Whether you buy it or mine it, sooner or later you may feel that you are better off selling your Ethereum (ETH). Your reasons for it may vary: you may simply decide that the number of businesses allowing direct purchases with Ethereum is still too small, or you have planned to sell your Ethereum for profit from the start. Whatever your reasons, you surely want to know where to sell Ethereum without all the fuss. So how to sell your Ethereum? Here are several ways for you!
Want more than just to sell ETH? Access dozens of different cryptocurrencies selling guides 2022 here.
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What is Ethereum (ETH)?
Ethereum is an open-source decentralized platform that offers its users the opportunity to create smart-contracts. Smart contracts are applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. One can exchange money, property, shares or any other value in a transparent way with a smart contract. The contract is a computer program listing the rules of an agreement between several parties, registered in a blockchain, which directly controls the digital assets.
Read More: What is Ethereum (ETH)?
How Does Ethereum (ETH) Work?
Ethereum is a decentralized, open source, and distributed computing platform that enables the creation of smart contracts and decentralized applications, also known as dapps.
Smart contracts are computer protocols that facilitate, verify, or enforce the negotiation and performance of some sort of agreement. For instance, a smart contract could be used to represent a legal contract emulating the logic of contractual clauses or a financial contract specifying responsibilities of the counterparts and automated flows of value.
A smart contract is pretty much exactly what you think it would be: it’s an auto-executing, programmed agreement that is recorded on the Ethereum blockchain. It operates based upon an if, then logic, so that if x action happens, then y action occurs.
Why Sell Ethereum (ETH)?
Selling the Ethereum cryptocurrency is your own decision. You might have the specific goal of the price in mind at which you are willing to sell the Ethereum for making a profit. You might also be fine holding the Ethereum indefinitely to see what happens in this crypto. Some traders and investors use specific strategies for their cryptocurrency involvement and for making profit goals.
The buy and hold are a trading strategy in which you buy an asset, hold them, and then sell it when the price of that cryptocurrency increases. So, all you need to do is purchase the ether coins, store them and then decide about the right time when you think that it is the best time to sell this crypto for making a profit.
Of course, the whole decision of selling Ethereum depends on your needs and requirements. But the process of selling Ethereum is straightforward, so you will not face any issues in it.
Where to Sell Ethereum (ETH)?
Option 1: Cryptocurrency Exchanges
Cryptocurrency Exchanges often support a wide range of fiat currencies. A crypto exchange can act as an intermediary between sellers and buyers of cryptocurrency. To sell Ethereum (ETH) for cash, you will first need to set up an exchange account and deposit your Ethereum (ETH) in the hot Ethereum (ETH) wallet that is provided by the exchange.
Note that most reputable Ethereum (ETH) exchanges require their users to provide personal information before they can sell cryptocurrency, in order to comply with KYC and AML rules.
The key advantage of using a cryptocurrency exchange to sell Ethereum (ETH) for cash is that well-known exchanges have deep liquidity and provide quick access to a large pool of potential buyers.
They are also relatively easy to use: you will need to place a sell offer, defining how much cryptocurrency you wish to sell and set your asking price per unit. The exchange then automatically processes the transaction once your offer is matched.
The procedure for selling Ethereum on the centralized cryptocurrency exchange works similarly to buying Ethereum. At first, you will need to select a cryptocurrency exchange that hosts Ethereum trading and operates within the individuals’ jurisdiction. Then, you will have to set up an account on the crypto exchange.
When creating the account, you will need to provide personal information like the address, name, date of birth, and the photo ID issued by the government. Once you create your cryptocurrency exchange account, you will have to choose between selling Ethereum for the fiat currency or trading it to get a different digital currency.
You should know that the cryptocurrency exchanges offer wallets and addresses for the various crypto assets on the platform. You will have to navigate the website by searching about the sell, deposit, or deposit into the exchange buttons. When you click on one of these buttons, you will search for the wallets and their addresses.
Option 2: Direct Trades (Person-to-Person)
- Online P2P Selling
- Face-to-face Transactions
Rather than doing the work for you, a peer-to-peer (P2P) exchange lets you choose your price, and the platform helps find a buyer willing to pay it. The two parties then decide between them how to pay. You can sometimes do this on the site — often called direct trades — but normally, you would use a separate bank transfer.
P2P trading allows you to sell cryptocurrency without the limits of an exchange. This means that you could do a wire transfer, send gift cards for popular online stores, trade cash in the real world or even send expensive art if that’s what you want; as long as both parties agree, and you’re in a P2P marketplace that doesn’t limit payment methods.
There are some problems around this, such as what happens if the buyer doesn’t pay up, and the peer-to-peer marketplaces will still have some information on who you are. However, this is still a good step if freedom of choice and minimal interference are your priorities while still having access to things like escrows to hold the Ethereum (ETH) for protection from fraud.
Option 3: Ethereum (ETH) ATMs
It may be hard to come to terms with since Ethereum (ETH) ATMs are directly connected to the internet, but BTMs are entirely secure. BTMs are equipped with technology that protects against software and hardware malfunctions. Malware technology is also not able to threaten Ethereum (ETH) ATMs. Your digital wallet is encrypted and protected. Without the correct passwords and security credentials, no one aside from you can access your wallet.
A number of Ethereum (ETH) ATM operators have come together to form the Cryptocurrency Compliance Cooperative to make the use of Ethereum (ETH) ATMs even safer for the consumer, furthering the legitimization of the cash-to-cryptocurrency industry.
How to Sell Ethereum (ETH)?
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.
- Step 1: Set up an exchange account
The first thing you need to do is decide which form of money you will accept for your Ethereum (ETH).
Now that you know which currency you want in exchange for your cryptocurrency, its time to make an account on a platform that lets you sell your Ethereum (ETH).
There are tons of platforms to sell Ethereum (ETH) on, and the easiest, by far, are exchanges and brokers like Coinbase or Coinmama.
Signing up on Coinbase is really simple – it’s like making an account on Amazon!
- Step 2: Transfer your Ethereum (ETH) to your exchange wallet
Now that your account is created, you’ll need to deposit your crypto assets on the exchange.
Hit the “deposit” or “sell” button.
You’ll be presented with a wallet address and/or a QR code.
Scan that into your Ethereum (ETH) wallet and send the amount of coins you want to sell.
- Step 3: Place a sell order
Now it’s time to make a sell offer on the platform you are selling on.
That means determining the price you are willing sell your Ethereum (ETH).
The process for doing this always looks a little different on every platform, but for the most part, it works the same way.
Look for the “sell” or “trade” tab, and either sell at the price offered by the broker or create a custom sell order on an exchange order book.
The only difference is, with a broker, you are selling at whatever the spot price is (minus some fees).
With an exchange, you can set whatever price you want. Just don’t expect for the sell to be accepted by any takers if your price is too high.
The nice thing about the crypto exchanges are that the fees tend to be lower than the brokerages.
Direct Trades (Person-to-Person Trading)
- Step 1: Go to the P2P Trading Page
Select (1) “Buy Crypto” then click (2) “P2P Trading” on the top navigation.
- Step 2: Choose to Sell and Set Your Currencies
Click (1) “Sell” and select the currency you want to buy (USDT is shown as an example). Filter the price and the (2) “Payment” in the drop-down, select an ad, then click (3) “Sell”.
- Step 3: Find a Buyer
After the buyer makes payment, the transaction will now display “To be released”. Please make sure that you’ve actually received payment from the buyer, to the payment app/method you used. After you confirm the receipt of money from the buyer, tap “Confirm release” and “Confirm” to release the crypto to the buyer’s account. Again, If you have not received any money, please DO NOT release crypto to avoid any financial losses.
- Step 4: Choose How Much You Want to Sell
Enter the amount (in your fiat currency) or quantity (in crypto) you want to buy and click (2) “Sell”. The transaction will now display “Payment to be made by buyer”.
- Step 5: Send the Offer
You can use Chat on the right side to communicate with the buyer in the whole process.
If you have any issues in the transaction process, you can contact the buyer using the chat window on the top right of the page or you can click “Appeal” and our customer service team will assist you in processing the order.
- Step 6: Confirm the Release
The transaction will now display “Pending Payment”. After the buyer makes payment, the transaction will now display “Confirm Receipt”. Please make sure that you’ve actually received payment from the buyer, to the payment app/method you used. After you confirm the receipt of money from the buyer, tap “Payment received” and “Confirm” to release the crypto to the buyer’s account. Again, If you have not received any money, please DO NOT release crypto to avoid any financial losses.
Ethereum (ETH) ATMs
- Step 1: Choose withdraw cash
- Step 2: Choose Ethereum (ETH) (these machines normally may support other cryptocurrencies)
- Step 3: Choose amount to withdraw
- Step 4: Send Ethereum (ETH)s to given address QR code
- Step 5: Receive cash immediately as Ethereum (ETH)s transaction is propagated on the network
Read More: How to Buy Ethereum (ETH)?
Selling Ethereum (ETH) FAQs
What Is the Best Way to Sell Ethereum (ETH)?
Exchanges are the best way to sell Ethereum (ETH). Cryptocurrency exchanges are the platforms that investors leverage to effectively trade digital currencies. These exchanges perform other functions like storing digital assets, offering a peek into the current action of the crypto market so traders can make good decisions. Cryptocurrency exchanges are indispensable to any crypto investor.
There are so many crypto exchanges out there, a lot of them are quite similar which makes it a little difficult to determine the perfect one for you. The major features that make a crypto exchange stand out are if the exchange is secure, convenient, and does not cost so much. Security and customer support are paramount as well as efficiency, it is also a welcome addition if the exchange is not so demanding.
When is the Best Time to Sell My Ethereum (ETH)?
Trading cryptocurrencies is profitable if you determine the proper time to get into a trade or exit. We earlier reiterated that cryptocurrencies are naturally volatile and Ethereum is not an exception. To benefit from it, you must develop a good trading strategy and implement an effective approach. Before investing in any digital asset, an important step is to carry out analyses on it.
Useful analytical techniques are linked with fundamental or technical approaches. Both would help you determine your entry and exit points. You can decide to exit a trade depending on your overall expectations. Trade can go short-term, mid-term, or long-term. If you have attained your expectations, you can go ahead to let go of your hold.
You can also decide to let go of a trade if you no longer appreciate the asset in your possession. For instance, if a technical indicator points out that Ethereum is diving down in its value which you perceive the turn would largely affect your portfolio, you can decide to let go. In another scenario, you can choose to close down on a trade if the funds allocated to it are all you have. Primarily, you should understand the asset you are investing in and how blockchain technology functions.
It is an additional advantage to consistently stay informed. The cryptocurrency space is never devoid of new developments principally because it is a new development with a revolutionary agenda. Accurate information would sharpen your understanding of the industry and reflect in your trading decisions. Besides, you could catch the wind of bullish predictions and maximize them.
A wonderful way to stay ahead of the crowd is to leverage this site for professional trading analysis. We understand that making accurate trading analyses might be complex if you are not an expert, due to this you can enjoy steady crypto predictions from industry experts. Simply by navigating this website regularly, you would access this information to reinforce your knowledge and trading strategies.
Is It Easy to Sell Ethereum (ETH)?
You can use a crypto exchange to cash out Ethereum fairly easily. You will need to connect an existing bank account and have your details verified. Once you are registered, cashing out is as easy as placing an order on the platform. Cashing out can sometimes take a while if you need to wait for your order to be filled.