How to Cash out Ethereum: Tips, Steps and Best Platforms
If you have Ethereum and want to use it to purchase something outside of the Ethereum network, you will need to cash it out. This can be done relatively easily using a crypto exchange or peer-to-peer exchange.
When using a crypto exchange, you must first create an account and deposit your Ethereum into that account. The exchange will then send the appropriate amount of currency to your account. Once it has been deposited, you can sell your Ethereum for fiat currency (such as USD) or another cryptocurrency.
Peer-to-peer exchanges work similarly, but the trade is made directly between two individuals instead of one centralized exchange.
This blog will help you learn how to cash out Ethereum, steps and tips to follow and where to do it easily.
- Ethereum can be cashed out through several exchanges and methods.
- Cashing out Ethereum can be done through exchanges such as ATAIX, Coinbase, Kraken, or Gemini.
- Methods of cashing out Ethereum include selling ETH for fiat currency, selling ETH for another cryptocurrency, or using a peer-to-peer exchange.
Is it Possible to Withdraw Ethereum to Cash?
Yes, it is possible to withdraw Ethereum to cash. There are a few different ways to do this, including using a centralized exchange platform, ATMs, and peer-to-peer trading.
Centralized exchange platforms like ATAIX, Coinbase, or Kraken allow you to sell your Ethereum for fiat currency (USD, EUR, etc.). These platforms are easy to use, but they usually require you to go through a KYC process before starting trading.
ATMs that support Ethereum withdrawals are still relatively rare, but they are starting to pop up in more and more places. You can find an ATM near you by using a service like Coin ATM Radar.
Peer-to-peer trading platforms like LocalEthereum or EthLocal allow you to find people in your local area who are willing to trade Ethereum for fiat currency. These platforms are usually decentralized and don't require you to go through a KYC process.
Best Platforms to Sell Ethereum
Here are some of the best platforms to easily sell Ethereum:
ATAIX really only acts as an exchange service provider as a centralized cryptocurrency trading platform. Instead of taking on any financial risks itself, it simply charges a trading fee. So if you're looking to cash out your Ethereum, ATAIX is definitely one option to consider. Just be aware that you may have to pay a small fee for the privilege.
- Many popular coins available for trading
- High-end security measure
- Volume-based fee schedule, the more you trade – the less is your fee
- Doesn't charge any fee for makers (those who add orders to the order book)
- Taker fees are a bit higher compared to other platforms
Yes, you can cash out your Ethereum on Coinbase. Log into your account on the Coinbase website and select the 'Sell/Convert' option. Choose Ethereum as the currency you wish to sell, enter the amount of ETH you want to sell, and select your payment method. Once all the fields are filled out, click 'Sell Ethereum' to complete the transaction.
- Access to a wide variety of cryptocurrencies.
- Low minimum investment amount.
- Cryptocurrency is insured in case the website is hacked.
- A very simple user interface makes it easy for beginners to start investing in cryptocurrencies.
- Higher fees than other cryptocurrency exchanges.
Gemini is a digital currency exchange that permits you to cash out your Ethereum with your bank account. Most users like this platform because of the low fee structure. You can also use Gemini to purchase other cryptocurrencies like Bitcoin and Litecoin.
- Access to more than 50 cryptocurrencies
- Site insurance of digital assets against exchange hacks
- Available in all U.S. states.
Another great exchange you can sell your Ethereum on Kraken. You'll need to create an account and connect to your bank to do so. You'll also need to get Tier 1 verification by entering your full name, date of birth, country of residence, and phone number.
- Low fees on regular buys
- Detailed trading platform
- Great range of products
- Premium instant buy fees
- No educational materials
- High minimum amounts
How Long Does it Take to Convert Ethereum to Cash?
When cashing out your Ethereum, you need to consider three potential bottlenecks in the process that could lead to long waiting times:
- Wallet transfer time
- Order completion Method
- Withdrawal Time
Therefore, plan ahead and keep in mind that each step might take some time. That way, you can avoid any delays and get your cash as soon as possible.
Once you've decided to cash out your Ethereum, keep a few things in mind. First, shifting your Ethereum from your wallet to the exchange can take time. The more clogged the network is, the longer it may take. Ethereum has grown recently and has a quick blockchain, so this part of the process should not hold up your transaction for too long.
Secondly, provisional on which method of order completion you have chosen, you may have to wait for your order to be completed. If you have placed an order, you have to wait for someone to fill it. If you choose to fill an order, you can cash out Ethereum immediately.
Lastly, once the exchange order has been completed, you still need to withdraw the funds into your bank account. This withdrawal usually happens via wire transfer and can take several business days. So cashing out your Ethereum is not an immediate process, but it is relatively straightforward once you know what steps to take.
Typically, you can. Therefore receive your money within 24-48 hours of completing the steps mentioned above. However, consider that several factors can affect the overall transaction time. For example, if another transaction occurs simultaneously as yours, this could potentially slow down the process by a couple of days. Nevertheless, you should have access to your funds within two days in most cases!
How to Cash Out Ethereum Explained
If you're ready to sell your Ethereum, here are the steps you need to take to make sure you have a flawless and smooth transaction.
Step 1. Choosing a suitable crypto exchange
If you want to sell your Ethereum, you'll need to sign up for an exchange that allows you to do so. Make sure to choose a reputable exchange with a large user base to have plenty of potential buyers.
Step 2. Connect to your bank account
If you want to transfer money from an existing bank account, connect it before starting your transaction. This will make it easy to deposit funds into your account once the exchange is complete.
Step 3. Transfer your Ethereum to the crypto exchange
Next; you must relocate your Ethereum into the exchange account from your wallet. You need to have your wallet ID available and ensure that you have ETH available to trade. However, before you do this, you'll need to ensure that your wallet is synced correctly with the network. If it isn't, you may run into problems when trying to trade.
Step 4. Put mining rewards on the crypto exchange you are using
If you use mining to gain ETH, you'll also want to transfer any mining payments to the same exchange account your Ethereum is in. You'll need to link your wallet ID with the exchange platform. You can avoid this step if you don't have any mined rewards. However, if you do have mined rewards, it's important to transfer them to your exchange account so that all of your Ethereum is in one place. This will make it easier to track and manage.
Step 5. Choose a preferred currency for trade
When selling Ethereum, select the right currency option from the many different possibilities. With so many options available, pick the best one for you. You'll want to choose the one that is best suited to your particular situation.
Step 6. Make withdrawals
When you're ready to withdraw your cryptocurrency coins or tokens, you'll need to transfer them into your traditional bank account from your exchange account. The amount of time this process will take will depend on the platform you use and how long it takes to complete a transaction. However, once you have your coins in your bank account, you can cash out and receive fiat currency (e.g., USD, EUR, GBP).
Step 7. Pay charges
When you withdraw your cryptocurrency from an exchange, you will need to pay a fee. This is usually a small percentage of the total transaction value and is charged by the exchange to cover their costs. As a result, you may lose a tiny amount of money from the original transaction. However, this is expected since all exchanges charge some form of fee.
Tips for Selling Ethereum
Selling Ethereum can be a great way to get rid of your unwanted tokens, but it's essential to be aware of the risks involved. Here are a few tips to help you stay safe when trading peer-to-peer:
- Keep an eye out for scammers. Make sure the individual you're swapping with has the funds available and is ready to confirm the transaction on their end. Sometimes people press the 'send' button simultaneously, so it's important to double-check everything before confirming.
- Try to prevent errors by double-checking the public addresses, sent amount, and currency exchange rate.
- Be safe when arranging face-to-face meetings by choosing a public place and taking all necessary precautions to ensure physical safety.
- And finally, don't forget to consider the tax implications of selling your Ethereum. Depending on where you live, you may be required to pay capital gains tax on your profits.