How To Turn Ethereum into Cash In A Few Simple Steps
June 20, 2022 (Investorideas.com Newswire) Ethereum has caught the attention of many investors. This interest is due, at least to some extent, to the acceleration of decentralized finances, or DeFi, which are based on secure distributed ledgers. DeFi eliminates the fees that banks and other financial institutions charge for using their services. Smart contracts remove paperwork and expensive intermediaries needed to facilitate transactions and exchanges. Another reason why ETH has become so popular is that the blockchain-based computer platform is highly scalable and efficient. Stablecoins, primarily anchored on the Ethereum network, form a bridge between volatile cryptocurrencies and stable real-world assets.
If you've owned Ethereum for a while, you may be able to make a profit by selling your ETH and transferring the value to your bank account. Equally, you can cash out on your previous purchase of Ethereum as an investment. If you're looking for some answers, you've come to the right place. Converting Ether to fiat money isn't that complicated. You can transfer funds quickly and securely.
Decide On a Cryptocurrency Exchange
Undoubtedly, the best way to sell ETH is through a cryptocurrency exchange. How much cash you can exchange your digital money for depends on the worth of your Ether tokens. Crypto exchanges like Binance reflect the current ETH price, so you'll see how the coin is performing in real-time. You can convert cryptocurrencies back into the U.S. dollar or another currency to withdraw to your regular bank account. The process of selling Ethereum is similar to buying it. You have to choose an exchange hosting Ether, which operates under your jurisdiction.
Different cryptocurrency exchanges have different fees for selling Ethereum, so pick one that will help maximize the amount of money you have left after your Ether is sold. Choose a crypto exchange and become familiar with the process of using their website. Make sure to check the compatibility of the wallet you're using for any given transaction. Security is by far the most critical aspect to take into consideration. It should be safe enough to send money or crypto to the exchange. After setting up your account, decide if you want to sell your ETH for fiat money (USD, EUR, etc.) or trade it for a different cryptocurrency.
Connect Your Existing Bank Account
If you don't already have an account on the cryptocurrency exchange you'd like to sell Ethereum on, don't waste any more time. Setting up an account involves signing up, verifying your identity, and connecting your existing bank account. You may need to fill in your bank account details if you want to withdraw fiat money from the exchange. Once the trade is finalized, the funds will appear in your account. Nonetheless, it might take several days for the funds to appear in your bank account. It all depends on the type of transfer you've chosen.
Deposit Your Ethereum onto The Cryptocurrency Exchange
If you keep your Ethereum in cold storage or a hardware wallet, transfer it to the crypto exchange. Copy the ETH deposit address from the exchange's homepage. It's not a good idea to type the address manually. You risk making mistakes and could lose all your funds. Even if there's no reason to have doubts, send a smaller amount first as a test. Send the rest of the Ether if you're happy with the result. After several confirmations, the cryptocurrency exchange will count the ETH as in your account. Once the Ethereum is confirmed and arrives in your wallet on the exchange
Sell Ethereum
As mentioned earlier, you can sell your Ethereum for dollars, pounds, or any other fiat money. Decide how much ETH you want to sell and select the currency you want to be paid in. Take into account the fees you're being charged. Trading Ether at an exchange is done by using either a market order or a limit order. A market order takes place right away. So, once the order is placed to sell, the Ethereum will be sold at whatever its current price is. Attention should be paid to the fact that a market order can't be canceled. Depending on how much ETH you're trying to sell, you may get less than expected.
A limit order allows you to set your own price to sell. The limit price establishes the maximum or minimum price you want to trade. Thus, the order may be executed immediately if the selling price is below the current. You can't set a limit order to sell higher or below the current market price. There's no guarantee whatsoever that someone else will agree to the deal. It's important to pick the right price you want to set for your trade. You'll have to wait for the market to meet your demand.
Selling Ethereum is profitable only if you trade at the right time. Have a good trading strategy and implement a practical approach. You can decide to sell ETH based on your overall expectations, but it's best to carry out an analysis. Keep up with the predictions of industry experts. Any information you can get your hands on can reinforce your knowledge and trading strategy. Be smart and transact during the less busy hours of the day.
Transfer The Money to Your Bank Account
Some (but not all) platforms impose a withdrawal fee. The fees differ greatly based on the cryptocurrency exchange platform. Also, they vary depending on the withdrawal method. The most dominant payment methods include bank transfers, credit/debit card, PayPal, and cash, to name a few. There may be a limit on how much Ether you can transfer; we're talking about daily and weekly limits. The amount applies to all cryptocurrencies. Make sure that the selected network is the same as the platform's network you're withdrawing funds from. If something goes wrong, you risk losing your money.
All in all, it's crucial to take your time and consider the safety of each step. Don't rush the transaction, no matter how small or large. Your aim is to capture the gains of your past ETH purchases.
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