How to cash Ethereum out. Part 1
While Bitcoin is the most popular form of cryptocurrency, Ethereum (ETH) comes in at a close second. It’s traded across nearly all exchanges and is becoming quite mainstream. Thus, to keep up with its popularity, methods have been devised for converting ETH to usd (or any other fiat money) and vice versa.
Many people have gotten their hands on Ether, but the majority of businesses don’t accept cryptocurrency as a form of payments – and the ones that do typically just take Bitcoin. So, if you are interested in how to cash out Ethereum, keep reading – we’ll show you the most tried-and-true methods.
One popular method for cashing out Ethereum is Coinbase. Signing up for an account is pretty easy – all you must do is provide your full name and a verifiable email address, and then create a password. Later, for security reasons, you will need to provide your phone number to get 2-factor authentication set up.
When you use Coinbase, you can get Ethereum by trading it versus other pairs of cryptocurrency – or you can bring it in from any other external crypto account. Then, use the platform to convert it to whichever fiat currency you desire and transmit money to your PayPal or bank account. Typically, the process is completed within 1-7 business days.
Keep in mind, though, that Coinbase takes the security of its customers very seriously, so they use strict Know Your Customer measures. Between those and Coinbase’s procedures that prevent money laundering, you will need to turn in proof of ID to increase limits. Plus, the account is tied to your personal bank – so, if you want to make private transactions, this might not be the service for you.
For most Coinbase fees, see the table below.
|Standard Buy/Sell||Instant Buys (debit card only)||Bank Transfers (SEPA) – in/out*|
|Standard Buy/Sell||Instant Buys (debit card only)||Bank Transfers (SEPA) – in/out*||Faster Payments|
Australia, Canada, Singapore
|Credit/Debit Card Buys|
Pros and Cons of Coinbase
Some pros of using Coinbase to cash out Ethereum include:
- Great reputation
- Easy to use
- Well regulated
- Optimized mobile application
On the other hand, there are a couple of disadvantages, namely:
- Little privacy
- Higher fees than on other exchanges
- Smaller ranges of fiat currencies than on other exchanges
How to Convert Ethereum to Cash with Coinbase
To sell any kind of cryptocurrency with Coinbase, including Ethereum, click the website or the apps Trade button. Then, select “Sell” and choose the type of crypto (Ethereum, in this case) that you want to convert to cash. Select the fiat currency wallet you wish to sell ETH to (for instance, a USD wallet), and click on “Withdraw.”
LocalCryptos (previously named Local Ethereum) enables its users to purchase and sell Ethereum and other cryptos using 40+ payment methods. There are no middlemen involved; when you cash out Ethereum on LocalCryptos, you are selling directly to the buyer. Most trades take less than ten minutes to complete.
LocalCryptos is available to users worldwide, whereas Coinbase was only accessible in select countries. Fees for this service are pretty low – there is a 0.25% escrow fee if you create an offer or a 0.75% fee if you respond to one.
Currently, there are 3 cryptos available to buy and sell on LocalCryptos: Ethereum, Bitcoin, and Litecoin. However, the website mentions that more forms of crypto will be supported soon.
Pros of Cons of LocalCryptos
Some pros include:
- Many payment variations are available
- Speedy exchanges
- Human-to-human marketplace
- Escrow service
The cons are:
- Limited forms of crypto, for now
- No mobile app
How to Convert Ethereum to Cash with LocalCryptos
If you’d like to go with LocalCryptos to convert Ethereum to real money, here’s how to do it.
First, create an account on LocalCryptos – you can create a login or choose to sign up by using an existing Ethereum wallet. Next, check out the buying and selling offers. To make this easier, you can filter bids by currency, payment method, popularity, and location. Additionally, you can make your own selling bid and wait for users to find you.
When you find conditions that you’re happy with, open up a trade with the user. You can input the total amount of Ethereum that you’d like to convert to cash. The other user will be notified; you’ll typically move forward in the process in less than two minutes.
The crypto will be put in escrow, and the buyer will transmit funds to the seller outside of LocalCryptos. After payment is confirmed and you have your cash, the crypto will be released to the buyer.
Kraken is a US-based comprehensive crypto trading system that has an elegant, intuitive platform. The site is suitable for both beginners and veteran crypto traders. There are advanced options you can use during trades to take advantage of crypto volatility. On the flip side, there are also simple form versions and a plethora of cryptocurrency resources available.
Kraken uses a unique fee-structure: a 30-day maker/taker schedule with incentives for trading in large volumes.
|30- Day Volume||Maker||Taker|
|$0 – $50,000||0.16%||0.26%|
|$50,001 – $100,000||0.14%||0.24%|
|$100,001 – $250,000||0.12%||0.22%|
|$250,001 – $500,000||0.10%||0.20%|
|$500,001 – $1,000,000||0.08%||0.18%|
|$1,000,001 – $2,500,000||0.06%||0.16%|
|$2,500,001 – $5,000,000||0.04%||0.14%|
|$5,000,001 – $10,000,000||0.02%||0.12%|
Pros and Cons of Kraken
Some of Kraken’s advantages include:
- Cash is credited to users quickly
- The website is beginner-friendly
- Fees are transparent
- It is compatible with many forms of cryptocurrency and fiat money
The downsides are:
- According to some reviews, the customer service team can be slow to respond
- Due to the huge number of users, the server can be slow, and orders might fail
- Account verification is often delayed
How to Convert Ethereum to Cash with Kraken
According to Kraken’s sell guide, selling Ethereum for cash is an advantageous way to adjust your long term cryptocurrency portfolio strategy, capture gains from prior ETH purchases, and avoid losses during sudden price movements.
To cash out Ethereum for real money with Kraken, create an account, and get over the verification process – this includes providing your name, date of birth, country, and phone number. If you’re selling ETH for fiat money, you’ll also need to send in the form of ID and proof-of-residence documents. For selling it for another kind of crypto, this isn’t necessary.
After verification, select a currency pair on Kraken’s ticker bar. For instance, you could choose ETH/USD. Then, open up the New Order page and choose the “Simple” form. There are also intermediate and advanced forms available, but you won’t have to use those for a basic ETH/USD trade.
On the form, you’ll see three text boxes:
- The amount of ETH to sell
- An option to sell as a market order or a limit order
- The total amount of cash you’ll receive
Input the total amount of ETH you want to sell, choose a market (or limit) order, and click the submit button.
Gemini is yet another platform used to cash out Ethereum (and other forms of crypto) for USD. This system is a little more complicated than the aforementioned services (like Coinbase), but it isn’t too difficult to figure out. The platform is chock-full of tools to help you maximize your Ethereum trading strategies. The website is quite safe to use – Gemini is fully regulated and has a “security-first” mission.
Gemini has recently released an app, which is available on the Galaxy Store, App Store, and Google Play. The Gemini mobile app allows users to keep track of market trends, build their crypto portfolio, and execute trading strategies on the go.
Gemini has different fees, depending on whether you are trading via the desktop site or the app.
MOBILE ORDER AMOUNT – USD
*For Web Orders, there will be an added convenience
|TRANSACTION FEE – USD|
|> $10.00 but ≤ $25.00||$1.49|
|> $25.00 but ≤ $50.00||$1.99|
|> $50.00 but ≤ $200.00||$2.99|
|> $200.00||1.49% of your Web Order value|
Pros and Cons of Gemini
Some of Gemini’s pros are:
- Very secure. Most of the platform’s Bitcoin is held offline in order to minimize losses from potential hacks.
- USD accounts are FDIC-insured and held by a New York-based bank
- Excellent FAQ section and resources for traders
- Low fees for asset exchanges
And the disadvantages are:
- It can be hard to register. Due to the security of the platform, you have to submit a lot of information.
- During heavy traffic, the site goes offline occasionally
How to Use Gemini to Convert Ethereum to Real Money
If you want to cash out Ethereum with Gemini, you’ll need to create an account and provide KYC information. This can take a while – you’ll need to provide your Tax ID number, your source of wealth, your Social Security number, proof of address documents, proof of identity, and more. This makes Gemini a not-so-ideal choice for users who wish to remain anonymous.
For converting Ethereum to cash on Gemini’s web interface, you’ll then need to choose Ethereum from the left side of the home screen and select “Sell.” Click the “Next” button and enter how much you’d like to sell. Click on the “Review Order” button, which will move you along to the confirmation page. Make sure that the details are correct and then click the “Place Order” button.
The process is very similar when cashing out Ethereum on Gemini’s mobile app. The main difference is that you can access trades by tapping the “Market” tab located on the bottom left-hand side of your device’s screen. And, when you are ready to place the order, you will swipe the screen to confirm the trade.