If you have been following the recent cryptocurrency craze, you may be wondering how to cash out your Ethereum. Ethereum is a type of cryptocurrency that has grown exponentially in popularity over the last year and now trades at over $4,000 per coin. The question on everyone's mind is: "How do I cash out my Ethereum?"
In this article, we'll cover the best ways to cash out your Ethereum so that you can ensure you're making the maximum amount of dollars on your investment.
Best Platforms to Cash Out Ethereum
One of the most common ways to sell your Ethereum is to use a platform. Not only are they safe, but they provide a simple way to get the maximum for your crypto. There are a few leading platforms on which you can cash out your Ethereum into fiat currency. We'll go over each platform below and other vital information to help you make an informed decision.
Coinbase
Coinbase is one of the primary online platforms that people use to buy and sell cryptocurrency, including Ethereum. You can link your bank account or credit card up to Coinbase then send in any amount of money you're willing to invest into cryptocurrency.
Gemini
Gemini is a digital currency exchange that allows you to purchase Ethereum with your bank account. Most users love this platform because of the low fees associated with it.
Kraken
Kraken is an exchange that allows you to purchase Ethereum with fiat currency. Kraken is known for having low rates and accepting payments via credit card.
Peer-to-Peer (P2P) Trading to Cash Out
One of the most popular ways to cash out your cryptocurrency is to use Peer-to-Peer (P2P) trading. P2P platforms allow you to connect directly with other users who have the currency you want to buy. In this case, you can find someone interested in buying Ethereum from you and then negotiate a price that works for both of you!
ATM to Cash Out
An easy way to get cash for your Ethereum is to use an ETH ATM. To get cash for your Ethereum, all you need to do is trade it in for fiat currency at the ATM. This method of cashing out is preferred because it allows you to receive cash for your crypto. However, you may incur fees using an ATM because of the convenience.
7 Steps to Cash Out Ethereum
If you're ready to sell your Ethereum, here are the steps you need to take to make sure you have a flawless and smooth transaction.
1. Choose a crypto exchange
First, you'll need to sign up for an exchange that allows you to sell your Ethereum. Make sure you choose one that is reputable and has a large user base to ensure there are lots of potential buyers.
2. Connect an existing bank account
If you already have a bank account that you want to transfer your money from, make sure to connect it before starting your transaction. This will make it easy for you to deposit money into your account after you've finished your exchange.
3. Transfer your Ethereum to the crypto exchange
Next, you'll need to transfer your Ethereum into the exchange account from your wallet. To do this, you'll typically need to have your wallet ID available and ensure that you have ETH available to trade.
4. Transfer your mining rewards to the crypto exchange
If you use mining to obtain ETH, you'll also need to transfer any mining rewards to the same exchange account that your Ethereum is in. To do this, you'll need to connect your wallet ID with the exchange platform. If you don't have any mined rewards, you can skip this step.
5. Sell your Ethereum for a preferred currency
Make sure that you choose the currency you prefer to sell your Ethereum for. There are hundreds of options available, so make sure you're choosing the one that works best for your situation.
6. Withdraw your money to your bank account
To finish this process, you'll need to transfer the currency from your exchange account into your traditional bank account. The amount of time this step will take will vary depending on which platform you use and how much time it takes to complete a transaction.
7. Pay the withdrawal fees
Last but not least, you'll need to pay the withdrawal fee associated with your chosen crypto platform. This may result in a slight loss of money from your original transaction, which you should be prepared for since all exchanges charge a fee.
How Long Does It Take?
Typically, you can expect to receive your money within 24-48 hours of completing the above steps. However, keep in mind that there are factors that will make this process take longer or less time. For example, if another transaction is taking place alongside yours, it could slow down the overall transaction time by a couple of days. However, you should have access to your funds within two days in most cases!
FAQ
How much does it cost to cash out Ethereum?
Each crypto platform will charge a different fee for its services. However, as a general rule, you can expect to pay anywhere from 1-3% in fees during this process.
Is it easy to cash out Ethereum?
This depends on which platform you choose to use. Some platforms are straightforward and easy to navigate while others complicate the cash-out process with complex interfaces. This is why it's essential to find a user-friendly exchange for your specific needs.