Do you have coins in your wallet, and you want to know how to sell them, but you’re not sure where to start? Have no fear! We’ll guide you through the entire process so that you can sell the coins in your Zelus wallet quickly, safely and securely.
Why would I want to sell my coins for fiat currency?
If you have coins in your wallet, you might want to sell them for any of a variety of reasons! Maybe…
You want to buy something that you can’t use crypto for (yet!)
You want to be able to spend your funds from your debit card instead of your crypto wallet
You want to diversify your holdings
Whatever the case, we’re here to help walk you through the process!
Please note: if you are looking to convert your coins into another cryptocurrency we highly recommend doing a Swap instead, and avoid paying fees twice.
How does selling coins work?
Currently, the best and safest way to sell coins in your Zelus wallet for US Dollars (”fiat currency”) is to use a centralized exchange. A centralized exchange is a cryptocurrency exchange platform that acts as an intermediary between buyers and sellers of coins and digital assets. Centralized exchanges allow you to buy, sell, and trade coins and other digital assets. Some exchanges you may have heard of include Coinbase, Crypto.com, Binance, and Kraken.
While the specific process of selling a coin works differently on each exchange, the process generally follows the same pattern:
Create an account on the exchange of your choice
Verify your identity (this step is required for security and regulatory reasons)
Connect your bank account
Initiate a deposit
Send the coin from your wallet to the deposit address provided by the exchange
Fiat currency will be credited to your account with the exchange
You can transfer the balance in your account with the exchange out into your bank account
Can you walk me through the process of selling my coins?
The process of selling your coins on an exchange will vary a little bit depending on which exchange you use, but we’ve provided below a walkthrough of how to sell your coins on the Coinbase website to help you out!
Go to coinbase.com and create an account by clicking on 'Get started' at the top right - or sign into an existing account if you already have one.
First you'll need to send the crypto you want to sell from your Zelus wallet to your coinbase account. From the main dashboard click on 'Send & Receive' at the top menu bar - a pop up window will show up, then switch to the 'Receive' tab at the top right. You will then see the coinbase address to which you need to send your crypto in 2 forms: a QR code and an alphanumeric code. Make sure you select the right currency you want to receive and sell before copying the address - otherwise you risk your coins to be lost forever. in the example we will be selling Ethereum, but you can select another cryptocurrency by clicking on the currency name.
Open your Zelus app, go to the wallet section and select the coin you want to sell. Tap on 'Send' and either scan the QR code or copy-paste the address from your coinbase account.
After the address, you will enter the amount of crypto you wish to send. Use the icon with the arrows to switch the currency you input the amount in: crypto or ‘fiat’(e.g. US Dollars). You may also select ‘Max’ to send the total amount you have of that particular cryptocurrency. Before submitting your send request, you will be able to see a ‘Preview’, a summary of the transaction details, including the gas fee involved*. Once you have reviewed the details, tap on ‘Send now’ to execute the transaction.
Once you see the new funds added to your coinbase balance, you can execute the sale of your crypto. Again from the main dashboard on coinbase, click on 'Buy & Sell'. Indicate the amount that you would like to sell, and continue to see a preview with the transaction details.
If all details seem correct, simply confirm by clicking on 'Sell now'. Your crypto will then be converted into US Dollars that you can use to trade for other crypto in the future or simply withdraw to your bank account.