Ethereum is currently one of the best cryptocurrencies as it has continued to top the trading chart in the crypto market. It is in high demand as both traders and investors use different exchanges to buy, purchase, and sell it for maximum gains. As an Ethereum holder seeking to trade, it is crucial for you to know tips for selling Ethereum online to steer clear of scammers and earn the most profit from it when selling.
Before we get down to it, the best way to say Ethereum online is through a reliable crypto exchange platform. Bitmama is easily the best due to its high security and options to sell instantly or sell to other traders through P2P. Download the Bitmama app to begin.
What should I consider before selling Ethereum online?
There are certain things you must consider before selling your Ethereum online. Let’s briefly review some of these things before we hand out some tips for selling Ethereum online.
1. Cryptocurrency trading platform
The first thing to consider when it comes to selling your ETH online is finding a secure place to sell and this is where crypto trading platforms come in.
Although there are a considerable number of crypto trading platforms in Nigeria, you must consider the support for Ethereum tokens on that platform. Ensure that you find a platform that supports ETH transactions. Also, ensure that you find a credible and reliable trading platform you can use to sell your coins.
Since the major aim of selling your Ethereum is to make gains, your preferred payment method should be one of the first things to consider. While some crypto trading platforms only provide you with one payment option, others may offer you multiple ways that allow you to select the most suitable option for you.
3. Crypto wallet
It would help a lot if you already have a crypto wallet to help sell your Ethereum online. You may even have to create an Ethereum wallet on your preferred trading platform where you choose to sell your Ethereum and transfer your crypto tokens. For this reason, having a crypto wallet is extremely important.
4. Transaction fees
Transaction fee comparison is similar to buying a product from an online store, in which the best practice is to check other related e-commerce platforms to know their prices and go for the most affordable option. You can also apply this practice when searching for a crypto trading platform.
Before you think of selling your ETH, you must compare different crypto trading platforms to have an idea of their trading fees or general transaction fees as applicable. It is best to compare these fees on the different platforms to know the most affordable option that you can go with.
5. Crypto market
The crypto market is extremely volatile. This means that prices are unstable and can go from high to low in a few seconds. This is the nature of cryptocurrencies, which is why it is important for you to understand the highs and lows of the crypto market and what causes them.
Understanding the performance of the crypto market lets you know the best time to go ahead and sell your Ethereum in order to make maximum profit. To get a basic understanding of the crypto market and what to expect, you must stay updated on the latest crypto news and new trends to figure out when it is the best time to sell your token.
If you are considering selling your Ethereum for a profit, here are some of the best methods to achieve your goal:
1. Sell your Ethereum on a crypto exchange
Crypto exchanges are easily one of the best options if you wish to sell your Ethereum. Essentially, crypto exchanges are platforms that allow you to trade cryptocurrencies. A reliable platform like Bitmama generally has features that make it very easy to sell instantly or via P2P. Get started by downloading the Bitmama app today.
Each crypto exchange has its remarkable benefits that you can easily take advantage of. Nonetheless, before you will be eligible to sell your Ethereum on an exchange, you have to set up an account on the platform first by registering your details and going through the in-depth process of verifying your identity.
Note that exchanges are liable to hacks and other security breaches. Hence, it is important to do in-depth research before using one.
2. Shop gift cards or top up your phone with Ethereum
Did you know that it is possible to use your Ethereum to buy gift cards or recharge your smartphone? This is a good way to put your tokens to good use. All you have to do is look for a legitimate website that offers this feature, and then you are free to start converting your Ethereum to gift cards and recharging your phone.
3. In-person sales
In-person cryptocurrency sale is a great way to withdraw your token and some hard cash in return. In this method, you have to link up with a buyer physically to sell your ETH token. Certainly, you’ll have to take some safety precautions before physically meeting up with a stranger to trade digital currency. Here are a few safety tips:
a. First, ensure that you choose a reputed buyer. So many people out there are trying to take advantage of people new to the crypto market. So, it is important for you to do background research on the buyer and only sell to an individual you trust.
b. Also, negotiate and agree on a price before you think of selling. By doing this, you’ll avoid any confusion or conflicts down the line.
c. Lastly, ensure that you take basic security precautions by meeting in a public place and not disclosing personal information with the crypto buyer.
When you follow these simple tips, it ensures that selling Ethereum or any other cryptocurrency in person is a very safe and positive experience.
4. Cash out Your Ethereum at a Crypto ATM
Ethereum is a very popular cryptocurrency that people can use to buy goods and services online or can decide to cash it out at a Crypto ATM.
If you prefer to cash out your tokens at a Crypto ATM, then it is important to know that not all Cryptocurrency ATMs available support Ethereum. Hence, you’ll have to carefully find an ATM that does. Also, you’ll need to set up a wallet in order to withdraw your ETH coins.
It’s very easy to cash out your ETH token at an ATM. The major work is just finding an ATM that supports Ethereum withdrawals.
When you find an ATM that supports ETH withdrawal, follow the steps below:
First, enter your ETH wallet address
Next, enter the amount of tokens you want to convert.
Lastly, wait for the ATM to generate an OR code, which you will then scan with your crypto mobile wallet to transfer the Ethereum.
Once the transaction is complete and confirmed and everything goes smoothly, you should have your hard cash in no time! However, note that transaction fees with ATM withdrawals can be quite high. Hence, it’s very important to compare how much you’re paying in transaction fees with other methods listed above so you can check if it’s worth going through this route.
Tips for selling Ethereum online: Selling on Bitmama
Follow the steps below to sell your Ethereum on Bitmama:
Download the Bitmama app, create an account, and log in.
Complete your verification up until level 3.
Select “Sell” and the crypto you wish to sell (Ethereum in this case).
Provide the amount you wish to sell and click sell.
You will then receive your payment in your fiat wallet on successful confirmation of the crypto transaction.
You can also sell on Bitmama P2P by selecting “P2P” instead of “Sell” on your home page and create a listing on the marketplace.
What time is best to sell Ethereum?
Although you can sell your Ethereum anytime, it is best to sell your token when a price dip looms. This is to stop you from making a loss when ETH price later tanks.
Hence, you must stay constantly updated with the overall performance of Ethereum in the crypto market and the broad crypto market outlook. This will help you to make informed decisions on the best time to sell your token. Also, you can choose to sell your ETH when the gas prices are fairly low.
How do I sell my Ethereum for profit?
Although there are different ways to sell crypto online, the most straightforward way to sell your Ethereum for profit is by selling on a crypto exchange platform (like Bitmama) with a suitable price and a relatively low transaction fee. Thereafter, you can withdraw the money into your local bank account or just use it to purchase more digital assets.
If you’re a beginner in cryptocurrency, it can be very tough to know how to sell your Ethereum token online. Fortunately, the tips for selling Ethereum online provided above will guide you on how to go about it safely. Note that when it comes to selling your cryptocurrency for a profit, the most important thing is to find an authorized and reputable exchange platform – like Bitmama – for safety.