Bitcoin is certainly the most popular cryptocurrency, but let's not forget about Ethereum. In one of the previous articles, we have already explained how to convert Bitcoin, and now it's finally time to pay attention to cryptocurrency #2, Ethereum (ETH). Converting Ethereum to cash is easier than you think. So, how to convert Ethereum? How to withdraw crypto to a bank account?
The popularity of cryptocurrencies is gaining momentum every day. Therefore, understanding how to convert Ethereum to fiat is very important. If you want to sell cryptocurrency and cash out Ethereum, here are some easy and convenient ways.
What is Ethereum
Ethereum is a decentralized blockchain. However, the main cryptocurrency of the network is also often called Ethereum. Its real name is Ether, and it is the second-largest cryptocurrency in the world. The Ethereum blockchain is also widely used to create and manage other ERC-20 tokens.
As you already understand, this coin is very well-known, so it will not be difficult to convert this cryptocurrency into cash.
Can Ethereum be converted to fiat
Yes, you can convert Ethereum to fiat and cash out your money. Each cryptocurrency owner decides whether to store cryptocurrency in a wallet or exchange it for fiat.
The most common and convenient way to convert Ethereum to USD, EUR, or other fiat currency is with the help of a cryptocurrency exchange. Ethereum is a popular coin and is available on most exchanges. In addition, there are several methods of converting and withdrawing cryptocurrency.
How to convert Ethereum to cash: main methods
It is necessary to understand how each method works. All of them have their own advantages and disadvantages. We will describe them in detail, and you can choose the option that suits you the most.
Selling Ethereum on a crypto exchange
A cryptocurrency exchange is one of the easiest ways to convert cryptocurrency to fiat money. If you already use a cryptocurrency exchange, you can quickly sell Ethereum and withdraw funds to your bank account.
To exchange a cryptocurrency, you need to log into your account, select the asset (in this case, Ethereum), and click the Sell button. A window with a detailed description of the operation and the transaction fee will appear. Now you need to select the fiat currency you want to receive, indicate the amount you want to sell, and confirm the process. That's all. After that, you can transfer the money to your bank account and withdraw it at any time convenient for you.
This method is valid, provided that there are no restrictions on withdrawing money from the stock exchange. Unfortunately, such restrictions are currently in force in Ukraine. And until they are canceled, you can use alternative exchange methods.
Peer-to-peer (P2P) trading
Cryptocurrency exchanges allow you to store and quickly convert cryptocurrency, but you should also pay attention to P2P exchanges. This method allows sellers and buyers to negotiate terms without an intermediary. This can save money for both users. Remember that P2P transactions are more complicated than withdrawing money from a card, but this method puts a greater degree of control in the hands of users.
You can exchange crypto without intermediaries, for example, on Bitcoin Global. ETH is a fairly popular asset, so you can easily find a buyer who will agree to send money for crypto directly to the card.
Crypto ATMs
Crypto ATMs are quite popular. They allow you to withdraw cryptocurrency here and now. Thanks to such ATMs, it is possible to convert, sell and buy cryptocurrencies in minutes for cash (which is not possible with all the other methods described here). So, what is the catch?
The conversion of cryptocurrency involves fees. And fees at such ATMs are quite high: sometimes up to 3-5% of the amount. Also, crypto-ATMs are not as widespread as regular ATMs of Ukrainian banks. In many cities of Ukraine, there is not a single crypto ATM, and even in large cities such as Kyiv or Dnipro, it is quite difficult to find these ATMs unless you specifically look for them on the map.
Using a crypto debit card
Cryptocurrency cards allow you to convert Ethereum or other cryptocurrencies into any fiat currency. In addition, you can pay with these cards in offline and online stores for goods and services, as well as withdraw cash from ATMs.
Crypto cards work like regular debit cards, only funds are withdrawn not from a bank account but from a crypto wallet. There are quite a few cryptocurrency cards that offer different terms, benefits, fees, and other features.
The disadvantage of this method is that the card must be ordered in advance. Production and delivery can take from several days to several weeks, depending on the issuer. Also, if you are willing to cash out crypto instantly, this option will not work for you.
Tips for converting ETH to cash
Now that you understand how to sell Ethereum let's talk about the transaction time. How long will it take? A few minutes in total. Especially if we are talking about a cryptocurrency card or a crypto exchange. So you can exchange Ethereum for fiat currency almost instantly. Selling crypto on a P2P exchange provides a favorable exchange rate but may take longer.
Using the solution by Whitepay, you can directly exchange ETH for goods and services
Exchange ETH
Obviously, all the methods have some disadvantages. Sometimes you need to sacrifice money, time, or security. To find the most suitable method, compare the four options described here, weigh all the pros and cons, and set your priorities.
So, we have analyzed the main ways to exchange and withdraw Ethereum. Each of them has its own unique process, so it's worth choosing the one that's right for you. Remember that converting cryptocurrency to fiat involves fees.
Security of exchanging Ethereum for real money
Cryptocurrencies are quite secure. They are very hard to hack because they are secured by blockchain. But when the world of cryptocurrencies collides with the world of traditional finance, problems start to appear. When looking for a way to sell crypto online, you may end up scammed, so be very careful.
Cryptocurrency exchanges are safe as long as you use a popular platform with a proven reputation. P2Ps are more risky because you are dealing with private individuals, so trading on such platforms requires experience and caution. Crypto ATMs are also quite risky as they can be fraudulent or malfunctioning. As for cryptocurrency cards, they, like exchanges, are quite safe, provided you find a reliable issuer.
