How to sell LOOM coins

To sell LOOM coins, create an account on a reputable cryptocurrency exchange, deposit your LOOM coins into your account, place a sell order, execute the trade, and withdraw the fiat currency proceeds.

Nov 29, 2024 at 11:12 am

How to Sell LOOM Coins

1. Create an Account on a Cryptocurrency Exchange

• Select a reputable exchange that supports LOOM trading, such as Binance, KuCoin, or Kraken.
• Visit the exchange's website and create an account by providing your personal information and email address.
• Verify your identity by submitting government-issued documents and undergoing KYC (Know Your Customer) procedures.

2. Deposit LOOM Coins to Your Exchange Account

• Log in to your exchange account and navigate to the "Deposit" section.
• Find the wallet address for LOOM coins and copy it.
• Transfer LOOM coins from your external wallet or storage to the exchange wallet using the provided deposit address.
• Wait for the transfer to complete, which may take a few minutes or hours depending on the network traffic.

3. Place a Sell Order

• Once your LOOM coins have arrived in your exchange account, you can place a sell order.
• Navigate to the "Trade" or "Markets" page.
• Select the LOOM/USDT or LOOM/BTC trading pair.
• Enter the amount of LOOM coins you want to sell.

• Choose the type of sell order:

  • Market Order: Executes immediately at the current market price.
  • Limit Order: Sets a specific price at which you want to sell your coins.
  • Stop-Limit Order: Triggers a sell order when the market price reaches a predefined level.

4. Execute the Order

• Review the order details carefully before confirming your sell order.
• Click on the "Sell LOOM" button to execute the trade.
• The order will be placed on the order book and will match with a compatible buy order.

5. Withdraw Fiat Currency

• Once your LOOM coins are sold, you can withdraw the proceeds in fiat currency.
• Go to the "Withdraw" section of the exchange.
• Select the fiat currency you want to withdraw (e.g., USD, EUR).
• Enter the amount you want to withdraw and the destination bank account details.
• Initiate the withdrawal and follow the exchange's instructions for wire transfer or direct deposit.

Additional Tips

• Research the Market: Monitor the market trends and price fluctuations before selling your LOOM coins to maximize profits.
• Use Limit Orders: Limit orders allow you to set a specific price for selling your coins, ensuring a fair deal.
• Consider Market Conditions: Market conditions can impact the execution time and price of your sell order. Be patient during periods of high volatility.
• Use a Reputable Exchange: Choose a well-known and secure cryptocurrency exchange for your transactions.
• Protect Your Privacy: Keep your exchange account credentials and private keys confidential to prevent unauthorized withdrawals.