How to sell Moonbeam (GLMR) coins

To sell Moonbeam (GLMR) coins, choose a suitable exchange, transfer GLMR from your wallet to the exchange, place a sell order with the desired order type and details, monitor your order status, and finally withdraw the proceeds once your order is filled.

Dec 03, 2024 at 03:51 am

How to Sell Moonbeam (GLMR) Coins: A Comprehensive Guide

Moonbeam (GLMR) is a smart contract platform that operates as a parachain on the Polkadot network. It allows developers to build decentralized applications (dApps) that leverage the security and scalability of Polkadot. If you hold GLMR coins and wish to sell them, follow these detailed steps:

1. Choose a Suitable Exchange:

   Select a reputable cryptocurrency exchange that supports GLMR trading. Consider factors such as security, fees, liquidity, and user experience. Some popular choices include Binance, KuCoin, Kraken, and Coinbase.

   Each exchange has its own registration and verification requirements. Complete the necessary steps to create an account and verify your identity.

2. Transfer GLMR to the Exchange:

   Once you have chosen an exchange, you need to transfer your GLMR coins from your wallet to the exchange's address.

   a. Obtain the Exchange's GLMR Wallet Address:
   Log in to your exchange account and navigate to the "Deposit" section. Find the GLMR coin and click on "Deposit." You will be provided with the exchange's unique GLMR wallet address.

   b. Send GLMR from Your Wallet:
   Open your crypto wallet that holds your GLMR coins. Go to the "Send" or "Transfer" section and enter the exchange's GLMR wallet address as the recipient. Specify the amount of GLMR you wish to transfer and initiate the transaction.

   Note that some wallets may require you to specify the Polkadot network when sending GLMR.

3. Place a Sell Order:

   Once your GLMR coins are deposited into the exchange, navigate to the "Trade" or "Exchange" section.

   a. Select the GLMR Trading Pair:
   Find the trading pair that corresponds to the currency you wish to receive in exchange for your GLMR. For example, if you want to sell GLMR for USDT, choose the GLMR/USDT trading pair.

   b. Choose an Order Type:
   Select the appropriate order type for your selling strategy. Common order types include market orders, limit orders, and stop-limit orders.

   • Market Order: Executes immediately at the current market price. This is the simplest order type but may result in slippage if the market price shifts significantly.
   • Limit Order: Allows you to specify the price at which you want to sell your GLMR. The order will only be executed when the market price reaches your specified limit.
   • Stop-Limit Order: Combines a stop order and a limit order. The stop order triggers when the market price reaches a specific level, and the limit order executes when the market price reaches your desired limit.

   c. Enter Order Details:
   Indicate the amount of GLMR you want to sell and review the order details. Confirm the order and click "Sell" to place your order in the market.

4. Monitor Your Order:

   Once you have placed your sell order, you can track its status in the "My Orders" or "Open Orders" section of the exchange.

   a. Open Order: Your order is waiting to be filled. You can cancel it if you change your mind.
   b. Partially Filled Order: Only a portion of your order has been executed. The remaining amount will continue to be available for matching.
   c. Filled Order: Your order has been completely executed and the GLMR coins have been sold.

5. Withdraw the Proceeds:

   Once your GLMR coins are sold, you can withdraw the proceeds to your bank account or another cryptocurrency wallet.

   a. Navigate to the Withdrawal Section:
   Log in to your exchange account and go to the "Withdraw" section.

   b. Choose a Withdrawal Method:
   Select the method through which you want to withdraw the funds, such as bank transfer, cryptocurrency, or fiat currency.

   c. Enter the Withdrawal Details:
   Provide the necessary details for the withdrawal, such as your bank account number, cryptocurrency wallet address, or fiat currency destination.

   d. Confirm and Process the Withdrawal:
   Review the withdrawal details and submit the withdrawal request. The exchange will typically process the withdrawal within a specified timeframe.