complete the verification process.
2. Click on the wallet icon on the top right of the web interface and select Deposit.
3. Copy your BTC address and make a transfer from an external wallet.
4. After the deposit confirmation, go to Trade > Spot and select the BTC/GBP pair under fiat pairs.
5. Switch the Order type to Market and fill in the amount of BTC to sell
6. Click Sell BTC to complete the process.
7. Go to Withdraw and Cash-out GBP using your preferred option.

Fiat Withdrawal Methods: Faster Payments

Pros

• A user-friendly trading platform 
• Responsive customer support
• Experienced traders can access advanced tools
• Users can earn interest on BTC using a savings product.
• Bitget is a reliable and reputable crypto exchange among UK users.

Cons

• Only one GBP withdrawal method is available
• Higher BTC withdrawal threshold compared to competitors

Gemini

Launched in 2015, Gemini is one of the oldest cryptocurrency exchanges and an excellent option for buying and selling Bitcoin for GBP. The platform is one of the few that holds an FCA license and provides a user-friendly interface for customers.

How to do it:

1. Register at Gemini and verify your identity
2. Deposit your bitcoins to the platform using your provided BTC deposit address.
3. Go to Markets and select Sell
4. Choose BTC as the asset to sell and GBP as the currency to receive.
5. Input your order amount and review the details
6. Complete the sale and find the received GBP in your Gemini account
7. Initiate a withdrawal from the Withdraw GBP page

Fiat Withdrawal Methods: Bank Transfer, Wire Transfer.

Pros

• Native GBP account
• A user-friendly interface
• Regulatory compliant exchange
• Highly-responsive customer service

Cons

• Relatively high BTC purchase fees compared to competitors

Kraken

Launched in 2011, Kraken is one of the oldest-serving cryptocurrency exchanges. The platform supports UK users and provides a range of GBP-denominated trading pairs, including BTC. Hence, it is an ideal option for nstantly cashing out BTC for GBP and a few other fiat currencies.

How to do it:

1. Register at Kraken and complete the KYC verification process.
2. Deposit Bitcoin from an external wallet to the BTC address provided on your Kraken account.
3. Go to Sell and select BTC from the list of assets
4. Choose GBP as the coin to receive
5. Input the order amount and review the details.
6. Complete the order, and Kraken will add GBP to your account on the platform.
7. Alternatively, you can sell bitcoins using the BTC/GBP order book on Kraken by switching to Kraken Pro from the main menu.
8. Switch the Order type to Market and enter the trade amount.
9. Click sell BTC/GBP, and Kraken will add GBP to your account on their platform.
10. Withdraw GBP to your UK Bank account.

Fiat Withdrawal Options: FPS (Clear Junction), BLINC, CHAPS (Clear Junction), and SWIFT

Pros

• A user-friendly interface
• Highly reputable exchange
• Deep liquidity for large orders
• Advanced trading tools for experienced traders
• The platform has a responsive customer support desk.

Cons

• Relatively high fees compared to competitors

Bitstamp

Bitstamp is another long-serving crypto exchange (launched in 2011) and one of the few that holds an FCA license. This makes Bitstamp a great choice to sell Bitcoin for GBP in the UK, especially if you are big on regulatory compliance.

How to do it:

1. Create an account on Bitstamp and complete the user verification process.
2. Go to Deposit and fund your wallet with BTC
3. Find the BTC/GBP pair
4. Change the order type to Sell
5. Input the amount of Bitcoin you want to sell
6. Confirm your order details and click Sell BTC
7. Go to Withdraw and select your GBP wallet
8. Initiate a withdrawal to your UK bank account.

Fiat Withdrawal Options: Faster Payments, SEPA.

Pros

• Relatively user-friendly platform
• Fully regulatory-compliant exchange
• Deep liquidity for institutional investors
• Advanced trading tools for experienced traders
• Bitstamp has a responsive customer care team.

Cons

• Supports fewer cryptocurrencies
• Relatively higher fees compared to competitors.

Coinbase

Based in San Francisco, Coinbase is another old cryptocurrency exchange that supports the buying and selling of bitcoins for UK customers. Coinbase requires that you deposit first from your UK bank account before they can let you withdraw GBP to the same account.

How to do it:

1. Sign up on Coinbase and complete their verification process.
2. Go to Settings and select Payment Methods.
3. Link your UK bank account.
4. Go to Portfolio and select the Deposit button on the Coinbase GBP wallet.
5. Initiate and complete a bank transfer using the provided Coinbase account details.
6. Go back to Portfolio and click Deposit on your Bitcoin.
7. Transfer funds to the designated Bitcoin address and wait for confirmation.
8. Go to Coinbase's Buy/Sell Digital Currency page.
9. Enter the amount of Bitcoin to sell and choose GBP as the currency to receive.
10. Once you confirm the trade, Coinbase will transfer GBP to your wallet.
11. Go to your GBP wallet and withdraw it to your bank account.

Fiat Withdrawal Options: Faster Payments, SEPA, PayPal, and Bank Cards.

Pros

• Coinbase has robust security
• Coinbase's platform is easy to navigate and suited for first-time users.
• You can choose from a range of withdrawal methods other than Bank Transfer.
• The exchange's insurance program protects funds on Coinbase.

Cons

• Coinbase fees are expensive.
• Users often complain of low response times to email tickers.
• Coinbase sometimes shares your transaction history with tax authorities.

Bitpanda

Bitpanda is another FCA-regulated cryptocurrency exchange on this list. The platform allows UK customers to buy, sell and swap Bitcoin for GBP or other cryptocurrencies. 

How to do it:

1. Register at Bitpanda and complete the identity verification process.
2. Deposit BTC on the platform
3. Click on Trade > Sell
4. Select BTC as the currency to sell and GBP as your fiat wallet
5. Input the amount to sell
6. Review the order summary and complete the sale
7. Initiate a withdrawal from your GBP wallet.
8. Provide your bank details and complete the withdrawal

Fiat Withdrawal Options: Bank Transfer.

Pros

• Bitpanda is a reputable and reliable exchange service.
• You can sell bitcoins instantly, and the process is straightforward.
• Bitpanda has a responsive customer service desk via LiveChat and phone.
• You can also swap your bitcoins for other cryptocurrencies using Bitpanda

Cons

• Relatively higher fees than competitors

Bitfinex

Launched in 2012, Bitfinex is one of the oldest cryptocurrency trading platforms. The exchange offers an easy way to convert BTC to GBP. The process is also relatively simple since Bitfinex offers a BTC/GBP exchange book.

How to do it:

• Sign up for a Bitfinex.com account and complete the full KYC process.
• Log in to your account and go to Wallet > Deposit.
• Choose Cryptocurrencies and find your BTC deposit address on Bitfinex.
• Complete a deposit from your external wallet.
• Go to the Bitfinex BTC/GBP order book.
• Switch the order type from Limit to Market 
• Input the amount of BTC to sell for GBP and complete the sale.
• Go to Wallet > Withdrawal and choose to withdraw GBP.

Fiat Withdrawal Options: Bank Transfer.

Pros

• Bitfinex is a reputable exchange with a proven track record.
• The platform is ideal for large trades and offers sophisticated tools for traders.
• Bitfinex supports BTC withdrawals via the Bitcoin lightning network

Cons

• The Bitfinex platform is not the most user-friendly for beginners 

Selling BTC for cryptocurrency short step-by-step guide

Sometimes, you may not want to sell your bitcoins for fiat but want to sell them for other cryptocurrencies. Although different exchanges offer different options for doing so, the workflow normally uses the steps below:

1. Sign up and complete the KYC process.
2. Deposit your bitcoins to the address provided on your dashboard.
3. Go to trade and choose a pair of BTC and the cryptocurrency you want to buy, e.g. BTC/ETH.
4. Switch the Order Type to Market and fill in the trade amount.
5. Complete the trade, and the exchange will add the new coins to your wallet balance.
6. You can withdraw the coins to your private wallet.

Things to consider before selling Bitcoin

Before you let go of your bitcoins, here are some factors you may want to consider:

• Investment Objectives: A common reason why some investors sell their bitcoins is because of a quick price drop. Bitcoin is highly volatile and has sometimes dropped by more than 20% in a single day. However, the cryptocurrency often exhibits asymmetric growth after a price drop, gaining more value than it had lost after a while. Therefore, selling your bitcoins because of a severe price drop may not be the best option. Experts recommend only investing an amount you can afford to lose, an approach that allows you to hold your bitcoins as a long-term investment.

• Market Sentiments: A common investment tactic is to buy when others are selling and sell when others are buying. Putting this into perspective means you need to gauge market sentiment before selling your bitcoins. This way, you can get the best value in GBP for your investment.

• Emergencies: People also sell their bitcoins to solve emergency expenses. If you're planning to sell your bitcoins for such a reason, you may want to consider using a bitcoin lending platform instead. Platforms such as Nexo and Binance allow users to borrow cash using their crypto as collateral and charge reasonable rates on these loans. Using these options, you can retain the upside to your Bitcoin investment and still be able to handle your emergencies.

Privacy and security tips

As you try to sell BTC for GBP, keep these tips in mind so that you don't end up losing your funds or giving away information that could make you a target for hackers.

• Always enable two-factor authentication (2FA) and any other security features offered by your chosen exchange.
• Request exchange support via official channels, preferably via LiveChat or email. Users have reportedly fallen victim to fake support agents via Telegram, Twitter, or other media.
• Double-check BTC addresses before sending transactions since hackers can infect your computer or phone with clipboard malware.
• If possible, use different passwords for different exchanges, and never share them with anyone.
• If you hold large amounts of crypto, then you need a hardware wallet to ensure maximum security for your assets. Read our review of Ledger Nano X and Trezor One hardware wallets.

Conclusion

In this article, we kept our promise to show you how to sell BTC for GBP. While we can't guarantee that you won't face any challenges using the listed exchanges, they're some of the most trusted and reliable platforms in the industry. 

You should have GBP in your bank account within a few minutes after the transaction is confirmed, and you can still buy back BTC using the same exchange.