Selling ETH for fiat currency
Step 1. Register on an exchange that lists ETH alongside INR
If you plan on selling your ETH tokens on the same exchange where you purchased them, skip ahead to step 2.
If you don’t want to use the same exchange, you’ll need to search for an exchange that lists ETH in a trading pair with the fiat currency you want to acquire. Review and compare the features of a range of crypto exchanges before deciding which one is right for your needs.
You can then sign up for an account by providing your email address and creating a password, while some exchanges will require your full personal details and proof of ID to satisfy Know Your Customer and Anti-Money Laundering (KYC/AML) regulations.
Don’t forget to also enable 2-factor authentication on your account before proceeding any further.
Step 2. Deposit ETH into your account
The next thing you need to do is transfer your ETH holdings into your exchange wallet. To do this you’ll have to log into your account. Find the relevant wallet address for Ethereum tokens, and then use that address when transferring tokens from your external wallet.
For example, if you’re using WazirX, you can do this by clicking on “Funds” at the top of the screen. Select Ethereum (ETH) and click on the “Deposit” button. Here you’ll see your “Destination Address” to which you can transfer ETH.
Step 3. Sell ETH
Once the ETH tokens have arrived into your exchange wallet, you’ll need to navigate to the trading page and search for your desired currency pair, such as ETH/INR. You can then enter the amount of ETH you want to sell to place your order.
On WazirX you’ll need to visit the “ETH/INR” market and click on the “Sell” option. Type the amount and rate at which you want to sell in the field provided. For instant execution, select the “Highest Price” option and place the order.
No matter which exchange you’re using, make sure you take a moment to review the full details of the transaction before submitting.
Step 4. Withdraw INR
The final step is to withdraw the fiat currency that you have acquired and put it into your linked bank account. This is usually quite easy to do from your exchange account, but make sure you’re aware of any fees or limits that apply to the transaction.
If you’re using WazirX, you can click on “Funds” in the top bar. Under “Rupee (INR)”, click on the “Withdraw” button to initiate the withdrawal process.