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Cash Out

How to convert bitcoin to cash

You can convert your bitcoin to cash by using the Cash Out feature. When you cash out bitcoin, the bitcoin is sold immediately. This action cannot be reversed. The cash proceeds from the sale are then sent to the external bank account linked to your Coinbits account. It may take up to two business days for the cash to appear in your bank account.

Steps:

First, enable two-factor authentication in Settings by clicking Privacy & Security (if you haven't done so already).

Next, in the sidebar, click Cash Out.

Enter the dollar amount you’d like to receive. You can cash out any amount less than or equal to the amount displayed next to "Available to Cash Out", and greater than the minimum amount per transaction, which is $1.

Important: For all newly purchased bitcoin, there is a 14 day coin lock. This means that for the next 14 days after your purchase, you cannot sell or send your bitcoin. The coin lock is necessary to minimize our risk against fraud and allows us to keep our prices low.

Your default payment method is pre-selected and this is where your USD funds will be sent. Click “Continue”.

Review the information, and if it looks good, check the box to acknowledge you’ve reviewed it and click “Cash Out”.

Enter the 2-factor authentication code from your authenticator app.

Important: After this step, you will receive two emails. The first email is a receipt for the transaction from Coinbits. The second email is a disbursement confirmation from our banking partner, Prime Trust. For your funds to transfer to your bank account, you need to click on the verification link in the email sent from Prime Trust.

When will I receive my cash after cashing out?

Once you confirm the disbursement, your cash will be sent to your bank account. This may take up to two business days.

Updated on:
December 19, 2022