The information contained in this article not intended to be a substitute for legal or financial advice that can be provided by your own attorney, accountant, and/or financial advisor.
Over the past couple of years, Shiba Inu Token, or Shib, has skyrocketed up the crypto charts and become one of the most popular tokens to own. But while many people were chasing the massive gains made on Shib, some had yet to learn what to do with it. If you have ever wondered, “can you sell Shiba for cash?”, this article is the one for you!
The easy answer to this question is yes, you can sell Shiba for cash. Most crypto investors will trade tokens on a centralized exchange which requires you to deposit fiat currency or other cryptos. This means that you can use cash to buy tokens like Shiba and conversely, you can sell these tokens back for fiat cash.
It’s not unusual for crypto traders to switch back and forth between cash and cryptos. Unless you are a long-term believer in Shib, you will probably be trying to sell the highs and take advantage of the price volatility. If you ever need to cash out on these trades, then it is easy to directly sell Shiba Inu into cash on your preferred crypto exchange.
Can You Sell Shiba Inu (SHIB) for Cash?
Of course! Centralized exchanges like Coinbase or Binance provide a bridge between the crypto markets and fiat currencies. The easiest way to buy Shiba Inu Token is to deposit funds into your account and trade that for the crypto itself. When you go to sell Shiba Inu, you can either sell it back to your account in fiat cash or trade them for a different type of crypto.
One popular way to sell cryptos is to cash them in for stablecoins. What are stablecoins? They are cryptocurrencies that are pegged to the US dollar so that they can be easily used as a form of conversion. These stablecoins include projects like USDT or Tether, USDC, and Dai. These are a great way to see the dollar value of your investments but keep them in a digital form that makes it easy to convert them to other cryptos.
But of course, if you prefer to sell your Shiba Inu for cash you can certainly do this too. The cash will be placed in your digital fiat wallet under your account, at which point you can transfer them out to your bank account or a third-party payment provider like PayPal. Pretty easy, right?
How to Sell Shiba Inu for Cash?
Selling your Shiba Inu for cash is a simple process. Here’s an easy step-by-step to selling your Shiba Inu for cash on most centralized exchanges:
- Log in to your account that you hold Shib in
- Head over to your Spot Wallet or Crypto Wallet (this can be called different things depending on the exchange)
- Locate your Shib holdings and find the Sell button
- Specify how many Shib tokens you wish to sell
- Choose between a Market Order or a Limit Order
- Select the currency it is being converted to, in this case, fiat
- Hit the sell button and confirm the sell order of Shib to cash
- Ensure that your account and wallets accurately reflect your sale
This process might vary depending on which exchange you use. The basic process remains the same and is like selling any other cryptocurrency. Always remember to choose between a Market Order or a Limit Order. Essentially, a Market Order is selling your position at the current market price for Shib. Meanwhile, a Limit Order allows you to have some control over the price you sell your Shib for.
What are the Safest Platforms to Trade Shiba Inu On?
Centralized exchanges have not been making the best headlines as of late. The sudden collapse of exchanges like FTX has led many people to move their cryptos onto cold storage. Personally, I think that is a smart move, especially if you plan on being invested for the long term. Still, centralized crypto exchanges remain the easiest way for casual investors to gain access to the crypto markets.
So which platforms are the safest to trade Shiba Inu on? Currently, Binance, Coinbase, and Kraken are some of the largest exchanges left standing. In Canada, smaller sites like Newton also offer Shiba Inu to trade. All of these sites allow you to buy Shiba Inu with cash and sell the tokens back directly for cash as well.
One other crypto exchange in Canada that offers Shib trading is Wealthsimple Crypto. You have probably heard of the investing arm of Wealthsimple which is known for its $0 commission trades. Well, Wealthsimple has brought its no-fee trading over to the crypto markets as well. Shiba Inu is one of the cryptos that Wealthsimple offers and you can use the platform to directly buy and sell Shiba Inu for cash.
The Bottom Line: Can You Sell Shiba Inu for Cash?
Nearly every crypto exchange will offer the ability to buy and sell Shiba Inu Token directly for cash. Shiba Inu has become one of the most popular cryptos and has developed a very loyal following. Even though we are currently in a Crypto Winter where prices have been stuck in a range, there is hope that Shib will return to its glory when the next bull market comes.
So remember: you can sell your Shib tokens for cash, stablecoins, or even other cryptos. This process is like with any other asset: select the number of Shib tokens you wish to sell and choose your fiat currency as the output. I hope this helped!