The instant conversion of eth to usd can be executed on the following five very liquid platforms. Coinbase, being one of the representative compliant exchanges, processes 4,200 transactions per second (as per the Q3 financial report numbers of 2023) and supports the instant conversion of ETH/USD (with an average arrival time of 0.1 seconds). But there is a fixed handling fee of 1.49% (with a minimum of 2.99 per transaction). Binance’s ETH/USDT trading pair accounts for 231.5 of the world’s Gas fee, but the on-chain confirmation time must be endured by the user (average block generation time on the Ethereum mainnet is 13 seconds).
LocalCryptos P2P exchange enables over-the-counter eth to usd trades, with daily average order placement volume of over 2,400 (according to October 2023 figures). It enables more than 50 fiat channels such as PayPal and bank transfer, and its transaction fee is between 0.25% and 1.5%. Kraken Exchange’s ETH/USD spot market offers institutional-quality liquidity (1,200 ETH/order book depth price layer), median withdrawal time of 8 seconds (Compliance audit report # Kraken 2023Q3), and instant send to a US bank account (ACH network). Hardware wallet integration services such as Ledger Live enable ETH/USD exchange (with a single transaction limit of 1,000) through the third-party partner Wyre, with a handling fee of 2.90.3. However, the security has passed the CC EAL6+ certification (hardware tamper-proof level).
Robinhood’s mobile app eth to usd exchange service serves 48 United States states with an average processing time of 1 minute (disclosed in the user agreement), but only supports market orders and hides the spread by approximately 0.8% (data of an independent testing organization ROBINHOOD2023). Wirex, an issuer of cryptocurrency debit cards, enables direct spending of ETH through Visa cards (exchange rates prevailing at the time of conversion). It can be spent with over 80 million merchants worldwide, with the rate deviation rate of exchange being 1.2%-3.5% (observation of samples of user transactions). Cross-border payments platform PayPal enables the exchange of ETH with USD through its cryptocurrency module, up to 10,000 per day and with a 2.3 to 0.3 handling fee. 1 to 3 working days would be required for the funds to reach traditional banking accounts (compliance disclosure document #PAYPALCRYPT).
Decentralized platforms such as the Metamask integrated aggregator 1inch searched 12 DEXs to obtain the optimal path from eth to usd (average slippage of 0.7%), but they have to tap into the middle layer of stablecoins such as USDC. The entire process takes around 2 minutes (with varying Gas fee between 2 and 15). High-risk, high-reward alternatives are the derivatives exchange BitMEX, which facilitates hedging and cashed out through ETH/USD perpetual contracts (with a funding rate of ±0.01%), but the risk of margin trading into bankruptcy is 32% (according to 2023 user loss statistics). Regulatory Warning: In the FTX bankruptcy case in 2022, the failure rate of users redeeming funds via the platform’s redemption channel was as high as 89% (Court Liquidation Report #FTX2023), highlighting that one should choose a compliant platform.