Cheapest Way to Convert Your ETH to GBP

Ethereum, the second-largest cryptocurrency by market cap, is growing in popularity as an investment instrument. Ether registered gains of more than 600% within a year. Institutional and retail investors are driving attention towards Ethereum due to its compelling growth. The prominence of cryptocurrencies, including ETH, is widely growing in the UK. Statistics reveal that British cryptocurrency owners increased six-fold from 2018 to 2021.

To engage with Ether, British crypto users convert their GBP to ETH. To withdraw digital assets into a bank account, users need to convert their ETH into GBP. While withdrawing digital assets, you need to take into consideration various factors and fees. In this article, we look at the cheapest way to convert your ETH into GBP by analyzing the fee structure of different cryptocurrency exchanges.

Let us consider a scenario where a British investor or trader would like to exchange 1 ETH to GBP and transfer the money to a bank account. 

To begin with, you can check the Ethereum price in GBP on a cryptocurrency exchange platform. If you store your ETH on a software or hardware wallet, you must transfer 1 ETH into the exchange’s wallet. You may proceed to convert Ethereum into Pound Sterling and then withdraw your GBP into your bank account. 

At every stage of the process, the investor needs to pay certain fees. We have analyzed the top 3 cheapest exchanges below. 

Binance

Binance is one of the largest crypto exchanges in the world by trading volume. The platform is known for high-speed trade execution and its cheapest trading fees. Though it does not charge any fees for depositing, the trading fees are 0.1%. 

For converting 1 ETH to GBP, the investors need to pay a 0.1% trading fee. As of October 2021, 1 ETH is worth 2,490.11 Pound sterling. That means the trading fees on Binance to convert 1 ETH to GBP is 24.90 GBP. If the investor holds BNB in the account, the trading fees will automatically be deducted from the BNB balance. 

To withdraw GBP into your bank account, Binance charges a withdrawal fee between $1 to $15 depending upon individual customers’ level. 

Gemini

Gemini is a US-based crypto trading platform and offers more than 40 cryptocurrencies. Besides offering exchange services, it also provides features like Gemini Earn, Gemini Pay, etc. The platform is suitable for both beginners and active traders. 

The fee structure of Gemini is complicated to understand. It consists of two-part convenience fees and a transaction fee for converting ETH to GBP. Investors need to pay 0.5% as a convenience fee. In addition to that, investors need to pay a transaction fee of around 2%. The total fees on the Gemini platform range from 0.5% to 3.99%, depending on the payment method. 

In addition, Gemini also charges a withdrawal fee of 0.001 ETH, i.e., roughly $3.48. The withdrawal fees on Gemini differ for different digital assets. 

Kraken

The Kraken crypto trading platform supports more than 80 cryptocurrencies and various fiat currencies. It also offers learning tools and how-to guides for beginners. Additionally, the platform allows investors to become market makers for providing liquidity. It has a wide range of features; however, it is expensive when compared to other exchanges. 

Kraken charges 0.10% to 0.26% trading fees for converting ETH to GBP. The platform monitors investors’ trading volume in the previous days. The higher the last 30-day trading volume, the lower will be fees charged by Kraken. Depending upon the withdrawal method and processor, the fees charged by Kraken range from nearly $3 to $45. 

Binance is probably the best crypto trading platform in the market as it charges the lowest fees compared to most of the crypto trading platforms. Investors can fund their Binance account with GBP through their preferred bank account without any fees for deposits. It also facilitates the purchase of ETH by using credit/debit cards. Binance charges the lowest trading fee, i.e., 0.1%, to buy cryptocurrencies. British investors can convert GBP to ETH on the Binance platform with a 0.1% trading fee.

When converting ETH to GBP, you need to use the cheapest option to maximize your profits. Binance, Gemini, and Kraken are generally amongst the best exchanges to use for this task.

If you want to find the best crypto platform for all your needs, not just converting ETH to GBP, check out our crypto exchange comparison tool.