How To Cash Out Using the XYO Coin App
Greetings fellow Geo Miners!
Having read a number of comments on the CoinWithUS Subreddit, I get the impression that for a number of folks the Coin App is your first experience with a crypto currency. Welcome!
With that in mind, I figured that I would provide a basic level introduction on the process of setting up and cashing out your Coin tokens and include some other bits of info about crypto in general. This certainly won’t be all encompassing and I’ll describe some things in a very non-technical way. That is by design in an effort to help out new folks. I also won’t give exact step by step instructions on some things as that would make this post significantly longer. Instead, I’ll include some links to some great instructions already created by others. If you run into any difficulties, or think something needs to be expanded on, feel free to ask questions in the comments.
Let’s get started!
Download the App
If you are here, you probably already have the coin app downloaded and running. Great! If not, you can download it HERE. (That is my affiliate link. You can also just go to their website.)
Get a Wallet
Next, you will need a wallet address to accept ERC20 tokens. An ERC20 token, like XYO, is one created on the Ethereum blockchain. There are a number of ways to achieve this, but I’ll be linking to instructions to do this via the Trust Wallet app. I use Trust Wallet specifically because the process of linking it to your Coin app account is easy and allows you to receive HODL rewards every day easily for your holdings outside of the Coin app.
To set up your Trust Wallet, follow these directions given by the XYO Company.
After following those directions, you will have a Trust Wallet account and you will be able to view your public address to receive XYO in.
(As a side note, a wallet is simply a tool to use to interact with your coins on the Ethereum blockchain. The coins are not actually stored “in” your wallet app. In fact, if you created an Ethereum account on My Ether Wallet, you can use your private key to interact with your coins in any other wallet that accepts ETH, including Trust Wallet. Your coins are on the blockchain, not stored on your devices. Wallets simply allow you to interact with your holdings on the blockchain. I have several wallets all connected to the same private keys for my Eth account. That said, Trust Wallet is a multi coin wallet, not just for ERC20 tokens. The private keys given when you create an account are different from those that would allow you access in other wallets, but that’s beyond the scope of this post.)
Add Your Wallet Address to the Coin App
Back in the Coin app, we’ll need to add your public ERC20 account address created above so the Coin app knows where to send your redemptions. Click on the account icon on the top left of the screen. You will see an empty box labeled “ERC20 Wallet”. Click on the pencil icon and you can copy in your address from above.
(Side note: If you aren’t using Trust Wallet, just be sure that the address you insert here is NOT a Coinbase account. You may risk losing your Coins! Use only an ERC20 account that you hold the private keys too or the deposit address on your Kucoin exchange account. You can’t earn HODL rewards for coins on Kucoin though.)
Connect the Coin App to Your Wallet
The next step will allow you to give the Coin app permission to view your holdings at your new address. This isn’t necessary, but it will allow you to continue to take advantage of the daily HODL rewards after your redemptions. In fact, since the current ratio of Coin to XYO increases your number of held tokens, your HODL rewards will increase. Follow these instructions.
Redeem Your Coins
Alright, so now we’re ready to redeem your Coins for XYO! Keep in mind you can only make one redeem request every two weeks.
With the app open, if you click on the circle icon next to your coin balance at the top of the screen, the REDEEM window will open up. Coin allows you to redeem your Coins for other crypto currencies and some swag directly in the app. What I’ll be describing here is the process of redeeming Coin for the XYO token.
XYO is on the top of the Redeem window. With that selected, press the green “redeem” button on the bottom right of the window.
It will now ask you to select the amount of Coin you want to redeem, and also show you the current exchange ratio, beginning at 10,000 Coin which is the minimum exchange amount. As I type this, the current exchange ratio is 21,332 XYO for 10,000 Coin. This varies with the market prices of ETH and XYO. Watch the ratio to make sure you get the most bang for your redemption. I currently don’t redeem until I receive at least 22,000 XYO for 10,000 Coin, but that is up to you. That seems to be the average, but in the last month it’s been as low as 16,000 and as high as 30,000.
Slide the bar to select the number of Coin you want to redeem and then click on “next”. It will ask you to verify your ERC20 wallet address. Again click “next”. The rest should be self-explanatory.
Congrats! You now have XYO in your wallet! (The XYO company seems to do these transfers manually, so the exchange process isn’t instantaneous. You may have to wait a day or two until your transaction is completed.)
You can leave your coins in your wallet to continue to gain the benefits of higher HODL rewards, but if you want to cash out or exchange for other crypto currencies, keep reading.
Exchange XYO for Other Crypto
There are a number of Crypto Exchanges. Binance, Bittrex, Kucoin, etc. Kucoin is the exchange that currently allows you to trade XYO, so that is the exchange we will be dealing with here. You’ll need to create your own account on Kucoin. My affiliate link with Kucoin is HERE, but as above, feel free just to go to Kucoin.com. I certainly appreciate you using my affiliate links, but please feel no pressure to do so.
Once you’ve created a Kucoin account, we need to move your XYO tokens into it so you can trade. Be advised, that before you can transfer your XYO, you will need a small about of Ethereum in your wallet as well in order to pay for the “gas fees”…the cost of the transaction. It’s mere cents, but without the ETH available, you won’t be able to transfer. (If this is going to be an issue for you, you may wish to set your Kucoin XYO address as your ERC20 address in the Coin app and send coins directly to the exchange.)
In Kucoin, click on “Assets” and then “Main Account — Deposit and Withdrawal”.
Select XYO and click “deposit”.
This will show you your XYO deposit address to get your XYO into Kucoin. (Don’t use this address in the Coin app as your ERC20 address unless you don’t mind not receiving daily hodl rewards!) There is also a little graphic beneath it which brings up the QR code of that address.
In Trust Wallet, select XYO and “Send”. Where it asks for the recipient address, there is a little square with a line in it. Click that. It will open up your camera. Scan in the Kucoin QR code. Trust now knows you are sending to the Kucoin address.
Enter in the amount you want to transfer, and that’s about it. Depending on traffic volume with ETH, the transfer has taken anywhere from a minute to about 15 minutes to show up on Kucoin.
You can read instructions on Kucoin for how to engage in the trading process to exchange XYO for ETH. You can also exchange XYO for Bitcoin, but keep reading to learn why that isn’t recommended…unless you specifically want BTC.
Exchange for Cash
Once you have ETH (or BTC), you can keep it, exchange it for other crypto currency on Kucoin, or send it to Coinbase. Coinbase is one of the primary channels to purchase crypto in cash and sell it for cash that you can withdraw to your bank account. You can read instructions there on how to deposit/withdraw. You can create a Coinbase account HERE. If you sign up with that address, we’ll both receive $10 in Bitcoin. As usual, feel free just to go to Coinbase.com and bypass my affiliate link. But hey, why pass up free money? :)
Additional Tips
Some notes on the trading and transfer process:
Transfer to Kucoin — You will pay a “commission” to transfer XYO from your Eth wallet to Kucoin. This is called the “gas fee” and it pays miners for processing on the network. This fluctuates with demand, but is currently a USD equivalent of about 9 or 10 cents.
Exchange to Ethereum — Kucoin charges a trading fee based on the maker/taker model. For low volume trades, both fees are the same. They charge .1% of the transaction. For a $122 trade, this would be 12.2 cents, for example.
Transfer to Coinbase — Most exchanges want you to keep your assets there so they charge withdrawal fees based on the currency you are withdrawing. Kucoin charges .0004 BTC to withdraw BTC, which equates to $2.69 as I write. Had you converted to ETH and withdrawn, they charge .003 ETH, or $.41. Even better? Stellar Lumens. The fee is .01 XLM….a fraction of a penny. You should convert to XLM to send to Coinbase. You’ll have one additional exchange, but as shown above, it will only cost you a few cents to do so, depending on the size of your transaction.
Sell BitCoin/ETH/Steller for USD on Coinbase — As said above, you shouldn’t do the trades in BTC. Use ETH or XLM. Also, for converting crypto on Coinbase, I strongly recommend using Coinbase Pro. Your Coinbase account credentials work to login. It is their peer to peer exchange, similar to Kucoin, and the fees are significantly less than doing any conversions on Coinbase proper. Again, we’d be talking a few cents to convert to USD. You can also withdraw USD to your bank account here with no fees.
Ok, so that about wraps this up.
I know this is a lot of info. It makes sense to me, but if anything is unclear, incorrect, or needs some additional information, please let me know and I’ll do my best to fix it.
Coin on!!!!
