Whether you purchased or mined your Ethereum, a time will come when you wish to cash out some of your stacks for U.S dollars. This is not unusual. You probably need to clear some bills or make an alternative investment in other booming industries, and many businesses won’t just yet accept crypto as currency.
Currently, Ethereum is arguably the most popular and widely used cryptocurrency globally. Its price allows for high interests on an exchange, and professional traders consider it ideal for large volume transactions. If you view crypto as a utility asset or you like to trade, then Ethereum is the right cryptocurrency for you. Apart from being a lot cheaper compared to Bitcoin, Ethereum has the additional merits of not limiting you to one cryptocurrency. Also, its trusted Blockchain technologies and money decentralization concepts make it an appropriate choice for many joining the industry.
Step By Step Guide
The easiest and most pocket-friendly way to convert your stash of Ethereum to US dollars is by using an Exchange platform that supports ETH/USD pairing. Coinbase, Gemini and Kraken are some of such exchanges.
This is by far the easiest platform when it comes to Ethereum transactions. It has both mobile and web interfaces for the same. For purposes of this elaboration, emphasis will be on the web interface.
Your initial step is to create an account with your bank account information. Your account will come with a Coinbase wallet. Then, transfer your Ethereum balance from its current storage place to the Coinbase wallet. For this transfer, you have to navigate your interface to the “Accounts” tab and click the “Receive” button. Once you click “Receive” a public address to which you can send your Ethereum will be shown on your screen.
Now that your Ethereum is in the Coinbase wallet click the “Buy/Sell” prompt and select the “Sell” alternative. Ensure that you have set your currency to Ethereum.
Likewise, to sell Ethereum on Kraken, you have to start by creating an account and then connecting it to your bank account or payment mode. Tier 1 verification is also necessary for the transaction. For the confirmation, you have to input your full name, country of residence, phone number and lastly date of birth.
Once your account is ready, navigate the interface to “Funding” tab, select “Ether” and generate a wallet address where you will send the currency. You can now transfer the Ethereum to this new address.
Here you can fill in an existing order or placing one. The fees charged on Kraken are calculated by your taker status or monthly trading volume and vary between 0.00% and 0.26%.
Gemini is another useful platform if you wish to convert Ethereum to USD. Unlike Coinbase, this one is a bit more complicated and supports web transactions strictly. Instead of the usual account creation, this one requires you to generate a profile and connect it to your bank account. Then, find the section for ETH deposit, which is situated at the top of the display via the “Transfer Funds” tab.
You will be assigned a public address where to deposit the Ethereum you wish to trade. Once that completed, you can quickly follow the prompts and place an order or take one from the books.
Gemini utilizes a fee plan to ascertain the fees when you sell Ethereum. Your 30-day trade magnitude analysis will determine the number. However, once the trade is complete, you will not incur any charges for withdrawing your funds to a personal bank account.