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How to properly sell crypto on binance?

Binance

Cryptocoins Exchanges / Binance 291 Views

Hi everyone, less than a week ago I started getting involved into crypto. After some researches, I have concluded to use Binance Exchange, as it seems to be recommended by many of you and I am also living in Europe, so theoretically there should be no problem with withdrawals .

To keep it short, I saw there are multiple methods to sell the coins I bought, but can't actually understand the difference between them and which is the best method to sell ( if there are any more methods for selling, or you do recommend alternaties for selling, I would be more than glad to hear about them, maybe this will help other users as well ):

  1. Direct sell ( which seems available only for some coins, and a minimum selling value is set ): https://www.binance.com/en/buy-sell-crypto?type=SELL
  2. Trade the coin to fiat ( EUR/USD ) - Market sell - which if I understood correctly I can sell at the highest price established by another user who wants to buy that specific coin. ( if that it's correct, then if the highest price on binance trade is lower than the current market value of the coin, am I prone to having a lower profit than expected? and what if there is no one who wants to buy that specific coin? should I convert to another? )
  3. Actually convert bitcoin or altcoin to another coin ( a stable coin maybe? ), then Trade the converted coin to fiat ( USD/EUR )?
  4. P2P ?

On all of the options I have found, how would the fee impact the specific selling method?

I apologize if these details have been presented somewhere else, but unfortunately I did not find any centralized and properly explained information for all of this, and for the few days, I've been wrapping my head around this. As a beginner, I really don't find Binance app very intuitive, especially on desktop/browser.

PS: As an extreme scenario for which I am curios, but not necessarily need info for, in case it happens to have over 1 milion of USD in fiat on binance, what would be the proper method to withdraw the money to the bank account?

Thank you

submitted by /u/SezBulent
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