How To Buy & Sell – Coinstec

There are several ways that you can buy and sell popular digital coins. It is easy on the COINSTEC™ platform.

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Just convert your coins to a fiat currency on the platform and request a withdrawal to your approved banking method.

Buying and selling bitcoin online is by far the more common way of trading your bitcoin. There are now three ways to go about selling bitcoin online.

1. The first way involves a direct trade with another person, an intermediary facilitating the connection.

2. The second way is through an online exchange, where your trade is with the exchange rather than another individual.

3. New peer-to-peer trading marketplaces that allow bitcoin owners to obtain discounted goods with their bitcoin via others that want to obtain the cryptocurrency with credit/debit cards. The two groups are brought together to solve both problems in a kind of peer-to-peer exchange.

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On a direct exchange you will usually have to register as a seller. This involves verifying your identity, which we will discuss again later. Once you have registered, you can post an offer, signaling that you want to sell, and the website will alert you when a buyer wants to trade with you. From there, your interaction is solely with the buyer, but you use the website to complete your trade. You can avoid all this by using your COINSTEC™ single wallet for all your digital exchange and trading needs.

The other way to sell bitcoins is to register with an online exchange. You will still have to verify your identity, but in this case, you won’t have to do as much work when it comes to organizing the sale.

Exchanges act as an intermediary who holds everyone's funds. You place a ‘sell order’ (just as you would place a buy order), stating the volume (amount) and type of currency you wish to sell (eg bitcoin), and the price per unit you wish to sell for.

As soon as someone places a matching buy order, the exchange will complete the transaction. The currency will then be credited to your account.

The downside that accompanies this ease of use is that, if you are selling bitcoin for fiat currencies, you will need to withdraw those funds to your bank. If the exchange is facing liquidity problems or issues with its banks, it can take an inordinate amount of time to receive your funds.

Alternatively, you could use a pure cryptocurrency exchange to change bitcoin for another cryptocurrency. It's less likely that anyone would want to do this, but there are reasons such as arbitrage, or the rare occasion if a shop accepts something other than bitcoin and you can do this via your COINSTEC™ wallet.

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