This guide will show you how to sell (exchange) Bitcoin to fiat currency using our partner service Banxa. You can withdraw the funds directly to your bank account with this feature, which is great for those use cases where you are not able to spend Bitcoin directly. It's easy to buy and sell Bitcoin, and the feature is available in your dashboard as soon as you register as a user. 

Note that this guide is on desktop, the steps for mobile devices are the same but the interface will look different. If you want to BUY Bitcoin with fiat currency using this service, check out this guide.

Step 1

Login to your NiceHash account and navigate to 'Buy/Sell Crypto' in your dashboard.

Step 2

Toggle to the Sell option.

Step 3

Enter the amount of Bitcoin you wish to sell (exchange).

Step 4

Next select the currency you wish to receive. Currently EUR, CAD, and AUD are supported. More Fiat currencies such as USD will be added in the near future.

Step 5

Next select the method to receive the funds. This will vary depending on the currency you selected, but will usually be bank transfer.

Step 6

If this is your first time selling on our platform you will be asked to fill in your details. You only need to do this step the first time you buy or sell with Banxa, then it will be saved to your account for easy checkout next time. 

Step 7

The first time you use Banxa, you will need to do a KYC check. This is to verify your identity, and is commonly required for all crypto/fiat transactions by most platforms in the crypto industry in order to comply with local regulations. You only need to do this once. Select the country your document is issued from, then proceed to the next step.

Step 8

Then proceed to upload the requested document, usually a passport, ID card, or drivers licence. Next, you'll be asked to submit a photo of yourself holding your ID, to prove you have physical ownership of the document (this is an extra security feature to prevent a hacker impersonating you).

Step 9

Once you have verified your identity, you can enter your bank details to receive the money.

Step 10

Next, you will see your order summary and completion on the next page. Here you will see 'pending' in the fulfillment and payment sections, as it can take about 15 to 20 minutes for your Bitcoin to be sent to Banxa, depending on blockchain conditions. It will then take 1 or 2 days to receive the fiat money to your bank. (Yes, banks are slow, that's exactly why we use crypto instead!)

Step 11

Then you can click 'Return to wallet' and you will be taken back to your NiceHash wallet, where you can see the transaction pending. Here you can check back and see when the Bitcoin has been withdrawn from your wallet to Banxa, and the summary of the transaction.

That's it, you have sold some Bitcoin for fiat currency!

If you need any help you can always reach out to our support agents in 9 different languages, 7 days a week, and they will be happy to assist you.