Ethereum is the world’s second-highest valued cryptocurrency, right after Bitcoin. One can trade and mine Ethereum using the blockchain platform with the same name. It has multiple names, including ETH, Ether, or simply Ethereum. 

There are numerous ways to convert Ethereum to fiat currency. Some of the most popular ways to convert your Ethereum to fiat money are by using crypto exchanges, ETH ATMs, or selling your Ether to another person.

Use Cryptocurrency Exchanges
1

Use Cryptocurrency Exchanges

The most popular way of exchanging your Ethereum for fiat money is using crypto exchanges. A crypto exchange is a place where you can trade cryptocurrency for any fiat currency, like USD.

Here are easy steps you can follow to exchange your Ethereum for cash:

  1. Set up an account with a reliable crypto-exchange platform
  2. Connect an existing bank account & provide necessary details
  3. Transfer your preferred amount of Ether to this crypto-exchange
  4. Transfer your mining rewards to this crypto-exchange
  5. Sell your Ethereum against your preferred fiat currency, for instance USD
  6. Withdraw your earnings to your bank account
  7. Pay withdrawal fees/commission rates.
Sell ETH to Another Person
2

Sell ETH to Another Person

So-called peer-to-peer trading allows you to sell your Ethereum directly to another person online. There are many P2P platforms that connect cryptocurrency buyers with sellers. This is also a popular method to trade cryptocurrency and get cash fast.

Here are the steps you can follow to sell Ethereum using peer-to-peer trading (we’re using Binance as an example for our P2P platform)

  1. Set up an account on the P2P platform and get your identity verification done
  2. Click on ‘Buy Crypto’ and then select ‘P2P trading’
  3. Then click on ‘sell’ and select ‘Ethereum’. Select ‘payment’ in the filters, choose your preferred ad and then click on ‘sell’
  4. Now, you can enter the amount (in your fiat currency) and again click on ‘sell’
  5. Now the buyer needs to make the payment. At this step, your screen will display ‘Payment to be made by buyer’

Once the payment is made, check if you have received the funds before releasing your Ether assets by clicking on ‘Confirm release’.

Use ETH ATMs
3

Use ETH ATMs

Bitcoin ATMs allow you to cash out your Ethereum. However, this method is not as popular as the two mentioned above because a few criteria need to be met to cash out your Ethereum from a Bitcoin ATM.

  1. The Bitcoin ATM must be compatible with Ethereum
  2. The Bitcoin ATM must allow you to cash out your cryptocurrency.

Many Cryptocurrency ATMs only allow users to buy a cryptocurrency and not cash it out. For example, only 20% of Bitcoin ATMs allow you to cash your Ethereum out in US-based machines.

We hope this article has helped you better understand your approach towards exchanging your Ethereum against fiat money.

FAQ

Can Ethereum be cashed out?

Yes! Every cryptocurrency can be cashed out! The most popular way of cashing out Ethereum is to use crypto exchanges where you can exchange your Ether for any form of fiat currency, such as USD.

How long does it take to cash out Ethereum?

The amount of time taken for you to cash out Ethereum is dependent on the amount of time taken for your Ethereum transfer to your crypto exchange, the method of order completion selected by you, and the time taken to withdraw your funds.

What are the things to keep in mind while selling Ethereum?

Whether it is a crypto-exchange platform or a peer-to-peer trading platform, you need to take care of some things: beware of scammers, carefully enter data, make sure your internet connection is stable, and only trade in legitimate platforms. 

Also a question? Ask it here: