In this article, we will compare some popular trading platforms to find the best way to withdraw Bitcoin in USD or EUR. A withdrawal from Bitcoin to USD or EUR consists of at least two steps, one exchange from Bitcoin to Fiat (USD or EUR in this example) and withdrawals in USD or EUR. These two steps mean that we have to compare different things to determine which way is the cheapest and best to charge their Bitcoin to USD or EUR. The steps for withdrawing from Bitcoin to USD or EUR.
- Exchange BTC to USD or EUR (Exchange rates)
- Withdraw EUR or USD (Withdrawal options and Withdrawal fees)
The various fees associated with these steps consist of:
- Exchange rates
- Exchange fees
- Withdrawal USD and EUR Fees
It is also crucial if the road we find is really available to you where you live. Therefore, we have also chosen to look at geo-accessibility in the end.
- Region availability
Best Bitcoin to USD or EUR Exchange Rates
The crypto exchange rates vary greatly between different crypto exchanges. It is important to compare the selling price and not the buying price because it can be very different. The selling price is what you can get for a Bitcoin that you want to exchange to USD or EUR. The buying price is what you have to pay in USD or EUR to buy a Bitcoin. We chose to compare the sales price at the same time on March 6, 2019. In this example, we clearly see that CEX.io offers the absolute best-selling price, especially in USD but not in EUR. Paxful, on the other hand, offers a very poor exchange rate and it is not so surprising because Paxful’s service is to offer alternative exchange methods rather than good exchange rates. Through Paxful you can take out your Bitcoins with over 300 different ways.
We see below that you almost get 2% more USD at CEX.io compared to Coinbase and Bitstamp while the number of EUR you receive for 1 Bitcoin does not differ so much between Coinbase, Bitstamp and CEX.io.
* No exchange rates found on their website Best Bitcoin Exchange fees
Bitcoin to USD or EUR Exchange fees
Exchange fee means the fee that the trading venue charges in exchange. This means that the exchange platforms charge a fee because they offer a service in the form of matching a buyer and a seller. This exchange fee differs between different platforms, but we have selected those with the lowest exchange fee. The exchange fee differs quite a bit between the platforms. We can see that Bitstamp and CEX are different to the others. This is because they are hybrid platforms between trading and an exchange, which means that they have much higher liquidity and larger volumes, which means that they can lower the fees more.
Bitpanda 1.29 %
Paxful 1 %
Coinbase 1.49 %
CEX.io 0.16-0.25 %
Lowest USD or EUR Withdrawal Fees
We see in the comparison below that Coinbase and Bitstamp offer extremely low withdrawal fees to bank accounts in Europe. Bitstamp also offers extremely low fees for bank transfer in the United States. CEX.io offers slightly higher withdrawal fees but at the same time had a higher exchange rate in USD from the comparison in exchange rates.
N / A. No fees found on their site.
Peer-to-peer exchange. The fees are dependent on what method you choose to sell through.
Bank transfers Europe: 0.15 EUR
US bank account: 1.49%
USD credit / debit card: 3.99%
International Wire: 0.09%
SEPA: EUR 0.9
VISA and MasterCard USD: up to 3% + 5 USD
VISA and MasterCard EUR: up to 1.2% + 5 EUR
Bank transfer USD and EUR: 1%
Bitcoin Exchanges Region availability for withdrawal
All trading venues are not available in all countries and therefore some of these are not even an option for several of our readers. Below we have written down the biggest restrictions that some trading places have. For further information on withdrawals, please contact your country for more information.
Bitpanda is only available in the eurozone except for Germany.
Paxful is available worldwide including US.
Coinbase is available in 33 countries including US.
CEX.io allow users from USD to withdraw only cryptocurrencies.
Bitstamp is available worldwide, with offices in Luxembourg, the United Kingdom and the United States.
Is it worth making a bitcoin transfer to the cheapest exchange?
If you intend to withdraw in USD via bank transfer, it is definitely worth making a Bitcoin transaction to CEX.io, switching to USD, and withdrawing the money there. In this example, we see very clearly that a high selling rate is very important in the comparison.
If you want to withdraw the money in EUR, it is most worth moving the money to Bistamp and withdrawing it via that platform.
Best for most countries and if bank transfer is acceptable
CEX is the best platform to switch Bitcoin to USD and withdraw via bank transfer.
Best for alternative withdrawal options
Paxful is the best option if you are looking for alternative withdrawal methods such as PayPal, Neteller or Skrill.
Best alternative for US customers
Bitstamp is the best option for US customers because CEX does not allow withdrawals to US bank accounts.