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    How To Sell Ethereum - 5 Cheap Ways To Sell ETH for Cash In 2022

    Updated: Aug 27th, 2022
    Kevin Groves
    Kevin Groves
    How To Sell Ethereum - 5 Cheap Ways To Sell ETH for Cash In 2022

    Ethereum (ETH) is the most valuable altcoin in the cryptocurrency market. Thanks to its popularity and functionality, Ethereum is one of the most sought-after digital assets in the market. Many investors have bought and held onto Ethereum waiting to sell at the right price. For those that don't know how to cash out of Ethereum, this guide will explain the steps involved. In addition, provide our list of the best exchanges to sell Ethereum to get the most value for money.

    How to Sell Ethereum - Quick Tutorial

    1. Compare and select a crypto exchange. Find and compare Ethereum exchanges that are available within the specific country and support the desired fiat currency. A good example is Binance.
    2. Register an account with the exchange. Create an account with a crypto exchange using a valid email address or mobile number. Before making a deposit in fiat currency, exchanges have a mandatory Know Your Customer (KYC) process that will need to be completed.
    3. Deposit Ethereum: Send Ethereum from an external wallet to the exchange wallet. Usually, the process should take a few minutes.
    4. Convert ETH To Fiat: Users can either trade ETH directly for fiat or use the Convert function to make instant currency conversions.
    5. Withdraw Funds: Once the fiat is received, the funds can be transferred using any available withdrawal methods on the platform.

    Can You Sell Ethereum?

    Selling Ethereum has become easier thanks to the asset’s increased access and mainstream acceptance. The most popular way to sell Ethereum is through a trusted crypto exchange service that allows buyers and sellers to meet their crypto demands. Crypto exchanges are ideal for sellers because many of them are regulated and safe. Also, most of the world’s top exchanges offer easy integrations that allow traders to sell their holdings and get paid via different channels - from bank account transfers to card payments and even connections to e-wallet solutions like PayPal and Apple Pay.

    However, a crypto exchange is not the only payment channel where sales can be made. Investors can also use P2P platforms for convenience, use crypto ATMs, or transfer their Ethereum to a crypto debit card and spend it – an increasingly attractive option.

    When selling ETH, it is important to take note of the fees. Platforms that allow traders to sell Ethereum tend to charge fees, which vary based on several factors - including network activities, third-party charges, and the fees taken by the platforms. Understanding these fee structures will be critical for any trader seeking to maximize profits.

    Where To Cash Out of Ethereum (ETH)

    Ethereum is one of the most popular cryptocurrencies and can be sold on various exchanges and brokers. Sifting through each option can be time-consuming, so we have listed and compared the best exchanges to convert Ethereum into cash. Our top reveals of where to sell ETH takes into account the verification process, trading fees, withdrawal fees and overall ease of use.

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
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    319
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    Visit eToro

    eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."

    eToro Review

    Best Exchanges To Sell Ethereum - Reviewed

    1. Binance - Best Exchange To Sell ETH With Low Fees

    Binance is our top exchange to sell Ethereum as it is the largest platform based on daily crypto trading volume and a great place to sell ETH instantly with low fees. The exchange also operates in over 100 countries, sourcing liquidity from millions of users and creating a healthy economy where traders can trade digital assets in minutes. Users can sell their ETH coins immediately for fiat currency or another cryptocurrency through the broker. At the same time, traders could simply transfer their assets to leading Ethereum wallets such as Metamask and Exodus.

    Binance websiteBinance website

    For investors who want to convert their ETH to fiat currencies and withdraw the funds, there are varying timelines based on the channel chosen. The available withdrawal method depends on the user’s region. Withdrawals on Binance are available through several methods. For instance, UK traders have to wait a few hours up to two business days to withdraw fiat into their bank accounts or a payment card. On the flip side, peer-to-peer (P2P) fiat withdrawals can be concluded in minutes and are free. Direct ETH withdrawals to external wallets are near-instant on Binance.

    When sending crypto to third-party wallets outside of an exchange, it’s important to note the asset’s network; in this case, the Ethereum network. Binance accepts ETH versions built on 5 blockchains. These include the Ethereum blockchain, the BNB Smart Chain, the BNB Beacon Chain, Arbitrum One, and Optimism. The network chosen would determine the fee to be paid.

    Binance maintains varying minimum withdrawal and fee pegs for Ethereum. For instance, the ERC-20 version of ETH on Binance comes with a minimum withdrawal amount of 0.0098 ETH, while the fee is 0.0012 ETH. The BEP-20 version, housed on the BNB Smart Chain, has a minimum withdrawal amount of 0.00011 ETH, while withdrawals cost 0.000055. The withdrawal amounts and fees vary on Arbitrum One, BNB Beacon Chain, and Optimism.

    Traders looking to sell their ETH for other tokens should note that Binance charges a 0.1% trading fee for selling Ethereum which is one of the cheapest rates in the industry. But the platform provides a 25% discount for traders who make payments using its Binance Coin (BNB) exchange token. However, Binance’s interface leaves little to be desired regarding user-friendliness. Beginner traders will need to work through a learning curve, but they should get the hang of the platform with enough time. To find out more on the benefits of the exchange, read our full review on Binance.

    Pros:

    • Discount on trading fees available
    • Broad array of withdrawal options
    • High liquidity for instant coin sales
    • P2P marketplace for zero-fee sales

    Cons:

    • The interface isn’t beginner-friendly

    2. Coinbase - Beginner-Friendly Platform to Sell ETH

    Coinbase is the largest crypto trading platform in North America and the third-largest globally, behind only Binance and FTX. Coinbase was designed specifically for beginners. As one of the market’s leading brokers, Coinbase provides an abundance of withdrawal options. Besides crypto sales and transfers, the exchange allows users to move funds into their bank accounts, use payment processors like PayPal, and connect their accounts to e-wallet applications.

    Coinbase websiteCoinbase website

    The San Francisco-based exchange charges a flat fee on all sell orders up to $200. The platform charges $0.99 for transactions $10 or lower; $1.49 for those between $10 and $25; $1.99 for those between $25 and $50; and $2.99 for transactions within the range of $50 and $200.

    Investors can receive their cash via their preferred payment methods. Coinbase supports ACH transfers, Instant Cashouts, debit cards, wire transfers, PayPal and other digital solutions. All withdrawal options offer instant payouts except ACH and wire transfers. The fastest way of withdrawing funds from the platform is through the Instant Cashout feature. This method allows investors to instantly receive funds in their cards or bank accounts. Coinbase only supports Visa-enabled debit/credit cards and bank accounts domiciled in the US for the Instant Cashouts. The Visa card option charge for US customers is a 1.5% fee on the transaction total and a minimum fee of $0.55.

    Withdrawal timelines on Coinbase vary based on the trader's desired channel and location. However, using the ACH option requires 3-5 business days, while wire transfers are processed within 1-3 business days. For a full list of withdrawal options, read our Coinbase review.

    Pros:

    • Instant Cashout option
    • Low fees on ETH sales
    • Easy to use platform
    • Digital wallet solutions

    Cons:

    • Complex fees structure
    • Relatively lengthy withdrawal timelines

    3. eToro - Good Option With Flat Fee For Selling Ethereum

    eToro is the world's largest social trading platform that offers crypto traders several benefits. The first is its ease of use. eToro is an intuitive platform for first-time traders with a signup sequence that takes just a few minutes. To sell Ether coins on eToro, an investor must close their position and request a withdrawal of their funds in their preferred fiat currency. This process attracts a flat 1% trading fee on eToro.

    etoro websiteetoro website

    eToro will deposit the funds using the payment method used to fund the account except otherwise specified. The average time to receive withdrawals ranges from 2-10 business days. This is especially true with bank transfers. US traders must wait up to 7 business days to get their funds. The minimum fiat withdrawal amount on eToro currently stands at $50. Another detail to note is that a user can’t withdraw unless the account is verified.

    eToro also asserts that PayPal withdrawals would only be possible if the user made their deposit using PayPal. And transfers in currencies other than the US dollar will be subject to a conversion fee and the standard $5 withdrawal charge. eToro charges a $5 fee for every withdrawal initiated.

    On the other hand, investors can also transfer their crypto to third-party platforms to sell ETH for higher prices. To do this, the investor has to use the Crypto Transfer option – where the Ethereum is transferred from the exchange to the eToro Money Wallet. eToro only allows crypto transfers from their exchange to the wallet. Once it reaches the wallet, the ETH coins can be transferred to any third-party service or platform. As explained in our eToro review, the only snag here is transferring it to the eToro Money wallet. It takes eToro about 5 business days to process crypto transfers to the eToro Money Wallet.

    Pros:

    • Flat fee for withdrawals and trades
    • User-friendly interface
    • Multiple withdrawal methods
    • Crypto transfers to external wallets
    • Bank-level security

    Cons:

    • Lengthy withdrawal timelines
    • Requires KYC for withdrawals

    4. Crypto.com - Best Exchange For Crypto-to-Crypto Transactions

    Crypto.com is a top cryptocurrency exchange known for building an ecosystem of crypto products. The Singapore-based platform provides a reliable way for traders to invest, trade and spend cryptocurrencies. Users can be assured that the platform’s liquidity is sufficient to handle high-volume transactions. Crypto.com also boasts an intuitive user interface and a top-rated crypto app. It’s not as easy to use as eToro, but the learning curve is not as steep as some other brokers in the market. Although account signup and verification might take a while, Crypto.com eventually gets the job done.

    Cryptocom websiteCryptocom website

    In terms of withdrawals, Crypto.com allows two methods: Users can either withdraw crypto to an external wallet or exchange or withdraw funds to the Crypto.com Wallet App from the exchange. This is because the Crypto.com exchange does not support fiat withdrawals on the exchange. The Crypto.com app allows numerous withdrawal options, including bank account transfers. However, customers can only withdraw $100 minimum, and it takes 3-5 business days to receive the funds. Withdrawals to external addresses on Crypto.com are pretty straightforward. The process is usually completed in 2 to 3 hours. This is fairly better compared to the 5 working days requirement on eToro.

    Like Binance, Crypto.com has varying fees and withdrawal limits for ETH based on the network. The ERC-20 version of ETH comes with a withdrawal fee of 0.004 ETH and a minimum withdrawal of 0.008 ETH, while the BEP-20 version has 0.0005 ETH and 0.001 ETH in withdrawal fees and minimum withdrawal, respectively. Other ETH versions on Crypto.com include Cronos, Arbitrum, Polygon, and Optimism. This broker charges a fee if a transfer to the Crypto.com Wallet App is completed on-chain. Withdrawal fees vary based on the network activity at the time of the transaction. For more information, read our review on Crypto.com.

    Pros:

    • Relatively easy to use
    • Low minimum withdrawal amount
    • Faster crypto-to-crypto transfer
    • Broad selection of coins

    Cons:

    • No fiat withdrawal option on the exchange

    5. Kraken - Expansive Support For Fiat Currencies

    Kraken, a San Francisco-based exchange, is one of the most reputable altcoins exchanges in the market by trading volumes. The trading platform is highly liquid and sufficient to handle high-volume trades and withdrawals. Kraken is very easy to use and beginners will have no trouble finding their way around the exchange.

    Kraken websiteKraken website

    Investors can transfer their Ethereum tokens to third-party wallets that support their withdrawal methods. The minimum amount to transfer Eth coins on Kraken is 0.0035 ETH, while the fee is 0.005 ETH. ​​To sell ETH on Kraken, investors can use the platform's Sell or Convert options to sell ETH on Kraken. Kraken charges a 1.5% transaction fee for selling Ethereum for fiat on the platform. Once completed, the user can withdraw their fiat currency.

    Kraken offers fiat withdrawals via ACH, SWIFT, FedWire, FPS (UK) and SEPA for US and UK customers. The withdrawal fee charged depends on the withdrawal option chosen. For instance, ACH is free in the US and takes 1-2 business days to process. At the same time, FedWire and SWIFT (Silvergate Bank) are levied a withdrawal fee of $4. It takes about 1-5 days to process these transfers. Kraken does not process withdrawals via checks, debit/credit cards or e-wallet options like PayPal. Additionally, withdrawals initiated by new users are subject to a 72-hour withdrawal hold at Kraken as detailed in our Kraken review.

    Pros:

    • Flat rate for ETH trades
    • Multiple bank withdrawal options
    • Free ACH transfers
    • Swift withdrawal processing

    Cons:

    • Limited withdrawal offerings

    What Are The Different Ways To Sell ETH?

    As one of the most liquid cryptocurrencies in the market, traders looking to sell Ethereum have a variety of methods to choose from. These are some of the most popular:

    • Exchanges. Several cryptocurrency exchanges and brokers provide their services to traders, allowing them to sell their crypto holdings in minutes. A crypto exchange provides the best and most convenient option for traders looking to sell Ethereum. Some of the top platforms are Binance, eToro, and Coinbase. The top factors to consider when selecting an exchange include liquidity, regulation, fees, and payment channels accepted.
    • P2P Exchanges. Peer-to-peer trading platforms are another option for traders looking to sell their Ethereum. Some of the top P2P trading exchanges in the market include Binance P2P, Paxful and LocalBitcoins. These platforms provide a reliable and simple way to connect with other traders willing to buy ETH in exchange for traditional currencies, gift cards and many more payment options. Once a prospective trader signs up on the platform, all they need to do is to transfer the Ethereum and then search for a buyer willing to pay for the ETH.
    • Ethereum ATMs. Ethereum Automated Teller Machines (ATMs) have become increasingly popular. These machines work like regular ATMs - users can enter their crypto cards and make withdrawals, exchanging their crypto holdings for cash. According to data from CoinATMRadar, there are over 10,000 crypto ATMs worldwide. However, these ATMs are mostly spread across countries in the developed world. Investors can also sell Ethereum on these machines, but they come with fees. For instance, Coinsource claims to have the lowest transaction fee in the market, but it charges about 11% per transaction. Crypto ATMs are convenient and suitable options for users who want to quickly convert Ethereum without going through the rigors of a cryptocurrency exchange or a P2P platform. However, the sell fees are very high.
    • Spend with Debit Card. Spending crypto might be the best way for traders and investors looking to get more value from their crypto holdings. Today, several of the world’s top crypto brokers make it easy to do that by providing the best debit cards that users can easily use to make purchases with Ether. Some notable examples include Coinbase and Crypto.com. By using a crypto debit card, an investor can use their cryptocurrencies to pay for goods and services. And as crypto becomes more mainstream, avenues to spend assets are increasing.
    • Cash in Hand. Although it is far in-between due to the slow crypto awareness, investors can also trade Ethereum to their colleagues/acquaintances – primarily anyone they have a relationship with. Here, it works like a regular P2P transaction, but now investors know the other party. All that needs to be done is to transfer the equivalent amount of ETH to the person and receive the cash.

    Are There Fees to Sell Ethereum?

    Platforms that allow traders to sell Ethereum tend to charge fees for their services. These charges are usually small percentages of the selling amount, although they could also increase with the participation of third parties. For example, a trader who decides to sell ETH via an exchange must deal with the broker's withdrawal fees. However, the fees will most likely be higher if the crypto exchange connects with a third party - like PayPal or Apple Pay. The fewer people involved in the chain, the cheaper the sale.

    Several platforms have different fees that they charge for selling crypto. For instance, Binance charges 0.1% when a user decides to sell Ethereum for another crypto. However, the broker doesn't charge fees for facilitating P2P trades on its marketplace.

    When Is the Best Time to Sell ETH?

    Except for regulations that change an asset's situation, investors are free to sell their Ethereum at any point. A trader could have a specific price goal where they'd like to sell their ETH for a profit. In this case, they would likely have to wait as long as possible to sell their Ethereum. Or, they could want to sell it immediately in anticipation of a price drop.

    However, some investors also use specific strategies for their profit and investment objectives. For instance, buy-and-hold investing usually involves buying and holding an asset for a considerable period before selling. A trader simply needs to buy, store the coins in a safe place, and decide when to sell.

    Meanwhile, some traders might not be comfortable staying so long in the market. For investors like these, there's a high probability of selling immediately if the Ethereum price falls. But the best investors understand that markets move in trends - so a bearish movement today could simply be a setup for an even longer bullish move down the line. The point is to build a reliable trading strategy and stick to it.

    Do You Have to Pay Tax After Selling ETH?

    Two things are certain in the world – death and taxes and when it comes to crypto assets like Ethereum, this is no different. Many countries are trying to find the right taxation structures for their local crypto industries. The belief is that the ability to develop this will help them to build the right crypto regulatory regimes. Currently, there is no uniform crypto regulatory framework, so countries are left to pursue their regulatory policies as they see fit. Tax laws are also subject to this diversity.

    In the United States, the 2022 tax return form has been updated to query taxpayers whether they've had any cryptocurrency transactions. Form 1040 states, "At any time during 2022, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” However, even that has a footnote. The Internal Revenue Service (IRS) clarifies that taxpayers who only bought crypto with real currency aren’t obligated to answer in the affirmative.

    The IRS also treats gains on cryptocurrency trades or investments as regular capital gains taxes. Investors pay ordinary capital gains taxes on short-term crypto gains - up to 37% in 2022, depending on the investor's income. However, this only applies to assets held for less than a year. Long-term capital gains taxes will be paid for assets held longer than a year but at a lower rate - usually capped at 20%. When it comes to selling Ethereum, using tax software to calculate crypto gains can make the process a whole lot easier.

    How to Sell Ethereum For Cash - Full Tutorial

    1. Compare and select a crypto exchange

    The first step to sell Ethereum is to decide on what type of cryptocurrency services to use. There are several options which include fiat-to-crypto exchanges, trading platforms, decentralized exchanges and brokerages to choose from. Centralized crypto exchanges are the most commonly used and convenient for beginners to convert Ethereum into cash and withdraw to a bank account. For this tutorial, we will use our number one pick Binance as an example.

    2. Create an account with a crypto exchange

    Go to the Binance home page. Click on the “Register” button to sign up.

    Binance allows users to register via their phone number, email address, or Google account. Users signing up with their phone number or email address are required to provide a strong password. An authentication link will be sent to the investor's email. Once they click on it, their account is validated.

    Creating an account with BinanceCreating an account with Binance

    3. Deposit Ethereum (ETH)

    Traders can send Ethereum from an external wallet into a Binance wallet. Simply copy the Deposit address for Ethereum tokens on Binance to initiate the transaction from your external source. Ethereum funds sent to this public address would appear in the Spot wallet.

    Selecting ETH wallet and depositing EthersSelecting ETH wallet and depositing Ethers

    4. Convert ETH Into Fiat Currency

    The next step is to exchange Ethereum for the preferred fiat currency before making a withdrawal. Go to the Binance Sell Crypto Page to get your preferred fiat currency. Enter the amount of ETH you want to sell and initiate the transaction.

    Converting ETH to fiat on BinanceConverting ETH to fiat on Binance

    5. Withdraw Funds

    Once the preferred fiat currency has been credited into the trader's account, it can be withdrawn. To do this, return to the Fiat and Spot wallet and click on "Withdraw". Binance allows users to choose the currency they want to withdraw and their preferred payment method - including debit cards, bank account transfer, and e-wallet options. These channels come with their pros and cons. For instance, a debit card offers instant withdrawals but carries higher fees. Regarding a bank transfer, the fees charged might be lower, but the withdrawals tend to take longer.

    Withdrawing funds from BinanceWithdrawing funds from Binance

    Enter the desired withdrawal amount and fill in all payment details. Once the withdrawal details are confirmed, the verification code can be entered, and the withdrawal is completed.

    Frequently Asked Questions

    The recommended channel for selling ETH is crypto exchanges and brokers. These platforms provide convenience and allow traders to sell directly. Also, their tight security features make them an ideal choice for any trader.

    It is recommended that traders look for crypto exchanges or brokers when trying to cash out Ethereum. However, they could also try P2P trading platforms, where they can send ETH to buyers and get cash in return.

    Investors can sell Ethereum via a reputable cryptocurrency exchange. Binance is our top option to sell ETH. Simply sign up and move Ethereum to a wallet. Then transfer the funds by either trading or converting them into fiat. The last step is to return to the fiat wallet and withdraw the cash to a bank account. your withdrawal.

    No, Ethereum isn’t difficult to sell. The asset is one of the most sought after in the crypto market, meaning that there is a huge demand for it. Unlike several altcoins that might be a bit more challenging to sell, traders will find that Ethereum is just as easy to sell as Bitcoin.

    Conclusion

    Investors invest in the crypto market for its equity potential. Unlike stocks and bonds, cryptocurrencies are known to generate high returns on investment. As one of the most popular crypto assets in the market, Ethereum is a highly liquid asset that can be easily sold.

    When considering how to sell your Ethereum, traders need to review the convenience of the method they choose, the withdrawal timeline, and possible fees charged by the platform and any other third parties involved in the withdrawal process.

    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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