Before You Sell Ethereum
Whether you buy it or mine it, sooner or later you may feel that you are better off selling your Ethereum (ETH). Your reasons for it may vary: you may simply decide that the number of businesses allowing direct purchases with Ethereum is still too...
Whether you buy it or mine it, sooner or later you may feel that you are better off selling your Ethereum (ETH). Your reasons for it may vary: you may simply decide that the number of businesses allowing direct purchases with Ethereum is still too small, or you have planned to sell your Ethereum for profit from the start. Whatever your reasons, you surely want to know where to sell Ethereum without all the fuss.
If you have acquired Ethereum by means of purchasing it, selling it will be an even easier affair because of your familiarity with the place you need to re-visit: crypto exchanges. Yes, these platforms represent the best place to sell ETH for beginners and experienced users alike, since the entire process resembles buying it in reverse. Yet, before you sell Ethereum on an exchange, make sure you check the exchange’s jurisdiction on your territory and the services they offer in relation to Ethereum.
Once you set up your account with the exchange and provide personal data, you’ll have to decide if you want to trade your Ethereum for a fiat currency or another crypto. You can either announce that you are selling your Ethereum or look for the existing orders for it. In any case, you’ll want to keep an eye on volatile exchange rates. In addition, some exchanges may be more oriented to dealing with larger trading volumes that are more suitable for big-time investors and traders, so you better check this in advance.
When it comes to exchanges, one of the key difficulties of selling Ethereum is the frequent slowness of the verification process which entails uploading large documentation and waiting for the review of your account. Also, the fees they charge for open buying or selling may not be to everyone’s liking.
If you have the stomach for a more informal alternative, you can try your luck on peer-to-peer trading platforms (such as Localethereum) which represent the fastest way to sell Ethereum. In this case, you can sell your Ethereum on a decentralized platform without any intermediaries. Since smart contract technology is used for effecting transactions on these networks, your knowledge of it will help you better understand the trading process there.
When it comes to ETH selling tips, it all depends on what you are trying to achieve and whether you are looking for long-term or short-term gains.
-If you are applying buy-and-hold strategy, bear in mind that you do not have to sell all of your tokens. You can wait until the prices get higher and sell them in portions.
- Make sure you keep an eye on prices by studying the exchange rates related to Ethereum.
- You can also use ready-made trading notification tools which will alert you to the spikes in prices as the right opportunities to sell.
- Monitor all developments related to Ethereum platform itself to avoid losses if the things go south with it.
- Active trading on a pro level requires advanced knowledge of the cryptocurrency market and it’s not for the faint of the heart!