Bitcoin Cash is a relatively new cryptocurrency and you’re here to learn how to trade, buy and sell BCH easily.
A quick guide on how to buy Bitcoin Cash
- Get a Bitcoin Cash wallet: Choose hardware or software wallets depending on what you intend to do with BCH. Hardware wallets are great for long time investment and storage whereas software wallets are better for on-the-go use cases.
- Find your BCH wallet address: This is a string of letters and numbers which you will need when you intend to send BCH that you bought.
- Find a cryptocurrency exchange: You need to find a good, reliable and secure cryptocurrency exchange that will fetch you the best exchange rates like CoinSwitch. CoinSwitch also has very minimal trading fees, supports over 300 coins apart from BCH and has 45,000 trading pairs.
- Buy with credit card: You can use BCH with your credit card without setting up an account on CoinSwitch. For users who prefer anonymity, CoinSwitch is the best option.
- Buy with fiat currencies: You can use your fiat currency to purchase BCH as well.
How to sell Bitcoin Cash
There are very few cryptocurrency exchanges that support BCH because it is fairly new so you may find it easier to trade Bitcoin Cash for other coins.
1] Convert to other coins: Instead of waiting for user verification, you can always convert your BCH to some other coins instantly on platforms like Changelly.
2] Sell it for cash: Coinbase, Kraken, and Cex.io allow you to convert BCH to fiat currencies like USD, Euros, British Pound Sterling. You will have to undergo a verification process to do this.
Once you convert BCH to cash, you will withdraw it to your linked bank account. It can take from a day to a week for the funds to appear in your bank account. Withdrawing from the exchange will also mean you have to pay withdrawal fees. There are some daily and monthly limits to how much BCH you can sell.
3] Peer-to-peer selling: Use LocalBitcoinCash to find people who are willing to buy BCH from you directly. An escrow account is used and transactions are instantaneous. You can also meet the buyer face to face. However, do your due diligence before doing so. All BCH transactions are irreversible, so be careful and check the amount you are sending, your address and the address of the receiver.
For any conversions, big or small, you can use CoinSwitch. As CoinSwitch supports 300 coins, it is very easy to use it for trading. Plus, the transactions happen very quickly (unless it is a huge amount) and there are tons of resources to guide you on what to do with CoinSwitch. CoinSwitch also allows you to trade discreetly and does not impose a huge transaction or withdrawal fees.