Ethereum, or its coin Ether, has become one of the two most popular currencies in the world, right after Bitcoin. It uses blockchain technology and it is responsible for its broader use. It was created in 2015. Ethereum inverted the Bitcoin model by putting the emphasis on the blockchain over the currency itself. It became the first true blockchain platform, where decentralized apps and blockchains can be built. Ethereum is best known for encoding, decentralizing and trading many things: votes, financial exchanges, agreements and intellectual property.
How to sell Ethereum?
In the UK, there is a growing number of people wanting to buy, sell and trade with Ethereum. Ethereum is now the second biggest cryptocurrency, with a significant market cap. Even though Ethereum has the ambition to become a global currency, there are still some limitations in the process of buying and selling it in some countries.
If you want to know how to sell Ethereum in the UK, we recommend considering a variety of factors.
First of all, Ethereum is best to sell via cryptocurrency exchange. You need to make sure that the crypto is listed on the platform before you register on an exchange. Also, you need to know that you can withdraw the fiat currency to a bank account. You should compare different cryptocurrency exchanges in order to find the lowest fees (deposit, withdrawal and trading).
Choose the best exchange
When you compare different cryptocurrency exchanges, you will see that they have different fees. It’s best to choose the one that will maximize your profit after you sell coins. If you wish to sell Ether for fiat currency, you need to make sure that you can withdraw the fiat to a bank account. Not all exchanges have this option, so it is really important to find one that has.
In the UK, the best option is to choose one of the following exchanges: Coinbase, Bitstamp or Coinfloor.
Create an account
Before depositing Ether, you will need to create an account on the exchange. Setting up an account is usually a simple few-steps process that consists of signing up, verifying identity and connecting a bank account. First, you need to set up your account’s email and password. Then you need to provide the documents that verify your identity. This is important to ensure the safety of your money. Finally, linking your bank account will give you the option to withdraw fiat currency.
Ethereum is deposited by copying the Ethereum deposit address from the exchange’s balance page. You should use the “copy” button” instead of trying to type the Ethereum address manually. The mistakes can happen easily and it can result in complete loss of funds. If you are in doubt, start by sending a smaller amount before sending everything you have. When you make sure everything is correct, send the entire amount. Then you should wait for some time. For each exchange you need to wait for a number of confirmations before you can have your deposit.
If you want to know how to sell Ethereum in the UK, there are some things you need to keep in mind. The fees are very important and you should pay attention to them. Also, you need to decide what you are selling the Ether for. You can sell Ethereum for fiat, but you can also sell it for other cryptocurrencies. When you determine what you need, then you can find an exchange that suits you best.
To make the trade, there are two types of orders you can submit: market orders and limit orders. Also, there are instant sell options.
A market order executes instantly and gives you the most asset at the best price.
A limit order allows you to set the price you want to sell your Ether for.
Withdrawing local currency
When you are selling Ethereum, you need to check which withdrawal methods are supported. Options can be bank transfer, credit or debit card, PayPal, Skrill, Faster Payments and SWIFT.
You need to consider fees, limits, processing time and other restrictions when you are choosing an exchange. Many platforms impose a withdrawal fee, and the fee usually varies depending on the withdrawal method selected. Some exchanges allow you to sell Ethereum directly for fiat at market price and deposit the funds into your account. You should also check whether there are any maximum or minimum limits of how much you can transfer. How long will it take for fiat to arrive in your bank account?
What do you need to consider when selling?
There is no universal answer as to what is the best way to sell Ethereum. It depends on individual needs and circumstances. What fits one person doesn’t necessarily mean it will fit the next. You should ask yourself a few questions before selling: Do you want to sell Eth for fiat? Do you want to sell Eth for another cryptocurrency? How quickly do you want to sell it? Do you want to negotiate the best possible price? Would you accept the price below the market rate? How do you want to receive payment?
Answering these questions will help you decide how you will sell your Ethereum and choose the right exchange that fits your needs.
Alternatively, if you’d prefer to sell your Ethereum directly to another entity, there’s an option to sell in a peer-to-peer fashion: in-person or online via a platform. Online crypto P2P platforms are essentially marketplaces where users can place and respond to offers. These platforms typically involve sellers posting certain crypto assets for sale and listing details such as their desired price and payment method.