It might sound daunting at first, but with a little research, you’ll find that it’s easier than you might think. But if you are serious about it, you should first do some research to determine which crypto exchange wallet offers the best strategy for what you’re looking to do. And if you still haven’t decided which exchange you should use to trade crypto, SF Gate has an in-depth article that covers all the best cryptocurrency exchanges around the world. Check it out.
Research Done, Now What?
Now, with all that aside, and you’ve researched enough to satisfy yourself you should be able to recognize a few of the Ethereum wallets that you need to sign up with to make all of this possible. If you’ve already signed up, you’re closer to your goal.
If you want to convert Ethereum into cash, you need to create an exchange wallet to receive your ether.
- Many beginners set up their Ethereum wallets to buy ether at a central exchange like Coinbase for cash. So, if you want to have your own wallet, you can send your wallet to someone else or buy it at a stock exchange.
- From your exchange account, find the Ethereum wallet address to which you want to send your ether. After you’re done setting up your wallet you’re ready to start buying, selling, and exchanging.
- Ensure that the exchange platforms both use deposit methods that accept both cryptocurrencies, and fiat support, to find the best solution for your needs.
- Whichever wallet you decide to choose for your Ethereum, if you use Bitcoin to buy it, store it in a wallet where Ethereum is listed, and vice versa.
Sign Up With an exchange wallet to Store and Sell ether, may include but are not limited to, the following Platforms:
Local cryptocurrencies allow Ethereum and Bitcoin to be bought and sold over the counter, allowing people to escape middlemen and third parties where you can then buy and sell Ethereum and other cryptos with over 40 payment methods.
Skip The KYC –
If you prefer to skip the annoying connection to your bank account and go through a lengthy verification process, another option is to sell your ether on localetherum, which is a peer-to-peer exchange.
- You can also use services like “Meetup” where you can find your local Ethereum or general crypto-related meetings to sell your ether in a secure environment.
- Trading in ether is another way you can make money with Ethereum, which has a lower input bar. You can purchase Ethereum by trading other cryptocurrency pairs and then transferring it to other cryptocurrency accounts for cash.
- You can also trade ether for cash or assets such as gold with low fees.
With new methods of exchanges, bartering, and sales popping up overnight all of the time, you should look around to see if there are options more to your liking.
- Use these platforms to convert ether into Fiat currency if you prefer, and then transfer the money from there to your PayPal account or bank account.
- To sell any type of cryptocurrency on Coinbase, including ether, just click the Website or Trade App button. Send your ether to your Coinbase wallet and click the Buy or Sell tab.
- Once set up, you’re good to go and you are now able to buy and sell cryptocurrency. Now you will have to choose between selling your ether for a fiat currency or exchanging it for another cryptocurrency.
How To Make A Deposit
- To make a deposit to the Ethereum platform, you must open an account and provide KYC information.
- (KYC) “know your customer, is used for banking institutions to verify who you are by using either a Driver’s license, a Social Security Card, or a government-issued Passport.
- You can then deposit money into your bank account and use the account to purchase ETH. To purchase ETH, you must deposit USD (or any supported Fiat currency) into your Fiat foreign exchange account and link your credit card to it.
- Most cryptocurrency exchanges, however, do not allow you to deposit money with Fiat money. If you exchange your ether for USD, you can withdraw it to your bank account at no additional charge.
More You Should Know About ether
There are a few things to consider about ether, which is second in terms of global market capitalization only to Bitcoin, before deciding to participate, especially if you are interested in the most common ways to buy, hold and trade Ethereum.
To use the Ethereum blockchain, which involves sending, the currency of the Ethereum blockchain, as a payment or using applications running on Ethereum, you need ether to pay the transaction fees.
- The founders of Ethereum have stated that ether is not a currency, but a crypto-fuel that means tokens are one of the main ways to pay for the Ethereum platform.
- Ether is used to pay on the Ethereum network, and there are a limited number of companies that accept cryptocurrencies as a means of payment, most of them accepting Bitcoin.
- If you are willing to pay the price, there are several ways to buy Ethereum with PayPal. One possible solution is to buy Bitcoin with PayPal and then sell it for Ethereum on a cryptocurrency exchange like Binance.
Recap On How Ethereum Is Turned Into Cash – For Beginners
- Open an account that exchanges ether.
- Make a deposit into your preferred Ethereum exchange wallet.
- Choose an exchange platform like, “peer-to-peer”, cryptocurrency exchange, through a broker, or through of the other options available to you.
It’s as simple as opening an account…so go for it!