Once you have earned enough Ethereum through purchases or mining, there comes a time when you probably decide to sell it out. With Ether, there is a limitation for trading on the Ethereum network, as only a few businesses accept cryptocurrencies as a form of payment, mostly Bitcoin. So, if you don’t intend to stick to Ethereum and want to find easy ways of selling the currency, you are at the right place. Here in this blog, we will pinpoint the several exchanges associated with ETH/USD pairing used to sell Ethereum & trading strategies.
Top Exchanges to sell Ethereum
1. Coinbase
One of the renowned platforms to sell Ethereum, Coinbase runs on both web and mobile interfaces. The user will have to follow few steps to sell Ethereum;
- Create a Coinbase account while entering the bank account details.
- Transfer Ethereum from its current wallet to the Coinbase wallet.
- Go to the “Accounts” tab and tap the “Receive” button for the Ethereum wallet.
- The user will see the public address to which funds can be transferred.
- After sending the Ethereum to Coinbase, click on the “Buy/Sell” tab accordingly.
- You need to select the “Sell” option to ensure the currency is set to Ethereum.
Once done, the user can select the amount of Ethereum for the trade and confirm the transaction. Coinbase charges 1.49% when selling into a U.S bank account or USD Coinbase wallet. If someone chooses a PayPal account, a 3.99% fee is deducted.
2. Gemini
Another prominent name for Ethereum exchange after Coinbase is Gemini. The functionality of the platform is a bit complicated and available on the web only. For someone preferring Gemini to sell their Ether, follow the below-mentioned step;
- Create your profile on Gemini and attach the bank account.
- Navigate to the ETH deposit section via the ‘Transfer Funds’ tab at the top of the screen.
- The user will be given a public address where the funds are going to be transferred.
- Now, Ethereum is available in your account. Next, Click on the ETH → USD option under the “Sell” tab.
- One can sell Ethereum, following the exact trading method of any other cryptocurrency by placing an order or taking an order off the books.
Gemini charges a fee schedule upon trading Ethereum. The amount depends on the 30 days trading volume and on behalf of the maker or a taker. The fee ranges from -0.1% to 0.25%. However, after trading Ethereum for USD, the user can withdraw it to the bank account without additional fees.
4. Kraken
Like any other exchange, the user has to follow the initial steps to register into the Kraken account to sell Ethereum. Kraken requires an additional Tier 1 verification obtained by entering your full name, DOB, country of residence, and phone number.
- Create a Kraken profile and attach your bank account to it.
- The verification is a necessary step to avail the rest of the services. Once done, navigate to the “Funding” tab and choose “Ether” to generate a new address to send your currency.
- The user needs to place an order or fill the ones already been placed.
Kraken fee is also calculated based on 30-day trading volume and on maker/ taker terms. The fee ranges from 0.00% and 0.26%.
How to sell Ethereum mined from the pool
If you have joined the mining pool, you know the address has been shared with the pool automatically where the mining rewards will be claimed. Meanwhile, many exchanges don’t prefer to send mining rewards to an exchange-based wallet as the public change can be changed anytime. The action doesn’t restrict the user to sell Ether received as a reward for mining; it means they have to follow an extra step. Here, the user has to set up a local wallet for receiving mining rewards separately and transfer the tokens to the exchange’s wallet.