Are you thinking about selling your Ether? There are multiple ways in which you can cash out your ETH holdings for some US dollars.
The easiest and cheapest way to exchange your Ether for dollars is by using a cryptocurrency exchange with ETH/USD pairing. While different crypto platforms have their own unique operational procedures, the general process of cashing out crypto is almost the same.
- Create an account on the exchange and connect it with your personal bank account
- Transfer your Ethereum to the exchange wallet or purchase the token on the platform itself
- Sell the Ethereum for USD
- Withdraw the USD into your bank account, minus any service charges
You must note that in certain countries, it is illegal to cash out crypto in their local fiat currencies. In that case, make sure that you act responsibly.
In this article, we will give you step-by-step instructions on how to sell ETH on Coinbase and Kraken exchanges. This is just to give you a general idea of how Ethereum can be traded on centralized exchanges.
Check Ethereum Prices
Before selling your ETH, it is always recommended to check its current price in USD. This will give you an idea of how much you can expect from the token’s sale.
At the time of writing this article, Ether was trading at $2,304 – down by 0.5% from the previous day’s price.
1. How To Sell Ethereum on Coinbase
- The first step is to create a Coinbase account and link your bank account
- Afterward, transfer the ETH from your current wallet to the Coinbase wallet
- Click the “Send/Recieve” button from the dashboard and go to the “Recieve” tab
- From here select “Ethereum” under the list of assets and you will shown a public address to which you can send your ETH
- Once the ETH has been sent to your Coinbase wallet, click on the “Buy/Sell” tab, select the “Sell” option, and make sure the currency is set to Ethereum
- From there, type in how much ETH you would like to sell and confirm the transaction
- Pay attention to the platform fees. Coinbase charges 1.49% when transferring the USD to a US bank account
- The USD will be received in your bank account within 5 business days
2. How To Sell Ethereum On Kraken
- Once again you will need to create an account or have an account on Kraken that is connected to your bank
- Move your Ethereum to Kraken by selecting the “Funding” tab and choosing “Ether”. This will generate an ETH address to transfer your funds to
- With the Ether in your account, click on the “ETH → USD” option under the “Sell” tab. It is a straightforward process to trade the cryptocurrency and can be done by simply placing an order or choosing an order from the books
- Kraken charges a fee based on your fee schedule, which is estimated by calculating your 30-day trading volume on the platform and whether or not you are a market maker or taker. The fees can range from 0.1% to 0.25%, depending on the price of Ether.
- After you have traded your ETH for USD, you can withdraw the dollar proceedings to your bank account with no additional fees
Whenever you are selling Ethereum or any other cryptocurrency for that matter, make sure you check their conversion rate, and be aware of any exchange-specific fees or transaction delays that may occur.
You should also be mindful of the wallet address to which you are sending Ethereum. Copy and paste the address directly from the exchange or scan the QR code. In both cases, always verify the address to avoid a loss of funds.
Note that Ethereum’s network fees can be fairly expensive, so it is always recommended to reduce the number of transactions in ETH. Also, perform trades on an exchange you trust and keep an eye on news regarding those platforms. Always try to self-custody your ETH instead of holding it on centralized platforms.