Whether you have earned Ethereum through mining or purchased Ethereum, there may come a time when you want to exchange some of your balance for good old US dollars.
The easiest and cheapest way to sell Ethereum is to use an exchange with an ETH/USD pairing. Each platform has its own process, but in general, you can exchange your Ethereum for USD on an exchange by:
- Having or creating an account with an exchange that is linked to your bank account
- Sending your Ethereum to the exchange
- Selling the Ethereum for USD
- Withdrawing the USD to your traditional bank account
- Paying all associated fees
- In this short article, we will walk you through the selling process on three of the most popular exchanges used to sell Ethereum.
Ethereum Price in USD
Before you sell your Ethereum, you should check the current price in USD to know how much you can expect to get on an exchange. In 2022, the price of Ethereum fluctuated between $2,604 and $3,383 (as of May). You can use our current price tool to see how much your Ethereum is worth.
How to sell Ethereum on Coinbase
Coinbase is the easiest platform to sell Ethereum for USD. Coinbase has a web and a mobile interface that you can use to sell, but we will only cover the web platform here. The steps to sell via the mobile app are almost identical.
First, create a Coinbase account and enter your account details. After that, you need to send your Ethereum from your current wallet to your Coinbase wallet.
Then, click the “Send/Receive” button on the dashboard and navigate to the “Receive” tab. Select Ethereum under “Asset” and you will be given the public address to send your money to. After sending your Ethereum to your Coinbase wallet, click on the “Buy/Sell” tab. Then, select the “Sell” option and make sure your currency is set to Ethereum.
From there, you can specify how much Ethereum you want to sell and confirm your transaction. Coinbase charges a 1.49% fee when selling to a US bank account or USD Coinbase wallet. A fee of 3.99% is charged when selling to a PayPal account.
Pro tip: Coinbase Pro is a slightly more complex product from the same company, but offers the ability to sell Ethereum at much lower fees.
Then your work is done! All you have to do is wait for the USD to arrive in your traditional bank account. For US bank accounts, it can take anywhere from 1 to 5 business days to receive your funds.
How to sell Ethereum
Gemini is another exchange you can use to sell your Ethereum for USD. The platform is a bit more complicated than Coinbase and also offers a mobile app.
To sell Ethereum through Gemini, you first need to create or have a profile created for your bank account. Next, navigate to the ETH deposit section of the platform via the “TRANSFER FUNDS” tab at the top of the screen.
Here you will be given a public address to which you can transfer your funds. If you have Ethereum in your account, click on the ETH → USD option under the “SELL” tab. You can sell your Ethereum just like any other cryptocurrency by placing an order or taking an order off the books.
Gemini uses a fee schedule to determine the fees for trading Ethereum. This figure is determined by your 30-day trading volume and whether or not you are a maker or a taker. The fees range from -0.1% to 0.25%.
After you trade your Ethereum for USD, you can withdraw it to your bank account with no additional fees.
How to sell Ethereum on Kraken
To sell your Ethereum on Kraken, you will need to create an account again or have an account linked to your bank. You will also need to complete a level 1 verification by providing your full name, date of birth, country of residence, and phone number.
Once you are verified, you can transfer your Ethereum to Kraken by going to the “Funding” tab. From there, simply select “Ether” and generate a new address to send your currency to.
Similar to Gemini, when you sell, you can either place an order or execute an order that has already been placed. Kraken fees are also calculated based on your 30-day trading volume and Maker/Taker status. These fees typically range from 0.00% to 0.26%.
Final Thoughts: The best place to sell Ethereum
Regardless of the reason you want to cash out your Ethereum, you can sell Ethereum quickly and easily online through an exchange of your choice.
Be sure to check the conversion rate before selling and be aware of any exchange-specific fees or delays that may apply. When looking for the best place to sell your Ethereum, keep a few incredibly important things in mind:
Make sure you send your Ethereum to the right address. Copy and paste the data directly from your exchange and verify it to avoid losing the money. Try to limit the number of transactions. Ethereum’s network fees can sometimes be quite expensive, so try to send as little as possible. Use an exchange that you trust. All of the above exchanges have been trusted in the industry for almost a decade.