Once you have invested in the Ethereum cryptocurrency through buying them in the form of tokens or mining them, there will come a time when you will decide you should be selling Ethereum.
For example, you might opt for selling Ethereum through the help of the exchange for getting cash out from the previous purchase of this digital currency. You might also wish to spend the Ethereum directly with the help of a payment card.
Moreover, it can also be a situation when you have to allocate some of your Ethereum tokens for making payment. It is a guide for the beginner, which will help them in selling the Ethereum cryptocurrency. Visit Beginners guide to know more about trading and investing.
How to Sell the Ethereum Cryptocurrency on the centralized cryptocurrency exchange?
The procedure for selling Ethereum on the centralized cryptocurrency exchange works similarly to buying Ethereum. At first, you will need to select a cryptocurrency exchange that hosts Ethereum trading and operates within the individuals’ jurisdiction. Then, you will have to set up an account on the crypto exchange.
When creating the account, you will need to provide personal information like the address, name, date of birth, and the photo ID issued by the government. Once you create your cryptocurrency exchange account, you will have to choose between selling Ethereum for the fiat currency or trading it to get a different digital currency.
You should know that the cryptocurrency exchanges offer wallets and addresses for the various crypto assets on the platform. You will have to navigate the website by searching about the sell, deposit, or deposit into the exchange buttons. When you click on one of these buttons, you will search for the wallets and their addresses.
Some of the tokens get created on the other types of blockchain technology. So, it would help if you made sure that the wallets you are using are compatible with the transactions you seek to make.
You will have to send the amount of Ethereum from your holding, which is safe in the self-hosted cryptocurrency wallet. The time you need to make the transaction might vary according to the chosen fees and the traffic of the Ethereum blockchain.
Once the ether transaction confirms and arrives in your crypto wallet on the exchange, you can easily set up the amount of Ethereum you are willing to sell and choose the cryptocurrency you would be willing to receive in return. Again, you can easily do it with a limit or through the market order on most centralized crypto exchanges.
You should know a limit on the sell order of the amount of the Ethereum you wish to sell at the specific price limit. This order gets filled when the market reaches the price, and the buyer is looking forward to picking up the order. In return, the market sell order sells the selected amount of the asset at a higher price on the cryptocurrency exchange.
The exchange rate is generally intuitively based on the current market price, transaction size, or another kind of variable. Once you give a thumbs up to the trade, the funds, it doesn’t matter that you have to exchange it to the fiat currency or any other crypto, will appear in your exchange account.
If you have decided to sell the Ethereum cryptocurrency for any of the traditional currencies, you will also have the option of withdrawing the funds into your bank. It might take multiple days for the money to get into your bank account. The time will depend on the type of transfer that you have selected. Several kinds of payment cards help in facilitating the spending of Ethereum and making the process a lot more direct than cashing it out on the cryptocurrency exchange.
Some of the businesses are also accepting Ethereum as the form of payment so you can use it for your day-to-day purposes.
Do you need to sell Ethereum?
Selling the Ethereum cryptocurrency is your own decision. You might have the specific goal of the price in mind at which you are willing to sell the Ethereum for making a profit. You might also be fine holding the Ethereum indefinitely to see what happens in this crypto. Some traders and investors use specific strategies for their cryptocurrency involvement and for making profit goals.
The buy and hold are a trading strategy in which you buy an asset, hold them, and then sell it when the price of that cryptocurrency increases. So, all you need to do is purchase the ether coins, store them and then decide about the right time when you think that it is the best time to sell this crypto for making a profit.
Of course, the whole decision of selling Ethereum depends on your needs and requirements. But the process of selling Ethereum is straightforward, so you will not face any issues in it.