Ethereum is one of the most popular cryptocurrencies in the world. It is actively used both for transactions and for working through smart contracts.
Due to the high demand for this coin, many users wonder where to cash out Ethereum. In this article, we will answer this question, tell you what you need to consider when withdrawing funds, and offer instructions on how to exchange ETH for fiat on the popular exchange Bybit.
What Is Ethereum
Before we figure out how to cash out Ethereum to the card, let's examine this currency more closely.
Ethereum (ETH) is a cryptocurrency and the eponymous blockchain network, which is based on the principle of decentralization. Unlike Bitcoin, Ethereum runs on a Proof-of-Stake (PoS) algorithm, and coin issuance is unlimited.
One of the key focuses of the Ethereum platform is the creation of smart contracts and dApps. Smart contracts are a code that specifies the conditions of a transaction. Their implementation happens automatically without the influence of centralized organizations, which ensures that both parties fulfill their obligations. The code is executed through an EVM Ethereum Virtual Machine (EVM).
The wide possibilities of working with smart contracts and decentralized applications explain Ethereum's popularity. Its market capitalization exceeds $380 billion, second only to Bitcoin. Given such popularity, it is not surprising that many people are interested in how to withdraw ETH to a card.
What to Consider When Cashing Out Funds
There are many services on the crypto market that allow you to sell cryptocurrency. To find the right one, it is recommended to pay attention to several factors:
- Reliability. Unfortunately, there are a fraudulent and unsafe services. It is important to check the site's reputation in advance and read the protection systems it uses.
- Withdrawal speed. Withdrawing funds on many platforms can take from a few minutes to a couple of hours. Platforms with a fast/instant withdrawal function may be a more convenient option.
- Rates and commissions. Although many platforms offer a choice of several operators, some services impose their own exchange rate on users. To profitably withdraw Ethereum, it is important to find a platform with the best conditions and determine the size of commissions in advance.
- Limits. The service can set limits on Ethereum withdrawals. These limits can apply to all users and account holders who have not been verified at a certain level.
- Supported currencies. Due to sanctions, selling cryptocurrencies can be difficult for the citizens of some countries. You should make sure in advance that the platform works with the needed currency.
Ways of Ethereum Exchage
Online exchanges
One of the most common options for selling cryptocurrency is the use of specialized exchanges. You can find a suitable service on various aggregators.
Using some services, such as CryptoCloud, you can exchange not only to fiat but also to another crypto. The platform offers more than 1500 currency pairs, allows you to choose from several operators, and processes transactions in just a few minutes.
To make an exchange, you need to choose a currency pair and operator, specify your wallet address and send the required amount to the address provided by the service.
Offline exchanges
Selling Ethereum for fiat is also possible offline: some services offer this service. As in the case with online venues, you can find a suitable option through aggregators that monitor exchange offices.
Figuring out how to sell Ethereum, withdraw money, or get cash is quite simple. To perform the operation, you need to fill out an application on the exchanger's website or Telegram bot, specify the currency pair and amount, and come to the office at the appointed time.
P2P exchange
P2P exchanges are services for making transactions between users directly. The role of such a marketplace is limited to placing ads and providing a secure transaction environment where each party fulfills its obligations. This approach provides greater flexibility than working with centralized exchangers.
The peculiarities of the transaction depend on the specific site. As a rule, the user needs to find a suitable ad or place his own, and then transfer the required amount and confirm the transaction.
Among the popular platforms: Binance, Coinbase, Bybit, MEXC, KuCoin and others.
Crypto ATM
In addition to online services, Ethereum can be withdrawn through ATMs for cryptocurrency, which are available in some major cities. They allow you to quickly exchange crypto for cash and usually support several popular currencies.
It should be taken into account that such devices are not installed everywhere. In addition, not all crypto machines work with Ethereum: you should check in advance which currencies the selected terminal supports.
Cashing Out Ethereum from the Bybit Exchange
Cryptocurrency exchange Bybit is one of the popular crypto platforms. It has build-in crypto wallet and users have access to trading, P2P platform and several other tools.
Figuring out how to withdraw ETH from Bybit to an external wallet is quite simple. You need to click «Withdraw» in the «Assets» tab, select the account and coin to withdraw, specify the wallet address and chain type, enter the amount and confirm the operation.
In addition to withdrawal to an external address, users can sell Ether via P2P: the section is located in the «Buy Crypto» tab. To complete the transaction it will be required to:
- Select a suitable offer from the presented options on the «Sell» page.
- Click «Sell ETH» opposite the offer.
- Specify the amount of currency to be sold and confirm the transaction.
- Wait for payment from the other party. If necessary, you can contact the user in online chat.
- Finalize the transaction. You will need to click «Send Now» and enter the confirmation code.
To work with the P2P platform, you must go through the KYC procedure. The exchange does not charge commissions when making transactions, but if you choose some payment methods, you may need to pay a commission to the payment operator.
Withdrawing Ethereum: Which Service to Choose?
The crypto market has a number of services that allow you to exchange Ethereum for another cryptocurrency or sell it for fiat. Each of them has its own advantages and disadvantages.
For example, exchangers (e.g. CryptoCloud) allow you to perform the operation quickly and with a guarantee of safety, but they can set their own limits and commissions. P2P platforms, in turn, offer a higher level of freedom, but may be less secure, and it is not always possible to find the second participant of the transaction quickly.
Choosing the right option depends on the user's priorities and needs.
