What are the methods for selling ILV coins?

Selling ILV coins on centralized exchanges (CEXs), such as Binance or Coinbase, offers a convenient and user-friendly option, enabling easy trading against major cryptocurrencies like USDT, BTC, or ETH.

Nov 27, 2024 at 01:00 pm

Methods for Selling ILV Coins

ILV coins are the native cryptocurrency of the Illuvium platform, a decentralized gaming metaverse that combines blockchain technology with the world of gaming. ILV coins can be used for various purposes within the Illuvium ecosystem, such as staking, governance, and purchasing in-game assets. Selling ILV coins is relatively simple and can be done through several methods:

1. Centralized Exchanges

Centralized exchanges (CEXs) are online platforms that facilitate the buying and selling of cryptocurrencies. These exchanges act as intermediaries between buyers and sellers and offer a wide range of trading pairs, including ILV/USDT, ILV/BTC, and ILV/ETH.

• Step 1: Create an Account

  • Visit the website of your chosen CEX and click on the "Sign Up" or "Create Account" button.
  • Provide personal details, such as your email address, password, and country of residence.
  • Verify your account via email or phone for enhanced security.

• Step 2: Deposit ILV Coins

  • Go to the "Deposit" section of your CEX account.
  • Select ILV as the cryptocurrency you want to deposit.
  • Copy the deposit address provided.
  • Transfer your ILV coins from your wallet to the exchange's deposit address.

• Step 3: Place a Sell Order

  • Go to the "Trade" section of your CEX account.
  • Select the ILV trading pair you want to sell against (e.g., ILV/USDT).
  • Choose the "Sell" order type.
  • Specify the amount of ILV coins you want to sell.
  • Set the desired price (optional).
  • Click on the "Sell" button to place the order.

• Step 4: Finalize Transaction

  • Wait for your sell order to be matched with a buyer's order.
  • Once matched, the ILV coins will be sold, and the proceeds will be deposited into your CEX account.

2. Decentralized Exchanges

Decentralized exchanges (DEXs) are peer-to-peer platforms that allow users to trade cryptocurrencies directly without intermediaries. DEXs use smart contracts to execute trades, ensuring transparency and security.

• Step 1: Connect Your Wallet

  • Visit the website or connect to the decentralized exchange of your choice.
  • Click on the "Connect Wallet" button.
  • Select your preferred cryptocurrency wallet (e.g., MetaMask, Coinbase Wallet).
  • Follow the on-screen instructions to connect your wallet to the DEX.

• Step 2: Add ILV Coins

  • If you do not have ILV coins in your connected wallet, you will need to add them.
  • Go to the "Import Tokens" section of the DEX.
  • Enter the ILV contract address (0x767fe9eda910bd174b31eaee606a60c552a3179d).

• Step 3: Place a Sell Order

  • Go to the "Trade" section of the DEX.
  • Select the ILV trading pair you want to sell against (e.g., ILV/WETH).
  • Choose the "Sell" option.
  • Specify the amount of ILV coins you want to sell.
  • Set the desired price (optional).
  • Click on the "Sell" button to place the order.

• Step 4: Finalize Transaction

  • Confirm the details of the transaction, including the amount of ILV coins you are selling, the price, and the trading fee.
  • Click on the "Confirm" button to finalize the transaction.
  • The ILV coins will be sold, and the proceeds will be deposited into your connected wallet.

3. Over-the-Counter (OTC) Trading

Over-the-counter (OTC) trading involves trading cryptocurrencies directly with another party without using an exchange. OTC trades are typically conducted through brokers who facilitate the transaction and provide price quotes.

• Step 1: Find an OTC Broker

  • Research and find an experienced and reputable OTC broker.
  • Consider factors such as trading volume, fees, and customer support.

• Step 2: Contact the Broker

  • Reach out to the OTC broker via email, phone, or chat and express your interest in selling ILV coins.

• Step 3: Negotiate Price and Terms

  • The broker will provide price quotes and discuss the terms of the trade, including payment methods and settlement time.

• Step 4: Finalize Transaction

  • Once the price and terms are agreed upon, the broker will arrange for the transfer of funds.
  • You will need to provide the broker with your wallet address and payment details.
  • The ILV coins will be sold, and the proceeds will be deposited into your designated account or wallet.

4. Peer-to-Peer (P2P) Trading

Peer-to-peer (P2P) trading involves buying and selling cryptocurrencies directly with another individual, similar to OTC trading. However, P2P trades are often conducted through decentralized platforms that provide escrow services for added security.

• Step 1: Create a Profile

  • Visit the website of a reputable P2P trading platform.
  • Create an account and provide personal details, such as your name, email, and contact number.
  • Verify your identity by submitting government-issued ID documents.

• Step 2: Post a Sell Order

  • Go to the "Create Order" section of the platform.
  • Select "Sell" as the transaction type.
  • Choose ILV as the cryptocurrency you want to sell.
  • Set the desired price and amount.
  • Specify any additional terms or preferences.

• Step 3: Wait for Buyer

  • The platform will match your sell order with a buyer's order.
  • You can check the status of your order in the "My Orders" section.

• Step 4: Finalize Transaction

  • Once a buyer is found, the escrow service will initiate the trade.
  • You will need to provide your wallet address where you want to receive the funds.
  • The buyer will release the payment once they receive the ILV coins.