I will teach you how to sell Shiba Inu tokens on Binance and withdraw that fiat currency into your bank account.
This process is correct at the time of writing this post but is subject to change. I’m not responsible if this process changes or you get this process wrong.
It’s also worth mentioning that just because I’m selling these SHIB tokens, it doesn’t reflect my personal opinion about SHIB as a whole. I, for full clarification, bought back in just after making this tutorial. It was to demonstrate how you would complete this process if you guys wanted to sell and withdraw your money.
So with all that said, let me show you how we do this.
So once you’re logged in, you want to come up to this area where it says “wallet”, and you want to go to “overview”.
Then, you want to click on this “fiat and spot” area. From here, you want to go to “SHIB INU”, and you want to click on “trade”. In this case, I’m going to trade it to USDT, but you can just as quickly do Binance USD, which is BUSD. For this tutorial, I’m just going to be using USD tether.
Selling the SHIBA INU
So that takes us to this page here. Now, double-check that on the left-hand side at the top, it says “SHIB/USDT”, and then come down here and decide whether or not you want to sell using a limit or a market. To keep this post relatively quick and straightforward, I’m going to use a market, but by all means, if you prefer a limit, then go ahead and use that.
Then I come over to this “sell SHIB” area, and I will decide how many I want to sell. And in this case, I’m going to scroll up to 100%. This means I’m selling all my SHIB and converting it into USDT.
So once I’m happy with that, I click on this “sell SHIB” button. And because this is a market order, it’s been executed straight away. However, if you’ve got a limit order, you could just come down here and see it in “open orders”. Once it has been executed, it will go into those “orders confirmed”.
Now I’m going to go back to my wallet, go to “fiat and spot”, and you will see here in my balance that I have 128 USDT, which is about 90 Great British pounds.
Converting into another currency
So, now what I’m going to do is, because I’m based in the UK, I’m going to convert that USDT into Great British pounds. If you are based in another country, you’ll change it to your local currency.
So to do this, we go over to the top here, click on “trade”, and then “classic”. That loads up the exchange again.
Going to go over here, and I’m going to type in “GBP”, which is Great British Pounds, but if, say, you are in the United States, you’d type in “USD”. If you’re in Canada, it’d be “CAD”. Just the abbreviation of your currency.
Then I want to find the trading pair for my currency and USDT because I’ve got USDT, and now I want to convert it into Great British pounds. Now, in this case, it’s right at the top here, so I’m just going to click on that. Again, check on the top left-hand side. It does say “your fiat currency”, which in my case is pounds, and then USDT.
And once you’re happy with that, you want to come down and select whether or not you wish to do a limit or a market again. Again, to keep this video quick, I will go with “market”.
Then you want to come down and click on “buy Great British pounds” because I’m buying Great British pounds with my USDT.
Then again, scroll up that bar, depending on how much you want to exchange. And once again, I’m trading 100%. And once you’re happy with everything, click on “buy Great British pounds”, or whatever your currency says. Again, if you’ve gone with a limit order, this will appear in “open orders”. Otherwise, it will go straight into the “fulfilled orders” section.
Now, if we come back up to the top, click on “wallet” again, and click on “fiat and spot”, we can see that it takes us over to our page here, and we can see that now I’ve got 91 Great British pounds.
Now what I can do is click on this “withdraw” button, and it’ll take me straight to this area here, where I input all my details to withdraw that Great British pounds into my bank account.
So, that’s how you withdraw Shiba Inu tokens out from Binance into your bank account.