Dogecoin is one of the most significant cryptocurrencies on the market today. What started out as a meme and a joke has now turned into a multi-million dollar market cap cryptocurrency. Though many people are starting to buy cryptocurrencies such as Dogecoin, you might be looking for an exit. If you don’t have much experience selling cryptocurrency, you’ll find our guide helpful. This guide will show you how to sell Dogecoin in a simple, easy way.
For demonstration purposes, we will be using Binance for this tutorial. We’ll show you how to complete a Dogecoin sale on Binance in this guide. The principles that we show you will apply to other exchanges as well.
How to Sell Dogecoin on Binance
Binance is one of the largest and most trusted exchanges in cryptocurrency. Many love it because it is easy to use and provides multiple trading pairs. Binance is the preferred platform for thousands of cryptocurrency traders each day. Though Dogecoin started out as a very small project, it has gained the recognition necessary to be listed on Binance. At Stackzea, we are dedicated to bringing you the knowledge you need to thrive while using cryptocurrency. This step-by-step process will show you how to sell Dogecoin on Binance.
Step One: Find the Dogecoin Market
The first step is to get your bearings within Binance. This is done by logging into Binance. At the top, you will see a navigation bar. You will want to select “Markets”. This will show you all of the available markets that you can trade. As you can see, there are hundreds of markets to choose from.
It is important to remember that we are looking for DOGE markets. So, you should disregard the other markets here. Binance makes it very easy to search for DOGE markets. All you have to do is type DOGE into the search bar in the top right. Below, you can see that the search bar is circled for your convenience.
Type DOGE into the search bar, and you’ll see that we have some markets to choose from. You can choose from USDT, BUSD, and BTC. USDT and BUSD are USD duplicates that are issued by third-parties, with BUSD being the USD token issued by Binance. Most likely, you are going to want to sell your DOGE for BTC. For the purposes of this demonstration, we will assume that is so. Click the “Trade” button next to the market that you wish to sell your DOGE for.
The final part of this step is to select which trading interface you want to use. For most people, the Classic Trade interface is more suitable.
Step Two: Initiate the Sale
Now that you are on the correct trading page, we can take the next step. The trading page of cryptocurrency assets on Binance can be somewhat confusing, but we will show you the necessary elements. If you scroll to the bottom of the page, you will see the form that you need to complete. There is a sell-side and a buy-side to this screen. The sell-side has a pink button. This is the side that you will need.
Step Three: Set the Specifics
Before you can complete your sale, you need to input some information. This information will be required to even initiate the sale. The first piece of information that you will need to input is the price. If you want to get a specific price, you can enter that in the “Price” area of the form. Alternatively, you can click the “Market” tab above the form. This will allow you to sell your DOGE at whatever the current market price is. This makes for a quicker transaction but can mean that you get a cheaper price. Here is what the Market sale form looks like.
If you are going to choose a market sale, you need only put in the amount of DOGE that you wish to sell. The price will set itself, and automatically fill the highest-priced buy order that is currently on the order books. For most people, this is sufficient.
The next piece of information that you will need to provide is the quantity of DOGE that you wish to sell. You can type this amount in the bar next to “DOGE”, or you can use the slidebar that Binance provides. Either way will provide you with the ability to specify how much DOGE you want to sell. You may find it easier to use the slidebar for faster transactions. For more precise transactions, it may be best to type exactly how much DOGE you wish to sell.
You can see how many DOGE are currently in your wallet right above the Price field, where it says X.XXXXXX DOGE.
Step Four: Complete the Transaction
Once you have fine-tuned your transaction, it’s time to complete the sale. Double-check the price that you are selling at and the quantity of DOGE that you are selling, just to be sure. Then, you will click Sell DOGE. If you have placed a market order, the sale will take place almost instantly. If you have placed a limit order, your transaction will have to be counteracted by a purchase from another trader at the same price. This could take seconds, minutes, or hours. It is possible that nobody takes your offer and you have to place the order again later on at a lower price. It’s important to understand this risk when you place a limit order.
Step Five: Withdraw Your Funds
Now you know how to sell Dogecoin, but you’ll also need to know how to enjoy the funds that are now yours. This can be done by accessing your Wallets on Binance. Go to your Bitcoin wallet and click “Withdraw”. You will specify your wallet address, the amount that you wish to withdraw, and verify your 2fA code. Now, you will have access to the funds that you received from your DOGE sale.