What are the methods to sell Tornado Cash (TORN) coins?

Due to sanctions, using a privacy-focused cryptocurrency like Tornado Cash (TORN) requires exploring alternative trading methods such as decentralized exchanges, peer-to-peer marketplaces, or centralized exchanges (before the ban).

Dec 02, 2024 at 08:54 pm

Methods to Sell Tornado Cash (TORN) Coins

Tornado Cash (TORN) is a privacy-focused cryptocurrency that allows users to obscure their transaction details on the Ethereum blockchain. The sanctions were placed on Tornado Cash due to allegations that the platform has been used to facilitate money laundering and other illicit activities. One of the keys to being able to conduct a financial transaction is not wanting your personal information to be connected to it. Exchanges are a common target of government sanctions, and several of the leading exchanges have started to block access to their services to customers in sanctioned countries.

1. Use a decentralized exchange (DEX)

DEXs are peer-to-peer marketplaces that allow users to trade cryptocurrencies without the need for a middleman. This makes them a popular choice for users who want to trade TORN privately.

• Some of the most popular DEXs for trading TORN include:

  • Uniswap
  • Sushiswap
  • 1inch
• To sell TORN on a DEX, you will need to connect your wallet to the exchange and create an order. Once your order is filled, you will receive the proceeds of your sale in your wallet.

1. Use a peer-to-peer (P2P) marketplace

P2P marketplaces allow users to trade cryptocurrencies directly with each other. This can be a good option for users who want to avoid the fees associated with DEXs.

• Some of the most popular P2P marketplaces for trading TORN include:
• LocalBitcoins
• HodlHodl
• Paxful
• To sell TORN on a P2P marketplace, you will need to create a listing and wait for a buyer to accept it. Once your listing is accepted, you will need to send the TORN to the buyer's wallet and receive the proceeds of your sale in your own wallet.

1. Use a centralized exchange

Centralized exchanges are traditional cryptocurrency exchanges that are operated by a single company. This makes them less private than DEXs and P2P marketplaces, but they can be more convenient to use.

• Some of the centralized exchanges for trading TORN (before the ban) include:

  • Binance
  • KuCoin
  • Huobi
• To sell TORN on a centralized exchange, you will need to create an account and deposit your TORN into your account. Once your TORN is deposited, you can create an order to sell it. Once your order is filled, you will receive the proceeds of your sale in your account.

Please note that the availability of TORN on exchanges and P2P marketplaces may vary depending on your jurisdiction. Some exchanges and P2P marketplaces may not support TORN trading due to regulatory concerns.

Additional Considerations:

Fees: DEXs and P2P marketplaces typically charge lower fees than centralized exchanges. However, you may need to pay a network fee to send your TORN to the exchange or marketplace.

Security: DEXs and P2P marketplaces can be less secure than centralized exchanges. It is important to take steps to protect your privacy and security when using these platforms.

Privacy: DEXs and P2P marketplaces offer greater privacy than centralized exchanges. However, it is important to note that your transactions will still be visible on the blockchain.

Transaction speed: Transaction speeds on DEXs and P2P marketplaces can be slower than on centralized exchanges. This is because DEXs and P2P marketplaces are decentralized and do not have the same infrastructure as centralized exchanges.