How to do a Bitcoin payout in euro to your bank account
Did you invest in Bitcoin and would you like to cash it out now? Follow our guide to do a Bitcoin payout in euro at the lowest cost. Your situation is as follows: you have your BTC somewhere in a Bitcoin wallet or it is on a cryptocurrency exchange. You have full access to your wallet and can send Bitcoin. With this tutorial we ensure that you can sell your Bitcoin at the best price possible at this moment.
Bitcoin payout via Bitvavo
Bitvavo is a Dutch exchange and offers the possibility to deposit credit via easy payment methods and to withdraw credit via bank transfer. Brokers in Europe generally charge high costs for transactions (2%) and sometimes also costs to withdraw credit. At Bitvavo this is different, here you only pay 0.25% trading costs for each transaction. Deposits and withdrawals in euros are free at Bitvavo. If you want to know more about this exchange, read our Bitvavo review.
Follow the steps below to cash out your Bitcoin:
- Register a free account with Bitvavo: https://account.bitvavo.com/create?locale=en. As a welcome bonus no fees will be charged for the first € 1.000 of Bitcoin
- To deposit Bitcoin, your account must be verified. This is Bitvavo obliged to comply with strict financial rules. So it is required to perform ID verification. In our case this took less than 5 minutes (on a Saturday). Unfortunately, this cannot be avoided due to stricter government regulations.
- After successful verification, go to your Bitvavo dashboard and click on Bitcoin (BTC)
- The Trade tab will be active; click Deposit on the top
You will see your unique Bitcoin wallet address here. Copy this address completely
- Go to the wallet where your Bitcoin is stored. Every wallet has the option to withdraw your Bitcoin. Search for the Withdraw button. Enter the unique Bitcoin wallet address that you copied at Bitvavo and click Send. The costs depend on the wallet provider or the cryptocurrency exchange
- After about 30 minutes to an hour you will receive an email from Bitvavo that your BTC has been received
- Go to your Bitvavo Dashboard when you get the notification and click on Bitcoin again
- In the Bitcoin widget, select the Sell tab
- Indicate how much BTC you want to sell. If you have just registered a new account, you will see that no trading costs (up to € 1.000) are charged. If you are an existing user, you will only be charged 0.25%
- Click on Sell
- Now you have euro credit in your account. Go back to the Bitvavo Dashboard and click on Withdraw Credits
- Enter how much you want to withdraw and select your bank account. If you have not yet verified your bank account, do this by a small transaction. Make sure the bank account is registered with the same name as your verified ID
- Click Continue and then confirm the withdrawal
Our experience is that the selected amount is almost immediately in your bank account if your bank supports SEPA Instant. Otherwise it takes about 1 working day. No withdrawals are made on weekend days and public (Dutch) holidays. If you run into any problems, you can contact the helpdesk or contact us with your question.
Why payout Bitcoin in euros?
We advise to sometimes take a profit and not always keep your investment in Bitcoin. During the bear market in 2018, many people have seen the value of their portfolio evaporate. In retrospect, many people will have regretted not taking a little profit. For example, only include your initial investment and speculate further with your profit. That way you take much less risk and it is also less bad if Bitcoin decreases in value. Another tactic is to periodically withdraw x percent of your winnings.
Many people buy Bitcoin, but don’t sell it. You have only really made a profit if it has actually been paid in euros to your bank account.