This easy-to-understand guide will walk you through on how to sell bitcoins in the Philippines.
Step 1: Offer to Sell BTC. The platform you’ve chosen sets the perimeter on how to sell bitcoins, but commonly this starts with an offer to sell the same. In doing so, consider the following factors: (a) setting the minimum and maximum amounts; (b) price margin; (c) payment method; (d) instructions regarding the sale; and (e) other terms necessary for the satisfaction, convenience, and security of both parties.
Step 2: Selling Bitcoins. Selling bitcoins in the Philippines could be done in two ways: (a) direct trades; or (b) exchange trades.
Direct trading is a trading structure available through coins.ph, buybitcoins.ph, and other platforms with similar features. Usually, you need to register as seller and verification of your identification will then follow. Once you have registered, you can post an offer as discussed in Step 1, 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. Payment options are provided on the BTC platform you’ve chosen. Here’s how the sale is made using coins.ph as an example: (1) Tap the cash out icon and choose your Cash Out location; (2) Enter the amount you want to cash out; (3) Enter your name and number, then slide to pay!
Another way of selling bitcoins is through crypto-to-fiat currency exchanges websites. The platform serves as an intermediary who holds everyone’s funds.
Step 3: Safe Ways to Sell. Determine the buyer’s reputation if there is one provided in the bitcoin platform you’re using. In this way, you will be able to employ precautions in your dealings. Do not convey your BTC if neither the buyer has complied with the verification requirements of the platform, nor if previous payments have been personally verified.
In selling in person or meet-up transaction, always make a background check of the buyer before the meeting. This could be done by asking for the person’s Facebook profile, or any details that may be given voluntarily by the buying party that can help to verify whether or not you are dealing with a legitimate person.
If you have decided to continue in investing to bitcoin in the Philippines, read the next guide on how to invest in bitcoin which will give you wise and concise ‘how to’.