💸 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 that 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 provide the answers in this article and include a step-by-step guide on how anyone can sell ETH for GBP through the recommended platforms.

Quick guide on selling ETH for GBP on Binance

  1. Create an account on Binance.com
  2. Complete the KYC verification process.
  3. Go to Wallet > Fiat and Spot.
  4. Find Ethereum and copy your address to transfer funds from an external wallet.
  5. Go to Binance Buy/Sell Page.
  6. Select Ethereum as the coin to sell and GBP as what to receive.
  7. Confirm the order details and complete the sale.
  8. Go back to Wallet > Fiat and Spot and withdraw GBP to your UK bank account.

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

How to sell Ethereum for GBP

Binance

binance

In case you didn’t know, Binance features prominently on this shortlist because it is the world’s largest cryptocurrency exchange by spot trading volume. The platform also lets users sell ETH for GBP using its order book.

How to do it

  1. Create a Binance account and deposit ETH from an external wallet.
  2. Go to Markets, and search for GBP to find the ETH/GBP pair.
  3. Open the pair and switch the Order type to Market.
  4. Input the amount of ETH to sell using the box provided.
  5. Click Sell ETH.
  6. Go to Wallet > Fiat and Spot and initiate GBP withdrawal to your UK bank account.

Binance Fiat Withdrawal Options: Faster Payments, SEPA.

CEX.io

cex

CEX.io is a UK-based cryptocurrency exchange and a reliable option for selling Ethereum into GBP and withdrawing the money to your bank account. Unlike Binance, though, you must go through CEX.io’s order books to sell your ETH.

How to do it

  1. Create an account on CEX.io
  2. Complete the KYC verification process.
  3. Go to Deposit.
  4. Click the Currency ticker and choose ETH from the dropdown.
  5. Copy your ETH address and transfer funds from another wallet.
  6. Go to Trade and select the ETH/GBP pair.
  7. Switch Order type to Market and fill in the amount to trade.
  8. Go to Withdraw and chose your preferred option.

CEX.io Fiat Withdrawal Options: Bank Cards (Visa, Mastercard), SWIFT, Faster Payments, Skrill. 

EXMO

exmo

Exmo is another British cryptocurrency exchange that has been around for six years. It prides itself as one of the easiest to use exchanges, and rightly so. You can sell ETH without going through the order book.

How to do it

  1. Register on EXMO.com and complete the KYC process.
  2. Go to Deposit and copy your ETH address.
  3. Transfer funds from an external wallet.
  4. Go to Quick Exchange
  5. Enter the amount of ETH to sell and click Exchange.
  6. Alternatively, you can click Trade and use the ETH/GBP order book.
  7. Switch the Order type to Market and insert the amount of ETH to sell.
  8. Click Sell to complete the order.
  9. Go to Withdraw and provide your bank details to cash out to your UK bank account.

EXMO Fiat Withdrawal Options: Faster Payments, CHAPS, Bank Cards (Visa, Mastercard), BACS, WIRE Frick Bank.

Coinbase

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)

BC Bitcoin

bc bitcoin

BC Bitcoin is different from the other exchanges on this list. BC Bitcoin is a non-custodial exchange and thus doesn’t provide an internal wallet to store your crypto on their platform. However, it does allow you to receive fiat (GBP or EUR) in exchange for your cryptocurrencies, including ETH.

How to do it

  1. Register on BC Bitcoin and complete its verification process (the process is more exhaustive than other exchanges.)
  2. Go to Sell Coins.
  3. Input the amount of coin to sell and select ETH.
  4. Select GBP or EUR as your preferred currency.
  5. Click Next and provide your bank information on the next page.
  6. Send ETH to the address provided by BC Bitcoin.
  7. BC Bitcoin will transfer GBP to your bank account within a reasonable time.

BC Bitcoin Fiat Withdrawal Option: Bank Transfer.

Kraken

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 Funding and click Deposit on your ETH address.
  3. Transfer funds to your Kraken ETH address and wait for confirmation.
  4. Click the Buy Crypto Button on your dashboard.
  5. Switch the tab to Sell and input the trade amount.
  6. Confirm the order, and Kraken will credit your GBP wallet from where you can withdraw.
  7. Alternatively, go to Trade from your dashboard.
  8. Switch the trade button to Sell and locate the ETH/GBP pair via the search bar.
  9. Enter the amount of ETH to sell and click Sell ETH for GBP.
  10. Once confirmed, you can withdraw the GBP to your UK bank account.

Kraken Fiat Withdrawal Options: Faster Payments, SWIFT, CHAPS.

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 Binance.

  • Create an account.
  • Go to Wallet > Fiat and Spot 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/DAI, etc.
  • Switch the Order type to Market and fill in the quantity of ETH to sell.
  • Withdraw the new cryptocurrency from your Binance wallet to an external address.

Note that while the format may differ on exchanges, the above formula works for order book sales of ETH. 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 purchased ETH and the current market sentiment is one thing 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 would be stuck at the address until you re-buy ETH to cover 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 chose to use.

  • Taxes: Moving from Ethereum to 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 toe 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 the 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 another cryptocurrency 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!