For many Pi Network users, the long-awaited dream of turning their Pi holdings into real spendable money has finally been realized. And with the mainnet up and running, that’s now a much less complicated process although one still requiring meticulous work. If you’ve been wondering
how to sell Pi Coin and cash out your earnings, here’s everything you need to know to do it the right (and safe) way.
Make sure your Pi coins have moved to the mainnet
Before you sell the Pi Coins, you need to make sure that your tokens are on the main net Testing tokens are not available for transfer or trade. To migrate your tokens to the mainnet, complete the KYC verification process in the Pi Network app. Once you are verified, you can migrate your positions to the mainnet by going through the migration process. It’s an important step to make since only the main net Pi Coin will then be available for trade on the exchange.
Only reputable exchanges should be chosen to avoid losing your money through hacks or other nefarious means. One example of a well-thought-of exchange is Bitget, and it is used by several users in the Pi Network to trade the said Pi Coin. It has a highly intuitive platform, rather robust security protocols, and facilities for the Pi/USDT trading pair. And yes, communities can still trade this Pi Coin over OKX and Gate.io, among other exchanges, as well but make sure to confirm whether they are accepting mainnet tokens and check their reputation.
Generally, before depositing, or trading or withdrawing funds, the user has to undergo KYC verification at most exchanges. KYC verification often involves submitting ID documents and taking a picture with them for identification verification. Make sure you do this to avoid any inconvenience once you start trading.
Deposit Pi Coins into the Exchange
To exchange your mainnet Pi Coins for INR, you first need to have your KYC verification done. Access the deposit section of the exchange, choose Pi Coin, and then select a deposit address at random. Copy this address and use it to transfer your Pi Coins from your Pi Network wallet into the wallet on the exchange. Please make sure you do this from the mainnet to avoid any hitches.
Once your Pi Coins are deposited into your trading account you will require selecting the Pi/USDT order book and may opt to place it as market order (at present market prices) or limit order (at a price specified). Enter the quantity of Pi that you want to sell and then place the order. Market orders execute immediately, but limit orders can take more time if there would be no availability at the mentioned price as per market dynamics.
Take Out Your Money
Once the sale order is filled, you will have USDT or any other coin in your account on the exchange. To make it real money again, you would have to withdraw it to your bank account or maybe a payment processor that lets you withdraw fiat. Head to the withdrawals section of the exchange, select your preferred mode of withdrawal, and then comply with the instructions. Do keep in mind, though, that withdrawal fees and times differ, according to both exchanges and methods selected.
All cryptocurrencies are volatile, and Pi Coin might also be such, hence, one needs to stay updated with the market trends and any related news that can make the Pi Coin price change. User should set some price alerts, keep tracking it quite often, and thus be in a comfortable position to take a decision on the sale of their tokens.
Alerts on the other hand: High returns, and even heavy guarantees for buybacks should ring a bell, and users should consider being wary of such offers. Never trade your Pi Coins on dubious exchanges and platforms, do not provide your private keys or personal information to someone who is not known.
Selling Pi Coin may have different tax implications in different respects to your legal jurisdiction. Remember all particulars of a sale, such as how much Pi was sold, the price it was sold for, and the service charge. As always, seek advice from taxation professionals related to your tax obligations to be compliant with the local laws in force.
Once you have sold off your Pi Coins, it is suggested that you bring a little diversity into the newly created portfolio. Channeling the sales proceeds into other cryptocurrencies or traditional assets will balance the investment strategy. Be sure to research it well and also factor in your risk tolerance before you finally make an investment.
As a result, with the right approach and taking the right precautions, trading Pi Coin for real cash is not at all impossible. To trade your coins over the Mainnet, choose a reputed exchange, complete required verifications, and stay recommended. Always give precedence to the safety and compliance-related issues to save your assets as well as personal information.
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