How to Sell Ethereum in Australia 2022
Crypto trading is gaining traction in recent years. More and more individuals and organisations are looking to sell or buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP (XRP), and countless other altcoins across the globe — and the Australian market is no exception.
In case you’re one of the many who have, at some point in the past, acquired Ethereum, you may be considering selling some of it off right now. In general, this task should be fairly easy because Ethereum’s cryptocurrency (officially known as Ether, though in practice, many people just call it “Ethereum” instead) is one of the most popular digital currencies out there. In fact, in terms of popularity, Ethereum is second only to Bitcoin, which is currently the largest cryptocurrency on the market.
In Australia, Ethereum can be exchanged for fiat currencies or other cryptocurrencies. If you’re in Australia and want to sell ETH, this article aims to inform you how you can do so and on what platforms, so let’s get right to it.
Programmer Vitalik Buterin is credited with creating Ethereum back in 2013, along with several other co-founders. Currently, Ethereum is the second-largest cryptocurrency (after Bitcoin) by market capitalization. Ethereum prices reflect this, too — the value of Ether has been second only to that of Bitcoin during the past few years.
Much like most other cryptocurrencies, Ethereum uses secure blockchain technology for recording transactions. The Ethereum network allows for creating and using a variety of apps on ETH’s platform — you can publish the apps you create and get paid in ETH or other coins through this platform.
What’s more, the Ethereum blockchain powers smart contracts, which are programs (sets of code) deployed on the Ethereum network that define rules for transactions and automatically enforce them if certain prerequisites are fulfilled. They can be used for a variety of functions such as currency creation, minting NFT’s, sending communications, and much more.
Where Can You Find Someone Who Wants to Buy Ethereum?
Cryptocurrency exchanges are the go-to platforms for anyone seeking to buy/sell crypto. To sell your Ethereum, you only need to find an exchange that accepts ETH and pair it with other crypto or fiat currencies such as the Australian dollar.
There are many crypto exchanges you can use in Australia to sell Ether to crypto buyers. In order to settle on one, there are certain specific features you should keep in mind.
Different exchanges allow for different payment methods (usually debit card, credit card, or bank transfer), different fiat currencies for buying crypto (such as AUD, USD, GBP, EUR, etc.), different crypto pairs, and even different exchange rates. They also charge different trading fees and/or transaction fees, differ in the level of customer support, and some have even dealt with downtimes at a certain point. Consider these differences when choosing the exchange that best suits your personal needs and expectations before you decide to sell Ethereum through it.
You can generally sell ETH in exchange for either fiat currencies or other crypto assets. The transaction processes for both options are generally similar, though with some differences mainly in the withdrawal process of the currency you exchange ETH for.
Suppose you’re looking to sell ETH more quickly and more conveniently. In that case, you’ll find that exchanging it for fiat money (such as Australian dollars) is the simpler of these two options — especially if you don’t have much experience in crypto trading. However, some of the more seasoned cryptocurrency traders may prefer to sell their ETH in exchange for other cryptos such as Bitcoin or any other altcoin.
Whatever the case may be, in this article, we’ve prepared some simple instructions that will guide you through the process of selling your ETH for both crypto and fiat currencies.
How to Sell Ethereum for AUD
As stated above, if you’re a beginner in ETH trading and/or trying to monetise your ETH assets quickly and without too much of a hustle, you’re much more likely to be interested in selling your ETH assets for fiat currencies such as AUD. To do so, you must first create your account on a crypto exchange that pairs ETH to your desired fiat (AUD), deposit ETH into this account, sell your ETH in exchange for fiat, and finally, withdraw the fiat amount you earned.
Register on a Crypto Exchange
Before we introduce this step, we should note that if you already have an account on a crypto exchange (perhaps the one where you acquired your ETH in the first place), you might be interested in selling your assets there. If this is the case, you’ll probably want to skip this step.
If you don’t have an account yet, or simply want to sell off your ETH assets on a different crypto exchange from the one you bought them from (for whatever reason), start by browsing exchanges that support ETH trading. Specifically, if you’re looking to sell ETH for a particular fiat currency such as AUD, the exchange must have these two currencies paired.
To find the exact type of exchange you’re looking for, you’ll likely have to go through multiple options and compare what they offer before you make your pick. Some of the more popular exchanges that pair ETH and AUD include Binance, CoinSpot, Swyftx, Digital Surge, CoinJar, and many more.
Once you’ve decided on the exchange that suits you best, proceed by creating an account and registering on the exchange’s platform with your email and password of choice (for extra safety, you can also enable two-factor authentication). However, certain crypto exchanges (notably centralized ones) will require you to go through more elaborate identity verification procedures in compliance with KYC (know your customer) and AML (Anti-money laundering) laws.
After creating an account, you should deposit some Ethereum in order to be able to trade it for fiat. This requires transferring your ETH assets from your external crypto wallet to the wallet provided by the exchange you’ve registered your account with.
First, you’ll need to log into your account on the exchange, locate the wallet address you need to transfer Ethereum tokens to and use it to deposit ETH from the external wallet you’re using. The deposit address can usually be found in the wallet section of the exchange you’re using.
Now it’s time to proceed with the actual sale. Crypto sellers usually do so by entering the amount of Ethereum they wish to sell and then waiting to find potential buyers.
This process will usually require you to go to the trading (buying/selling) page within the exchange you’re using, and from there, choose the pair of crypto and fiat currency you want to trade — in our case, this should be ETH and AUD. Before setting the amount of ETH you wish to sell and proceeding to place your offer, we strongly advise you to go through all the details related to the transaction you’re about to commit to.
Withdraw Fiat Money (AUD)
If you manage to find a buyer for the amount of ETH you’re selling, you can finally withdraw the fiat money you made from the transaction. To do so, you’ll have to link a bank account to your crypto exchange account and from there proceed by withdrawing fiat from the exchange’s interface. Withdrawals are usually subject to fees, so bear that in mind when you decide to withdraw AUD from your account.
How to Sell Ethereum for Other Cryptocurrencies
This type of transaction is somewhat similar to the one described above, with some minimal differences that we’ll describe below.
Register on a Cryptocurrency Exchange
If you want to exchange ETH for other cryptocurrencies, you also need to use a crypto exchange — either the one you originally bought your ETH from or another one. In this case, however, it’s important to find an exchange that lists ETH alongside other crypto pairs. Since ETH is the second most popular crypto in the world and is accepted by the majority of exchanges, this task should be fairly easy.
Again, similarly to the above example, this is done by depositing ETH from your external wallet to the crypto wallet. You’ll need the deposit address from the crypto exchange for this purpose.
Sell ETH for Other Crypto
This step is also similar to the one mentioned in the previous section. The difference is that, in this case, you have to search the trading section of the exchange for crypto pairs for your ETH (instead of fiat pairs).
Once you’ve found the cryptocurrency you want to exchange your ETH for, proceed by listing the amount of ETH you wish to sell for crypto. Alternatively, you can specify what quantity of the other crypto you wish to buy with ETH.
Transfer the Acquired Crypto to Your External Wallet
When you sell your ETH for the desired crypto, the amount of the new crypto you bought stays on the exchange’s wallet, and you can use it for future transactions. However, bear in mind that it’s not the best idea to keep this crypto in the wallet provided by the exchange for prolonged time periods.
Your best option here would be to withdraw your newly acquired crypto to your own external crypto wallet. You’ll need the address for withdrawing to your external wallet, which you can do through the exchange’s interface. In terms of security, the safest external wallets are non-custodial wallets that give you maximum control over the private keys to your crypto assets.
A Few Words Before You Go…
Much like other cryptocurrencies, Ethereum can be sold through crypto exchanges. If you have ETH assets you’re willing to part with, you can browse through the many crypto exchanges that allow for ETH trading. Because Ethereum is one of the most popular cryptocurrencies out there, it should be easy to find an exchange that pairs it with other currencies.
For Australian ETH sellers, there’s a wide array of exchanges that allow for selling Ethereum in exchange for Australian dollars (AUD). Alternatively, many crypto exchanges available in Australia also pair Ethereum with other cryptocurrencies. The process is largely similar regardless of whether you wish to exchange your ETH for fiat or cryptocurrency. In this article, we’re offering you a guide on how to sell your Ethereum holdings for fiat or other crypto assets, as well as how to pick the right exchange for this purpose.
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This page was last updated on May 13, 2022