Ether (ETH) is the second-largest cryptocurrency token in terms of market capitalization and overall popularity, so there is no wonder that the interest for this specific token is extremely high.
However, for some people who are new to the world of cryptocurrencies and selling or trading, things might be a bit confusing at first. So if you are curious, how can I sell Ethereum, we will take you on a step-by-step guide in doing so.
However, once you’ve accumulated some Ether (ETH), which is the native cryptocurrency token that powers the Ethereum blockchain, either through buying the token or mining it, there will come the point in time where you decide that you are interested in selling the token.
For the time being, ETH’s main usage is within its blockchain network, which means that you cannot really natively put it down in a deposit for your home or pay for a new car using it, for example. This might be the case in the future with the mass adoption of the token, but for the time being, your options are quite limited in that regard.
This means that if you want to use your Ether (ETH) token as a means of buying something outside of the blockchain network, or if you simply want to invest in another cryptocurrency asset instead of Ethereum, you will need to know how to sell your Ethereum.
How can I sell Ethereum?
Ether (ETH) is the native cryptocurrency of the Ethereum blockchain network. Many people purchase Ether on cryptocurrency exchanges or brokerages, while others might mine the token directly on the blockchain.
Ensure that you do your own research prior to making this decision. If you want to earn a profit on the ETH price growth, always ensure that you do proper analysis as a means of understanding when it is a better time to sell your ETH.
If the analytical data you come across showcases that the token has the potential to grow in the future, then you can make a long-term investment in ETH and hold onto it until it grows higher; however, if you expect the value to decrease, then selling ETH might be the better option for you. You can also check out the Bancor vs Ethereum comparison.
Additionally, if you require the FIAT money gained out of the sale of Ethereum for real-world purposes which have yet to implement crypto as a payment option, then the decision is based on that requirement.
Whatever your case may be, here are the steps that you need to take if you want to sell your Ether (ETH) tokens.
- Make Sure That You Have Your Ethereum in a Private Cryptocurrency Wallet
If you do not have an exchange or brokerage account, then the chances are high that you have mined or bought your cryptocurrencies on a decentralized exchange.
If that is the case, ensure that your ETH tokens are stored within your hot storage device or cold storage device, as you will be using this information to transfer the tokens to an exchange or brokerage which will be able to convert the tokens into USD, EUR, AUD or any other FIAT currency you are interested in receiving. T
ypically, wallets will feature a public and a private key, which you will use for facilitating the transfers.
- Sign Up for a Cryptocurrency Brokerage or a Cryptocurrency Exchange
Selling ETH for USD is possible through the usage of the services found within cryptocurrency exchanges or brokerages. Prior to selling, make sure to check out the ETH to USD price chart so you can ensure that you pick an option that will provide you with favorable conditions.
Once you find your preferred cryptocurrency exchange or brokerage, then all that is left for you is to make an account. Note that each platform will have its own requirement, and most centralized exchanges will require you to verify your account through completing a Know-Your-Customer (KYC) procedure. After you have successfully created your account, you can connect the external cryptocurrency wallet you have your Ether (ETH) tokens on and transfer it to the exchange wallet.
- Withdraw Your FIAT Currency or Trade More Crypto
After that is completed, all that will be left for you to do is withdraw your FIAT currency or trade more crypto. You can learn where to trade Ethereum here.
To convert your Ether (ETH) into USD, you will need to find a currency pair on the exchange. However, most exchanges or brokerages have a simple user interface that will let you do this.
Typically, they will feature a search bar, where all you have to do is click on the “Sell” option on the navigation bar, and in the search section, type Ether, Ethereum, or ETH to find the token. After that, you can click on the “Sell” button, and you will see a calculation as to how much FIAT currency you will get in return.
For example, at the time of writing, 1 ETH token is worth $2,589.55 USD, which means that if you decide to sell 2 ETH tokens, you will receive $5,179.1 USD, or close to that amount when you consider that there are also gas fees which need to be paid to the network.
After this step is completed, all you have to do is withdraw the FIAT currency from the exchange to your preferred withdrawal method. You can also learn how long do Ethereum transfers take.
Selling Cryptocurrencies as a Whole
Hopefully, now you know everything you need to know about selling Ethereum’s native cryptocurrency, Ether (ETH), and can do so a lot more quickly and more efficiently.
While at one point in time, selling ETH was difficult, most modern platforms have made the process extremely streamlined, and this is the case for just about any cryptocurrency token out there. Through the utilization of a brokerage or an exchange, you will have the quickest path toward selling ETH for FIAT currencies.