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Using an Online Converter
Find out how much your Ethereum is worth with a basic converter. Basic online conversion calculators are available on sites such as Coin Market Cap and Currencio. For these no-frills converters, you simply enter the amount of Ethereum you have and the calculator automatically tells you what your Ethereum is worth in US dollars. The down-side of these basic converters is that you may not know what exchange rate the calculator is using, or where the website got that exchange rate. While a basic converter can give you a general idea what your Ethereum is worth, you need more detail if you plan on selling your Ethereum for the best possible rate.
Compare the price at exchanges with a more detailed price chart. Other websites, such as Coin Gecko, go beyond the basic exchange rate and conversion calculator. They also show you what rate Ethereum is currently trading at on some of the largest exchanges. If you don't already have an account at a cryptocurrency exchange, or if you're not sure which one you want to use to sell your Ethereum, these charts can help you find the best rate.Tip: The prices listed in these charts don't take into account the fees charged by the exchanges to handle your transaction. Exchanges with higher fees may have higher exchange rates, but the gain would be offset by the fees.
Evaluate highs and lows to determine the best time to sell. Ethereum, like any cryptocurrency, is extremely volatile. If you evaluate the daily highs and lows for several weeks you may be able to isolate patterns in its movement. These patterns can help you decide when is the best time to sell your Ethereum. Look also at the volatility at different exchanges. You'll typically get a more reliable price if you use an exchange without a lot of extreme fluctuations in the exchange rate.
Trading Ethereum on an Exchange
Choose an exchange with an ETH/USD pairing. Coinbase, Gemini, and Kraken are 3 of the most popular exchanges used to sell Ethereum for US dollars. Of the 3, Coinbase may have the simplest interface. However, Coinbase also has the higher fees of the 3. Coinbase fees are 1.49 percent when using a US bank account. Gemini and Kraken charge fees well under 1 percent. Fees are typically much higher if you're depositing your dollars into a PayPal account rather than a US bank account.Tip: If you are outside the US, make sure the exchange works in your country, and that your bank account accepts US dollars.
Create an exchange account if necessary. If you don't already have an account with the cryptocurrency exchange you want to use, you'll have to set one up before you can sell your Ethereum. Setting up an exchange account is similar to setting up a traditional banking or investment account online. You must verify your identity before you can start trading on the exchange. Each exchange has a slightly different process. Typically, this involves scanning a valid government-issued photo ID and providing personal information such as your birth date and phone number.
Link a bank account to receive your funds. Once your account is set up, add your bank account to your profile by entering the account number and bank routing number. Some exchanges may have an additional verification process. You may be able to link a PayPal account rather than a bank account. However, if you use PayPal, you'll typically incur higher fees – both from the exchange and from PayPal. Depending on the amount of money you transfer, PayPal may also place a hold on your funds.
Send your Ethereum to your exchange account. Your exchange account will have a public address that you'll use to send your Ethereum there from your wallet. Open your Ethereum wallet interface and click the option to send Ethereum. Then enter the public address for your exchange account. It may take an hour or two for your Ethereum to show up in your exchange account, depending on network traffic.
Place an order to sell your Ethereum for US dollars. Once your exchange account is funded, choose the option to sell your Ethereum, then select US dollars (USD) as the currency you want to trade it for. The default price will be the price Ethereum is currently selling at on the exchange. You may have the option to create a limit order, through which you specify the price you're willing to accept for your Ethereum. However, with a limit order, there is a risk that your Ethereum won't be sold.
Withdraw your cash to your bank account. When the sale is completed, US dollars will show up in your exchange account. Select the option to withdraw those funds, then identify the account where you want the funds sent. It may take as many as 3 to 5 days for the cash to show up in your bank account, depending on the time of day and day of the week when you make your withdrawal. If you withdraw on Friday night, for example, your money may not hit your bank account until Tuesday or Wednesday of the next week.
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