Okay, you have invested in Cryptocurrency or you have been mining and now want to sell off your coins for cash. This guide will be a basic way of selling almost any coins. Again, just like the last guide, we will focus on Ethereum and Kraken but the knowledge gained can be used to sell and deposit all other Cryptocurrency coins.
Lets get started.
Load up Kraken and log in.
Kraken Home Page
If you have since moved your ether to other trading platforms such as Poloniex then you will need to withdraw your coins from there and deposit them to your Kraken coin address. To get your Kraken deposit address you need to click the “Funding” tab, select “Deposit” then choose the coin you want to deposit. You will be presented with the screen below, if you don’t have an address to deposit to, click “Generate new address” and you will be given one.
Deposit Ether to Kraken
Moving coins from one exchange to another can take up to 15 minutes (or longer) depending on a few factors. If you copy the transaction ID given when moving the currency and enter it on Etherscan at the top right, you can see how many confirmations the transaction has had. Once it reaches 24 confirmations, the coins will be successfully on your Kraken account.
Next up we want to be changing to the correct currency exchange. In this case we will be exchanging Ether for Euros.
Change Currency Conversion
Next we will go onto the trading page where we can choose how much to sell for(Please see Bonus Step 7 for more advanced selling). If you want to be a little bit more advanced, you can open a second window with the charts and and manually choose a better price for yourself based on the current selling rate and amount.
Sell Ether Price
As you can see, the highest someone wants to pay is 9.80971 per Ether so you can get a quick sale and sell for that exact amount, or you can look at the selling amount and undercut that guy to make a tiny bit more profit. Or you can have a higher amount in mind if you don’t mind waiting (keep in mind, there is no guarantee the price will go up to what yo want to sell it for).
Fill out how much Ether you want to sell, enter the price you want to sell it at or click the market/limit buttons for auto prices, confirm the total amount of Euros to receive if successful then click the big red “Sell” button.
Congratulations on your sale, now lets get that money into your bank account. Select “Funding” then “Withdraw” then choose the currency you sold you coins for, in my case, “Euros”. Add you bank account details, enter amount you want to withdraw then click Submit. Funds take up to 5 working days to arrive. Please note, there is a small fee to pay for Euros withdrawal.
Withdrawing Euros from Kraken
Bonus Step 7
Okay, now that you are familiar will selling your coins for money, lets get a tiny bit more into the selling side. As you will have probably seen, you can sell your coins for more than just Euro. There is also GBP and Dollars. Where I live, I use GBP so you would think I would transfer everything to GBP right? Wrong. GBP has a £10 minimum deposit fee so that much is automatically taken before I even receive my money in my bank, also my bank takes a certain fee too when it arrives. There is only one reason you should consider using GBP over Eur when selling coins, and that is if the price of the coins is selling for a good portion higher on GBP to cover that £10 deposit cost and the exchange on your bank account. As a rule of thumb, I sell about 30 Ether at a time, and if GBP doesn’t net me an extra £25+ then I use Euros as it moves a lot faster as more people use Euros.
Stay tuned for more guides, if you have any ideas, let me know on my social media accounts, links found at the top of the website.