Selling Pi Coin has now become a reality for many users as the Pi Network has already moved to its open mainnet. However, learning
how to sell Pi Coin on exchanges demands much attention to detail if the transaction is going to be safe and secure. A detailed guide follows.
Before trying to sell Pi Coin, one has to ascertain whether his or her Pi Coins are already in mainnet since only those coins that are in mainnet will be tradable. The Pi Network started within a closed ecosystem. However, with the launch of the mainnet, external withdrawals involving users transferring their coins to outside exchanges have become enabled for numerous users. This indicates that any testnet or locked coins remaining cannot be traded, thus, ensure that your coins have migrated into the mainnet and are unlocked before proceeding.
Picking the Right Exchange
Choosing a reputable exchange becomes key in any method to sell Pi Coin. By 2025, major centralized exchanges will list it among their offerings including OKX, Gate.io, Bitget and MEXC with different trading pairs like PI/USDT, PI/EUR or PI/USD so pick one that suits your needs.
- Liquidity means higher liquidity ensures that orders are filled at the desired prices without undue delay.
- Fees mean trading fees also vary from one exchange to another. For example, OKX has competitive fees of about 0.10% maker/taker.
- Security means a highly secured exchange with two-factor authentication and withdrawal protection.
- User Experience refers to an easy-to-use interface that makes trading easier, especially for beginners.
Verification of Know Your Customer is mandated by most exchanges before the user can make a deposit, trade or withdraw funds. The process shall involve the submission of personal information, government-issued identification, and proof of address as requirements in most platforms. Some may further require facial recognition.
KYC verification takes a couple of days, thus it should be initiated way ahead of any intended transactions. This step is essential in ensuring that you are able to unlock the full functionalities of the exchange while staying within the regulatory requirements.
After KYC, the next thing you have to do is move your Pi Coins from your Pi Wallet to the exchange. This can be done through the following steps, Log into your exchange account then go to deposit. Choose Pi Coin (PI) and copy that address given for deposits.
Begin the transfer from your Pi Wallet. Just open up your Pi Wallet, click on send Pi, then paste the copied deposit address into its respective field for the recipient.
Double-check the address. Be sure to check on it twice to make sure it’s right. No one would want their coins back if sent to an incorrect address because crypto transactions are non-reversible.
Type the sum you want to send and confirm the action. Based on how busy the network is, it might take some time for the transfer to be fully confirmed. Most exchanges need more than one confirmation before your coins show up in your account. This can take from just a few minutes up to several hours.
After your Pi Coins has already successfully credited to your exchange account, you may place a sell order. Essentially, there are two main types of orders: Market Order, which sells your Pi Coins at the prevailing market price immediately. Use this order if you want the transaction done fast. However, take note that due to volatility in the market, prices may differ slightly.
Limit Order- This order will allow you to set a particular price at which you want to sell your Pi Coins. The order becomes active only when the market reaches your set price. Though this gives better control over the selling price, there is a possibility that the order never gets filled if the market does not reach your limit.
Place your sell order as per the prevailing market conditions and your financial goals. It is also good to keep watching the market so that you can adjust your orders.
Withdrawing Funds
After successful execution of your sell order, you will get the proceeds into your exchange account. You can withdraw these funds to your preferred destination next.
Fiat Withdrawal If you want to convert your Pi Coins into fiat money (such as USD, EUR), go to the withdrawal area of the exchange, choose the fiat currency, and enter your bank account information. Note that extra charges and longer processing times may apply for fiat withdrawals.
Cryptocurrency Withdrawal You can also take out your funds as cryptocurrency (such as USDT, BTC) to another wallet. Make sure that the receiving wallet supports the type of cryptocurrency you are sending.
Peer-To-Peer (P2P) Trading: A few exchanges facilitate P2P trading which allows users to sell their PI coins directly to other users. Though this may be slightly more flexible, care has to be taken not to fall victim to scams.
Pitfalls To Avoid
The process of selling Pi Coin may be straightforward but there are a number of pitfalls that need to be taken cognizance of:
- Coins sent to wrong addresses: Make sure you check the deposit address before you initiate your transfer. Sending coins to a wrong address could result in permanent loss.
- KYC neglected: Make sure that your KYC verification is completed before you try to deposit or withdraw funds.
- Network fees ignored: Be conscious of any network fees that may be associated with the transfer of your Pi Coins. These fees can vary with network congestion and also from exchange to exchange.
Neglect security measures. Use strong and unique passwords for your exchange accounts, enable two-factor authentication.
Staying Informed
The crypto market is a dynamic place. Regulations can change at any time. Watch out for updates regarding Pi Coin and the particular exchanges you use by checking on official announcements from the Pi Network and your chosen exchange.
Conclusion
Pi Coin Selling on Exchanges is already a practicable venture for several users as the Pi Network has implemented its open mainnet. Choose your exchange well to ensure easy processes and verifications required plus best practices of transferring and selling your coins, and you will have an easy and secure process. Stay updated and cautious at all times.
