This manual contains a walk through on how to sell Pi coin!
Starting from creating the account to transferring your Pi coins for sale, as well as providing what platform or marketplace to use the transaction. Such instructions are made to enhance the ease of trading, thus are recommended to be followed for every transaction.
Step 1: Check That The Pi Network Has Migrated Onto The Mainnet
Until the Pi Network is fully migrated to the mainnet, selling Pi coins will be impossible, so this is a key factor to bear in mind going forward when trying to sell these coins as many developers are looking to take this route. More so, many are also looking to engage in mining of the coins in which the developers claim that the analogous devices for access would be user-friendly marts which would facilitate easy engagement with the coins- aka Pi coins.
Step 2: KYC Verification Step
In order to be able to use or sell Pi Coin, you must complete the KYC process as required by the Pi Network. It also entails meeting secondary guidelines and confirming your identity. To become KYC-oriented in relation to your requirements, consider the following options:
Open the Pi Network application and search for the KYC portion of “Mainnet Checklist” or some related notification.
Provide your personal ID, a passport or other government ID.
Be patient since the processing time expected to be dependant on the amount of KYC applications the service has to work on.
Your mined Pi will not be possible to transfer or trade at all unless you received KYC verification.
Step 3: Create a Pi Wallet
Pi Wallet is the primary requirement if you apt to hold and transfer your Pi Coins. If you have not prepared one yet:
Go over to the Pi Network application and search for "Wallet" in the application menu.
Then just follow the guidelines and create your wallet and feel free to lock your wallet phrase in a safe place. This seed phrase must always remain the same never lose it!
Prepare your Pi balance as well as the transactions you wish to make after activating your wallet.
Step 4: Defer to Exchange Listings
As per the project timelines, Pi Coin is still in developmental phase and as such, has not been able to get listing on big exchanges such as Binance, Coinbase or Kraken. In order to be able sell Pi Coin, one has to wait until the following two events;
Network switch-on of Pi has been facilitated and has gone live.
The currency gets integrated into one of the stock exchange brokers.
After listing of Pi, it will automatically be possible to exchange Pi with other currencies or cash in USD or Euro by Moving Pi Coins to the third-party cat account linked to a specific broker.
Step 5: Trade Pi Coin Via An Exchange(that Will Be Available)
Here’s how to sell it once Pi Coin has been active on the market and exchanges:
Pick An Exchange: Pick a cryptocurrency exchange that allows transactions using Pi Coin.
Exchange Joining: Make an account and provide documents that may be required.
Transferring of your Pi Coins: From the wallet address given to you by exchange, send your money to your Pi Wallet.
Selling Your Pi Coins: Proceed to the page that exchanges coins then, sell the Somin coins to the currency of your choice.
Cash Out: When the coins have been sold, cash them out to your preferred method or directly to a bank.
Step 6: Stay Updated
As the Pi Network is always improving, it’s important to keep an eye out for the official communiqués from official Pi Network app, website and social media pages. Do not spread misinformation, and try your best to verify everything you’re told.
What to Watch for
Scams or Unauthorized Platforms: There are unauthorized websites, and purchasing Pi Coin from them through any means will always be a loss.
Mainnet Announcements: Sending out Pi Coin for sale is directly linked to the Pi Network providing an open mainnet
Exchange Fees: While changing any cryptocurrencies to other forms, be careful about any transaction and the changing fees that have to be paid.
Sell Pi Coin on CEXs or DEXs.
Until the mainnet is launched it is impossible to sell Pi coins directly on any exchanges. After mainnet launches, trading of claims to future tokens can take place which would be done via HTX IOUs. Selling Pi coins on CEXs or DEXs will be allowed after the mainnet started.
Here you can find How to Sell Pi Coins on CEXs or DEXs: A Comprehensive Guide
Final Thoughts
At this moment, the possession of Pi Coin can be sold only when the Pi Network switches to an open main, the Pi Coin is in the public block. For now, keep occupied with the Pi Network, go through the KYC steps and create your wallet waiting for the moment when buying and selling cryptocurrencies won’t seem impossible. Keep updated through the official channels about what is happening and what could be the next steps.
If all goes well and you are more primed and patient, you will have your Pi Coin ready to sell it as soon as the market opens.