How to sell Ethereum
The best way to sell Ethereum is through a cryptocurrency exchange. If the assets are already on the exchange, then skip to step 4. Otherwise, you will need to deposit coins or tokens on an exchange to sell on the market.
There are a variety of factors to consider when selling ETH. Before registering on an exchange, be sure to check that the asset is listed on the platform and that you can withdraw the desired fiat currency to a bank account. Compare exchanges to find the lowest deposit fees, withdrawal fees and trading fees to maximize the fiat received.
See more: How to sell ethereum for cash
Step 1: Choose where to sell Ethereum
One of the most important aspects of selling Ethereum is choosing the right exchange. Different exchanges have different fees for selling Ethereum, so it is important to choose one that will maximize the amount of money you get to keep after your Ether (ETH) is sold. Additionally, if you intend to sell your ETH for fiat currency, you will want to make sure that you can withdraw the fiat to a bank account. Not all exchanges have this option available, so be sure to use the table of exchanges below to pick one that is compatible with your bank account.
Step 2: Create an account
If you don’t already have an account on the exchange you wish to sell Ethereum on, you will need to create one before depositing ETH. Creating an account on an exchange and setting it up to sell Ethereum is typically a 3-step process that includes signing up, passing KYC and connecting a bank account. You can sign up with an email and password. You will need to submit a government-issued identification card to pass the KYC process.
Lastly, you will need to submit the details of your bank account if you want to withdraw fiat currency from the exchange.
Step 3: Deposit Ethereum
The selling process starts by depositing your Ethereum onto an exchange. You do this by copying the Ethereum deposit address from the exchange’s balance page.
Use the “copy” button provided by the exchange and never try to type out the entire Ethereum address manually. This method is prone to mistakes and could result in the permanent loss of funds. When in doubt, send a smaller test amount first before sending the rest. When you are satisfied that you are sending the Ethereum to the right address given to you by the exchange, click send and wait for the Ethereum to arrive. Each exchange waits for a different number of “confirmations” before giving you the deposit. In the above screenshot, the exchange will count the ETH as in your account after 12 confirmations.
Step 4: Sell Ethereum
There are several ways to sell Ethereum, but there is also a lot of overlap in the methods. So if you know the general process, then you should be able to figure it out regardless of which exchange you use. The things you need to keep in mind when selling Ethereum are the fees you’re being charged and the asset you are selling ETH for.
You can sell Ethereum for fiat, but you can also sell it for most other cryptocurrencies. So the first thing you need to determine is what you’re selling the ETH for. Then you can find an exchange that allows you to trade one for the other.
In order to make the trade, there are 2 types of orders you can submit to the exchange: market orders and limit orders. There are sometimes instant sell options too.
Market order: A market order executes immediately and gives you the most asset at the best price given the current market conditions. Depending on how much Ether you’re trying to sell, you may get less of the other asset than you’re expecting. In this instance, you are the taker in the trade and pay the taker fee. More on this later. Limit order: A limit order allows you to set the price you want to sell your ETH for. These types of orders may execute immediately if the sell price is below the current, highest buy price. In this instance, you are the taker in the trade and pay the taker fee. However, if you set the sell price higher than the current best buying price, then you are the makerin the trade and pay the maker fee. Maker/Taker fees: Most exchanges charge you differently depending on if you’re the maker in the trade or the taker in the trade. The maker will typically pay less than if they’re the taker. Make sure to check out the fee tables on the exchange reviews to compare rates.
Withdrawing local currency
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When trying to sell Ethereum through a platform that permits fiat currency withdrawals, check to see what withdrawal methods are supported. Options may include the following:
- Bank transfer
- Credit/debit card
When choosing an exchange and withdrawal method, make sure to consider the following:
- Fees. Many (but not all) platforms impose a withdrawal fee, and the fee charged usually varies depending on the withdrawal method selected.
- Some exchanges allow you to sell Ethereum directly for fiat at market price and deposit the funds directly into your account.
- Limits. Are there any minimum or maximum limits on how much you can transfer? How do they differ between withdrawal methods? Can you increase these limits by providing additional verification or ID?
- Processing times. How long will it take for [fiat] to arrive in your wallet or bank account? For example, while cash withdrawals are instant, bank transfers can take several days to arrive.
- Any other restrictions. For example, some exchanges will require you to withdraw funds using the same payment method with which you made your deposit.
Factors to consider when selling
The best way to sell Ethereum is subjective and varies based on an investor’s circumstances. What works well for one person might not be a good fit for the next. Instead, it’s about working out which option is the right choice for the individual. You can do this by asking yourself a few important questions:
- Do you want to sell Ethereum for fiat or another cryptocurrency?
- How quickly do you want to sell your Ethereum?
- Are you willing to accept a price well below the market rate or do you want to negotiate the best price possible?
- If selling for fiat, how do you want to receive payment?
These questions should help you decide how you want to sell your Ethereum, and you can then figure out which platform has all the features you need. When comparing different cryptocurrency exchanges, make sure you consider the following:
- Price. How does the exchange rate compare to those offered by other platforms?
- Fees. Compare any trading fees that apply and whether there’s a fee for withdrawing funds into your bank account or cryptocurrency wallet.
- Trading and withdrawal limits. Is there any limit on the amount of Ethereum you can sell or on how much fiat currency you can withdraw from your account?
- Security features. Are there any security measures in place to help protect your funds and your private data, for example, 2-factor authentication or a reputation system for buyers and sellers?
- Customer support. If something goes wrong with your transaction, how can you contact customer support? During what hours is support available?
- Reputation and reviews. Seek out online reviews and check crypto forum posts from other users to find out whether they recommend a particular exchange or trading platform.
There are several other important factors, such as where an exchange is regulated and the payment methods accepted by peer-to-peer trading sites. For a full breakdown of the features to look out for, check out Finder’s cryptocurrency exchange guide and discover tips on how to choose the right platform.
Selling Ethereum at an ATM
Ethereum is like Bitcoin in the sense that it has highly developed markets and methods for selling it. For example, most Bitcoin and cryptocurrency ATMs will also allow you to buy and sell ETH. Keep in mind that these ATMs will generally charge massive markups when buying or markdowns when selling. That being said, ATMs can be a handy option if you’re in a pinch and need to quickly convert ETH into cash.