How to sell Ethereum (ETH) in Australia

How to sell Ethereum (ETH) in Australia

Robert McDougall

September 20, 2022

Cryptocurrency

Where can I sell Ethereum?

If you are asking the question of where to sell Ethereum, you most likely have your ETH held on an exchange such as Coinbase or Bybit, where you cannot sell crypto, or maybe it is safely stored away in a cold storage wallet, like a Trezor or Ledger. There are two main methods of selling ETH; the first is to use a crypto exchange, and the other is via a P2P (peer to peer) marketplace.

Since Ethereum is an extremely popular cryptocurrency, it can be sold on almost any crypto exchange that allows sale of cryptocurrency in Australia. The key point to consider is safety and legitimacy of any cryptocurrency platform that you consider. If you use one of the top crypto exchanges, you do not have to worry about scams, as we review and test each of the sites to ensure they are legitimate before we recommend them.

CoinSpot is the best choice for Aussies who want to sell Ethereum easily. It is the most secure and trusted crypto exchange in Australia, with free AUD withdrawals, and 24/7 live chat support to help you in case you run into any issues. You can read our review on CoinSpot first, if you want to do more research. For our readers, we have also secured a special promo of $20 FREE Bitcoin when you sign up with our link!

How to sell Ethereum?

The simplest method for selling Ethereum is to use a crypto exchange. The other option is to sell ETH on a P2P marketplace. If you wish to follow those steps, click here.

It only takes six steps to sell Ethereum using a cryptocurrency exchange. I will expand on these steps, with screenshots in more detail below. 

Step 1: Choose a crypto exchange

Step 2: Create an account

Step 3: Verify your account

Step 4: Send ETH into your account

Step 5: Sell Ethereum

Step 6: Send your AUD into your bank account

Step 1 - Choose which crypto exchange to use

First you will need to decide which cryptocurrency exchange you wish to use. If you use any of our exchanges listed below, you can trust that they are safe and legitimate. In our step-by-step guide, I will use screenshots from CoinSpot to demonstrate how to sell Ethereum. To follow along easily, I suggest you also create an account with CoinSpot. We also have a unique promotion where you receive $20 FREE Bitcoin when you sign up here.

Top 3 Recommendations

#1

CoinSpot

   Best Overall  

Rating

4.9

#2

Swyftx

Best for Demo Mode

Rating

4.6

#3

Crypto.com

Best App for Beginners

Rating

4.4

If you want to do more research on where to sell Ethereum, you can read our article on the best crypto exchanges in Australia. If you plan to sell Ethereum on your mobile, check out our article on the best Australian mobile crypto apps.

Step 2 - Create an account

The next step is to create an account with your crypto exchange of choice. If you want to sign up to CoinSpot, click on this link: https://coinspot.com.au/ and you will be taken to CoinSpot's home page. Click the white "Register" button in the top right, then you will see a page like the screenshot below. Type your email address in, create a password, click the box to show you’re not a robot, then click the 'Create Account' button.

Step 3 - Verify your account

After registering with CoinSpot, you will need to verify your account. Click the "Complete Verification" button and follow the prompts. You have to verify your email address, and fill out your personal details to verify your driver license. You may have to wait a while for the verification to be completed. In the meantime, you can navigate around CoinSpot to see what features it offers, and how it operates. If you are ever stuck, you can contact their live chat support team which is available 24/7.

Step 4 - Send ETH into your account

Once your account has been verified, you can deposit Ethereum into your CoinSpot account. Click on 'Wallets' in the menu along the top, then click "Open ETH wallet" next to Ethereum. Now you should see a screen similar to the one below.

Click on "Receive" on the left, and you will be taken to your Ethereum Wallet, similar to the screenshot below. Click "Generate Deposit Address" and then you will see a string of letters and numbers where it says "Ethereum Address". Copy that address, and then sign into the crypto exchange or wallet where your Ethereum is currently stored. 

Go to "Send" or "Transfer" in the other crypto exchange/wallet, in order to send your Ethereum. Paste the Ethereum Address that you copied from CoinSpot. Double check that the address is correct, and then complete the transfer.

After you make the transfer, it can take some time to see the Ethereum in your CoinSpot account, depending on network congestion. In most cases it only takes a few minutes. You can see whether your ETH has arrived by checking your Ethereum Wallet balance.

Step 5 - Sell Ethereum

Once your ETH has arrived in your CoinSpot account, it is time to sell it. Click on "Buy/Sell" in the menu along the top, then type in Ethereum in the search field. In the list of coins underneath, click "Sell ETH".

Now you will see a screen like the one below, with the price of Ethereum in the middle of the screen. Choose how much ETH you want to sell, and then click the blue "Sell" button underneath.

You will see a pop-up, showing how much ETH you are selling, the fee, and how much AUD you will receive for the sale. If you are happy with the details, click on "Confirm Sell" to complete the transaction. Congratulations, you have sold your Ethereum for Australian Dollars!

Step 6 - Send your AUD into your bank account

After selling your Ethereum, the last step is to withdraw your money from CoinSpot to your bank account (unless  of course you want to use the money to purchase more crypto). You need to add your bank details first. Click on the dropdown arrow next to the profile icon in the top right, and click on "Bank Details". Fill in your bank details, then click "Save".

Click on the dropdown arrow next to the profile icon again, and this time click "Withdraw AUD". 

You will see a screen like the screenshot below. Type in how much money you want to withdraw, and double check your bank details. When you have confirmed all the details, click "Withdraw Funds" to finalise the withdrawal. If you make this withdrawal before 2pm, the money will be in your bank by the next day.

That's it, you have sold Ethereum and withdrawn the money to your bank! 


Advantages of selling ETH using P2P exchange

If you want to use a P2P (peer-to-peer) exchange to sell Ethereum, Binance is our top suggestion of P2P exchange. If you are a crypto beginner, it is much easier to sell your ETH using a crypto exchange, as outlined above. However, if you are more advanced with your crypto knowledge, you can use Binance's P2P marketplace. These are some of the pros of using a P2P market to sell ETH.

No fees

Binance does not charge any fees to sell ETH on their P2P marketplace. It doesn't matter whether you are a maker (the one who posts the ad) or a taker (responding to an existing ad), there are no fees for sellers.

Wider range of payment options

On Binance's P2P market, ETH sellers can choose any ethod of payment they want and in any fiat currency.

Choose the price you want to sell Ethereum

When you post an ad to sell ETH on a P2P exchange, it is up to you to choose the price that you want to receive. If there is a buyer who is happy to pay the asking price, then your sale will be completed.

Privacy and protection of banking information

When you sell ETH on a P2P exchange, the crypto exchange does not have any banking information about either the buyer of the seller. The information is only shared between the seller and the buyer.

How to sell Ethereum using P2P marketplace?

If you choose to sell Ethereum on a P2P exchange, I will assume that you are somewhat experienced with cryptocurrency, and so I won't spend time covering the steps on how to sign up with Binance. After you have created an account on Binance, send your Ethereum into Binance, then click on "Trade" in the menu, and select "P2P".

You will see a screen similar to the one below. To sell ETH, you need to click the toggle for Sell, (circled in blue below), and choose ETH as the coin you want to sell (circled in red). Underneath, you can set your fiat currency to AUD, or any other currency you wish.

Now you should see a screen similar to the screenshot below. This is a list of ads that potential Ethereum buyers have placed. You can see the price they are willing to pay, the amount of ETH they wish to purchase, and the minimum and maximum amount (in AUD) that they wish to buy. You can also see the payment types in a separate column, and if you like, you can filter the payment methods if you only want to accept a particular method. To sell to one of these buyers, simply click the red "Sell ETH" button on the right side of the corresponding advertisement.

If you prefer to post your own ad, and set the price and payment methods you desire, click on "More" (circled in green in the screenshot below), then click "Post new Ad". Follow the prompts and you can set up your own ad that others can choose if they wish to buy ETH from you.


Frequently Asked Questions:

Is selling Ethereum legal in Australia?

Yes, it is legal to sell, buy, trade and own Ethereum in Australia. 

Is selling Ethereum in Australia safe?

Yes, as long as you are using a trusted and secure crypto exchange, it is safe to sell ETH in Australia. The top Australian crypto exchanges (such as CoinSpot) all feature multi-layered security, and are registered with AUSTRAC so you can sell with peace of mind. You can have a look at the quick comparison table at the bottom of the page that has some key facts about the best crypto exchanges in Australia.

Can I use this method to sell all cryptocurrencies or only Ethereum?

If the coin that you wish to sell is available on the crypto exchange, you can use the method above to sell it. CoinSpot has over 360+ cryptocurrencies, so you will most likely find that it can support the coin you wish to sell.

Do I have to pay tax when I sell Ethereum?

When you sell Ethereum, Bitcoin, or any crypto in Australia, you need to pay tax on any profits. The ATO treats Ethereum and all cryptocurrencies as assets, not currencies, so you are subject to Capital Gains Tax when you sell. For detailed information including examples, see the ATO website. You may want to seek the advice of a professional tax agent or accountant before selling your Ethereum. You can also try out our Crypto Tax Calculator to estimate the amount of tax you need to pay on your crypto profits.

Pro Tip: if you hold your crypto for at least 12 months before selling it, you only have to pay half the amount of Capital Gains Tax that you usually would.

When should I sell my Ethereum?

There is no easy answer to this question, since no one knows which way the price of Ethereum will go in the short, medium, or long term. If you need the money now, then sell Ethereum to pay off any debts you have. However, if you have only invested what you can afford to lose, and plan on keeping Ethereum for the long term, many experts believe that there is still plenty of growth to come.

Pro Tip: Note that you have to pay Capital Gains Tax (CGT) on Ethereum if you made a profit at the time you sell it. Try out this crypto profit and loss calculator to work out if you need to pay tax. If you sell your ETH within a year of owning it, you will need to pay twice the amount of CGT that you would if you held it for more than 12 months. This is something to keep in mind when deciding whether or not to sell your Ethereum.

How do I sell Ethereum quickly?

If you want to sell your Ethereum without any delay, the best way is using Easy Crypto Australia. With Easy Crypto Australia, you don't have to transfer your Ethereum to a crypto exchange first, before you can sell it. instead, you send your ETH directly to the wallet address provided, and the money from the sale is sent straight to your bank account. Easy Crypto Australia is a non-custodial crypto exchange, and they don't have access to your fiat or crypto funds. If you want to learn more, read our Easy Crypto Australia review.

How do I buy Ethereum?

If you are reading this page because you wanted to find out how you can sell Ethereum, before you decide to purchase any, you might also want a guide on how to BUY Ethereum. If so, you can see our step-by-step guide here

Comparison Table of the Best Crypto Exchanges in Australia

Bybit
CoinSpot
Swyftx
Crypto.com
MEXC
Crypto Exchange
Crypto Exchange
Bybit
CoinSpot
Swyftx
Crypto.com
MEXC
Fiat Currencies
Fiat Currencies
AUD, USD, GBP, EUR, NZD & more
AUD
AUD, NZD
AUD, USD, CAD, CHF, EUR, GBP, NZD, SGD, JPY & 10+ more
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, LTC, XRP, EOS & 220+ more
BTC, ETH, LTC, XRP, BCH, ADA & 360+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, LTC, XRP, CRO, ADA & 250+ more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Apple Pay, Google Pay, PayID, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank Transfer, PayID, BPAY, Credit/Debit card, Cryptocurrency
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Trading Fees
Trading Fees
0.1% for spot, 0.01%/0.06% for derivatives
Market order: 0.1%, Instant buy: 1%
0.6%
Included in spread
0.2%

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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