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How To Sell Ethereum In The UK

How to sell Ethereum in the UK

Interested in selling your Ethereum in the UK?

Luckily for you, selling Ethereum in the UK is extremely simple. There are plenty of cryptocurrency exchanges that have ETH/GBP trading pairs, which makes it simple to sell your Ethereum. 

Unfortunately, there are so many cryptocurrency exchanges in the UK that finding the best one can be difficult. 

It’s especially important to find the right cryptocurrency exchange because you don’t want to pay a ridiculous 7% trading fee when selling your Ethereum.

With that in mind, here are the best places to sell your Ethereum in the UK. We’ll also include a short section that answers a few of the most common questions about selling cryptocurrency in the UK.

Top Cryptocurrency Exchanges in the UK

Here is our list of the top cryptocurrency exchanges in the UK for selling your Ethereum.

Low Fee Cryptocurrency Exchange – Binance

binance

Binance is the most popular cryptocurrency exchange in the world for one reason – it has insanely low fees.

The fees start at 0.1% maker/taker fees and drop down to 0.02% if you have large enough volume.

No other cryptocurrency exchange has lower fees than Binance. 

Binance is based in the United Kingdom and offers an ETH/GBP trading pair, so you won’t have any trouble selling your Ethereum.

The one downside of Binance is that it doesn’t have the best user interface. 

Final Verdict

It doesn’t get better than Binance when it comes to trading fees. However, the user interface makes it a little difficult to use.

We recommend Binance if you’re tech savvy enough to handle the clunky interface. It’s also great if you need to sell a large amount of Ethereum and want to avoid paying high fees.

Easiest Cryptocurrency Exchange to Use – CoinJar

CoinJar is another UK based cryptocurrency exchange. It has relatively low fees at only 0.25%, which is nice. 

The fees on CoinJar are some of the lowest on any cryptocurrency exchange, which is nice.

However, CoinJar earned a spot on our list for how easy it is to use. It’s about as easy as using your normal online banking platform. It’s as simple as entering the amount of Ethereum you want to sell, clicking sell, and then transferring the amount to your bank account. 

Final Verdict

We recommend CoinJar to beginners or those that aren’t as tech savvy. The fees aren’t that much higher than Binance, and it’s so much easier to use than Binance. 

The downside is that they don’t have nearly as many cryptocurrencies as Binance, but CoinJar works great if you’re interested in selling your Ethereum for pounds or any of the major cryptocurrencies.

Kraken

kraken

Kraken has received a bad reputation over the past few years, but they’ve cleaned up their act quite a bit. In fact, the platform itself is comprehensive with lots of features. They even have an option to trade cryptocurrency futures.

However, Kraken earned a spot on our list because they have an ETH/GBP trading pair and a paltry 0.26% trading fee. 

Final Verdict

All things considered, Kraken is not a bad platform. The higher trading fees is a little disappointing, but if you plan on trading Ethereum (or other cryptocurrencies) it’s not a bad platform. 

We still recommend CoinJar over Kraken. Kraken isn’t a bad option if CoinJar is unavailable to you, though.

LocalBitcoins

localbitcoin

Despite its name, LocalBitcoins has transactions in Ethereum. It’s not as common as Bitcoin, but you can find buyers for your Ethereum. 

LocalBitcoins is nice because you can receive payment in a variety of different methods. Some of those options include PayPal, Amazon gift cards, and Visa gift cards.

Final Verdict

Your likelihood of getting scammed greatly increases on LocalBitcoins. However, it’s still a good platform if you take some basic precautions while using it.

For instance, don’t release Ethereum until you have received payment because the transfer cannot be reversed. 

All in all, LocalBitcoins isn’t bad, but we only recommend it for advanced users – it’s a little complicated.

Selling Ethereum in the UK – Frequently Asked Questions (FAQ)

Here are the most common questions about selling Ethereum in the UK.

Do I have to pay taxes on my cryptocurrency earnings?

Yes. You must pay tax on realized cryptocurrencies earnings in the UK. This applies even if you sell your Ethereum for a different cryptocurrency. 

You are also permitted to write off any realized losses from cryptocurrency, which is convenient.

Anyway, we recommend consulting a tax professional that specializes in cryptocurrency. Most tax professionals are not particularly good with cryptocurrency, so you will need to find a specialist if you have a complicated cryptocurrency situation.

Did Brexit change anything about selling cryptocurrency in the UK?

Yes. Brexit makes it a little more difficult to sell cryptocurrency in the UK because many UK banks do not like transacting with cryptocurrency exchanges. 

All the exchanges we listed still transact with UK banks.

Can I sell my Ethereum without a British bank account?

Yes. If you have a US bank account, then you can withdraw US dollars to that account. You can also sell your Ethereum on LocalBitcoins for cash or other forms of currency.

Do I have to submit an ID to sell Ethereum in the UK?

Yes. Unfortunately, you must submit ID to sell Ethereum for fiat currency in the United Kingdom if you are using a cryptocurrency exchange. 

You can get around this by using LocalBitcoins or a face-to-face transaction, but most sellers sell on exchanges that require identification.

Final Thoughts

That’s it for selling Ethereum in the UK. As you can see, it’s not a difficult process. It basically involves opening an account on a cryptocurrency exchange, transferring Ethereum to the exchange, and selling it on the exchange.

The fees aren’t even that high if you use the exchanges we listed. And those exchanges all have an ETH/GBP trading pair as well as other ETH trading pairs if you want to sell your Ethereum for other cryptocurrency or even other fiat currency.

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