Selling on a Crypto Exchange

Selling on a crypto exchange works much the same as buying on a crypto exchange. Finding the best selling rates and evaluating your trust of the exchange should be your first activity when deciding which exchange to choose.

Signing up to sell on a crypto exchange

Most crypto exchanges in most places will require you to show proof of ID to conform to current legislation. Because you hand over your identity details, you’ll need to ensure that the exchange is trusted among the wider crypto community. Do your research: don’t just sign up at the place with the best rates.

It may take some time for your profile to be approved, so keep this in mind. Sign up early, in case you want to offload or increase your stake in crypto quickly at any point in time.

Selling rules and techniques

Various different exchanges offer different selling rules and available techniques.

For instance, most exchanges will have an instant price you can accept and sell your cryptocurrency at. This is selling it to the exchange, who will then on-sell to a buyer.

Others may have a stop limit in place, whereby you can set a price that you want to sell at, and once that price is hit, the trade goes through. Still others you can set a price and advertise to buyers who may accept it — known as a P2P exchange.

How long does it take to sell crypto?

The time taken to sell crypto depends on:

• Whether your exchange account has been verified
• Whether you have an instant trade or “sit and wait”
• How long it takes to transfer crypto to the exchange for trade

Transfer times for various cryptocurrencies have been known to blow out when there is a rush on.

After trading, remember….

Once the transaction has gone through, you should withdraw your earnings to a wallet (or fiat currency), don’t let them sit in the exchange as it is a less secure storage method.

This article is part of our Getting Started with Crypto Series; follow Academy’s medium page for more articles like this.