💸 How to Sell Ethereum (ETH) for GBP in the UK

It is almost certain that every UK investor holding ETH will get to that point where they are searching for how to sell Ethereum for GBP. This would usually be the case for both those who mine ETH and others who purchase them as speculative assets.

When that time comes, you need a quick way to cash out Ethereum and the best exchanges to do so with little or no stress. We have provided the answers in this article and included a step-by-step guide on how anyone can sell ETH for GBP through the recommended platforms.

A quick guide on selling ETH for GBP on OKX

1. Create an account at OKX.com
2. Complete the KYC verification process.
3. Go to Assets > Deposit
4. Find Ethereum and copy your address to transfer funds from an external wallet.
5. Go to the OKX Buy/Sell Page for ETH
6. Select Ethereum as the coin to sell and GBP as what to receive.
7. Confirm the order details and choose a preferred payment method
8. Initiate the withdrawal using the chosen method to receive GBP.

The steps above detail one step to sell ETH for GBP on OKX. We’ll now go over another approach on how to do it on OKX and then other exchanges.

How to sell Ethereum for GBP

OKX

Launched in 2017, OKX is one of the top cryptocurrency exchanges by trading volume. The platform boasts millions of users and has become a popular destination for UK users because of its compliance with new regulations about cryptocurrencies in the region.

You can sell ETH for GBP through P2P trading and a range of supported payment methods.

How to do it

1. Create an OKX account and deposit ETH from an external wallet.
2. Go to Buy Crypto > P2P Trading
3. Switch the Order Toggle from Buy to Sell
4. Select ETH as the cryptocurrency to sell
5. Review orders and pick a buyer listing that falls within your desired amount and at a good price
6. Click on Sell and follow the prompts to add a payment method.
7. Open Trade and wait for the buyer to send the payment using the designated method.
8. Release the assets to the buyer after confirming the payment receipt.

OKX P2P Withdrawal Options: Bank Transfer, Revolut, Wise, FasterPay, etc.

Bitget

Launched in 2018, Bitget has emerged as another popular platform for UK users selling Ethereum for GBP and withdrawing money to their bank account. Users simply need to complete a crypto deposit to the platform and follow the steps listed below to sell ETH and receive GBP

How to do it

1. Create an account at Bitget.com
2. Complete the KYC verification process.
3. Click on the wallet icon on the top right corner and select Deposit
4. Select ETH from the dropdown menu.
5. Copy your ETH address and transfer the funds from another wallet.
6. Go to Trade > Spot and find the ETH/GBP pair under Fiat
7. Switch the Order type to Market and fill in the amount to trade.
8. Click Sell ETH and go back to your wallet to see your GBP balance.
9. Initiate a withdrawal

Bitget Fiat Withdrawal Options: Faster Payments

Gemini

Launched in 2015, Gemini is a popular cryptocurrency exchange that is available to customers in the UK. The platform offers a relatively straightforward interface. Users can also freely buy and sell cryptocurrencies like ETH and withdraw GBP to their bank account.

How to do it

1. Register on Gemini and complete the KYC process.
2. Go to Deposit and transfer funds to your provided ETH address.
3. Go to Market and select Sell.
4. Choose ETH as the currency to sell and GBP as the currency to receive.
5. Input the amount and review the order details.
6. Complete the sale 
7. Go to the Withdraw GBP page and initiate a withdrawal to your bank account.

Gemini Fiat Withdrawal Options: Bank Transfer and Plaid Direct Payments (UK).

Coinbase

Coinbase is a US-based cryptocurrency exchange and one of the oldest exchange platforms in the industry. They also serve UK customers and can be an excellent channel to sell your ETH for GBP.

How to do it

1. Register on Coinbase and complete their KYC verification.
2. Find Settings > Payment Methods to link your UK bank account.
3. Go to Portfolio > Deposit to transfer GBP to Coinbase (This is compulsory before you can start withdrawing to your bank account.)
4. After depositing, go back to Portfolio > Deposit and select ETH.
5. Transfer ETH to your Coinbase ETH address and wait for confirmation.
6. Go to Trade and Select Sell
7. Select ETH as the coin to sell for GBP and fill in the order amount.
8. Go to your GBP wallet and click Withdraw via your preferred method.

Coinbase Fiat Withdrawal Options: Faster Payments, SEPA Transfer, PayPal, Bank Card (Visa Fast Funds)

Bitstamp

Bitstamp is one of the oldest cryptocurrency exchanges, having launched in 2011. It is regulated by the FCA and boasts significantly higher security, with no security breaches reported since it went live. The security and numerous options available on the platform make it an excellent platform to sell ETH for GBP.

How to do it

1. Register on Bitstamp and complete its verification process (the process is more exhaustive than other exchanges.)
2. Go to Deposit and fund your wallet with ETH.
3. Switch the trading interface from Basic to Pro using the provided toggle on the website.
4. Go to Trade and find the ETH/GBP pair
5. Change the tab from Buy to Sell
6. Switch the order type from Limit to Market 
7. Input the amount of ETH to sell for GBP and Click Sell ETH
8. Go to Withdraw and select your GBP wallet
9. Initiate a withdrawal to your UK bank account.

Bitstamp Fiat Withdrawal Option: Faster Payments, SEPA.

Kraken

Kraken also falls into the class of old and reliable exchangers. The operating company is based in the United States but caters to a broad audience, including UK customers. You can sell ETH for GBP on Kraken.

How to do it

1. Create a Kraken Account and complete the KYC verification process.
2. Go to Deposit on locate your ETH address.
3. Transfer the funds to the address and wait for confirmation.
4. Go to Sell on your dashboard.
5. Select ETH as the coin to sell and GBP as the currency to receive.
6. Review the order details and confirm the order.
7. Kraken will credit your GBP wallet from where you can withdraw it.
8. Alternatively, go to Trade from your dashboard.
9. Switch the trade button to Sell and locate the ETH/GBP pair via the search bar.
10. Enter the amount of ETH to sell and click Sell ETH for GBP.
11. Once confirmed, you can withdraw GBP to your UK bank account.

Kraken Fiat Withdrawal Options: FPS (Clear Junction), SWIFT, BLINC, and CHAPS (Clear Junction).

Bitfinex

Bitfinex is another popular exchange for converting ETH to GBP. The platform launched in 2012 and boasts a sizable market share. The process of selling ETH to GBP on Bitfinex is relatively straightforward

How to do it

1. Create an account on Bitfinex and complete the full KYC verification process.
2. Go to Wallet >  Deposit and find your ETH wallet.
3. Complete the ETH transfer from your external wallet to the address provided by Bitfinex.
4. Once the deposit has been confirmed, find the ETH/GBP order book.
5. Switch the Order Type from Limit to Market and fill in the amount of ETH to sell
6. Click Exchange Sell. Verify that the order has been completed.
7. Go to Wallet > Withdraw to withdraw GBP using your preferred method.

Bitfinex Fiat Withdrawal Options: SEPA, International Wire Transfer.

Selling ETH for cryptocurrency short step-by-step guide

What if you don’t want to sell ETH for GBP? Then you can trade it for another cryptocurrency like Bitcoin. Here’s how to do it on a custodial cryptocurrency exchange like OKX.

• Create an account.
• Find the deposit button and copy your ETH address.
• Transfer funds from an external ETH wallet.
• Go to Markets and find a suitable ETH pair, e.g., ETH/BTC, ETH/USDT
• Switch the Order type to Market and fill in the quantity of ETH to sell.
• Withdraw the new cryptocurrency from your OKX.com account to an external address.

Note that while the format may differ on exchanges, the above formula works for selling ETH through an exchange order book. You can also check if the platform has an Instant Buy and Sell option that lets you sell ETH to another cryptocurrency.

Things to consider before selling Ethereum

Before you let go of your ETH holdings, here are some factors to keep in mind.

• Market Condition: The price at which you purchase ETH and the current market sentiment is one of the things to consider before you decide to sell. If you acquired ETH at a high price, then it’s probably not a good idea to sell it when the price is near its bottom. Going by the “only invest what you can afford to lose” principle, you may want to hold on a little longer until the market is in an uptrend. That way, you can minimize your losses or even realize some profit.

• ETH for gas fees: If you use Ethereum-based applications or hold other Ethereum-based tokens, then you must beware of the trap associated with selling every drop of ETH in your wallet. Since you need ETH to pay for gas while interacting with or sending other Ethereum-based tokens, then it’s not a good idea to sell all your ETH. If you do, your tokens will be stuck at this address until you re-buy ETH to cover the transaction fees.

• Network Congestion and Exchange Fees: Trying to sell your ETH when the Ethereum network is under load may mean that you pay higher transaction fees. These fees are in addition to the cost you’ll incur while using a cryptocurrency exchange service to sell ETH for GBP. Therefore, you may want to check when network conditions are favorable and review the fee schedule for any exchange you choose to use.

• Taxes: Moving from Ethereum to a bank account or selling any other cryptocurrency for fiat usually comes with tax obligations. For this reason, you may want to review such duties or consult a tax expert before you hit the “Sell” button. If you do this, you can avoid stepping on the toes of tax authorities.

Privacy and security tips

Keep these privacy security tips in mind as you seek to move your crypto into fiat or another cryptocurrency.

• Always enable security features provided by crypto exchange (e.g., two-factor authentication (2FA), email, or SMS confirmation.)
• Use strong and different passwords for different exchanges.
• If you hold large amounts of ETH or any crypto (above £1000), then you may consider investing in a hardware wallet to secure your assets offline.
• Do not contact exchange support channels via social media. Preferably use email or the LiveChat option available on the website.
• Send test transactions if you’re planning to move a substantial amount. You can initiate other transfers after the test transaction is successful.
• Since most exchanges offer different KYC levels, only provide information that verifies you to the amount you want to transact.

Conclusion

In this article, we delivered our promise to show you how to sell Ethereum in the UK using some of the most popular exchanges. We also provided a guide on how to trade ETH for other cryptocurrencies and privacy and security tips to keep in mind.

We hope you have a seamless ride selling your ETH when the time comes, and most probably, it will be for a profit!