Bybit for a card, Binance for peer to peer sales outside the US, Kraken for US persons and LLCs. How to choose in five minutes.
Basics
An exchange is a company where you can deposit bitcoin, sell it, and take the money out. There are hundreds. You need one, sometimes two. Firsthand Bitcoin recommends three, each for a different situation. This guide helps you choose.
Start with three questions
Where do you live and pay tax? This decides which exchanges will accept you at all. US residents have fewer options.
Are you cashing out as a person or as a company? If an LLC owns the machines, the account that sells the bitcoin should be in the LLC's name.
What do you want at the end? A card to pay with, local currency in a local bank, or dollars in a bank account.
Our three recommendations
Exchange
We recommend it for
Not for
Bybit
Spending with a card while the rest stays in BTC
US residents, and countries where the card is not issued
Binance
Selling peer to peer for local currency, outside the United States
US residents
Kraken
US persons and LLCs: sell for USD and wire to a bank
Countries and US states Kraken does not serve
Bybit: the card
Bybit issues a payment card linked to your Bybit balance. You keep bitcoin on the account and pay with the card in shops and online. Each payment converts only what that purchase costs. It suits owners who want to cover day to day spending without selling a large amount at once. The card is issued in a limited set of countries, so check the card page before you plan around it. Walkthrough: Bybit Card: spend while holding BTC.
Binance: peer to peer
Binance runs one of the largest P2P markets. You sell bitcoin to a buyer who pays you by local bank transfer, and Binance holds the bitcoin in escrow until you confirm the money has arrived. In countries where exchanges cannot send money straight to local banks, P2P is often the practical way to receive local currency. Walkthrough: Binance P2P: sell for local currency.
Kraken: US persons and LLCs
Kraken is based in the United States, serves US residents in most states, and opens business accounts for LLCs and other companies. You sell BTC for USD and withdraw to a US bank account. For an owner who mines through an LLC, this keeps the whole path in the company's name. Walkthrough: Kraken for US LLCs and businesses.
Careful: Bybit and Binance's global platform do not serve US residents. Do not try to get around this with a VPN or someone else's documents: exchanges freeze accounts that break their terms, with the bitcoin inside. If you are a US person, use Kraken.
A quick way to decide
If you are a US resident, a US citizen or a US company, choose Kraken and stop here.
If you want dollars or euros in a bank account and Kraken serves your country, choose Kraken.
If you want local currency in a local bank and you live outside the United States, choose Binance and use P2P.
If you want to pay with a card and keep the rest in BTC, check that the Bybit Card is issued in your country, then choose Bybit.
If two answers apply, open both. Many owners use a card for daily spending and P2P or a wire for larger amounts.
Check these before you open any account
The exchange's own country list. Supported countries change. Third-party websites are often out of date. Look on bybit.com, binance.com or kraken.com itself.
The product, not only the exchange. An exchange can accept your country and still not offer its card or its P2P market there.
The fee page. Read the current trading, conversion and withdrawal fees on the exchange's own fee page. They change, so do not rely on a figure someone quoted you.
The way money comes out. Confirm that the bank transfer type or the P2P payment methods you need exist for your country and your bank.
The identity check. You will need a valid passport or national ID and often a proof of address. A company needs its formation documents.
Good to know: These exchanges are separate companies. Firsthand Bitcoin cannot see your exchange account, cannot reverse a transfer you sent to it and cannot recover funds held there. Keep on an exchange only what you plan to cash out. For the rest, see Cold storage basics.