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This Is How You Sell Cardano (ADA)

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

Here are the steps if you're looking to sell ADA in Australia:

  1. Compare and select a crypto exchange. Find and compare exchanges that support ADA tokens that are available within the specific country and support the desired fiat currency.
  2. Register an account with the exchange. Create an account with the exchange using a valid email address or mobile number. Before depositing fiat currency, exchanges have a mandatory Know Your Customer (KYC) process that will need to be completed.
  3. Deposit ADA tokens. Send ADA tokens from an external wallet to the exchange using the Binance Network. Usually, the process should take a few minutes.
  4. Sell Cardano to cash. Either trade ADA directly for fiat (e.g. USD), stablecoin, or use the Convert function to make an instant currency conversion.
  5. Withdraw money to a bank account. Once ADA has been sold to cash, withdraw the money to a bank account using the supported methods.

Yes, You Can Sell Cardano

Due to Cardano's widespread acceptability, selling Cardano is quite easy and safe to do using a cryptocurrency exchange. These platforms are great for sellers because most of them are regulated and secure. Furthermore, the best cryptocurrency exchanges provide a variety of methods for investors to cash out their Cardano holdings. Some platforms, like Coinbase and Crypto.com, have a simplified and straightforward structure for traders who want to sell ADA. The only drawback is the charges and withdrawal times, which can vary.

Cardano basics: What is Cardano and how does ADA work?

How to Sell ADA To Cash – Full Tutorial

Step 1. Compare and select a crypto exchange

The first step to selling ADA is to decide on what type of cryptocurrency services to use. There are several options which include fiat-to-crypto exchanges, trading platforms, decentralized exchanges, and brokerages. For this tutorial, we will use Binance as an example and detail a step-by-step guide on how to sell ADA on Binance.

Step 2. Register an account with a crypto exchange

To sign up, go to Binance's homepage. Then click on the ‘Register' button. Users can sign up on Binance using their phone number, email address, or Google account. The investor's email will receive a verification link, which must be verified for the provided email address authentication.

Creating an account with Binance

When selling Cardano to fiat, Binance requires users to complete the know-your-customer (KYC). This is a mandatory step to withdraw funds in fiat to a bank account. Tap on the profile icon and select the ‘Verify’ button. Upload a copy of a recent driver’s license and complete the face verification process. Once verification is complete, a green ticker will be attached to the user’s profile.

Step 3. Deposit ADA tokens

Transfer Cardano into a Binance wallet from a third-party platform. To begin the transaction from an external source, navigate to the crypto deposit option by tapping on the ‘Wallet' icon and selecting ‘Deposit'. You will need to find Cardano so type ‘ADA' into the search bar and select the relevant blockchain network. Simply copy the Binance wallet's address for Cardano tokens. The Cardano funds sent to this public address will appear in the Spot wallet.

depositing Cardano tokens to sell

Step 4. Convert ADA to cash

Before withdrawing, the next step is exchanging Cardano for the desired fiat currency. To obtain the desired fiat currency, visit the ‘Binance Sell Crypto' Page. A user can start the transaction by indicating the quantity of ADA they want to sell. The platform automatically computes the total value in US Dollars (USD) – or any of the preferred fiat currencies chosen.

Converting ADA to fiat

Step 5. Withdraw funds to a bank account

Once the selected fiat currency is credited to the trader's account, it may be withdrawn. To do this, the investor must return to the wallet and select ‘Withdraw Fiat.' From this step, they can select the currency to be withdrawn and the payment method. Binance supports bank wires, debit cards, and e-wallet options. The availability of these withdrawal methods varies from one region to another. The exchange charges $15 per withdrawal made into USD-denominated bank accounts. Choose the payment method and complete the withdrawal process.

Withdrawing fiat currency to bank account

Popular Ways to Sell ADA

Cardano is one of the most liquid cryptocurrencies on the market. A number of options are available to traders looking to sell Cardano. These are some of the best ways:

Sell ADA on a crypto exchange

Cryptocurrency exchange platforms are the simplest way to sell Cardano. Exchanges like Binance, Coinbase, eToro, and Kraken act as intermediaries where investors can buy or sell cryptocurrencies like Cardano. The market is filled with many cryptocurrency exchanges. When picking the best one to sell ADA, the first consideration should be ease of use. Keep in mind that some trading platforms are not exactly beginner-friendly.

The next factor to consider is the trading fees. Fees should include the costs of selling ADA for fiat or trading the asset for another cryptocurrency. Investors need to ensure that the broker offers cryptocurrency trading for low spreads. Cardano traders can also check the platform's withdrawal policy and fees before settling for a cryptocurrency exchange.

Trade ADA on a P2P platform

Peer-to-peer platforms are great for traders who want to invest, trade, or sell Cardano. These platforms operate differently from a centralized exchange. They allow the direct trade of cryptocurrencies between buyers and sellers. P2P platforms enable this form of trading by eliminating the need for a central authority. In exchange for these services, the P2P exchange charges a small commission – most times zero. These fees are often pushed to the seller for publishing adverts on the platform.

Convert ADA to cash using a crypto ATM

Cryptocurrency Automated Teller Machines (ATMs) have grown in popularity. These devices function like standard ATMs; users can enter their crypto cards and withdraw money from their crypto holdings in exchange for cash.

There are two types of crypto ATMs. We have the one-way Crypto ATM and the two-way Crypto ATM. A one-way machine can only be used to buy or sell cryptocurrencies, but not both. A two-way machine lets customers buy and sell Cardano from a single machine. To sell ADA on a crypto ATM, the user has to select the ‘sell' option, choose a cash limit, enter the crypto units to be sold, and fill in some personal details. The machine would generate a QR code for the public wallet address. This is where the user would transfer the ADA coins to. Once this is done, complete the transaction and collect the funds.

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