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How to Convert ETH to PHP

2021-08-09

Our step-by-step instructions on how you can sell ether for cryptocurrency or PHP

If you bought ETH or Ether from an exchange or had ETH earned from mining, you may eventually want to have a portion or all of your holdings sold. Since Ethereum is among the most prominent digital currencies globally, it can be easy to sell ETH. You can immediately have it exchanged to PHP or Philippine Peso or use it to purchase Tether (USDT) or Bitcoin.

Our Quick Guide on how to sell Ethereum in Binance:

  1. Log into your account in Binance.

  2. Tap on the tab “Wallets” and choose your wallet Ethereum.

  3. Click on “Generate Deposit Address.”

  4. Have this address copied and then use it whenever you want to have your ETH transferred to your wallet in CoinSpot from your external wallet.

  5. Click on the tab “Buy/Sell” in your CoinSpot account.

  6. Search for Ethereum and then tap on “Sell ETH.”

  7. Have the amount of ETH that you want to sell entered.

  8. Choose the currency that you want to get in exchange for the ETH.

  9. Review the details of the transaction.

  10. Tap on “Sell.”

  11. After the transaction gets processed, you can have the PHP withdrawn to your bank account.

Check out the website of Binance NOW!

Binance, the best place you can sell Ethereum in the Philippines

With Binance, you can trade an extensive array of reputable coins as this exchange is world-famous. It is also famous for supporting multiple languages and high liquidity.

Our step-by-step guide to selling Ethereum

If you want to sell Ethereum, there are a couple of available options. You can either do any of the following:

It can generally be more convenient and faster to have Ethereum tokens sold for fiat currency, especially if you don’t have enough experience in trading. Because of that, here are easy-to-follow step-by-step instructions on how you can have ETH sold for cryptocurrency or fiat.

Sell ETH for cryptocurrency.

Whenever you want to have your ETH tokens exchanged for another digital currency, here are the things that you need to do:

Step 1. Have yourself registered on an exchange wherein ETH is listed

Whenever you want to have your ETH tokens sold on the same exchange where you bought them, skip this and check out the next step. If you have to use a different exchange to complete a transaction, you have to check out the features of other crypto exchanges before deciding on the best one that will fit your needs. It can be easy to trade Ethereum as it is the second-biggest cryptocurrency in the world that is widely traded on numerous exchanges.

After choosing an exchange, make yourself sign up for an account by giving your email address and creating a password. Some of the platforms may request a valid photo ID and complete personal information with your AML (Anti-Money Laundering) and KYC (Know Your Customer) requirements.

Before you deposit any funds, make sure to enable your account’s 2-factor authentication.

Step 2. Have your ETH deposited into your account

It would be best to have the ETH tokens that you want to sell transferred into your exchange wallet by this time. You can do this by searching for your exchange wallet’s ETH address. Then, use this so you can have the tokens transferred over from your wallet where you’re holding them. 

For example, if you want to sell ETH on Binance, you need to choose “Deposits” from the drop-down menu “Funds.” Then, select the deposit currency ETH and then have the QR code scanned or the wallet address relevant copied.

Step 3. Sell your ETH

When the ETH tokens get to your exchange wallet, you can check out your selected platform’s trading section. After that, search for a pair that you want to trade, like BTC or ETH. Next, enter the amount of BTC that you are interested in buying or ETH that you would like to sell.

As an example, people who use Binance can tap on “Exchange” and then choose the “Advanced” or “Basic” trading view. Look for the pair you desire to trade within the box on the right side of the screen. Then, choose the order type that you would like to place. Have the amount of ETH that you would like to sell and then select “Sell ETH.”

Before you finalize the sale, make sure to take some time and review the transaction’s complete details.

Step 4. Have your new digital currency transferred to a secure wallet

Now that you have a new digital currency keep in mind that we don’t recommend having your tokens or coins stored in the exchange for a long time. Increase security by having the tokens transferred in your private wallet to keep you in control of the private key.

As an example, you can have your funds transferred away from the Binance exchange by checking out the dro-down menu “Funds” and choosing the link “Withdrawals.” After that, select the token or coin that you want to transfer from your account and then enter the withdrawal address and amount.

How to sell ETH for fiat currency

Step 1. Work on registering on an exchange that has ETH listed along with PHP

Whenever you want to have your ETH tokens sold on the same exchange where you bought them, skip this and go-ahead to the next step.

If you’re not interested in using the same exchange, you have to look for an exchange wherein the fiat currency you want to acquire a trading pair with ETH.

It would be best to get into the crypto exchange Binance as it provides the highest amount of available coins and the least amount of transaction fees. Sign up for a Binance account by giving your email address, contact number, and chosen password. Some of the exchanges may require and ID proof and complete personal information so you can satisfy the AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations.

Before you proceed, you also need to make sure that the 2-factor authentication is enabled in your account.

Step 2. Work on depositing ETH into your account

Have your ETH holdings transferred into your exchange wallet by first logging into your account. Search for the Ethereum tokens’ relevant wallet address and have this used whenever tokens are transferred from the external wallet.

In Binance, you have to click on the tab “Wallets” to see it at the top part of the screen. Next, choose the Ethereum wallet. Once you tap on the “Generate Deposit Address,” you will get an address where you can work on transferring ETH.

Step 3. Sell ETH

When the ETH tokens get to your exchange wallet, you have to navigate through the trading page and look for the currency pair you desire, like PHP/ETH. Enter how much ETH you would like to sell so you can place your order.

On Binance, you can choose the tab “Buy/Sell” and then look for Ethereum in the coins list. Tap on “Sell ETH” and enter how much ETH you want to sell in the provided box. You can choose the currency you would like to sell ETH for, as it can be PHP. Then, tap on “Sell.”

Whatever exchange you use, make sure to have all of the transaction details reviewed before submitting it.

Step 4. Withdraw PHP

The last step is to have your acquired fiat currency withdrawn and placed into your bank account. It can often be easy to do this from your exchange account. However, you need to make sure that you know the limits or fees for any transaction.

For example, those who use Binance can withdraw to their bank account by choosing the link “Withdraw” on their account dashboard.

Things you need to consider if you are planning to sell Ethereum

Before you can sell ETH tokens, keep in mind that there is a particular risk level for every cryptocurrency trade. Since cryptocurrency assets are highly complicated and volatile, you need to do enough research before selling tokens or coins.

If you want to sell ETH, these are the factors that you have to consider:

Withdrawal Methods and Fees. 

Whenever you choose a platform, make sure to consider the charged fees if you want funds to be withdrawn from your exchange account. It would also be great to review the available methods for withdrawal and the amount of time it would take for you to complete a transaction.

Trading fees. 

Compare the trading fees across various exchanges, so you will know the price of selling your ETH. Check if there are differences in the fees for market takers or makers or similar throughout the board.

Kind of platform in use. 

Do you want to use a decentralized exchange with better security or a centralized exchange that is easy to use? Do your funds need to be entrusted to a third party like an exchange operator, or can it be possible for you to trade in the peer-to-peer setting, allowing you to connect with another user interested in purchasing ETH directly?

Limits in the transaction. 

Check if there are any maximum or minimum limits that the exchange imposes on the amount of ETH that you want to sell. See if you have to worry about the limits for daily withdrawals and transactions.

Support for customers. 

Always remember to see if you can contact the customer support team of the exchange. Also, research if they have an excellent reputation in responding fast to requests for assistance. Do this to get the needed help whenever it takes a long time for your funds to arrive or something wrong happens with your transaction.

Required ID verification. 

Consider the ID and personal information that you have to provide whenever you want to have ETH sold on any exchange, including the time it would take for you to become a verified member. Some of the platforms may not require verification, which can be helpful for anyone who values privacy. Even if the signup process seems too rigorous, it would be best to endure your wait until your account gets verified.

Know the Best Way to Track Your Favorite Trending Tokens like ETH/USDT with Binance NOW!

The best platform for trading Ethereum and other cryptocurrencies is Binance, as it has so many users and significant trading volume. With its peer-to-peer platform, you can efficiently trade cryptocurrency, that your earnings will significantly increase. Once you use Binance in trading cryptocurrency, you can use the local Philippine currency. It would be best if you had this whenever you want to trade or purchase cryptocurrency. Binance has a great trading platform that offers many financial services like Binance Futures, Margin Trading, Lending, and Spot Trading.

If you think it’s better to significantly increase your passive income, make yourself involved in Binance Savings. Whenever you feel that it is better if your earnings rise significantly, get into Binance Staking. Binance provides so many great features that include attractive APY rates. With it, you can redeem your coins with a 7-Day 1.3% APY anytime you want. You may also opt to store your cryptocurrency in a hot or cold wallet. It would also be great to get involved in Binance’s Earn platform, so you don’t have to pay transaction fees whenever you transfer your crypto assets.  Go ahead and start downloading Binance from Google Play or the Apple App Store RIGHT NOW.