How does one sell ADA from Daedalus? (not planning on selling!)

daedalus

#1

G’day all,

I have just bought my first few thousand ADA through CoinSpot here in Australia (super easy process, highly recommend if you’re also from the the Land Down Under! [we don’t drink Fosters here, btw]). Anywhoosal, I have transferred my CoinSpot wallet to my Daedalus wallet for safe keeping. Also, very easy process.

Now, my question is, when the time comes to sell, how does one actually sell? This is my first foray into the wonderful world of Cryptocurrency, so I haven’t had any experience. While I don’t have any plans to sell in the next 5+ years, it would be nice to know ahead of time what one has to do.

If I had left the loot in the hands of CoinSpot.com.au, I could have sold through them when the time came, however at the moment they don’t allow depositing cryptocurrency back in order to sell through them.

I have tried to do my own research into it, but I can only see ways to essentially exchange one currency into BTC via Bittrex, and not how to actually convert into Aussie Dollarydoos. Do you have to “sell” it for BTC, then sell the BTC? I’m rather confused.

Any help would be appreciated!

Kind regards,

Mitchell.


#2

Hi @Mitchell

This is correct and is the most common method of cashing out altcoins. I would personally use Coinbase to transfer to BTC back to my Fiat account if I were to cashout. I’m not sure what the most common way to transfer back to your bank account is in Oz, but you would essentially be doing the same thing.


#3

Hi @Justice0320,

Thanks for the reply! I’ll have a squiz at Coinbase tomorrow :slight_smile:

Thanks again!


#4

No Worries

I quick google search shows that ACX.io have a 1% fee on withdrawals to your bank account.
It also shows coinspot allow transfers back to banks, so take it with a pinch of salt.

This is also not a recommendation by me, I’m not in the Oz market so do your research first (that’s the disclaimer out of the way :wink: )


#5

I quickly signed up to ACX before going to bed at 11:30 last night :joy:

Coinspot indeed allows you to sell your loot which is stored on their service, however, once you transfer it out to a separate wallet, you (as of now) cannot transfer back to sell for them sweet sweet Aussie Dollarydoos.

Yes, I understand that your information is general, and is not “advice” or similar… I won’t be knocking on your door if poop goes south hahaha.


#6

Haha, nice one.
Hope you get them sweet Aussie Dollarydoos soon :wink: