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Where to Sell Ethereum
At a Glance
- Ethereum is a decentralized blockchain platform established in 2015.
- Its native cryptocurrency is called ether (ETH), the second most popular after Bitcoin.
- Ethereum enables direct exchange of ether without intermediaries and supports decentralized applications (dApps).
- Currently transitioning to Ethereum 2.0 to address scalability and congestion issues.
If you’ve just gotten into Ethereum and you want to trade it, you may be wondering where you can sell this cryptocurrency. With how popular it is and how likely it is for it to grow bigger, you should find the right place to buy and sell it.
Fortunately, there are a lot of platforms that allow users to trade Ethereum. If you’re interested, keep reading, and we will show you some exchanges where you can sell Ethereum.
What Is Ethereum?
Ethereum is a decentralized blockchain where the native cryptocurrency of the platform is ether (ETH). Ethereum was established by Vitalik Buterin and co-founded by several people. It came out in 2015, and ever since, it has gained a lot of popularity in the cryptocurrency market. It is the second most popular cryptocurrency after Bitcoin.
As Ethereum operates on a decentralized network, it is very convenient. Users do not need any central intermediary such as a bank in order to exchange it. Moreover, their identity will be anonymous. The only thing that will be available publicly will be the transaction.
As a user on the network, one can publish, create, monetize, and use different applications available on the platform where the ether cryptocurrency can be used as payment. People tend to refer to decentralized applications as “dApps.”
It is also important to understand the difference between Ethereum and ether. While Ethereum is the blockchain network, ether is the cryptocurrency that can be held and exchanged on the network.
Development and Evolution
Ethereum keeps evolving year after year. In fact, the Ethereum founders were the first ones who looked at the potential of blockchain technology for other things apart from secure virtual currency trading. The creation of the ETH cryptocurrency happened mainly to make it a payment medium for apps that were built on the platform.
What makes Ethereum so loved by people apart from the amazing features is the fact that it is not vulnerable to hacking and other similar attacks.
Back in 2016, there was a malicious attack where someone ended up stealing over $50 million in ether. This amount was raised for a project that was named The DAO. It was a set of smart contracts that were made by a third party and came from the Ethereum software platform. A third-party developer was blamed for this incident.
In order to reverse this theft, the Ethereum community agreed to come up with a “hard fork,” which would create a second blockchain and invalidate the existing one. The original one is called Ethereum Classic.
Ethereum became the second-largest virtual currency as of 2021, as the only one ahead of it is Bitcoin. In 2018, there were more than 100 million ETHs in circulation. The cool thing about ETHs is that there is no limit to how many coins can be created, which is different from Bitcoin and more convenient.
Ethereum is now going through an upgrade to Ethereum 2.0. The new version is meant to allow the network to scale up, while the congestion issues that made it slower in the past will also be addressed.
Best Exchanges for Selling Ethereum
Many people sell Ethereum for various reasons. Some start by buying Ethereum and others by mining it. But whatever the case is, there may be situations when you wish to cash out the amounts you have and get some dollars in exchange.
Perhaps you need some money, or maybe you do not want to keep trading Ethereum and want cash instead. There are lots of businesses that do not accept crypto as a currency at the moment, so when you need to make a payment, you will have to sell your Ether coins.
Luckily, there are different cryptocurrency exchanges where you can sell your Ethereum assets with no issues. Here is where you can sell ETH:
Coinbase is one of the most popular cryptocurrency exchanges in the world, and one of the simplest platforms you can use for selling Ethereum. They offer a web and mobile platform with user-friendly interfaces. Thanks to this, selling Ethereum is a piece of cake.
In order to sell Ethereum on Coinbase, you will have to create an account on the platform and enter your banking details. Afterward, you will have to transfer your Ethereum amount from your current wallet to your Coinbase wallet.
You should go to the “Accounts” tab and then click on the “Receive” button. Then, you will be shown the public address where you can send the amount. Once you send the amount of Ethereum to your wallet, you will have to click the “Buy/Sell” tab and then click “Sell.” Then you can set the amount of Ethereum you want to sell and confirm the transaction.
Gemini is also a very popular cryptocurrency exchange, and it allows you to sell Ethereum for USD, although it has a more complicated process than Coinbase. Also, there is only a web version of Gemini.
You can sell Ethereum by creating an account and then attaching a bank account to it. Then, you will have to go to the ETH deposit section through the “TRANSFER FUNDS” tab. You will get a public address where you can transfer your money.
Click on the ETH – USD option under “SELL.” Then, you will be able to sell your assets the same way you would with other cryptocurrencies, by either taking an order off the books or placing an order. Once you’ve traded the amount, you can withdraw it to your bank account.
Selling Ethereum on Kraken is also possible if you set up an account first. You will link a bank account to it and then get Tier 1 verification by giving some personal details.
When you get verified, you can go to the “Funding” tab and then move the Ethereum to Kraken. Then, you can pick “Ether” and create a new address where you can send your currency. You can also fill an order or place an order.
A Word Before You Sell Ethereum
You may want to sell your Ethereum, whether you bought it or mined it. This can happen for many reasons. You either decided you want to take some profit, or you’ve noticed that there is only a small number of businesses that let you make direct purchases with Ethereum.
Although selling Ethereum on an exchange is very easy, you need to make sure you choose the right platform. You should ensure that the exchange is available in your country and that everything you’re doing is legal and doesn’t break any laws.
Also, after you decide to trade Ethereum, you must figure out if you want to exchange it for another cryptocurrency or fiat currency. It is also essential to keep an eye on the volatile exchange rates. Last but not least, you must be wary of the fees charged by the platforms that can sell your Ethereum.
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
As you can see, there are various exchanges where you can sell Ethereum—you just need to find the right one. Check the platforms listed, do your research, and select the one you feel most comfortable with.
Frequently Asked Questions (FAQ)
How can I sell Ethereum?
To sell Ethereum, you can use cryptocurrency exchanges such as Coinbase, Binance, or Kraken. These platforms allow you to trade Ethereum for other cryptocurrencies or fiat currencies.
What is the best time to sell Ethereum?
The best time to sell Ethereum is subjective and depends on various factors, including market conditions, personal financial goals, and investment strategies. It is recommended to conduct thorough research and consult with financial advisors before making any decisions.
Are there any fees associated with selling Ethereum?
Yes, there are usually fees associated with selling Ethereum on cryptocurrency exchanges. These fees vary depending on the platform you use and can include transaction fees, withdrawal fees, and exchange fees. Make sure to review the fee structure of the exchange before selling.
Can I sell Ethereum for cash?
Yes, you can sell Ethereum for cash. Some cryptocurrency exchanges allow you to withdraw your funds directly to your bank account or use peer-to-peer platforms to sell Ethereum for cash.
How long does it take to sell Ethereum?
The time it takes to sell Ethereum can vary depending on the exchange and the transaction volume. Generally, it can take from a few minutes to a few hours for the transaction to be processed and completed.
Do I need to pay taxes when selling Ethereum?
In many jurisdictions, selling Ethereum is subject to capital gains tax. It is essential to consult with tax professionals or accountants to understand the tax obligations and reporting requirements in your specific location.
Can I sell a fraction of an Ethereum?
Yes, you can sell a fraction of an Ethereum. Cryptocurrencies are divisible, and you can sell any portion of your Ethereum holdings.
What are the risks of selling Ethereum?
Selling Ethereum involves market risks, including price volatility and liquidity risks. It is important to stay informed about the market conditions and make informed decisions when selling Ethereum.
Is it possible to cancel a sell order for Ethereum?
Whether it is possible to cancel a sell order for Ethereum depends on the specific exchange and the order execution status. Some exchanges may allow you to cancel an order before it is executed, while others may not offer this option. Check the exchange’s trading rules and terms for more information.
Can I sell Ethereum directly to another person?
Yes, it is possible to sell Ethereum directly to another person using peer-to-peer platforms or over-the-counter (OTC) trading. These methods allow for direct transactions between individuals without the need for an intermediary exchange.