Finance

How to Withdraw and Sell Ethereum

How to Withdraw and Sell Ethereum 1

Ethereum, or simply Ether, is one of the most popular cryptocurrencies. It is used as an internal coin during the operation of the decentralized Ethereum platform and serves to pay for transactions and the operation of smart contracts. Whether you want to exchange USD to doge or sell Ether, you need to know how and where to do it.

Ways to withdraw Ethereum (ETH) cryptocurrency to fiat

Withdrawal of Ethereum (ETH) cryptocurrency to fiat can be done in the following ways:

  • Crypto exchanges

To get traditional money, you can use trading platforms for fiat-enabled cryptocurrencies. They should be able to sell eth for euros, dollars, etc. The trading commission on them averages from 0.1% to 0.2% of the transaction volume. The withdrawal fee depends on the payment system.

To exchange Ethereum for fiat, you need to register on the exchange and, if necessary, pass account verification. It includes proof of identity, address, and phone number.

  • Exchangers

We note their advantages over exchanges: a large number of payment systems; providing the opportunity by most online services to receive money to the UMani wallet, Qiwi, Sberbank, etc.; fast processing of the transaction and the receipt of funds. As a rule, the application processing takes 15-30 minutes after confirming the cryptocurrency transfer in the blockchain.

The process consists of the following steps:

  • Finding a reliable exchange service.
  • Creating an application.
  • Paying for the application according to the instructions.
  • Receiving funds in your wallet.

If you encounter difficulties at any stage of the exchange, you should contact the support service for help. To do this, the site has an online chat.

  •   Payment systems

 As a rule, they have fiat accounts that can be replenished with Ethereum cryptocurrency. As a result, there will be a conversion at a predetermined rate, and you will receive traditional money (rubles, dollars, etc.) in your account. This also works in reverse. Payment systems often provide profitable exchanges in terms of commissions and many ways to receive funds.

  • p2p exchangers

  Direct exchange between users provides the widest choice of options for receiving funds, even more than in exchangers. However, there may not be a counterparty for rare methods.

The main stages of working with a p2p exchange:

  • Searching for a suitable offer among all posted by users.
  • Creating a deal.
  • Providing your fiat details to receive funds.
  • Confirming payment.

Only when both parties to the transaction confirm that the payment has been successfully completed will the cryptocurrency be sent to the buyer.

  • Crypto wallets with withdrawal

  Some cryptocurrency wallets provide a built-in ability to exchange crypto for fiat and withdraw to a card / electronic payment system.

This is very convenient but may be associated with higher conversion fees. Analyze whether the operation will be profitable or whether it is better to first transfer the coins to some other service and only then withdraw to traditional money.

  Store or sell ETH? Prospects

 As of 2022, the second version of the Ethereum protocol is in development. It will lead to the network’s transition from the Proof-of-Work consensus algorithm to Proof-of-Stake. Thus, the network will become faster and cheaper, which is important given the huge number of decentralized applications running on it.

Accordingly, there is a high probability of an increase in the asset’s value in the future. The improvement of the network will lead to even more demand for decentralized finance, games, and metaverses. But all transactions on the blockchain and other services are paid in ETH. Therefore, the demand for the asset will grow.

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