Ethereum is a cryptocurrency, and it’s the second-largest in the world. You can buy, sell or trade Ethereum with other digital currencies or fiat money like US dollars. This guide will show you some easy steps to cash out Ethereum and get your money into your bank account.
Let’s look at them.
1. Choose a cryptocurrency exchange
There are many cryptocurrency exchanges, but not all of them allow you to cash out Ethereum. You will need to find one that does. Once you have chosen an exchange, create an account and verify your identity. Most exchanges require this process to protect their users from fraud. You can join Ethereum Code for trading with greater profit.
2. Connect a current bank account
To cash out Ethereum, the first step is to connect a current bank account. This can be done by clicking on the “Bank Accounts” tab and selecting “Add Account.” From there, you will be prompted to enter your bank login information.
Once your bank account is connected, you will be able to transfer funds in and out of your Ethereum wallet. You can also use this bank account to purchase goods and services online.
3. Transfer your Ethereum to a cryptocurrency exchange
The easiest way to cash out your Ethereum is by transferring it from your wallet or cryptocurrency exchange into a fiat-accepting cryptocurrency bank account. However, the process of finding an ideal banking partner can be challenging and time-consuming due to the plethora of options available in different countries around the world.
4. Move your mining winnings to a cryptocurrency exchange
To cash out your Ethereum, you will need to move it to a cryptocurrency exchange. This can be done by transferring the Ethereum from your mining pool account to your exchange account. Once the Ethereum is on the exchange, you can sell it for the currency of your choice.
The exchange will then provide you with a wallet address to send the currency to. Send the currency to this address and wait for it to be confirmed on the blockchain.
5. Exchange your Ethereum into the desired currency
A few different exchanges allow you to exchange your Ethereum into other currencies. Some of these include Coinbase, Bitfinex, and Kraken. Please choose the most convenient one for you and follow their instructions on how to complete the transaction.
Be sure to double-check that the address you are sending your Ether to is correct, as any mistakes could result in lost funds. After submitting the transaction, wait for it to be processed, and then you will see your desired currency in your account.
6. Withdraw funds from your bank account
If you decide that it’s time to cash out your Ether or ERC20 tokens via a bank transfer, the first thing you need to do is send them from your wallet (or exchange) to an intermediary address. Once there, we can help you withdraw those funds and get them sent over to your bank account as USD.
The Bottom Line
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference. If you want to cash out there, you must follow the above-mentioned steps.