How do I sell or “cash out” my cryptocurrencies?
This tutorial is for thsoe who wants to learn how to cash out bitcoin & cryptocurrencies from Bittrex. For supported countries and payment methods, you can sell or “cash out” your bitcoin or other cryptocurrencies for your local currency and have the proceeds deposited in your linked bank account or local currency wallet.
Note: please see a tax advisor to learn how to pay taxes on your profit.
How to Cash Out of Bittrex
1. Login to Bittrex account
2. Convert altcoins to bitcoin (if not already BTC). This example, converts Ripple (XRP) to BTC
a. Click Bittrex logo
b. Type “XRP” or whatever altcoin you would like to convert to bitcoin on the search bar
c. Click BTC-XRP link (or BTC-whatever coin your converting)
3. Scroll down to “Trading” boxes and where it says “Sell Ripple” or whatever coin your selling
a. Units = “Max” if you’re selling everything. If not, enter the number of coin you want to sell (i.e. 10000)
b. Ask = “Last” click dropdown and select “Last”.
c. Type = leave as default
d. Time In Force = “Immediate or Cancel” click dropdown and select “Immediate or Cancel”
e. Verify total, then click “Sell Ripple” button or whatever coin you’re selling
4. A box will popup, then select “Confirm”
5. Look for confirmations (2 of them should popup on the right top hand corner). Make sure they say “completed” and “process.” If confirmation says “Cancelled,” please keep pressing the “Sell Ripple” then “Confirm” button until completed.
Now Transfer Bitcoin to Coinbase
1. Login to your coinbase account (create one if you don’t already have: Coinbase).
a. Click on “Accounts” link
b. Click “Receive” under bitcoin wallet
c. A box will popup with your bitcoin address (please generate new address if you don’t already have one)
d. Copy your wallet address (please DO NOT write down)
e. Go back to Bittrex and click on “Wallets” link on the top right hand corner
f. Tick the “Hide zero balances” ticket to only see coins you’re holding
g. Click the “minus (-)” sign next to bitcoin and a box will popup
h. Paste your Coinbase bitcoin address on the first box where it says “Address. ” Leave everything else empty. (Note: please make sure the address you add there is a Coinbase bitcoin address or you will loose your money).
i. Click “Withdraw” button (Note: may take a white before showing on your Coinbase account)
j. Go back to Coinbase, then click on “Accounts” to see if your bitcoin is there. If not, come back in a few cause it may take a while.
k. Then click “Buy/Sell” link, then click on “Sell”
l. Select where you’re selling from
m. Select where you want to deposit your money
n. Enter the amount you want to deposit to your account (in USD or bitcoin)
o. Click “Sell Bitcoin Instantly” button
NOTE: Make sure you have a checking account attached to your Coinbase account. If not, click on “Settings” link, then “Linked Accounts” to add one