Step 5: Cashing out from cryptocurrency back to fiat
Regardless of the on/off ramp exchange you decide to use, the first step will always be to send your ETH from your Metamask wallet to your Ethereum wallet on the offramp exchange. (Sending ETH between your wallets was covered in Step 3).
- Once you have completed the reversed step 3 by sending ETH from your Metamask to Coinbase ETH wallet, navigate to the 'Buy/Sell' tab.
- Click on 'Sell' and make sure you have Ethereum selected from the drop-down tab. Enter the amount and price you wish to sell your ETH at and click the 'Sell' button below.
- Navigate back to the 'Accounts' tab and click on the 'Withdraw' button from your 'USD Wallet' to initiate a withdrawal of fiat to your bank account.
- Once you have completed step 3 by sending ETH from your Metamask to Gemini ETH wallet, hover over the 'SELL' tab and click on 'ETHUSD'.
- You have a number of different sell options available to you from the drop-down tab. If you want to just sell at the current price, select 'Market' and your order will be filled immediately.
- Once you have sold your ETH for USD, hover over the 'TRANSFER FUNDS' tab down to 'Withdraw From Exchange'. From there, you have two choices:
- USD (Bank Transfer): Bank transfers are always free; however, this comes with two caveats. If you choose this route, there is a $100,000 per day limit and the transaction will take up to 3 business days to complete.
- USD (Wire Transfer): Withdrawing from Gemini via wire transfer is free and occurs within 1 business day. There is no reason to not choose this route as it is quicker, free and unlimited.
- Finally, simply enter in the amount you wish to transfer and click 'REVIEW WITHDRAWL' to complete the transaction.