How To Buy Ethereum With Cash
In a lot of ways, Ethereum is becoming a major platform in the world of decentralized finance, gaming, and for emerging Web3 projects such as NFTs and the metaverse. The reason? Ethereum is designed around the framework of programmability and interoperability, which makes it suitable as a platform for other projects to build in the decentralized space without having to build and maintain their own blockchain.
how to buy ethereum with cash
One of the key attributes of Ethereum is that it is among the largest smart contract platforms. Smart contracts enable code-based actions without the need for a middleman or trusted third-party. This kind of functionality is what makes it so easy for other crypto projects to build on Ethereum, and enables entirely new kinds of governance structures like decentralized autonomous organizations (DAO).
One of the reasons that Ethereum has been so successful at attracting other projects into its ecosystem is that it enables new tokens to be issued as assets. Today, most Ethereum-based projects run on something called the ERC-20 standard, which means projects and companies can interoperate with one another. It also means the users can have one single digital wallet that supports the ERC-20 standard and use it to access a number of products and services.
One way to acquire ether is by exchanging it for another cryptocurrency or purchasing it using fiat (which is becoming easier and easier as more options become available). Using fiat-to-crypto exchange platforms, you can buy ether by either doing a bank transfer or paying with your credit/debit card. However, what happens if you want to buy ETH with cash? A cash payment ensures maximum confidentiality, since the transaction is carried out without consulting your bank.
These decentralised platforms function in the same way as e-commerce marketplaces like eBay or Etsy, which connect sellers with buyers. In the same vein, LocalCryptos allows you to get in touch with an ether seller. Most platforms include an internal messaging service that allows you to chat with the seller before completing the deal and arranging a rendezvous.
Websites like CoinATMradar will allow you to locate nearby available distributors. Open an account, choose which ATM you want to go to and proceed with the transaction. You will have to go through identity verification, then choose your wallet and deposit your cash. The equivalent amount in ether will automatically be transferred to your wallet.
Another option is to use a Paysafecard prepaid card. This card can be purchased with cash at various shops, bars and supermarkets. It can then be used to make secure transactions online using its PIN number on cryptocurrency platforms that accept it, such as eToro.
Using the same principle, you can also buy a prepaid Digycode top-up from tobacconists if you are abroad in France and have some euros in cash. Once you have created your account on the Digycode site, enter the secret code located on the card. You can then use the money on your Digycode card to purchase ETH.
The second solution is to opt for a paperless transaction which some sites allow through the use of ATMs. Finally, a postal order and the use of cash purchases of prepaid cards are two other ways to obtain ETH.
While centralized crypto exchanges like Coinbase or Kraken make it easy to store and convert your crypto holdings to cash, the fees they impose can be a tough pill to swallow. One alternative is to be your own exchange by selling crypto directly to another individual through a peer-to-peer (P2P) exchange. Such a transaction lets the seller and buyer agree to terms without an intermediary, which could save both users some money. P2P transactions are considerably more complicated than loading up a debit card or selling on a centralized exchange, but the method puts a greater degree of control in the hands of the users.
There are multiple methods for converting your Ethereum holdings to cash, all of which will result in getting greenbacks in your hand. However there are a few important things to consider before cashing out.
Fees are an inevitable part of transacting in cryptocurrency, and you will be charged for the service of converting your ETH to cash. The size of the transaction should govern which method of conversion you use, and you can check out our in-depth guide to crypto transaction fees to learn all about how to pay lower fees when converting crypto.
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
Jamie Matthews is alumni of Ohio State University and still calls Columbus, Ohio home. She is a finance editor with over seven years of experience. When she isn't obsessing over grammar and punctuation, she enjoys baking, binge-watching cooking shows, and being a proud dog mom.
Ethereum (ETH) is the most valuable altcoin in the cryptocurrency market. Thanks to its popularity and functionality, Ethereum is one of the most sought-after digital assets in the market. Many investors have bought and held onto Ethereum waiting to sell at the right price. For those that don't know how to cash out of Ethereum, this guide will explain the steps involved. In addition, provide our list of the best exchanges to sell Ethereum to get the most value for money.
Ethereum is one of the most popular cryptocurrencies and can be sold on various exchanges and brokers. Sifting through each option can be time-consuming, so we have listed and compared the best exchanges to convert Ethereum into cash. Our top reveals of where to sell ETH takes into account the verification process, trading fees, withdrawal fees and overall ease of use.
Binance is our top exchange to sell Ethereum as it is the largest platform based on daily crypto trading volume and a great place to sell ETH instantly with low fees. The exchange also operates in over 100 countries, sourcing liquidity from millions of users and creating a healthy economy where traders can trade digital assets in minutes. Users can sell their ETH coins immediately for fiat currency or another cryptocurrency through the broker. At the same time, traders could simply transfer their assets to leading Ethereum wallets such as Metamask and Exodus.
Binance maintains varying minimum withdrawal and fee pegs for Ethereum. For instance, the ERC-20 version of ETH on Binance comes with a minimum withdrawal amount of 0.0098 ETH, while the fee is 0.0012 ETH. The BEP-20 version, housed on the BNB Smart Chain, has a minimum withdrawal amount of 0.00011 ETH, while withdrawals cost 0.000055. The withdrawal amounts and fees vary on Arbitrum One, BNB Beacon Chain, and Optimism.
The San Francisco-based exchange charges a flat fee on all sell orders up to $200. The platform charges $0.99 for transactions $10 or lower; $1.49 for those between $10 and $25; $1.99 for those between $25 and $50; and $2.99 for transactions within the range of $50 and $200.
Investors can receive their cash via their preferred payment methods. Coinbase supports ACH transfers, Instant Cashouts, debit cards, wire transfers, PayPal and other digital solutions. All withdrawal options offer instant payouts except ACH and wire transfers. The fastest way of withdrawing funds from the platform is through the Instant Cashout feature. This method allows investors to instantly receive funds in their cards or bank accounts. Coinbase only supports Visa-enabled debit/credit cards and bank accounts domiciled in the US for the Instant Cashouts. The Visa card option charge for US customers is a 1.5% fee on the transaction total and a minimum fee of $0.55.
Withdrawal timelines on Coinbase vary based on the trader's desired channel and location. However, using the ACH option requires 3-5 business days, while wire transfers are processed within 1-3 business days. For a full list of withdrawal options, read our Coinbase review.
eToro is the world's largest social trading platform that offers crypto traders several benefits. The first is its ease of use. eToro is an intuitive platform for first-time traders with a signup sequence that takes just a few minutes. To sell Ether coins on eToro, an investor must close their position and request a withdrawal of their funds in their preferred fiat currency. This process attracts a flat 1% trading fee on eToro.
eToro also asserts that PayPal withdrawals would only be possible if the user made their deposit using PayPal. And transfers in currencies other than the US dollar will be subject to a conversion fee and the standard $5 withdrawal charge. eToro charges a $5 fee for every withdrawal initiated.
In terms of withdrawals, Crypto.com allows two methods: Users can either withdraw crypto to an external wallet or exchange or withdraw funds to the Crypto.com Wallet App from the exchange. This is because the Crypto.com exchange does not support fiat withdrawals on the exchange. The Crypto.com app allows numerous withdrawal options, including bank account transfers. However, customers can only withdraw $100 minimum, and it takes 3-5 business days to receive the funds. Withdrawals to external addresses on Crypto.com are pretty straightforward. The process is usually completed in 2 to 3 hours. This is fairly better compared to the 5 working days requirement on eToro.
Like Binance, Crypto.com has varying fees and withdrawal limits for ETH based on the network. The ERC-20 version of ETH comes with a withdrawal fee of 0.004 ETH and a minimum withdrawal of 0.008 ETH, while the BEP-20 version has 0.0005 ETH and 0.001 ETH in withdrawal fees and minimum withdrawal, respectively. Other ETH versions on Crypto.com include Cronos, Arbitrum, Polygon, and Optimism. This broker charges a fee if a transfer to the Crypto.com Wallet App is completed on-chain. Withdrawal fees vary based on the network activity at the time of the transaction. For more information, read our review on Crypto.com. 041b061a72
