There are a number of different ways to earn Ethereum. Maybe you did so through mining, maybe you purchased Ethereum online, or maybe you received it as payment.
However, there may come a time when you need to exchange it for some hard cash or fiat currency like USD, EUR, or any other. While Ethereum is a great cryptocurrency to invest in, it’s not generally acceptable as payment by businesses.
In this article, we’ll explore all your best options when you want to sell Ethereum for some cash.
Before we get started, I should let you know that if you are retaining some of your Ethereum, you should keep them safe in hardware wallets such as Ledger Nano S and TREZOR. This is because online wallets are extremely unstable and liable to being hacked whereas hardware wallets are offline, and thus a lot safer.
Comparative Table of 3 Best Places to sell Ethereum for cash
However, before I start going into the intros, you can go through their basic specifications below to help narrow down your options.
|Coinbase Review||1.49%||Great||32 Countries - Europe, US, Canada, Singapore, etc||Buy|
PART 1: Coinbase
Coinbase is one of the most user-friendly and popular platforms in the market. You can use it both on your Browser and via mobile apps. In order to sell Ethereum with Coinbase, you’ll have to first create an account that you also verify, add your Ethereum in the platform, and then sell it. Below, I’ll give you all the steps involved.
How to sell Ethereum with Coinbase:
- Sign Up with Coinbase.
- Enter your email address and verify it by clicking on the confirmation link
- Provide all necessary documents for verification.
- Enter your bank account or credit card information. Go to Add Payment Method > Card.
- Coinbase will make two small transactions on the card. You have to enter the value of those transactions to confirm your cards.
- Once you’ve been verified, you’ll be able to start selling Ethereum. Go to Accounts > Receive. You’ll find an image of the public address. This is where you need to send your Ethereum.
- Once your account has been funded with Ethereum, go to “Buy/Sell”. Select the Sell option and choose “ETH Wallet”.
- Enter the amount of ETH you want to sell and confirm.
Once that is done, you would have successfully sold Ethereum for some fiat currency. You’ll receive the funds in your bank account and you can withdraw them for cash!
For a detailed visual guide on the process, you can watch the following video:
If you have any further questions, you can contact the Coinbase Support.
Geographical Availability: 32 Countries, including all of Europe, US, Canada, and Singapore. You can check if they’re available in your country here.
Fees: 1.49% to sell into a bank account.
Read: Coinbase Review
PART 2: Paxful
Paxful is a completely different platform from Coinbase. While it’s a lot more flexible, it’s also a lot more difficult and unsafe. It’s a peer-to-peer platform in which buyers and sellers can meet and negotiate deals. Since you’ll be meeting buyers on the internet, it’s important to vet their profiles carefully and follow all the guidelines of the platform so that you don’t get scammed.
In Paxful, you can put out a sell offer and wait for vendors to contact you. You can also establish a bunch of different payment methods, including bank transfer, PayPal, gift cards, etc. PayPal may be one of the most convenient of these options, however, you should be careful while using it. PayPal comes with a refund feature so the buyer can very well apply for a refund after they have the Ethereum.
How to sell Ethereum with Paxful:
- Sign Up with Paxful.
- You need to verify your email address.
- Set up a 2Factor Authentication with your phone number.
- Create your sell order and accept the Vendor’s terms of service.
- Fund your account with enough Ethereum to be able to sell them and cover the transaction fee.
- Wait to be contacted by a customer.
- Release the Ethereum once they put money into an Escrow Account.
- Withdraw the money.
You can watch the following video to learn exactly how to sell Ethereum for cash:
Geographical Availability: Paxful is available across the globe.
Fees: Paxful only charges a 1% transaction fee from the sellers.
Read: Paxful Review
PART 3: LocalBitcoins
LocalBitcoins is yet another peer-to-peer exchange platform that’s similar to Paxful in all regards. It comes with the same benefits of flexibility and options, and it also has the same drawback – associated risks and possible fraudulent traders. To avoid being scammed, you should keep an eye out for the fraud or scam warnings posted by other users.
Once you create an account, you can create an offer and wait for buyers to contact you. Once you vet your buyers carefully, you can sell the Ethereum to them in exchange for cash in your preferred payment method. As mentioned earlier, you should be wary of using PayPal as a payment method as the buyer can later apply for a refund.
You can watch the following video for a Step-by-Step tutorial on how to sell with LocalBitcoins:
If you have any other questions, you can go through LocalBitcoin’s guidelines on setting up advertisements.
Geographical Availability: LocalBitcoins is available across the globe.
Fees: LocalBitcoins only charges a 1% transaction fee from the sellers.
Read: LocalBitcoins Review
PART 4: Conclusion
I would personally recommend you use Coinbase to sell Ethereum for cash as it’s completely safe and user-friendly. However, it charges a slightly higher transaction fee and isn’t available in most countries outside North America and Europe.
Do comment down below and let us know which platform you used and whether you liked it!