The Basics of Buying and Selling Cryptocurrencies

In the cryptocurrency world, dollars and other money issued by central governments is called “fiat currency” because its value is set by decree. Cryptocurrencies derive their value through other mechanisms, but mainly through a shared perception of value by the participants in the market.

To become a part of the cryptocurrency market, you need to exchange fiat currency for cryptocurrency through a process called “onramping.” CoinFlip specializes in onramping folks to the cryptocurrency marketplace, and we have several tools to make this process quick and easy.

This post discusses how to buy and sell with:

·        Cash

·        Wire transfer

·        Debit card

·        PayPal

What You Need to Buy and Sell Cryptocurrency

These are must-have items for buying and selling cryptocurrencies through CoinFlip:

1. Self-custodial crypto wallet. We recommend the CoinFlip wallet. Self-custodial means you own it and are the only person with access to it. Sharing a wallet with anybody not allowed, as per our terms of service. To learn more about wallets, check out this explainer.

2. A personal smartphone that can send and receive phone calls.

3. Cash – for the ATM

4. Checking account – for CoinFlip Preferred

5. Debit card – for Moonpay through CoinFlip Wallet

You will also need to understand purchase and sell limits. Learn more about limits and tiers on this page.

If you ever get stuck, or have questions that aren’t covered here, call us 24/7 at 877-757-2646

How to Buy and Sell Cryptocurrency Using Cash

Use cash to purchase and sell cryptocurrencies though CoinFlip’s global network of 5,000+ ATMs. Find your nearest ATM with our locator.

How to Buy

To buy Bitcoin, Litecoin, Ethereum, etc, you will need cash, a smartphone, and a crypto wallet. You also need to choose your purchasing amount. If transacting less than $960 will need to provide your phone number, name, and date of birth. For more than $960 you will need other identification, which you can learn about here.  

For a complete guide to purchasing crypto, check out our explainer.

How to Sell

You can sell Bitcoin and Litecoin for cash at certain CoinFlip ATMs. Not all Bitcoin ATMs can perform sell transactions, so make sure to check the “sell” box on the ATM locator.

Selling is similar to buying in that you will need a smartphone and a crypto wallet. You also need to choose your purchasing amount. If transacting less than $960 will need to provide your phone number, name, and date of birth. For more than $960 you will need other identification, which you can learn about here.  

To see a step-by-step selling guide, read this article.

How to Buy and Sell Cryptocurrency with a Wire Transfer

Wire transfers make buying and selling large amounts of cryptocurrency easy and safe. CoinFlip Preferred is our premium over-the-counter service for large exchanges and white-glove assistance.

To perform a wire transfer, you need a checking account and a crypto wallet. A CoinFlip Preferred account manager can walk you through the process if you call 877-339-6432.

How to Buy

1. Create your free CoinFlip Preferred account

2. Complete your account setup by answering a few simple security questions

3. Choose the amount of bitcoin (or other preferred crypto) you'd like to buy, then select your payment option.

How to Sell

1. Start a free CoinFlip Preferred account or log in to your existing account

2. Click the "Sell" button on the dashboard

3. Fill out the request form with your wallet address and bank wire details

4. Send the crypto from your wallet to the CoinFlip address

5. Receive cash in your bank account as soon as the wire clears!

How to Buy Cryptocurrency with a Debit Card or PayPal

CoinFlip partners with Moonpay to allow CoinFlip Wallet app users to buy and sell using their debit card or PayPal. Read this article for a more detailed guide to the app.

Please note: some banks and card issuers do not allow cryptocurrency transactions through their services.

Buying and Selling with Moonpay

1. Download the CoinFlip Wallet app on your smartphone

2. Create your wallet and be sure to WRITE DOWN YOUR RECOVERY PHRASE!

3. Choose buy or sell from the options

4. Follow the instructions on the screen. Certain identification and documentation policies apply, depending on how much you want to transact.

CoinFlip offers multiple ways to engage with the growing cryptocurrency market. If you get stuck, simply call, text, or email our support team and we’ll help you out any day of the week.