Typically, exchanges accept bank transfers from linked accounts, credit or debit cards, or sometimes payment services such as Apple Pay. Kraken, a San Francisco-based exchange, is one of the most reputable altcoins exchanges in the market by trading volumes. The trading platform is highly liquid and sufficient to handle high-volume trades and withdrawals. Kraken is very easy to use and beginners will have no trouble finding their way around the exchange. Another common mistake that people make when selling Ethereum is failing to properly secure their wallets and accounts. Ethereum transactions are irreversible, which means that if your funds are stolen or lost, there is no way to get them back.
- Once your cryptocurrencies have arrived, you can proceed to selling them for fiat currencies like the US dollar or Euro.
- Alternatively, you can have Ethereum on your balance in an online exchange like CEX.IO.
- The transaction fees may also be different from exchange to exchange.
- Centralized and decentralized exchanges offer a similarly simple way to sell your Ethereum.
Most platforms require you to verify your identity by submitting a government-issued ID and a selfie. This is to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. While this How To Sell Ethereum may seem like a hassle, it’s an important step in ensuring the security and legitimacy of the platform. Another important consideration is any news or events that may impact the value of your Ethereum.
When to sell ETH
Before you do, there are a few important steps you should take to ensure that your transaction goes smoothly and securely. By buying one name – for example, Bitcoin – and selling another – for example, Ethereum – it’s possible to trade the relative https://www.tokenexus.com/the-interesting-bitcoin-mining-history/ strength of the two. It doesn’t matter if you want to sell Ethereum because you don’t fancy it as a long-term investment or you just want to release some spending money. You may even be looking to ‘sell short’ as part of a trading strategy.
Furthermore, no one can guarantee that buying a cryptocurrency can be profitable in the future. However, if you want to perform better, you should follow every news on the market. Therefore, anytime a cryptocurrency’s price is close to that amount, you can sell your coins.
Sell Ethereum in 4 steps
As mentioned, you’ll have to use an exchange, either centralized or decentralized, to sell Ethereum. We recommend choosing an exchange that complies with all of the regional laws in your jurisdiction. Choose carefully, but make sure that, if you’re planning to invest in large sums of Ethereum or hold it already, you do choose a safe storage option. With Ethereum 2.0 soon to be released (the upgrade will see a phased release going into 2020), investors would say that now is a good time to invest in Ethereum. The next version of Ethereum will bring significant changes – not the least of which is greatly improved scaling. They are expected to increase the usability of the network, and make it more like the “decentralized world computer” that it has been described as.
Those who are quite new to the space are still taken aback by the relative complexity of options. BeInCrypto has put together a guide to teach you how to sell Ethereum (ETH). Ethereum is a volatile cryptocurrency with many attractive trading opportunities. Therefore, trading Ethereum can be very profitable if you have a well-round trading plan in place. Trading Ethereum with PrimeXBT allows you to take advantage of an award-winning trading platform and lightning-fast trade execution. PrimeXBT’s powerful charting tools, including trend-analysis tools, technical indicators, and customizable user interfaces, cater to both beginner traders and professionals.
Where and when to sell Ethereum (ETH)
Users can sell their ETH coins immediately for fiat currency or another cryptocurrency through the broker. At the same time, traders could simply transfer their assets to leading Ethereum wallets such as Metamask and Exodus. Investors can receive their cash via their preferred payment methods. Coinbase supports ACH transfers, Instant Cashouts, debit cards, wire transfers, PayPal and other digital solutions. All withdrawal options offer instant payouts except ACH and wire transfers. The fastest way of withdrawing funds from the platform is through the Instant Cashout feature.
Bitcoin is arguably the largest and most popular cryptocurrency out there that has managed to attract the largest interest so far. It’s a software that is decentralized and that allows programmers to develop all sorts of programs to run on the blockchain. In this method, you should have the recipient’s private key to transfer the Ethers to their wallet. Therefore, ensure you are completely aware of the concept of private and public keys to avoid any mistakes. Furthermore, choosing the right method to sell this cryptocurrency can also help you reduce your expenses.
In many countries, selling digital assets can trigger capital gains taxes. This means that you’ll need to report any gains or losses on your tax return and pay taxes on any profits. When choosing a platform, it’s important to consider factors such as fees, security, and ease of use. Some platforms may charge high fees for transactions, while others may have complicated interfaces that make it difficult to navigate. Take the time to read reviews and compare different platforms before making a decision.
Cryptocurrency transactions involve sending and receiving digital currency using a public key. When you send cryptocurrency, you sign the transaction using your private key, which proves that you own the coins. The transaction is then broadcast to the network and added to the blockchain, where it is verified by other users before being completed. Examples of such services include Loopring (which actually offers a decentralized protocol for exchanges to use), 0x (ZRX), Kyber Network (KNC), and Binance DEX. Centralized and decentralized exchanges offer a similarly simple way to sell your Ethereum.
Different countries have different rules, and the IRS in the United States, for example, has yet to issue clear guidance on how to report cryptocurrency gains and losses. If you’re unsure about your tax obligations, it’s always a good idea to consult with a tax professional. Once your sell order is filled, you can withdraw your funds from the platform. This typically involves specifying the account you want to withdraw to and providing any necessary information. Once your account is verified, you can deposit your ETH into your wallet on the platform.