How to sell Bitcoin in China?

For Chinese Bitcoin holders, Huobi, Binance, and OKX stand out as reputable exchanges facilitating Bitcoin sale, offering a range of features and ensuring compliance with local KYC regulations.

Sep 27, 2024 at 05:06 pm

How to Sell Bitcoin in China

Step 1: Choose a Trading Platform

• Huobi: One of the oldest and largest exchanges in China with a wide selection of cryptocurrencies.
• Binance: A global exchange that also operates in China, offering a comprehensive platform with competitive fees.
• OKX: Another reputable exchange known for its liquidity and user-friendly interface.

Step 2: Register an Account

• Visit the website of your chosen exchange and create an account.
• Provide essential information such as your email address, phone number, and ID verification documents.
• Go through the KYC (Know-Your-Customer) process to verify your identity.

Step 3: Deposit Bitcoin

• Obtain a Bitcoin address from your chosen exchange.
• Transfer Bitcoin from your wallet or any other source to this address.
• Wait for the transaction to be confirmed on the blockchain.

Step 4: Place a Sell Order

• Navigate to the "Sell" section of the exchange.
• Select the Bitcoin trading pair you wish to sell (e.g., BTC/USDT).
• Enter the amount of Bitcoin you want to sell and set the price or limit order.
• A limit order allows you to set a specific price at which you want to sell.

Step 5: Complete the Sale

• Review your order details and confirm the transaction.
• The exchange will match your order with a buyer's order.
• Once the order is executed, the Bitcoin will be sold, and the proceeds will be credited to your account.

Additional Considerations:

• Verification: KYC regulations in China require exchanges to verify user identities thoroughly. Make sure to provide valid documents and complete the verification process before selling Bitcoin.
• Fees: Exchanges charge fees for transactions executed on their platform. Compare fees from different exchanges to find the most cost-effective option.
• Security: Use strong passwords, enable two-factor authentication, and consider storing your Bitcoin in a cold wallet for enhanced security.
• Taxation: Cryptocurrency profits are taxed in China. Make sure to comply with tax regulations by reporting your Bitcoin sales.