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How to Sell Ethereum for USD | Beginners Guide

How to Sell Ethereum for USD | Beginners Guide

You can sell Ethereum for other cryptocurrencies on most exchanges. To do so, put in an Ethereum sell order to exchange for the cryptocurrency of your choice.

You can sell Ethereum for US dollars on Coinbase, Gemini, and Kraken. To do so, navigate to the «Sell Ethereum» section on your preferred platform and follow the instructions to sell it for USD.

Kraken and Gemini have the cheapest fees when selling Ethereum. The fees range from 0.00% to about 0.25% on each sale.

Whether you’ve earned Ethereum through mining or purchased ethereum, there may come a time where you want to cash out some of your stash for good ol’ fashioned U.S. dollars. I can’t blame you. Sometimes you need to pay the bills, and most businesses don’t accept crypto as currency (…yet.)

The easiest and cheapest way to sell Ethereum is by using an exchange with an ETH/USD pairing. In this brief article, I’ll walk you through the selling process on three of the most popular exchanges used to sell Ethereum.

What is Ethereum?

Ethereum has become one of the globe’s leading blockchain with Ether (ETH) as its digital currency. Launched in 2015, Ethereum was created without the goal to be any form of payment. Instead, it is a decentralized software platform that allows Decentralized Applications (DApps) and Smart Contracts to be built and run without any fraud, control, downtime, or interference from a third party. Ethereum is not controlled by a bank or any institution. One can buy, sell and trade ETH freely on both public and private networks.

Active trading

Active trading is a strategy that involves a deeper immersion into the market and requires a lot more time, knowledge and experience than buy-and-hold. Active trading means regularly keeping up with price action and related industry happenings to not miss the profitable buy and sell opportunities. These opportunities can be based on a number of factors used individually or combined such as charting or news. Active traders also must use self-control and avoid acting on emotion or impulse. Additionally, significant knowledge is necessary to know when to enter and exit positions, and risk management is needed for consistently profitable trading over a long time horizon.

If you’re opting for active trading, you are essentially speculating on Ether’s price, which means you will need to monitor the market and price fluctuations daily, if not hourly, depending on your chosen strategy. Related news articles, announcements and opinions may also be helpful to read as an active trader, since those can influence asset prices. At its simplest, a crypto asset’s price is determined by supply and demand. News can make an asset more or less attractive to holders or potential buyers, impacting this dynamic and causing rise or fall in an asset’s price.

“Buy low, sell high” is a common adage in trading. It essentially entails buying an asset when its price is low and selling when its price is high, leading to a profit on the price difference. The major problem with this, however, is that low and high are relative and subjective. What is considered high for some, at some point, may not be regarded as such for others at a different time. Additionally, when an asset has fallen dramatically in price, what is stopping it from falling further even if its price is already considered low? This makes it difficult to know when to buy or sell because there is no standard “high” or “low” price for any asset. Therefore, analysis and market education can be helpful, giving traders benchmarks and price points of potential interest.

Charting can serve as an effective tool for traders, providing historical information that tracks when the price has previously reacted or held as support or resistance. Support is a price level on a chart that acts as a floor, giving price a place to stop and potentially reverse its downward movement. In contrast, resistance acts as a ceiling, stalling the price from going higher with the potential to send the price momentum back downward. Charting also lets traders see the overall price action of an asset over extended periods of time, with the ability to check an asset’s price in relation to its all-time price high.

Depending on a number of factors, you may wish to sell your Ether directly into a different crypto asset or into a stablecoin for holding in a self-hosted wallet rather than selling into a fiat currency. Stablecoins are crypto assets tied to the value of an underlying item of value, such as the United States dollar. Someone might sell their ETH into a different crypto asset as a trade for profit on that new asset, or they might sell their ETH into a stablecoin to hold offline and protect some of their portfolios against price volatility.

Decentralized exchanges (DEXs) serve as an alternate place for people who wish to sell Ether for other assets. DEXs exist as part of the DeFi niche of the crypto industry. DeFi solutions built on the Ethereum blockchain generally cost certain amounts of ETH when making transactions or completing trades, which are paid as fees to miners on the network. Speaking of DeFi, instead of selling their ETH, one might choose to use it as collateral to take out a loan or use it to support a different DeFi opportunity. A number of DeFi solutions allow ETH holders to send Ether to a smart contract as collateral and receive a different crypto asset in return as a loan. Given the prevalence of crypto price volatility, however, those using ETH as collateral generally must put up more ETH than the loan value they receive to account for significant price swings during the time of the loan.

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