It is no secret that Dogecoin is one of the most favoured cryptocurrencies of today. It was initially launched as a hard fork coin of Litecoin back in 2013, as a joke. However, it got to be famous, where it is now featured in just about every crypto related activity. That said, some investors often found themselves in a difficult spot on how to sell Dogecoin, where it has relatively less guidelines and coverage than other crypto like BTC. Still, this process is quite simple and straightforward, as is seen in this short guide on the coin.
Quick guide on selling DOGE on Binance
There are but a few steps to selling the coin on Binance, these are:
- Opening a Binance account and logging onto it
- Opening the Binance Fiat and Spot wallet and selecting the Dogecoin
- Initiating the crypto-fiat conversion, either by using trade pairs, or by running the Convert function to make instant swaps.
- Withdrawing the funds back in the Fiat and Spot wallet.
How to sell Dogecoin for fiat
With specialised platforms that assist in the exchange, selling DOGE has never been easier. The following are seen to be the most appropriate for this, among others:
Binance
Most people recognise Binance just as a place for purchasing crypto, but its developers intended for it to do so much more. The platform also facilitates in investment of crypto assets, as well as buyer to seller transactions. This applies to all of the hundreds of cryptocurrencies and conventional currencies that are featured in the platform, inclusive of DOGE. Users simply have to make their way to the Sell option on the main interface. This then sets their verified fiat account as the recipient after the coin has been sold.
CEX.io
CEX.io is among the many crypto exchanges that allows them to sell DOGE. It was launched back in 2013, quickly establishing itself as a formidable force in the crypto industry at large. To date, the platform is in constant circulation of hundreds of individual crypto coins and tokens. More than one trade type is featured, where users can also purchase full crypto stocks on the international market. All this is placed on an interactive user interface, meant to be easily navigable by anyone, regardless of their skill or experience.
EXMO
EXMO comes in from the Russian Federation. It was established and released in 2013, effectively making it one of the longest platforms or stand the test of time. Just about all large cap crypto coins and more famous tokens are supported by the platform. Additional features serve to make the overall experience with the exchange more satisfactory, features like the 24/7 support, the quick guide to getting started, or the relatively low transaction fees. Dogecoin is one of the supported coins, where users can trade it in both ways, to purchase it or to sell it to other users or the platform itself.
Bitfinex
This online crypto exchange allows users to convert Dogecoin to bank account cash with outstanding ease. Granted, their banking services would not be recommended given their history with breaches and mass theft. Be that as it may, their operational standards when it comes to the sale, or even purchase, of crypto coins and tokens are impeccable. Making a sale requires only a few steps, the first obviously being to sign up to the platform. This is followed by the verification process, in which the user enters a secure passkey, then they simply have to opt to make a sale, enter their preferred amount and provide the necessary confirmation.
Bittrex
This exchange platform was launched in the United States, but has coverage of the whole world, encompassing well over 200 crypto coins and tokens. The Bittrex main interface is really nothing special, with most standard crypto exchange layout features. However, their security system stands out, mostly because they are among the relatively few online exchanges who have not yet recorded any major security breaches. If one is looking to cash-out Dogecoin, Bittrex is readily available, with some of the lowest transaction fees too. They simply need to do the short account verification, enter their sale parameters, and run the transaction.
Kraken
Kraken was introduced to the world at a time when the whole crypto ideology was still in its prime. Managing to pass through some minor criticism, the platform grew with the industry. Today, it is one of the most recognisable platforms of its kind, with some of the best and most favoured features in crypto trade. Of course, the platform operators do not actually go to guarantee security services, but their website is locked up pretty tight, with no major complaints as of yet. Selling Dogecoin on this platform is not only fast and efficient, it is also quite cheap, where they do not make that big of a deduction to the receiving fiat account.
Selling DOGE for cryptocurrency: Short step-by-step guide on Binance
As mentioned above, no other crypto exchange is used like Binance. The platform is under constant circulation of hundreds of currencies, crypto and fiat alike. Regardless of this, a state of efficiency is maintained, where there are no lags in the system whatsoever. Selling Dogecoin on this platform is as simple as:
- Opening a Binance account and verifying it
- Navigating to the Binance crypto wallet and selecting Dogecoin
- Selecting the sell order and picking the required trade pairs, or by running P2P trades
- Confirming the sale and crediting the coins
- Withdrawing the money back in the Binance wallet.
Things to consider before selling Dogecoin
A couple of thing should be put into consideration, these being:
The Intended Fiat and its value – where the market trade rate differs from one currency to the next.
The Market value of DOGE – like all crypto, Dogecoin experiences fluctuations in its value, so one need to pick an appropriate time period when swapping the coin for a stable fiat.
The Exchanger/Facilitator – these have effect, particularly on the final amount that will be received. This is so due to transaction fees.
Privacy and Security tips
It is best to withdraw the converted coins into a trusted fiat carrier like PayPal, or even to transfer it directly to a bank account. Also, make sure to go through the 2FA and KYC procedures with care, they have heavy impact on account safety.
Conclusion
The crypto frenzy is at foot, and among the many in circulation is DOGE. With relatively low market values, the coin is now preferred by many investors and passive traders alike, where they stand to lose less if it plummets, but to gain massively if it surges, which would seem quite probable at the moment. Buying then selling the coin could very much prove to be profitable.
