There comes a point in your Sorare career where you decide to withdraw some of your profits. Maybe you’ve just sold one of your reward cards, or you aren’t interested in purchasing anyone else. In this guide, we will be helping you to understand how to convert your ETH back into your currency, whether that’s Pounds, Dollars or Euros.
If you’re looing at withdrawing your balance, but you’re not entirely sure what to do, this withdrawal guide is perfect for you.
What is Ethereum?
Ethereum is a digital currency, which uses the Ethereum Blockchain. It’s a form of cryptocurrency and it’s usually abbreviated to ETH. It’s used in Sorare when valuing players, but it can be ignored to an extent if you only value in traditional currency such as Pounds or Dollars.
Your Sorare Account Balance is made up of Ethereum, but you will always see the cash equivalent, too.
Ethereum is used all over Sorare, so I would advise ‘getting used’ to this. You can become more familiar from reading our Sorare Review article. You will be receiving your gameweek rewards in Eth, but you won’t need to convert this back to your currency etc.
This is because your Sorare Wallet will automatically show the values in both your local currency & ETH value.
Create an Account with a Crypto Exchange
If you want to cash out your Wallet balance, it’s not as simple as withdrawing to your bank card. Our banks will not accept crypto, so we need to go through a Cryptocurrency exchange.
The most popular exchange (by far) is Coinbase, so I would advise beginners to register there. Their menus are really easy to understand, and their support is good too.
Things can start to get a little confusing here, as there will be lots of different currencies that you can deal with. Remember, we are only interested in Ethereum when playing Sorare. To skip the confusion, just use Coinbase!
How to Withdraw from Sorare to your Bank Account
Total Time Needed: 5 Minutes
- A Coinbase Account
- A Sorare balance to withdraw
Step 1: Navigate to Your Sorare Wallet
First, you need to open your Sorare wallet. To do this, select the blue button that contains your Ethereum balance. To find this, you must ensure that you’re logged into your account.
Step 2: Find Your Ethereum Address on Coinbase
Once you have created your Coinbase account, you need to select Ethereum and find your Eth address. To find this, Select the Ethereum asset and on select ‘Receive’ on the right side of the screen. This will generate your ETH address, which you can copy using their button.
Step 3: Enter the Ethereum Address on Sorare Withdrawal Page
Next, go back to the Sorare Wallet. Select the Withdraw field and you will see that there is a field labelled ‘To’. Here, you need to paste your Coinbase Ethereum address. Tip: Use the copy and paste function, as it will ensure you don’t make a mistake when typing this out.
After entering your Ethereum Address, you can continue and confirm the withdrawal.
Step 4: Confirm the Withdrawal via Email
Before Sorare send your withdrawal, they will email you to confirm the request. This is to add a layer of security to the Sorare withdrawal.
To confirm with the withdrawal, click the link which is provided in the email. This will initiate the withdraw to your Ethereum address.
Step 5: Convert the Ethereum to Money on Coinbase
Once you have received your Ethereum in coinbase, your next step is to convert this to your chosen currency.
Select the Ethereum Asset and on the right side of the screen, select Sell. This is the area where you convert the Ethereum to Currency. In our case, this is GBP. You may be using Euros, Dollars or something else. Enter the Amount that you want to sell, and then select Sell Ethereum.
This will complete a transaction where your Ethereum then moves into your GBP Wallet.
Step 6: Withdraw from Coinbase to Your Bank Account
The final step is to withdraw the money from your Coinbase account, and send this to your bank account.
Once your withdrawal has processed, you will receive another confirmation from Coinbase. All you will have to do now, is wait for this to be processed and received by your bank.
Note, there are other crypto exchanges that you can use for your withdrawal. However, I find Coinbase the best for beginners.