How to sell Ethereum for USD | Beginners Guide
How to sell Ethereum for USD
Whether you’ve earned Ethereum through mining or purchased ethereum, there may come a time where you want to cash out some of your stash for good ol’ fashioned U.S. dollars. I can’t blame you. Sometimes you need to pay the bills, and most businesses don’t accept crypto as currency (…yet.)
The easiest and cheapest way to sell Ethereum is by using an exchange with an ETH/USD pairing. In this brief article, I’ll walk you through the selling process on three of the most popular exchanges used to sell Ethereum.
Coinbase is the simplest platform to sell Ethereum on. They have web and mobile interfaces that you can use to sell, but I’m only going to cover the web platform here. The steps to sell on the mobile app are almost identical.
First, create a Coinbase account and enter your bank account information. After that, you need to send your Ethereum from its current wallet to your Coinbase wallet.
Navigate to the “Accounts” tab and tap the “Receive” button for your Ethereum wallet. You’ll be shown the public address to which you can send your funds.
After sending your Ethereum to your Coinbase wallet, click on the “Buy/Sell” tab. Then, select the “Sell” option and make sure your currency is set to Ethereum.
From there, you can set how much Ethereum you’d like to sell and confirm your transaction. Coinbase charges 1.49% when selling into a U.S. bank account or USD Coinbase wallet. Sales to a PayPal account are hit with a 3.99% fee.
Gemini is another exchange you can use to sell your Ethereum for USD. The platform is slightly more complicated than Coinbase and is only on the web.
To sell Ethereum through Gemini, you first need to create a profile and attach a bank account. Next, navigate to the ETH deposit section of the platform via the “TRANSFER FUNDS” tab at the top of the screen.
Here, you’re given a public address that you can transfer your funds to.
With Ethereum in your account, click on the ETH → USD option under the “SELL” tab. You can sell your Ethereum just as you would trade any other cryptocurrency by placing an order or taking an order off the books.
Gemini uses a fee schedule to determine the fees when you trade Ethereum. This number is determined by your 30-day trading volume and whether or not you’re a maker or a taker. The fees range from -0.1% to 0.25%.
After you’ve traded your Ethereum for USD, you can then withdraw it to your bank account with no additional fees.
To sell your Ethereum on Kraken, you once again need to create an account and connect to your bank. You additionally need to get Tier 1 verification by entering your full name, date of birth, country of residence, and phone number.
Once verified, you can move your Ethereum to Kraken by navigating to the “Funding” tab. From there, just choose “Ether” and generate a new address to send your currency to.
Similar to Gemini, you can either place an order or fill one that’s already been placed when selling.
The Kraken fees are also calculated by your 30-day trading volume and maker/taker status. These fees are typically between 0.00% and 0.26%.
Learn about the three different types of stablecoins: centralized IOU stablecoins, crypto-collateralized stablecoins, and non-collateralized stablecoins.
Tax time approacheth! Got all your crypto transaction records? Unsure who to contact for help? Learn the...
Not sure how to pay taxes on your cryptocurrency gains? This guide will help you prepare for...
ABOUT THE AUTHOR
ABOUT THE AUTHOR
Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.