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How to exchange BTC for euros easily and cheaply – a beginner’s guide

4 min read

Have you ever gotten BTC and you can’t convert or withdraw it to euros? Or do you want to start trading with BTC and other cryptocurrencies? We have prepared this guide about how to exchange BTC for euros easily and cheaply for you.

Where to exchange BTC and other cryptocurrencies for euro?

There are many ways to exchange BTC and other cryptocurrencies. We must first find a certified exchange or exchange that allows this type of transaction. The easiest and cheapest way is to choose a certified currency exchange office. The second, much more expensive option, but without unnecessary complications and stretchers, is via BTC ATM, of which they are in every big city. From the point of view of exchanges, the best way is through the exchange Binance.

How to exchange BTC for euros via Binance?

Selling or buying BTC has 4 phases that can be done in Binance in a few minutes and with a minimal fee. In the first phase we have to create an account, in the second we have to verify the account most often through an identity card and a bank account statement, in the third phase there is a sale or purchase and in the last phase the withdrawal or deposit to the bank account.

You must first go to the Binance stock exchange website. You can use before creating an account our link through which you get a lifetime discount on all services and several vouchers with a total bonus of up to $ 50.

How to make a deposit on the exchange?

We have the exchange presented, as mentioned, so in two steps we have to create an account and then verify it. The whole process will take a few minutes. In the third step, we go to implement the trade itself. In order to sell cryptocurrencies, we must go to our wallet section and enter cryptocurrencies at our address.

Wallet interface binance

 

Wallet interface binance. Source: binance.com

The exchange will now generate our wallet address for us. There is no need to worry that it has the shape of several random numbers and letters, which are very similar to our bank IBAN, just without letters. This is our address that we need to copy and send cryptocurrencies to. If we have a mobile device or laptop with a camera, we do not have to describe or even copy our address, only we scan the barcode.

Deposit on the stock exchange

 

Deposit on the exchange. Source: binance.com

Now we just wait a few minutes, a few hours at most, for the cryptocurrencies to be credited to our account. Please note that in some cases this may take longer. After more than 7 days of waiting, we recommend contacting the exchange, a wallet, or a platform from which we send coins. We can find out whether the deposit has already been made by monitoring the status of ours wallets on the exchange.

How to sell BTC and other cryptocurrencies

In the next step, we have to go to the sales section. In the menu we will find the Trade section and choose the method Classic (classic trading). I recommend this option because it is the easiest for a beginner.

Store opening interface

 

Trade opening interface. Source: binance.com

On the right we have a section for selecting pairs. We will choose the fiat category, ie state currencies such as the euro or the dollar. And we’ll enter our cryptocurrency in the search which we want to sell. For example, BTC (it is recommended to use abbreviations instead of full names).

Name search

 

Asset search. Source: binance.com

Click on the section market and at the bottom right we have the item sell (sale). Below we will just list how much we want to sell cryptocurrencies, or we will enter 100% of runners, ie we will sell all our cryptocurrencies. Once we have entered the amount, we click on the sale button.

Sale and change of cryptocurrencies

Sale and change of cryptocurrencies. Source: binance.com

Withdrawal of cryptocurrencies to a bank account

The last thing we need to do is withdraw money to a bank account. We will return to our section again wallets. Find the euro currency and click on the button on the right Withdraw.

Withdrawal from the SEPA exchange

If we already have a verified bank account, we can choose to withdraw our balance directly to the account. If not, then after clicking the Continue button, a section will appear where it is needed send a bank account screenshot and then just wait for further instructions to come in the mail. After completing the entire verification phase, we can withdraw our entire balance to our bank account.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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