As soon as you’ve bought or mined some ETH, you may start considering selling it for a good price. Ethereum is quite popular on the cryptocurrency market and normally it is not very difficult to find a user who would like to buy it. In contrast to Bitoicn, which is successfully used both as a payment method and investment, Ether can only be applied as a payment inside the Ethereum network. Most businesses only accept Bitcoin as a payment method. However, Ether is becoming more and more popular, so we can expect more businesses to accept ETH in the near future.
Are you an active member of the Ethereum community? In case you are not, you might consider selling it. Ethereum is not the best option as an investment, so holding it can not be considered as a good option.
Cryptocurrency exchange is probably the most popular way of buying and selling Ethereum. Millions of people use different cryptocurrency exchanges in order to conduct any operation with various cryptocurrnecies, including Ethereum, Bitcoin, Ripple, Dash, etc.
After choosing a cryptocurrency exchange, which meets all your expectations, you need to register an account. All modern exchanges require full personal verification, so you will be asked to provide your ID or passport, proof of address, phone number or even a bank account number. After all formalities are completed, you will be able to create a “sell request” indicating a particular cryptocurrency that you want to sell (in this particular case – Ethereum), the amount and a price per unit. As soon as some user is ready to buy crypto for the price that you’ve stated, the system will automatically finish the transaction. It is important to choose the cryptocurrency exchange, which supports the cryptocurrency that you would like to trade. However, don’t worry: Ethereum is the second most popular and well known cryptocurrency in the world, so there are more than enough crypto exchanges, which support this cryptocurrency. You also need to decide whether you would like to sell your Ether for other altcoins (or Bitcoin), or for fiat currency (most commonly – USD, Euro, British Pound).
As soon as you receive the funds and the transaction is completed you will have to transfer the money to your bank account (you will state this info at the stage of registration on an exchange). Do not forget that sometimes the waiting time can take up to several hours or even days, notably when the system is too busy or an exchange has some technical problems. Thus, you need to very careful when choosing a good exchange and to consider its liquidity, hacking history, total market cap, etc. It is important to mention that some banks do not accept funds affiliated with the cryptocurrency market. You can also register a cryptocurrency wallet, which is often offered by most cryptocurrency exchanges. All you need to do is to find a “deposit” or “sell” button on the official website of the cryptocurrency exchange. After pressing this button a new wallet address will be automatically generated. You will need to transfer the required Ethers from your storage (wallet) to your new wallet address.
Ethereum exchange rate will be calculated automatically. It is based on several important factors:
- market volatility
- current market rate
- how big the transaction is
- whether you are a loyal user of a cryptocurrency exchange
As soon as the buy / sell operation is successfully completed, your funds (real currency or fiat) will arrive to your account. In case you received fiat currency for your Ether, you will need to tie bank account details to your account. Be patient! Normally it takes a few days to do it. Don’t forget about the fees, which differ from exchange to exchange and depends on several factors. Check the official website and FAQ for more details and numbers.
|Exchange||ETH Trading Couples||Withdrawal Commission|
Range from €0.15 for SEPA transfers to 3.99% for PayPal withdrawals.
|Kraken||ETH/USD, ETH/EUR, ETH/CAD, ETH/GBP, ETH/JPY
ETH/BTC, ETH/ETC, ETH/EOS, ETH/GNO
|EUR SEPA – €0.09
USD (Domestic) – $5
USD SWIFT – $60
EUR SWIFT – €60
JPY (Domestic) – ¥300
CAD (Domestic) – $10 CAD
|Free (Maximum 30 free withdrawals a month)|
|Bank wire – 0.1% (min 20 USD/EUR)
Express bank wire – 1% (min 20 USD/EUR)
|Bittrex||No ETH/fiat pairings
|Cex.io||ETH/USD, ETH/EUR, ETH/GBP
|VISA – $3.80/€3.50/£2.90
MasterCard – 1.2% + $3.80/€3.50/£2.90
Bank transfer – $50/€25/£30
SEPA – €10
Peer 2 peer
LocalEthereum is an alternative to LocalBitcoins or LocalBitcoinCash, an online platform where you can find people who wish to buy or sell Ether for different local currencies. It is a fully decentralized platform , which uses escrow and Ethereum smart contracts in order to achieve an arbitrage. LocalEthereum’s principle of work is similar to eBay, a platform where users offer any national currencies in exchange for Ether. As soon as the proffer is accepted for the other platform user, Ether to local currency exchange occurs automatically. Your funds can be transferred through PayPal, Kiwi, Bitcoin (or some other cyptocurrencies), bank transfer or credit (debit) cards. It is important to note that the platform charges commission: normally it is a 0.25 % fee for sellers and 0.75 % for buyers. However, most cryptocurrency exchanges charge a bigger commission than that of LocalEthereum. Sometimes the process can also be time-consuming and take from a few hours to several days. All depends on Ethereum mining process: miners need to confirm the transaction and register it in the bockchain. You can also make a transaction faster by proposing a bigger fee to miners (the bigger fee miners get from you – the more motivation they have to process and record your transaction). Once a seller and a buyer found each other, they also can communicate in a special message window. You can even organize a meeting and to exchange Ether for fiat currency in a live regime. In case you prefer P2P meetings, think of a safe place to meet and discuss all details before-hand.
Some people prefer to bring their friends with them so the meeting has a more formal character. Don’t forget to bring a device in order to log in and to proceed with the transaction. Ethereum related meetups are also sometimes organized in different cities. You can try to find a seller or buyer, discuss the current situation on the market and learn some trading life-hacks during such meet-ups. You can check the list of meetings now on a special website Meetup.com (https://www.meetup.com/topics/ethereum/).
Selling or buying Ether in person (P2P) is one of the safest and easiest ways. Among the other advantages of using LocalEthereum is flexibility in choosing trading pairs and the absence of trading limits (buying and selling).The major disadvantage is that you have to trust a user you are trading with. Sometimes it is not very easy. You also need to make sure that that your cryptocurrency-related actions are legal within the jurisdiction where you reside.