Not all businesses accept your cryptocurrency as a valid currency to pay your bills (…yet). After you earned Ethereum through mining or purchasing there comes a time you want to cash out.
The easiest and cheapest way to sell Ethereum is by using an exchange with an ETH/USD pairing. In this brief article, I will show you three ways of the most popular exchanges to sell Ethereum.
Coinbase is a digital platform where you convert Bitcoin, Ethereum or Litecoin into your local currency. It is a digital place where you can buy and sell your digital assets. Coinbase also provides a mobile app platform containing the same functionality as the web platform.
The steps for buying and selling are easy and most important secure. It is actually a three-step process. You first create a Coinbase account and enter your bank account information. Subsequently you send your Ethereum from your current wallet to your Coinbase wallet. The third and the last step is to choose whether you want to buy or sell.
To sell you Ethereum you select the “Sell” option and check if the currency is set to Ethereum. You need to confirm the transaction. For each transaction, you need to pay a fee dependent on transaction destination.
The second way you can sell your Ethereum is using Gemini exchange.
Gemini is a licensed digital asset exchange and custodian. Buy, sell, and store both bitcoin and ether in a regulated, secure, and compliant manner.
Gemini is a little bit more difficult than Coinbase. Currently Gemini has only a web interface and no mobile app.
Selling Ethereum using Gemini you first need to create a profile and attach you bank account to your profile. The next step is to put an Ethereum amount into “Deposit Into Exchange”. Subsequently you given an public address to transfer your funds to. The last step is to select the type of exchange, for instance ETH->USD and select SELL to trade your Ethereum for US dollars.
The fee you pay for exchanging depends on a free schedule. One of the depending factors is your 30-day trading volume. And whether you are a maker of taker of Ethereum. The fees can scale from -0.1% to 0.25%.
This article written by Steven Buchko and first appeared at Coincentral.com.