Advice on selling ETH on Crypto.com (UK)

[Rufullus]

Hi,

After scouring the internet, I'm really conflicted what is the best way to sell ETH via Crypto.com or Crypto.com Exchange.

Currently Crypto.com is charging crazy fees + spread which honestly is a rip off and I'm looking for suggestions.

I know I should avoid selling on ERC20 network or BTC due to high fees therefore I was thinking to exchange ETH to XRP for example.

My plan would be to transfer from Crypto.com app to Crypto.com exchange, trade ETH to XRP, then sell XRP on the exchange due to lower fees then transfer FIAT to crypto.com and cash in.

Does anyone have any suggestions, if there is a better way to manage such transaction, what would you do in this situation?

I'm looking for advice that would minimise the fees and spread whilst not involving transferring ETH outside of crypto.com.


Any help would be much appreciated!


(Apologies if opened in the wrong section, I was conflicted whenever I should open the discussion here or in Altcoins section)

[logfiles]

@Rufullus, The reason you haven't received any swift response from the members is probably the way you put up your question.
Where is exactly the ETH you want to exchange to fiat?

I don't have a crypto.com account, but aren't those two services integrated into the same platform(crypto.com and crypto.com exchange) so that there is internal transfer of tokens minus any fees at all?

[electronicash]

is crypto.com services different from the services offered in crypto.com exchange?
theyre just one i believe, just trade your Eth to XRP and withdraw if what you worry is about higher fee for the withdrawal.

but is there a p2p network where you can sell XRP for fiat?
try converng your ETH to USDT BEP20 and withdraw, this i think is cheaper and its easy to sell USDT BEP20 for fiat.

[pakhitheboss]

is crypto.com services different from the services offered in crypto.com exchange?
theyre just one i believe, just trade your Eth to XRP and withdraw if what you worry is about higher fee for the withdrawal.

Yes, both are different as there is a seperate wallet and their a dedi wallet that has the exchange. Withdrawal fees are on the higher side and it is not worth it in the current market price to withdraw Ethereum from crypto.com wallet.

The last time I had used crypto.com was in 2022 at that time this was the scenario as I have explained above. Now, I am not sure whether they are still working on the same infrastructure. I stopped using the platform because of high withdrawal fee. Just a FYI, a user needs to pass KYC for using crypto.com services.

[logfiles]

but is there a p2p network where you can sell XRP for fiat?
try converng your ETH to USDT BEP20 and withdraw, this i think is cheaper and its easy to sell USDT BEP20 for fiat.

XRP and Litecoin are amongst the cheapest options when withdrawing from an exchange, way cheaper than even USDT BEP20 that is usually 1 USDT in withdrawal fees. I think it can just be easy for him to transfer the XRP from the crypto.com app to the exchange. Sell it for USDT and then convert that to fiat.

Yes, both are different as there is a seperate wallet and their a dedi wallet that has the exchange. Withdrawal fees are on the higher side and it is not worth it in the current market price to withdraw Ethereum from crypto.com wallet.

He should probably look for alternatives in case he plans to trade again in the future.

[Rufullus]

Understood, thank you all for a reply.

I was looking for much cheaper coin to sell than ETH basically, I was considering USDT but logfiles says XRP and Litecoin is cheaper, which I will consider at this point.

I have never myself used exchange as I have long term positions on the main app but I heard many people talking about it being better for selling as less fees due to spread.

Crypto.com Exchange is not available in the US due to jurisdiction btw so no wonder some people do not know it.


In this case, I think I will simply transfer ETH to the exchange app, swap ETH for XRP or Lite then sell to fiat and move the fiat back to the app where you can put it on your card.