top of page
  • Writer's pictureFavfacts Blog

How to Withdraw Ethereum to Cash? A Beginner’s Guide!

To withdraw and convert crypto into cash is easy as 1-2-3 for few, while it is mind boggling for others. If you need some answers on how to sell ethereum for cash, you are in the right place. Before we get into the details of how to sell ethereum to cash, the more important question is why you need to do that. To tell you the truth, crypto has a long way to travel before it is accepted as a payment method for services and products. Yes, it is being used gradually, but not in a large scale. We are in a transition phase. Therefore, if you know how to cash out bit coin on cash app, it will help you to make better use of the digital assets in future.

Can I Withdraw Ethereum to Cash?

Definitely! If that was not possible, you would not be reading this post. We will share the details on how to withdraw ethereum to cash. What we mean by withdrawing ethereum to cash is converting ether into fiat money. Every crypto investor can decide whether they want to keep the digital assets for long term or they want to cash out at any convenient time. If you need to cash out the ethereum, you need to read on this blog to know the best ways to withdraw ethereum to cash.

How to Withdraw Ethereum to Cash? Explained in Layman's Terms

The most common method used to withdraw ethereum to cash is to use a crypto exchange. Why is that? The reason is, ethereum is a popular coin and it is traded across most of the exchanges. Therefore, you have to choose a reliable platform before you start in the cryptoverse.

There are a lot of crypto exchanges available in the market. Thus, do some research before you start with one. This is not just for scams. A lot of crypto exchanges also have hidden charges and high commission rates. Before you start out with a crypto exchange, you should be clear about the charges and exchange rates that you will get.

Trending Today

A Few Details about Crypto Exchanges

You will need a crypto exchange when you plan to cash out bitcoin on cash app. Therefore, you need to know the following about the crypto exchanges.

  1. Firstly, check the reviews whether the platform is a reliable one or not.

  2. Secondly, check the range of features and products that the exchange platform offers.

  3. Thirdly, think about the transparency and fairness of the exchange platform.

How to Convert Ethereum to Cash

When it comes to ethereum to cash converter, you need to go through a crypto exchange. You shall also have the option to withdraw the funds to your bank account. Here are the steps to do it:

  1. You need to transfer the ETH to the crypto exchange if you need to use a different source for obtaining the coins. This will be a regular transaction bit the exact steps will depend on the hot or cold wallet that you are using.

  2. The next step is to sell the ETH against your preferred currency (USD or EUR) on the exchange platform you chose. You can trade ether just like any other crypto simply by placing an order.

  3. Now, what is left is, you have to withdraw the money from the crypto exchange to the local bank account through wire transfer. This process might take several business days depending on the bank.

How Long does it take to Convert Ethereum to Cash?

Now that we know how to convert ethereum to cash, let us shed some light about the transaction times. Here we shall differentiate between the transaction times needed to transfer ETH from the wallet to the exchange and those who transfer actual money to the bank document.

The transfer time of ETH from the wallet to the exchange will depend on the Ethereum blockchain. It depends on how congested the network is. The more congested it is, the more time it will take. In simple words, the more people are trying to make transactions at the same time, the more transactions the miners will need to confirm.

A certain number of confirmations is needed to transfer ethereum. This is what makes the transactions secure. The quickest transaction time in the industry is 10 confirmations in 3 minutes for Ether and Ethereum-based tokens. The transfer time of the actual money to the bank account will depend on the operation process of the bank.

Also Check

Interesting Facts About Cryptocurrency

How to Sell Ethereum?

Cashing out Ethereum through crypto exchange is the best way to get cash for Ethereum. However, you can also sell Ethereum directly to others and get Euros and Dollars. You can do that by placing private advertisements that you want to sell Ethereum. You can also opt for the peer-to-peer exchanges. With both these options, you shall be directly in touch with the buyer. This will allow you to set a price and also arrange a face-to-face meeting with the buyer to exchange the money. However, when you choose peer-to-peer trading option, you are dealing with individuals. Therefore, the chances of the deal going wrong is high.

Quick Tips , Technique to Sell Ethereum Safely

Here are 2 tips to protect your ethereum while selling them directly.

1. Keep an Eye Out for Scammers

When you are meeting up with a peer buyer, you shall need an active internet access for confirming the transaction. Before you confirm the transaction on your side, you must make sure that the person you are trading with, has got funds available. He should be ready to confirm the transactions on their part. There are people who might press the "send" button at the same time.

2. Preventing Errors

Make sure to double check the public addresses, the amount of money that you are sending and also the exchange rate. This will stop you from making any errors. Also, if you meet face to face, make sure it is a public space and take all the necessary precautions to ensure physical safety as well.

Final Thoughts

Knowing how to withdraw ethereum to cash is crucial these days because the digital assets will be the preferred mode of currency in the coming years. If you want to use Ethereum assets for buying something outside the Ethereum network, you shall need to know how to convert ethereum.

You can use a crypto exchange to cash out ethereum easily. Also, you shall need an existing bank account to get the details verified. When you are registered, cashing out is easy like placing an order on the platform. Sometimes, cashing out might take long if you need to wait for the order to be fulfilled.

Once the order is filled, you can then request the funds to be transferred to the bank account. Now that you have learned to transfer the crypto assets into cash, you are set to spend the amount in any way you want.

4 views0 comments
bottom of page