Are you thinking about selling your Ether? It is a fairly simple process because, if you already have a wallet of cryptocurrencies, it means you already hold an account with a trading platform like Coinhouse. However, there are different ways you can sell your Ether. Let’s look at what these ways are and whether it is absolutely necessary to sell Ether for euros.
On what platforms can you sell Ether?
Different platforms give you a way to buy and sell Ether. They can be broken down into two main groups. One is peer-to-peer platforms that act as intermediaries to bring two possible investors together (these transactions are over-the-counter). The other is crypto trading platforms on which you can convert Ether into euros or trade your assets for other cryptocurrencies.
Coinhouse is a trading platform that offers a very simple way to sell Ether. If you do not have an account, opening one up takes a couple of minutes – with your identity checked at the same time. You will need to link the bank account where you want to receive your sale proceeds.
With Coinhouse, you can place a quick sell order with bank transfer: this simplified operation facilitates the sale of your Ether in mere minutes. It means you can take the decision to sell in real time when it is most convenient for you.
If you decide to sell Ether for euros
When you want to sell Ether, you will probably first think about converting it into fiat money and sell it for euros. In this case, you choose the price you want to sell at and the corresponding euro-denominated value will be paid into the bank account that you linked with your account on the trading platform.
Beware: under French law, any capital gains over €305 on the sale of cryptocurrencies are subject to tax. So, at the time you fill in your tax return, if you made over €305 in cryptocurrency sales, those gains will be taxed at a flat rate of 30%. This is one factor to consider when you decide to sell your Ether.
If you decide to exchange your ETH for other cryptocurrencies
If you are considering exchanging your Ether for other cryptocurrencies, things are different. First, trading platforms let you buy and sell Ether for other digital currencies like Bitcoin, Bitcoin Cash, Litecoin, etc. There is very often a broad choice of cryptocurrencies to choose from and practice trading with.
Now the good news, these transactions are not taxable. Even if you make a gain when you sell your Ether, you will not have to pay any tax on this sum as it is not considered a disposal. Essentially, you can buy and sell Ether or any other coin until you make sufficient profit for yourself and then, and only then, convert it all into euros.
Nevertheless, it is a very complicated process to carry out because you will need to monitor closely the price of the different cryptocurrencies and keep a close eye on how the coins or tokens perform in order to seize any real opportunities.
