Aug. 1, 2018 | by Mike Albert, AirdropRating.io
Once you have decided to participate in an airdrop, the next question most people ask is how to cash out. At some point in time, it may become necessary for you to convert your airdrop tokens into fiat currency or trade it in for Bitcoin, Ethereum, or any other popular cryptocurrency. This article answers the question of how to convert your airdrop tokens into fiat or BTC.
Once you’ve participated in an airdrop, you will usually receive tokens to your ERC20 compatible Ethereum wallet. There are two basic options available to you. You can either wait until the token gets listed on an exchange, where you will be able to sell it, in exchange for fiat, BTC, or ETH, or you could try peer-to-peer (over the counter) sales, by finding a direct buyer. Finding a direct buyer may be difficult and unsafe, so it is best to wait until the project gets listed on a major exchange.
Once an airdrop hits an exchange, the following steps should be applied (this may vary slightly across wallets and exchanges) to convert your tokens:
* Login to the crypto exchange where the token has been listed. It could be Poloniex, Binance, Bittrex, etc.
* Navigate to Balances – Deposits and Withdrawals
* Search for the token/coin on the exchange, click on deposit, copy the wallet address to clipboard
* Now go to the ERC20 compatible wallet, you used to receive your tokens. This could be MyEtherWallet (MEW), Parity, Misk, etc.
* Login using your private key or keystore file
* Load your token balance, if on MEW
* Once loaded, you can send the airdrop tokens to the address your got from any of the exchanges
* On the crypto exchange, say Binance, trade your airdrop tokens for BTC or USDT
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