In our previous article, we discussed how to buy an Ether and gave you some really useful tips. Now it is a turn for selling the coins you already obtain.
So, what to do if you have decided to sell your Ether.
Use exchanges to sell Ether
If you have read our article about buying Ether, you probably remember that exchanges were helping to buy some coins too. Now, when you want to sell them you act similarly.
First step: You are choosing an exchange that matches the regulations of your country and is easier for you to use.
Second step: To have a selling opportunity, you’ll have to provide the exchange with your existing banking account and some extra information, like phone number, date of birth and so on.
Third step: Now it’s time for choosing are you selling your Ether for fiat currency or for another crypto.
Fourth step: Find the wallet option (most of the exchanges have one) and click for “sell”, “deposit”, etc. Then when you’ll get the address of your new wallet simply transfer your Ether to it. This will transaction will take several seconds.
Fifth step: The final one. Set a number of coins you want to sell and the currency you want to take instead and place an order or just simply find an existing order which matches your requirements and fill it.
Done! You have sold your Ether. Your funds will appear in your account as soon as the order is complete.
So, if you belong to those people, who don’t want to attach a bank account to exchanges, you can simply use Localethereum peer-to-peer exchange platform. This exchange has an advantage over others, it’s absolutely decentralized and works applying smart contracts method of Ethereum.
This is a marketplace, where you can simply put an offer or respond to an existing one. The platform also has a chat, where you can talk to the buyer and meet to make exchanges without paying fees. The platform takes 0.25% fee from seller and 0.75% from buyer. You can simply avoid this by making an appointment.
And if you are afraid of meeting someone you have never seen before, there’s a perfect service for you, which is called MeetUp, where people are able to find local Ethereum or other currency-related meetings to make an appointment and make exchanges.
Note, that when you are trying to make P2P transaction you are working with an individual, not a company, this means that you must be more attentive and that there’s a high chance that everything can go wrong. So double check the public addresses and the amounts you’re sending.
About meetings: if you decided to meet up and make an exchange, remember to make an appointment in a public place. Never invite a person to your house and never go to theirs. If you want to take a friend with you just to feel safer, warn the trader about it. And the final point, make sure that the person you are trading with has an adequate amount of funds to complete everything.
Selling a coin you mined from a pool
If you have already joined a mining pool, you learnt that there’s an address, with which pool provides you in order to receive rewards. Most of the exchanges don’t recommend transferring mining rewards directly to exchange wallet, cause public address can change from time to time.
But, of course, this doesn’t mean that you can’t sell the coins you’ve received as a reward. There’s just one extra step that you need to do. Set up a local wallet so that your mining bonuses will be receiving on it, then simply transfer them to the exchange wallet.
Trading strategies for Ether
1. Buy and hold
This one is the most popular strategy among average investing people, as it is the easiest and requires fewer efforts. Buy and hold strategy is sometimes called long term because you need to buy stock and hold them for a time before offloading.
This type of investors always choose strong and reputable companies to buy their stock and hold them until better times. Well-known Bitcoin and Ethereum investors who bought the coins in the first period of their existence are now gathering their rewards. This is the best example of a buy and hold strategy.
2. Active trading
This strategy suits more for those who are involved in the sphere and who has a lot of time for tracking changes in the market.
There are several techniques of trading in the fiat currency industry. But as this is related to a crypto market, which is absolutely unpredictable, these techniques might not work.
When you’re an active trader in the crypto world and you’re trying to earn money on Ether, this means you are simply speculating on its price, this means you need to track price changes daily or what’s more hourly.
The golden rule of active traders says: “Buy low, sell high”. Easily put, you need to find the moment when Ether’s price gets low, buy some and sell them when it goes up. This confirms that price monitoring is essential in this strategy.