With Ethereum being one of the world’s most popular digital currencies, it is quite easy to buy and sell ETH. The cryptocurrency can also be rapidly converted into US Dollars or used to purchase other cryptocurrencies such as Bitcoin or USDT (Tether). In case you are not looking for fiat currency conversions, you can also how to sell Ethereum for Bitcoin or other similar cryptocurrencies. Selling your Ethereum tokens for fiat cash is usually the quickest and most convenient method, especially if you’re not a seasoned trader. That being said, you may sell ETH for either money or cryptocurrency using the easy steps provided in this guide.
Ethereum (ETH) has proven to be one of the most successful projects in the cryptocurrency sector. This has enticed many investors and retail traders, and many of them have made this currency a significant part of their investment portfolio. Whether you purchased Ether (ETH) on an exchange or gained ETH through mining, you may wish to sell some or all of your holdings at some point. For example, if you want to sell or cash out Ethereum in Canada or any other place for that matter, you may sell your Ether in exchange to cash out an investment or spend it immediately using a payment card.
A step-by-step guide to selling Ethereum for Bitcoin
If you wish to sell Ethereum for Bitcoin, follow these steps:
Step 1: Sign up for an exchange/otc crypto trading desk.
If you intend to buy and sell ETH tokens on the same exchange, where you bought them, then skip step 2.
If you need to utilize a new exchange to complete your transaction, you’ll need to examine the characteristics of many crypto exchanges before selecting the best one for you. The good news is that, as the world’s second-largest cryptocurrency, Ethereum is extensively traded on a wide range of platforms.
After you’ve decided on an exchange/otc crypto trading desk, create an account by entering your email address and creating a password. Know Your Customer and Anti-Money Laundering (KYC/AML) regulations, as certain platforms will additionally seek your entire personal information as well as a valid form of picture ID.
Before depositing any cash, make sure you have enabled 2-factor authentication on your account.
Step 2: Deposit ETH into your account.
It is now time to deposit the ETH tokens you wish to sell into your exchange wallet. To do so, you’ll need to discover your exchange wallet’s ETH address and then use it to transfer the tokens from the wallet where you’ve been keeping them.
For example, if you’re selling Ethereum for Bitcoin on Binance, you’ll need to pick “Deposits’ ‘ from the “Funds’ ‘ drop-down option. Then, pick ETH as your deposit currency and copy or scan the required wallet address or QR code.
Step 3: Sell your ETH.
Once the ETH tokens have been received in your exchange wallet, you may navigate to the platform’s trading area. Then, just search for the pair you wish to trade, here, ETH/BTC, and enter the amount of ETH you wish to sell or the amount of BTC you wish to purchase.
For instance, users of Binance can click on “Exchange” and choose between the “Basic” and “Advanced” trading views. In the box on the right of the screen, enter the currency pair you wish to trade and select the type of order you wish to place. You may then input the desired amount of ETH and click “Sell ETH.”
Before finalizing the sale, take the time to study the whole details of the transaction.
Step 4: Transfer your Bitcoin to a secure wallet
Now that you’ve sold Ethereum for Bitcoin keep in mind that long-term storage of your coins or tokens on an exchange is not suggested. Transferring those tokens to a private wallet that lets you keep control of your private key is a smart option for increased security.
For instance, on Binance, you may withdraw funds by selecting the “Withdrawals” option from the “Funds” drop-down menu. After that, you may pick the currency or token you wish to withdraw from your account and input the desired withdrawal amount and address.
Conclusion
If you wish to utilize your Ethereum assets to purchase something outside of the Ethereum network, you must first learn how to sell Ethereum for Bitcoin or other cryptocurrencies.
You can quickly convert Ethereum using a cryptocurrency exchange or any otc crypto trading desk like Secure Digital Markets. However, you must connect an existing bank account and get your information confirmed. The whole process to buy and sell ETH might take some time as you have to wait for your order to be executed.
When your order has been fulfilled, you can see your crypto holdings (Ethereum) have now been converted into Bitcoin. You can now use Bitcoin to purchase or invest in anything outside the Ethereum network.
If you still have any doubts, please reach out to us and we can help you with proper guidance.
