Selling cryptocurrency in Russia might feel tricky, but it’s simple if you follow the right steps. Platforms like Garantex, Bitzlato, and Binance P2P are your best friends here. Let’s break it down.
Table of Contents
Step 1: Move Your Crypto to an Exchange Wallet
You can’t sell what isn’t there. First, transfer your crypto to your chosen platform:
- Open the exchange (e.g., Garantex or Binance P2P).
- Go to the “Deposit” section. Pick the cryptocurrency you want to sell.
- Copy the wallet address shown.
Now, use your external wallet (like Ledger or Trust Wallet) to send the funds. Double-check every detail—mistakes here cost big.
Step 2: Decide How Much You Want to Sell
After your crypto lands in the exchange wallet, head to the “Sell” section:
- Enter how much you want to sell. You can input either the crypto amount (e.g., 0.1 BTC) or its value in Russian Rubles (RUB).
- Check the current market price displayed on the platform. If it looks good, move on.
Step 3: Pick Your Sell Order Type
Selling works two ways:
- Market Order: Quick and easy. You sell instantly at the current market rate. Perfect if you’re in a rush or selling small amounts.
- Limit Order: More control, more patience. Set a price you want, and wait until someone agrees to buy at that rate.
For small trades, market orders save time. For bigger trades, limit orders might get you a better deal.
Step 4: Convert Your Crypto Proceeds
Once sold, your earnings show up in your exchange wallet:
- Convert directly into RUB if you need cash now. Most platforms like Garantex handle this smoothly.
- Prefer stability? Switch your funds into stablecoins like USDT instead of RUB.
Step 5: Withdraw Your Rubles (RUB)
Now it’s time to cash out:
- Bank Transfers: Use Faster Payments System (FPS) through banks like Sberbank or Tinkoff for quick withdrawals. Money usually arrives in minutes.
- E-Wallets: Platforms like Qiwi or YooMoney work well for smaller amounts or frequent withdrawals.
For larger sums, FPS bank transfers are more reliable than e-wallets.
Why Use Local Platforms?
Global exchanges pulled out of Russia due to sanctions, but local options stepped up:
- Garantex: Reliable for fast deposits and withdrawals in RUB.
- Bitzlato: Simple interface with strong local banking integration.
- Binance P2P: Great for peer-to-peer trades with flexible payment methods.
These platforms comply with Russian regulations while offering secure services.
Regulations and Taxes
Russia treats crypto as property—not currency—under its laws:
- You must complete KYC (Know Your Customer) verification on any platform you use. This means submitting ID documents and proof of address.
- Crypto profits are taxed at 13%. Keep records of all transactions for reporting to the Federal Tax Service (FTS).
Ignoring these rules can lead to fines or other legal issues.
Key Takeaways
Selling crypto in Russia is straightforward if you follow these steps:
- Transfer your funds to a trusted platform like Garantex or Binance P2P.
- Choose between market and limit orders depending on your needs.
- Convert earnings into RUB or stablecoins based on your goals.
- Withdraw using FPS for large amounts or e-wallets for smaller ones.
- Stay compliant with tax laws and regulations.
Adaptation is key here—while global restrictions changed the landscape, local platforms still make trading accessible and safe!