In our guide to IOTA, we have discussed what an intriguing new distributed ledger technology IOTA is, and how the IOTA cryptocurrency fuels the network’s operations. If you got too excited and invested too much in IOTA cryptocurrencies, but want to cash out now, we come to your rescue again! In this guide, we discuss how to sell IOTA cryptocurrency.
Why Is It Not So Easy to Sell IOTA?
Since IOTA is not a particularly old or established cryptocurrency, even the top cryptocurrency exchanges tend to offer limited pairings of IOTA with other fiat currencies. In fact, the lack of an IOTA/USD pairing plagues IOTA investors frequently because even if one is not a US citizen, getting your crypto converted to one of the best-known and most well-recognized fiat currencies can prove extremely useful. So for cryptocurrencies that do not have a widespread pairing with USD across exchanges, investors might face a lot of problems as and when they feel they want to cash out.
An Easy Way to Sell IOTA and Cash Out: Use Two Exchanges
An ingenious way that many crypto investors have been trying to use whole selling IOTA and cashing out is basically using two exchanges for two different steps. Users first log on to an exchange that offers an IOTA/BTC pairing and then use that BTC on an exchange that offers a pairing of BTC and USD (or whatever fiat currency you are trying to cash out with). This two-fold process ensures that you end up with cash in exchange for the IOTA you wanted to sell. Let’s now take a look at the steps involved in selling IOTA this way.
Steps to Sell IOTA and Cash Out
1. Using Binance Exchange for IOTA/Bitcoin.
For this, the user must first log onto the Binance exchange. After that, one has to go to the Binance exchange option for BTC-IOTA. The central area of the webpage will display a chart and underneath it, an interactive interface. If that interface shows the selected option as “Limit”, the user must change it to “Market”. Under the “Market” tab, one will find an option “100%” which basically indicates that you want to sell the entirety of your IOTA holdings from your Binance Account. You may also change the percentage based on how much you wish to sell.
The next option would be “CLICK SELL IOTA”. After that is clicked and done with, you can check how much BTC you have received in payment from your “Order History” tab.
2. Transferring to Another Exchange
The next step would involve transferring your BTC to another exchange. In our example, we are moving it from Binance to Coinbase. For this, you need to continue on Binance and select the “Withdrawals” option under “Funds”. The next page that pops up will give you an option to access a drop-down list for the coins supported. You can type/simply select “BTC-Bitcoin”. Fill up the following spaces:
a)BTC Withdrawal Address: For this, visit your Coinbase Account and copy-paste your “Receive BTC” address. Can be accessed by going to Accounts->Choose Wallet->Receive.
b) Amount: Specify the amount you are about to transfer.
After filling these in, press “Submit”. Then follow the link given in the email Binance will send you at this point so that the transaction gets completed. It gets completed in maximum half an hour in most cases and a few hours in rare situations.
3. Cashing Out
Go to your Coinbase Account, accessing www.coinbase.com/sell. You can Sell Bitcoin by filling in how much you want to sell and the USD will be transferred to your bank account of choice. Now if you are planning to keep this part of the transaction- the cashing out details, then you can learn about some of the ways to convert Bitcoin to cash anonymously. That way you’ll be able to keep your cashing out private knowledge.