How to Sell Ethereum - Comparewise


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How to Sell Ethereum

Ethereum is rapidly gaining popularity as a cryptocurrency. In fact, it’s one of the most popular cryptocurrencies in the world. So if you’re learning about trading cryptocurrency, then it’s a good idea to learn about Ethereum.

However, if you’ve invested in Ethereum, the downside is that right now you can’t make payments for everyday purchases using Ethereum. This means you’ll need to learn how to sell Ethereum. Luckily, learning how to sell Ethereum is pretty simple because there are more cryptocurrency exchanges on the market than ever. We’ll tell you everything you need to know about how to sell Ethereum in this guide.

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How to Sell Ethereum

After you’ve acquired some Ether (ETH), which is the cryptocurrency coin supplied by Ethereum blockchain, you’ll eventually want to sell them.

You have a few options available to you for selling your Ether. The first is cashing out your ETH investment in a centralized exchange. There’s also the option to sell them through a Peer- to- Peer (P2P) transaction.

Here are the steps to selling Ethereum:

1. Choose where you want to sell your Ethereum

When you’re learning how to sell Ethereum, one of the most important decisions you’ll make is where you choose to sell your crypto. There are tons of exchanges on the market, and they all have different fees when it comes to selling Ethereum.

So to choose the best exchange for you, you’ll need to find out which exchange leaves you with the most money from selling your Ether. You should also check to make sure that exchange will let you transfer the fiat currency of your choice to your bank account, if you plan on selling your Ether for fiat currency. This isn’t an option that’s available on all exchanges.

2. Sign up for an account

The next step you need to complete when learning how to sell Ethereum is to create an account with your chosen exchange, if you haven’t already. This is because you’ll need an account before you even deposit your Ether.

There’s typically a three- step process to set up your exchange account so you can sell Ethereum: sign up, verify your identity and pass the KYC (Know Your Customer) requirements, and connect your bank account. You’ll need to create login information using an email address and password, and you’ll probably be required to submit a government- issued ID as part of the KYC process.

3. Deposit your Ether

This is the first step to the sales process, so if you’re learning how to sell Ethereum, it’s important to pay attention to this one. You deposit Ethereum by copying your Ethereum deposit address, which is typically listed on the exchange’s balance page.

Don’t ever try to type this address out manually. Instead, use the “copy” button provided by the exchange. Why? If you type out your deposit address and make a mistake, you could permanently lose your funds. In fact, it’s a good idea to send over a small test amount when you’re learning how to sell Ethereum before making a big transfer so that you know whether you’ve got it right.

After you’ve got the right address, click the “send” button and be patient while waiting for your Ether to arrive. There are a number of confirmations that take place before your cryptocurrency is deposited, and this takes time.

4. Sell your Ethereum

When you’re learning how to sell Ethereum, it’s important to note that there are a lot of different ways to sell cryptocurrency. However, many of them are similar, so if you learn the basics then you can pretty much do it no matter which method you choose. The two most important parts of the sales transaction that you should pay attention to are the fees you’re charged, and the asset you’ll receive for your Ether.

You’re typically given the option to sell your Ether for fiat currency, but you can also sell them in exchange for other cryptocurrencies. So, you’ll need to choose which you’d like to receive for your Ether, and then choose an exchange that supports that currency.

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Peer-to-Peer Trading

One option you can consider when learning how to sell Ethereum is peer-to-peer trading. This method provides you with a way to make your cryptocurrency sale directly to another person or business entity. There are two different peer-to-peer selling options: in-person or online. P2P cryptocurrency platforms are basically online marketplaces designed for users to place or respond to trade offers.

When you make a sales post, you’ll typically be required to list the type of cryptocurrency, the price you want to get for it, and the payment methods you’ll accept.

There are some P2P trading platforms that have escrow features, which can keep you from getting scammed. An escrow basically holds the funds in a neutral location that neither you nor the buyer can access. The funds are then released after the obligations of the trade are fulfilled by both parties, and the money is paid out in the method agreed upon in the trade.

Another option to consider when learning how to sell Ethereum is selling your cryptocurrency to a friend or family member. This is another type of peer-to-peer trading that occurs off of peer- to- peer platforms.

Whichever P2P method you choose, it’s important that you make sure your trade is in line with local regulations when you’re learning how to sell Ethereum. You should also exercise extreme caution when conducting peer-to-peer cryptocurrency trades, whether they’re online or in person. You should also get familiar with various crypto wallets and platforms, as well as cryptocurrency transactions before you go through with a peer-to-peer trade.

In general, learning how to sell Ethereum through peer- to- peer transactions is a lot like selling Bitcoin using peer-to-peer platforms.

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Cryptocurrency ATMs

Ethereum has began to be more widely recognized as a form of cryptocurrency, so you can buy and sell it in more places now. You can now trade Ethereum at many Bitcoin or cryptocurrency ATMs.

This is a convenient way to make a cryptocurrency transaction, but in fairness, it’s not typically the quickest. You’ll have to wait for the transaction to go through, much like you would on an exchange.

More annoying to many people are the high transaction fees, as well as the high markups for buying and markdowns for selling that are frequently experienced at cryptocurrency ATMs. It’s actually enough to make some people swear off cryptocurrency ATMs altogether, and they stick to centralized cryptocurrency exchange platforms instead.

However, if you’re learning how to sell Ethereum and want a convenient, somewhat- in- person transaction, then cryptocurrency ATMs may be a good option for you.

Pros and Cons of Selling Ethereum

If you’re learning how to sell Ethereum, then you should know the pros and cons of investing in Ethereum.

Pros of Selling Ethereum

Here’s some great parts about selling Ethereum.

Ethereum is decentralized

Many people who invest in Ethereum do it because Ethereum is decentralized. They give people the opportunity to make transactions without having to go through banks or third parties. This eliminates government regulations, high transaction fees of some platforms, and in some cases, censorship.

Ethereum is more secure than other cryptocurrencies

Ethereum boasts active developers all over the world, so it’s more difficult for hackers and criminals to attack them and seize the blockchain.

It’s the second-most popular cryptocurrency

Ethereum is only bested by Bitcoin in popularity. They had 115 million units in circulation and a price of $1,901 in March 2021. This means that its’ both profitable and safe. It also means there’s a lot of information about it online, which is helpful for anyone learning how to sell Ethereum.

Reasonable Coin Cost

As we previously stated, Ethereum’s cost in March 2021 was $1,901. That’s a lot lower than Bitcoin’s $60,000 price tag. So if you have Ethereum and the prices drop as much as 20 or 30%, you’re not in as much trouble as you would be if you owned Bitcoin.

It’s also easier to do price predictions on Ethereum because it’s near or below an ounce of gold’s current cost, so there aren’t any wacky prediction numbers. Crypto Mobile Trade- Comparewise

Cons of Selling Ethereum

Here’s some more things to consider when selling your Ethereum.

Not as well-known as Bitcoin

If you ask someone on the street about cryptocurrency, they’ll say something to the effect of “Oh, like Bitcoin?”. Of course Bitcoin has dominated the financial media market, so people are familiar with its existence.

People are a lot more knowledgeable about which celebrities have bought Bitcoin than Ethereum. This can be a pro too, because it means that you can cash in on opportunities that other people don’t know about. It also means that there’s a lot of room for improvement with Ethereum, which is a good thing for investors, and people learning how to sell Ethereum.

Ownership Distribution is currently a problem

Ethereum has a bigger ownership distribution problem than any other form of cryptocurrency. Less than 400 people own over 1/3 of the currently circulating units. This could mean trouble for newbies and small investors because any time you have a handful of people controlling gigantic portions of the total assets of a company, there’s a risk of price manipulation.

Also, if some of these big investors begin to mass sell their coins, it cold effect the price drastically.

Scaling problems

Bitcoin has one function, and if you’re learning how to sell Ethereum, you need to know it has many. It can be a ledger, a place to make smart contracts, and more. The more functions an online asset has, the more vulnerable it is to viruses, glitches and hackers. They also need to scale up their servers and deal with network issues because it’s going to cause problems if they don’t fix it and they get an influx of investors.

High transaction fees

In 2021, Ethereum saw a weird phenomenon. There was a lot of congestion on the Ethereum network, and it caused transaction fees to skyrocket to ridiculous heights.

Ether isn’t capped

You need to know about this one if you’re learning how to sell Ethereum. There’s no limit to how many Ether can exist at any given time, unlike Bitcoin, which has a cap of 21 million coins. This means there is no asset scarcity when it comes to Ethereum. If there’s suddenly a ton of Ethereum on the market, that could make prices drop.

How Much Does it Cost to Sell Ethereum?

Of course if you’re learning how to sell Ethereum, one of the things you need to know is the cost of selling Ethereum. We’ll explain the types of fees involved in selling Ethereum.

Gas Fees

Ethereum charges transaction fees for every transaction that occurs on their network, and it’s called a gas fee. They can be used to speed up transactions, and they’re incurred because every transaction is a drain on the network.

The fee will be more depending on the speed and complexity of the transaction. If you’re simply making a transfer from one wallet to another, then your gas fee will be fairly low.

If you’d like to check out the average transaction fees for Ethereum, you can go here.

How to Sell Ethereum on an App

Another thing you’ll need to know if you’re learning how to sell Ethereum is how to sell Ethereum on an app. So, we’ll tell you how to sell Ethereum using a couple of the most popular cryptocurrency exchanges: Coinbase and Gemini.

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How to sell Ethereum on Coinbase

It’s actually quite simple to sell Ethereum on Coinbase for fiat currency. They have both web and mobile web platforms, and the steps to sell on either version are pretty much the same.

  1. Create an account. You’ll need to enter banking information during this process, as well.
  2. Click the “Send/Receive” button. Go to the “Receive” tab. Under the “Asset” section, select “Ethereum”. This will give you the address to send your Ethereum.
  3. After you’re sure you’ve received your Ethereum, click the “Buy/Sell” tab. Click the “Sell” option. Change the currency you’re selling to Ethereum.
  4. Specify how much Ethereum you’re selling, then confirm the transaction.

Coinbase charges a fee of 1.49% when you make sales to a U.S. bank account or USD Coinbase Wallet, while sales made to a PayPal account are charged a 3.99% fee.

Coinbase Pro is more complicated, and it’s probably not a good idea for newbies and people initially learning how to sell Ethereum, but with Pro you get lower fees when you sell Ethereum.

After you’ve sold your Ethereum, you just have to wait for the funds to hit your bank account. Bank accounts in the US typically see cash in 1-5 business days.

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How to sell Ethereum on Gemini

Selling Ethereum on Gemini is a bit more complex than selling Ethereum on Coinbase.

  1. Create a profile and link it to your bank account.
  2. Go to the “Transfer Funds” tab and select “ETH deposit”. You’ll get your address so you can transfer your funds to your Gemini wallet.
  3. Once you’re sure that your Ether has hit your account, click the “Sell” tab and select “ETH”. From here, you sell Ethereum the same way you would on any other exchange. You can place orders or remove orders from the books.

Gemini charges fees based on your trading volume for the past 30 days, as well as whether you’re a maker or taker. These trading fees are between -0.1%- 0.25%.

After your Ethereum has been sold for fiat currency, you can transfer it to your bank account without incurring any additional fees for doing so.

How to Sell Ethereum with a Wallet

When you sell Ethereum through a centralized crypto exchange, it’s a pretty similar process to buying Ethereum using the same method. You’ll have to choose an exchange that supports Ether trades in your area, then create an account with them. You’re going to have to supply them with some personal information, which may include things like your address, birth date, and possibly a government- issued ID.

After you’ve set up your account, you’ll need to decide whether you want to sell Ether for fiat currency (like CAN, USD, or EUR), or trade it for a different type of cryptocurrency.

Most centralized exchanges have created specified wallets for each type of cryptocurrency you acquire. All you should have to do because of this is go to the proper website, then find a button that says “sell”, “deposit” or “deposit into exchange”.

After you’ve clicked one of those buttons, you should have access to your wallet and its address. Because tokens aren’t always built on the same blockchains, (for instance, the ERC-20 token is built using Ethereum blockchain), you’ll have to make sure that the wallets you’re using are compatible with the type of token you’re using.

From here, you just transfer your Ether from your wallet to the appropriate Ethereum address for your exchange. It takes a while to get confirmation of the transfer, and this time varies depending on several factors, such as the fees incurred, and how busy Ethereum blockchain is at the time.

After your transaction is confirmed and your Ether has made it to your exchange wallet, you can adjust the amount you want to sell, select the currency you’d like to receive for it, and adjust various other settings. You can usually complete this sort of transaction on a centralized exchange by making either a limit or market order.

A limit sell order will post your chosen cryptocurrency amount at a specified price level. The order is filled when the market reaches that price, or if another buyer on the exchange chooses to pick up the order.

A market sell order will sell your chosen cryptocurrency at the current highest price (which is determined by existing limit orders) on the exchange. The exchange rate for both orders is typically calculated based on factors like the size of the transaction, the current market rate, and other factors.

After you’ve completed your trade, your fiat or cryptocurrency funds will be posted to your account. If you chose to sell your Ether for fiat currency, then you’ll have the option to deposit the funds to your bank account. However, it’s important to note that it may take several days for the money to post to your account, and different types of transfers effect the time it takes for your funds to post.

There are several cards that support spending your ETH, as well. This is a more direct process than the typical procedure to cash out Ether, so it’s a good idea to learn about them while you’re learning how to sell Ethereum. You can also find a few businesses that accept Ether as payment, but since cryptocurrency payments are still new, you won’t find many vendors that provide this option.

How to Sell Ethereum Conclusion

Ethereum is more popular than ever, and is currently the second-most popular cryptocurrency on the market, so you’ve picked a good time to learn how to sell Ethereum! It’s fairly simple to sell Ethereum because many exhchanges have picked it up due to its popularity.

If you don’t want to fiddle with downloading apps and learning how to use them, you can now even buy and sell Ethereum at many cryptocurrency ATMs, which is convenient. This means you can make trades while you’re out running errands, or on your way home from work! You should have a better idea of what you’re doing now, so you can get out there and start selling!

You might also like…

  1. How to Sell Litecoin
  2. How to Sell Bitcoin
  3. How to Sell Solana

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May 6, 2022
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FAQs about How to Sell Ethereum

How fast can you sell Ethereum?

It really depends on if your Ether is already loaded on the platform you intend to sell it on. If so, you can sell it in a matter of seconds. If you need to transfer it, then you can expect it to take around 10 minutes.

Can I sell ETH instantly?

Yes, if it’s already been transferred to the platform you’re selling it on.

How much does it cost to sell Ethereum?

This depends on the exchange you’ve chosen, and whether you’re a maker or a taker. However, you can expect to pay somewhere between 0.1% and 0.5%.

When is the right time to sell my Ethereum?

This is a really complex financial decision. However, you can check out this Ethereum analysis page to get price predictions, as well as loads of analysis tools that will give you a better idea of when it’s the right time to sell.

Where’s the best place to sell Ethereum?

Coinbase and Gemini are some of the most popular cryptocurrency exchanges on the market.

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