How to sell Shiba Inu coin? What are the methods of selling Shiba Inu coin?

To sell Shiba Inu coin, select a reputable crypto exchange, set up an account, and follow the step-by-step guide to create a sell order with your preferred order type for execution.

Oct 08, 2024 at 09:36 pm

How to Sell Shiba Inu Coin: A Step-by-Step Guide

Shiba Inu (SHIB) is a popular cryptocurrency that has gained significant traction in recent years. While it is primarily used as an investment, you may need or want to sell it at some point. Here are the steps involved in selling Shiba Inu coin:

Step 1: Choose a Cryptocurrency Exchange

The first step is to select a reputable and secure cryptocurrency exchange that supports SHIB trading. Some popular options include:

• Binance
• Coinbase
• Kraken
• Gemini
• Kucoin

Step 2: Set Up Your Account

Create an account on the exchange you choose. You will need to provide personal information, such as your name, email address, and proof of identity.

Step 3: Fund Your Account

Depending on the exchange, you can fund your account using fiat currency (e.g., USD or EUR) or by transferring other cryptocurrencies.

Step 4: Deposit Your SHIB

Transfer your Shiba Inu coins from your wallet or from another exchange to your account on the chosen exchange.

Step 5: Create a Sell Order

Once you have deposited your SHIB, navigate to the trading page for SHIB/USD (or the equivalent in your chosen currency). Click on the "Sell" button and enter the amount of SHIB you wish to sell.

Step 6: Select Order Type

There are different types of orders you can place:

• Market Order: Executes your order immediately at the current market price.
• Limit Order: Executes your order at a specific price you specify.

Step 7: Review and Execute

Review the order details, including the price, amount, and order type. If everything is correct, click on the "Sell" button to execute the order.

Step 8: Receive Funds

Once your sell order is completed, the proceeds from the sale will be credited to your exchange account. You can then withdraw these funds to your bank account or use them to buy other cryptocurrencies.

Alternative Methods of Selling Shiba Inu Coin

Peer-to-Peer (P2P) Exchanges

Peer-to-peer exchanges allow you to sell SHIB directly to other individuals. Popular platforms for this include:

• LocalBitcoins
• Paxful
• Binance P2P

OTC (Over-the-Counter) Trading

OTC trading involves selling large amounts of SHIB through a broker or intermediary. This method is typically used by institutional investors and high-net-worth individuals.