A Step-by-Step Guide to Selling Ethereum in Australia
How do I sell Ethereum?
The best way to sell Ethereum in Australia is to use an online cryptocurrency exchange. There are numerous aspects to take into consideration in selling ETH.
Before registering for an exchange, make sure the currency is available on the platform, and you can transfer the desired fiat currency from the bank account.
Compare exchanges to discover the most affordable deposit fees and withdrawal and trading charges to maximize the cash received.
Step 1: Decide the best place to sell Ethereum
A crucial element when selling Ethereum in Australia is selecting the correct exchange. Different exchanges charge different prices to sell Ethereum Australia; therefore, selecting an exchange that will increase the amount you keep following the time your Ether (ETH) has been transferred is essential.
In addition, if you are planning to trade your ETH in exchange for fiat currency, you should be sure you can transfer the fiat into an account in a bank.
There aren’t all exchanges with this option, so check out the table of exchanges below to select one compatible with your bank account.
Step 2. Create an account
The process of opening an account with an exchange and establishing it for selling Ethereum is generally a three-step procedure that involves the registration process, passing KYC, and establishing an account with a bank.
Sign up for the service using an email address and a password. You’ll have to present an ID card from the government for the KYC procedure.
Step 3: Deposit Ethereum
The selling process begins with depositing Ethereum on an exchange. You can copy and paste the Ethereum account number from your balance page.
This approach is prone to errors and may cause a complete loss of funds. If you doubt, send an amount to test before you send the remainder.
If you are sure you have sent the Ethereum to the correct address provided by the exchange company, press send and sit back and wait until the Ethereum is delivered.
Step 4: Sell Ethereum
There are many methods of selling Ethereum in Australia; however, there needs to be more overlap between the strategies.
It is possible to sell Ethereum in exchange for fiat currency, but you could also trade it for other currencies. The first thing to know is the price you’re selling Ethereum for. After that, you can locate an exchange that permits you to exchange one for another.
To make the trade, there are two types of orders that you can make available to the exchange, limit orders and market orders. There are often immediate sell options as well.
Market Order: A market request is executed immediately and provides the most significant assets at the most affordable price based on actual market conditions. Depending on the amount of Ether you’re looking to get rid of, you could receive less of the asset than you’d like. In this scenario, you’re the one who takes off the transaction, and you pay the taker’s fee. Further details on this will follow.
Limit order: You choose the price you want to trade your ETH. They can be executed immediately if the selling price is less than the current highest price for buying. In this scenario, you will be the buyer in the transaction and must pay the taker’s fee.