How to sell EGLD coin

Select a reliable exchange platform like Binance to sell your EGLD coins, create an account, fund it, access the trading platform, place a sell order, and withdraw the proceeds.

Nov 12, 2024 at 09:55 pm

How to Sell EGLD Coin

Elrond (EGLD) is a high-throughput, low-latency blockchain platform designed for distributed applications. It utilizes a novel consensus mechanism known as Secure Proof-of-Stake (SPoS) to provide scalability and security. EGLD is the native cryptocurrency of the Elrond platform and can be used for various purposes, including staking, transaction fees, and governance.

Selling EGLD coins requires navigating several steps, ensuring a secure and efficient transaction. Here's a comprehensive guide to selling EGLD coins:

Step 1: Choose a Suitable Exchange Platform

The first step involves selecting a reliable and secure exchange platform that supports EGLD trading. Factors to consider include exchange fees, security measures, trading volume, and user reviews. Some reputable exchanges for selling EGLD include Binance, KuCoin, Gate.io, and Crypto.com.

Step 2: Create an Account

Visit the chosen exchange's website or download their mobile app and create an account. This typically involves providing personal information, verifying your identity, and setting up two-factor authentication (2FA) for enhanced security.

Step 3: Fund Your Account

Before selling EGLD, you must deposit funds into your exchange account. This can be done by transferring funds from an external wallet or purchasing cryptocurrency through the exchange's fiat gateway (if available).

Step 4: Access the Trading Platform

Navigate to the exchange's trading platform, where you can view available trading pairs. Search for the EGLD/BTC or EGLD/USDT pair, depending on the exchange's supported currencies.

Step 5: Place a Sell Order

Choose the sell order type you prefer:

• Market Order: Instantly sells EGLD at the current market price.
• Limit Order: Sets a specific price at which you want to sell EGLD.
• Stop-Limit Order: Combines a stop price (triggers the order) and a limit price (the price at which you want to sell).

Enter the amount of EGLD you wish to sell, review the details, and confirm the transaction.

Step 6: Withdrawal

Once your sell order is executed, the proceeds will be credited to your exchange account. You can then withdraw these funds to your preferred external wallet or bank account.

Additional Tips for Selling EGLD Coins

• Monitor Market Conditions: Keep an eye on market movements and price fluctuations to make informed selling decisions.
• Use Limit Orders: Limit orders allow you to control the price at which you sell EGLD, protecting against price volatility.
• Consider Fees: Be aware of any fees associated with selling EGLD, including trading fees, withdrawal fees, and network fees.
• Store EGLD Securely: For long-term storage, consider holding EGLD in a hardware wallet or a reputable custodial wallet.
• Research Exchanges Thoroughly: Diligently research and compare different exchange platforms before making a decision. Ensure the exchange adheres to security best practices and has a good track record.
• Secure Your Account: Enable strong passwords, 2FA, and other security measures to protect your exchange account from unauthorized access.