As a beginner trader, you want to know the basics about investing into crypto. It is important to understand how to withdraw your funds and what the process is like. So, you might be wondering – how long does it take to transfer bitcoin? Check out our overview that answers all your questions!
How Long Does it Take to Buy Bitcoin?
Let’s break the process down. First, you need to understand the trading process. So, what are the steps?
Deposit Funds to Your Account
In order to trade crypto, you need to use an exchange. There are many exchanges out there. Exchanges differ on a variety of characteristics. But the most important ones are probably fees and currency support. Make sure to do your research on these aspects before diving in to trading. Looking for some reference? CoinMetro is a good place to start for beginners. It has the lowest fees on the market and supports various currencies. For example, you can trade BTC to GBP or BTC to EUR with ease.
So, have you chosen your preferred exchange? Great. Now it’s time to deposit. You need to transfer fiat currency onto the exchange to start trading crypto.
Yup, it’s just that simple! Once you have deposited funds to your account, you’re ready for trading. Pick your crypto currency of choice and start trading. The choice of crypto differs per exchange. Almost all exchanges offer Bitcoin trading. Most also have Ethereum, Ripple, Bitcoin Cash, Bitcoin SV and so on. But there are also many exotic coins out there.
When choosing your crypto, bear in mind that most assets are affected by Bitcoin price. So, when the MVP of crypto assets experiences price changes. Luckily, there are tons of tools available to help you with this. For instance, indicators. If you’re interested in day trading, check out the list of best indicators for day trading!
Let’s move on to the next step. As you probably already know, crypto doesn’t have as many use cases as fiat does. So, you most likely need to convert your crypto into something else. There are many conversion options. You can check out our guide on Can Bitcoin be Converted to Cash? to read more about this.
So, how do you convert your crypto back into fiat? This step differs a bit depending on where you store your crypto.
If you keep your crypto in a hardware wallet, you first need to transfer it to your exchange. Once that has been done, it is time to sell your crypto. The good news is that this process is very intuitive. You simply need to use the buy and sell form of the exchange and specify how much you’re selling. If you’re trading on CoinMetro, there is no commission on top of the fixed price. After doing this, you now have fiat funds on your account.
So, how can you actually use these funds? This brings us to the next topic.
Timeline – How Long Does it Take to Transfer Bitcoin?
The crypto industry is still in its infancy. Bitcoin entered our lives in 2009, slowly paving the way for crypto trading. Although the sector is still emerging, the progress has been impressive over the past few years. This means that withdrawing crypto has gotten quite effortless and quick.
How long does it take to transfer bitcoin to your bank account? This depends on the exchange and withdrawal method you are using. Withdrawal fees and times are another crucial thing to note about an exchange. You can read more about fees and withdrawal timelines in our guide on How Do I Transfer Bitcoin to My Bank Account? Some of the top exchanges have made this process very user friendly.
For instance, with CoinMetro you can withdraw money via a SEPA payment. The funds appear on your bank account swiftly. We are talking about the same or the next business day.
Sounds great, right? Now that you know the answer to the question “How Long Does it Take to Transfer Bitcoin to Your Bank Account?”, why not try it out yourself? Head over to CoinMetro and start trading!