The ethereum network is very different from the bitcoin network in the sense that the Ether cryptocurrency you may have purchased is not intended to be used as a digital currency only. It is essentially used for the proper functioning of the Ethereum network. However, and since you are consulting this guide, you probably know that it is possible to buy Ethers as we saw in more detail in our guide: “How to buy Ethereum? ”
The ethereum project is a major technological project and the advancement of blockchain technology from the Ethereum network may well increase its price in the coming months. In this context, how can we recover the money invested in the Ethereum network?
This is the whole purpose of our guide which aims to introduce you to the different ways to sell Ethereum. We will also present for each of the options, the procedure to follow on some of the most renowned platforms.
Option 1: Sell Ethereum on an exchange platform
Exchange platforms are essential for selling and buying cryptocurrencies. Ethereum being the second market capitalization, it is very easy to find the possibility of selling Ethereum through any platform specializing in the purchase and sale of cryptocurrencies.
The sales process is quite similar to the purchasing process:
Step 1: Choose a platform and register.
First, you will need to register on an exchange platform that sells Ethereum.
Study the different transaction fees:
If you want to sell your Ethers, it is important to choose the trading platform on which to carry out the transaction. Your choice may be influenced by the ease of use, the currencies supported, the reputation … But you must also take into account the transaction costs which are variable according to each platform as you can see below:
- Coinbase: 0.15 € for a bank transfer. 3.99 € for a transfer to Paypal.
- Kraken: 0.09 € for a bank transfer.
- Gemini: free within the limit of 30 transfers per month.
- Bitfinex: 0.1% for a traditional bank transfer. 1% for an express transfer.
- CEX.IO: 25 € for a bank transfer, between 3 and 5 euros to a credit card.
- eToro: Free, but there is a minimum deposit amount.
Step 2: Verify your identity
At registration, you will be asked to verify your identity and provide information relating to your date of birth, country of residence, telephone number, and ID. Today we are familiar with these identity verification procedures which, if they seem restrictive, also make it possible to ensure your security and that of the exchange platform.
Step 3: Connect your bank account
Then fill in the details of your bank account in order to allow the platform to check your bank details which will be necessary for the completion of the transfer, once the sale of your Ethers has been completed.
Step 4: Place an offer to sell
Once you are registered and your identity and bank details are verified, you can then sell Ethereum for euros, another national currency, or other cryptocurrencies. You will only have to define the amount of Ethers you want to sell and in which currency you want to be paid. Be careful to verify that the platform of your choice offers the possibility of converting your Ethers directly into euros according to a correct exchange rate, otherwise you may lose there on the exchange.
Step 5: Complete the transaction and withdraw your funds
Once the transaction is complete, funds, regardless of currency or cryptocurrency, will appear in your account. If you have chosen to sell your Ether in one of the traditional currencies, then you will have the option to withdraw the funds from your bank account. This is done by bank transfer, so you have to wait between three and four days for the money to appear in your bank account. Depending on the platform you are using, it will also be possible to withdraw your funds more quickly using a Paypal account. This is especially possible on the Coinbase platform.
How to sell ethereum on the Coinbase platform
The Coinbase platform is one of the easiest to use platforms. The steps are very quick in order to sell Ethereum.
- Register with Coinbase by entering your first and last name, e-mail address and telephone number. Choose a password and your account will be created. Then enter the code received by SMS to activate your account.
- Check your identity, once again this identification is very simple because several options are available to you, you can take a picture of the documents directly via your webcam or download the documents directly. The verification is very fast! Only a few minutes.
- Enter your bank details.
- Sell your Ethereums by going to the “Buy / Sell” section then click on the sale button. You just have to select your Ethereum wallet and indicate in which other currency or cryptocurrency you want to convert your Ethereum.
- Withdraw your funds: once the transaction is validated you can withdraw your funds in euros to your bank account.
Option 2: Sell Ethereum between individuals on a platform
If you want to deal directly with a buyer in order to sell your Ethereums, this is entirely possible via the Localethereum exchange site. This completely decentralized site, unlike conventional exchange platforms, lets you manage the details of the transaction between the buyer and the seller.
Once the details are settled, your Ethers are transferred to the buyer’s wallet and the money will be automatically deposited into your account, all of which is managed by smart contracts that automate and improve the speed of transactions.
Localethereum functions as a market in which users can place sell offers and buyers can respond to them. When selling on the platform, a fee of 0.25% will generally be charged. The site also provides a messaging service, which allows users to trade and negotiate.
In order to meet individuals who might be interested in buying your Ethers, you can also consult the Ethereum communities and the various events organized around the Ethereum project. There are even events that aim to bring sellers and buyers together in physics.
However, if you opt for this type of direct transaction, be sure to be careful and check that the buyer has good funds so as not to have any unpleasant surprises and especially not to waste too much of your time in negotiations. long. Use the Ethereum course to suggest your selling price and avoid any problems. The Local Ethereum site also allows you to rate buyers and sellers. So be sure to build a good reputation and check the reputation of buyers also before making a transaction.
How to sell ethereum on the Local Ethereum platform
Concretely, how does it work to sell your Ethereums on the LocalEthereum platform?
- Register by entering your personal information or by directly connecting your ethereum wallet.
- Observe the Ethereum sales market to set a price that matches the market.
- Place your offer, indicate the number of ethers you sell and at what price
- Get in touch with a buyer interested in your offer
- Confirm the transaction and receive your funds.
- Transfer funds to your bank account, credit card, Paypal account, or even cash via a Western Union or Money Gram account
Do not forget to read the regulations
The regulation is a major issue for the development of the use of cryptocurrencies, if this regulation remained unclear for a long time, it was clarified on April 26, 2018 in France. Since then, the Council of State has considered cryptocurrencies – including Ethereum – as movable property.
Thus, the capital gains from the sale of bitcoin must be declared for tax purposes. If you are an individual, the declaration will be made in the “BNC” box relating to the income generated on an occasional basis.
Bitcoin regulations vary by country, so we recommend that you inquire based on the country in which you are selling.
What to remember to sell Ethereum
The simplest solution to sell Ethereums therefore seems to go through a Coinbase exchange platform. Learn about the different platforms available on the market, especially regarding transaction fees and ease of use. Also check that these allow an exchange of Ethereum to euros and then that it is possible to make a withdrawal of funds in a simple way and without high fees. As we saw with option 2, it is also possible to make direct sales and be paid in cash or via a Paypal account. If you don’t have Ethereum for sale yet, don’t hesitate to consult our guide: How to buy Ethereum? to find out more.
Guillaume has been passionate about Blockchain technologies and cryptocurrencies for 2 years now. He firmly believes in the massive adoption of these in the years to come. Eager for crisp news and always on the lookout for the latest trends in the cryptocurrency market, he enjoys sharing with you all their secrets!