How to sell cryptocurrency through BitPrime
Yes, you certainly can sell cryptocurrency through BitPrime! You need to have a verified account first – if you haven’t already applied for one, please do so via our verification page.
The selling process with us is as follows:
With a verified account, you can use the auto sell system to request a quote 24/7, which is accessible from the All Coins page, found in the main menu Buy/Sell > Sell Crypto.
Here’s a snip from the All Coins page using BTC as an example – any crypto asset showing the grey Sell button can be sold to us in this way.
The current price we are paying is shown under the first Sell Column and can be seen at any time. The price you see is all inclusive of fees, as per all prices we display. For more details on this, please continue reading.
Click the grey Sell button, enter the coin quantity to sell in the lower, left-hand box, then hit the blue button on the right to submit.
Any coins not showing the Sell button, or not listed on the All Coins page, require a manual sell request form to be filled out and submitted stating the cryptocurrency you would like to sell and the amount. We will then let you know if we are currently buying that cryptocurrency or not.
The BitPrime team then respond with a quote via email, either automatically or manually depending on the selling method used. All quotes expire at 10 pm following their generation. If a quote expires before you accept it, you will need to resubmit your request.
If you accept the quote, you will then see our wallet address displayed on-screen for you to copy and paste into the applicable field in your wallet app. You’ll also be prompted to provide your bank account details for payment. When you accept a quote, the exchange rate is locked in at this point.
You then transfer the crypto from your cryptocurrency wallet to the wallet address provided within two hours of accepting the quote and then email us the transaction ID to firstname.lastname@example.org. This enables us to match the amount of crypto received to your order.
If you have to transfer slightly less than the agreed amount due to transaction fees or gas, don’t worry! We will adjust the payment amount based on the accepted exchange rate.
If you are having difficulty with the transaction for any reason, please let us know as soon as possible so we can either help you or point you in the direction of help. If we know that an accepted Sell Order isn’t coming within the specified two-hour timeframe, we can extend this period for you at our discretion.
Once the Crypto is received, a member of the BitPrime team will set up a transfer of the NZD to your specified bank account. Generally, sell orders completed by 5 PM on a weekday will be paid the same day, orders completed after 5 PM or on weekends will be paid out the next business day.
Please note that the money may not clear into your bank account until the following day due to bank processing times.
Our Sell Order Fees (you selling your crypto to us)
At BitPrime, our advertised rates include ALL of our fees and the price agreed upon at the time you accept a quote is fixed regardless of what happens in the market.
We aim for our fees to be within specific percentages of CoinMarketCap spot market prices depending on the volume of crypto you are looking to sell to us.
Full details on our fees can be found on our Fees and Pricing page.
Please remember, when comparing prices between brokers, retailers and trading exchanges for buying or selling any in New Zealand, your best bet is to compare the exact price you will receive for your coins and not necessarily the fees advertised. The reason for this is that many operators only advertise their net fees and not their actual gross spreads.
You can see BitPrime’s current rates for both buying and selling coins on our All Coins page. These prices are updated every five minutes.
Spot Market Prices
If you want to know the spot market value of a currency, you can use a site such as CoinMarketCap. On their site, you can change the fiat currency to display NZD using the option in the top right-hand corner. Alternatively, many wallet apps also show a spot market value for the crypto stored in the wallet. Please note that you can’t expect to receive a spot market value for your crypto when you aren’t selling in a spot market environment. These spot values are generally derived as the average spot price taken from a major international exchange platform.
If you have any questions regarding selling, please contact us.