how to sell bitcoin on coinbase without fees

Coinbase allows users to avoid fees when selling Bitcoin by using a Coinbase Pro account, setting a limit order, selling a small amount, utilizing a different exchange, engaging in peer-to-peer transactions, or considering a hardware wallet for long-term storage.

Nov 25, 2024 at 02:43 am

How to Sell Bitcoin on Coinbase Without Fees

Coinbase is a popular cryptocurrency exchange that allows users to buy, sell, and hold Bitcoin and other cryptocurrencies. However, like most exchanges, Coinbase charges fees for selling Bitcoin. These fees can vary depending on the payment method you use and the amount of Bitcoin you're selling.

If you're looking to sell Bitcoin on Coinbase without paying any fees, there are a few things you can do:

1. Use a Coinbase Pro Account

Coinbase Pro is a separate platform from Coinbase that offers lower trading fees. When you sell Bitcoin on Coinbase Pro, you'll only pay a 0.5% maker fee or a 0.25% taker fee.

To create a Coinbase Pro account, you'll need to:

• Visit the Coinbase Pro website and click on "Sign Up."
• Enter your email address, create a password, and agree to the terms of service.
• You will need to verify your email address and identity before you can start trading on Coinbase Pro.

2. Use a Limit Order

When you sell Bitcoin on Coinbase, you can choose between a market order and a limit order. A market order will sell your Bitcoin at the current market price, while a limit order will only sell your Bitcoin if the price reaches a certain level.

If you're looking to avoid paying fees, you should use a limit order. This way, you can set the price at which you want to sell your Bitcoin and only pay a fee if your order is filled.

3. Sell a Small Amount of Bitcoin

Coinbase charges a flat fee for selling Bitcoin, regardless of the amount you're selling. This means that the fee will be a smaller percentage of your total sale if you're selling a small amount of Bitcoin.

If you're only looking to sell a small amount of Bitcoin, you can avoid paying fees by using a limit order to set a high price and waiting for your order to be filled.

4. Use a Different Exchange

If you're not satisfied with the fees on Coinbase, you can use a different exchange to sell your Bitcoin. There are many other exchanges that offer lower fees, such as Binance, Kraken, and Gemini.

When choosing an exchange, you should consider the fees, the security of the exchange, and the trading volume.

5. Sell Bitcoin Peer-to-Peer

Another way to avoid paying fees is to sell Bitcoin peer-to-peer. This means selling your Bitcoin directly to another person, without using an exchange.

There are many peer-to-peer marketplaces where you can sell Bitcoin, such as LocalBitcoins and Paxful. When selling Bitcoin peer-to-peer, you should be aware of the risks involved, such as scams and fraud.

6. Consider Using a Hardware Wallet

If you're planning on holding your Bitcoin for a long period of time, you may want to consider using a hardware wallet. A hardware wallet is a physical device that stores your Bitcoin offline, making it more secure than storing your Bitcoin on an exchange.

There are many different hardware wallets available, such as the Ledger Nano X and the Trezor Model T. When choosing a hardware wallet, you should consider the security features, the ease of use, and the price.