Can we exchange Ethereum for Bitcoin on Unocoin?

Once you’ve accumulated some Ether, either through buying the tokens or mining them, there will probably come a time when you’ll decide to sell. Indeed, as of now, Ether can only be used to pay for stuff on the Ethereum network, as there is a very limited number of businesses that accept cryptocurrencies as a form of payment and most of them accept exclusively Bitcoin.

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So, if you don’t intend on being an active user of Ethereum, chances are you have purchased Ether as an investment with an intention to offload it at some point in the near future. This handy guide will cover the various ways of selling Ether and touch upon some trading strategies.

Exchanges to sell Ether

The process of selling Ether on an exchange works similarly to buying it. First of all, you need to choose an exchange that operates within your jurisdiction and trades Ether and set up an account with it. In order to be able to sell, you will be required to connect your existing bank account and provide some additional information, e.g., your date of birth, country of residence, and phone number.

Once you’re all set up, you will need to choose whether to sell your Ether for fiat currency or trade it for a different cryptocurrency.

Most major exchanges offer wallet services. Simply navigate the website in search of a ‘sell,’ ‘deposit’, or ‘deposit into exchange’ button. Here you will find your new wallet’s address. Simply send the required amount of Ether from where it’s kept in the new wallet, the transfer will happen almost instantaneously.

From there, you can set how much Ether you’d like to sell and choose what currency you’d like to sell it for. On most exchanges, this is done through either placing an order and waiting for someone to accept it or, alternatively, you can look for an already placed order to fill. The exchange rate is normally calculated automatically based on the current market rate, market volatility, the size of the transaction, and, in some cases, the length of time using a particular exchange.

Once the trade is complete, the funds, no matter fiat or crypto, will appear in your account. If you opted to sell your Ether for any of the traditional currencies, you will then have an option to withdraw the funds into your bank account. This is done via bank wire transfer, so it might take up to three to four days for the money to appear in your bank account.