We compare different exchanges to find the best way to convert Bitcoin to USD or EUR. You must consider spreads, exchanges fees, withdrawal fees and exchange rates.
The spread is the difference in buy and sell price.
The exchange fee is what the exchange charges you to provide the order book, or the exchange service.
The withdrawal fee is what the exchanges charges you if you want to withdraw you USD or EUR to a normal fiat account.
The exchange rate is how many USD you get per Bitcoin. This can differ quite a lot between different exchanges. You want to find an exchange with deep liquidity because you will get both better spread and better exchange rate.
We intend to structure the answer into several categories. These include
- Best exchange spreads
- Best exchange fees
- Lowest withdrawal fees
- Withdrawals in different countries
Exchanges in this Article:
Lastly, we provide an overview on how to withdraw Bitcoin to PayPal (through USD/EUR) and how to use Bitcoin ATMs.
More Reading: List: Top 5 BEst Ways to Buy Bitcoin via Neteller
Bitcoin to USD or EUR - Best Exchange Spread
We start with the best exchange spread while converting Bitcoin to USD or EUR. We rank exchange platforms on the difference between their sell price and market’s average at CoinMarketCap. If the spread goes wider, the more expensive conversion is from crypto to fiat. Thus, it is best to use those exchanges that have a very small difference between buy and sell prices of Bitcoin.
Below is the ranking table between top exchanges in the market, with percentages using USD price difference between buying and selling value.
Exchange spread and Exchange Fees
Results are rather interesting to look at. It seems that Binance, BitPanda, and Kraken hold the top 3 positions in terms of the exchange spread. However, Bitstamp, Coinbase, and (somewhat) Exmo are also on the cheap side. Selling at CEX.io, Coinmama, and Coincorner, although easy to use, is quite expensive. You will lose quite a lot of fiat funds within these platforms from spreads only.
What is important here is that exchange spreads play a large role in how good the exchange is when selling Bitcoin is in question. Thus, we combine these results with the following sections as well. However, CEX.io and other expensive exchanges provide benefits for some traders which cannot be calculated. One of the major ones is the ability to sell at all in some countries.
Bitcoin to USD or EUR - Best Exchange Fees
Concerning the best exchange fees when converting Bitcoin to USD or EUR, there are few factors to take in. Firstly, most exchanges operate through sell spreads and withdrawal costs. Thus, adding conversion fees would render them non competitive within the market. Thus, many crypto exchanges do not add swap fees. Those that have very low spread usually include swap expenses, as seen from the table above under exchange spreads.
As expected, only a handful of exchanges charge for the Bitcoin conversion into USD or EUR. Coinbase, BitPanda, and Exmo do it to various degrees, with Exmo being the cheapest option. Adding to the results of the previous section, only BitPanda loses its place in the top 3 section. Other two platforms, Coinbase and Exmo, remain in the middle, as these costs are small enough to keep them competitive with their crypto rivals.
Bitcoin Withdrawal - Lowest fees
Now, we get to the last set of costs to worry about – who has the lowest fees for bitcoin withdrawal. Although straightforward, it is important to notice that platforms offer several ways to withdraw Bitcoin into hard-earned cash. Thus, you have several methods available to you at some exchanges. Others might work with only a few options, which we also take into account while designing fee rating table.
Most popular choices out there for Bitcoin withdrawal include:
- Bank Transfers (Wire, SEPA, SWIFT)
- Credit Cards
- E-payment systems (PayPal, Skrill, and others)
Thus, having the lowest fees may not necessarily mean that exchange is the best place to sell Bitcoins at. Below table showcases a number of withdrawal methods and their fees.
On the side of withdrawal fees, most offer low to no costs when transferring EUR or USD outside of the platform. Thus, the top three companies in terms of overall costs remain to be BitPanda, Binance, and Kraken, with Coinbase tailing quite closely.
However, it is important to mention that the abundance of withdrawal options play a large role in our ranking system. Thus, Exmo, Coinbase, and BitPanda top the charts in terms of channels you can use to convert BTC into USD and EUR.
Bitcoin Withdrawal in Different Countries
Another important aspect is the Bitcoin withdrawal in different countries. Coinbase is quite popular due to its low fees and the availability of PayPal for the USD/EUR outbound transactions. However, it only offers services for 37 countries, US included.
Binance, on the other hand, is a rising star now that the company included fiats. At the same time, US customers received cold shower news as the company is slowly shutting down its operations in North American country.
Other platforms that offer withdrawal services globally include:
BitPanda offers Skrill (EUR) withdrawals only while Coincorner and Coinmama have SEPA option which does not suit USD traders.
Bitcoin ATMs Serve as an Alternative to Withdraw USD and EUR
Apart from online exchanges, Bitcoin ATMs serve as an Alternative to those traders who have limited withdrawal options. They usually provide several benefits for sellers which most crypto platforms do not have:
- Ability to sell for hard cash
- Can be completely private
- Instant USD or EUR Withdrawal
- Convenient way to get money fast
At the same time, most of these machines come at the price. They are not exactly cheap to use, as transaction fees and exchange spreads can be quite high, even more so than most expensive exchanges. Furthermore, Bitcoin ATMs are scarce and nonexistent in some parts of the world.
CoinATMRadar has a good list of available BTMs (Bitcoin Teller Machines), with information regarding working hours and fees readily displayed. Snapshot below shows how you can navigate to your closest machine, while the overall number of BTMs stands at 5,397 locations.
As a small conclusion, Bitcoin ATMs serve as a good alternative for those traders that have limited withdrawal options. However, keep in mind that you will pay extra for the time shortcut. Also, you might need to hike a long road to get to the nearest machine.
Withdraw Bitcoin to PayPal
As seen from our tables above, it is pretty hard to find a platform where you can withdraw Bitcoin to PayPal account. The platform itself is not really keen on providing services for anything crypto-related. Your best bet are platforms where the option is available or by going through a roundabout road, like in VirWox.
Coinbase offers the easiest route since you can simply connect your PayPal account with the platform and withdraw directly. However, not everyone has access to Coinbase due to a limited number of supported countries. Peer-to-peer (P2P) platforms are a great way to convert BTC into fiat currency. However, they are also filled with scammers and other issues, making the trade in those marketplaces risky.
Safe platforms that offer the withdrawal of BTC to PayPal are:
Read more at our guide on how to buy Bitcoin with PayPal as it also contains information regarding withdrawals.
Where to withdraw Bitcoin - Cheapest Exchange vs Best Exchange
All in all, when considering the cheapest exchange vs best exchange, it is not always clear where to withdraw Bitcoin. Thus, we provide rankings based on several categories we came up with in this article.
Best exchange rates:
Best exchange Fees:
- CEX io
Lowest Withdrawal Fees:
Cheapest overall exchange:
On the side of which platform was the best overall exchange, answer is quite complex. For example, Coinbase is limited to 37 countries when USD and EUR withdrawals are in question. The vast majority of the planet is thus forced to use some other platforms. BitPanda is European-oriented and as such, EUR transfers are cheap while the USD conversion rate might kill the purpose.
As a conclusion, we can say that the best and cheapest exchange differs from country to country and from trader to trader. If you do not mind waiting a few days for bank transfer to occur, then Kraken might be your best bet. However, if you are interested only in fast transactions but do not live in the US, CEX.io would still be a good choice, despite high fees.
Further reading: Top 5 Crypto Exchanges Available for US customers