How to Sell Solana - Comparewise

Results

Advertiser disclosure

Offe1rs shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Best Cryptocurrency Apps

Bitbuy

$50
Welcome Bonus
$250
Min Investment
  • Trade 25+ coins
  • Fund with e-Transfer
  • Refer and get $40

Newton

$25
Welcome Bonus
$100
Min Investment
  • Trade 70+ coins
  • Fund with e-Transfer
  • Super low fees

CoinSmart

$20 BTC
Welcome Bonus
$100
Min Investment
  • Trade 16 coins
  • Fund with e-Transfer
  • Instand account verification

Coinberry

$30
Welcome Bonus
$50
Min Investment
  • Trade 29+ coins
  • Fund with e-Transfer
  • 0% deposit/withdrawal fees

VirgoCX

$30
Referral Bonus
$5
Min Investment
  • Trade 60+ coins
  • Make purches with crypto
  • Refer and get $30

Shakepay

$30
Welcome Bonus
2
Coins Available
  • Instant account verification
  • Fund through e-Transfer
  • Commission-free

Netcoins

$60
Welcome Bonus
22
Coins Available
  • 0% funding fee
  • Free cash withdrawals
  • Price alerts

NDAX

$100
Min Investment
34
Coins Available
  • Trade fees as low as 0.2%
  • Great for beginners
  • Instant account verification

Crypto.com

$20
Welcome Bonus
250
Coins Available
  • Earn up to 8.5% on crypto
  • Earn up to 14% on stable coins
  • Earn extra with staking

How to Sell Solana

Solana investors have enjoyed record price gains (from $1.60 to a peak of $2.14) since January 1, 2021, as it began to cement its status as the leading smart contract-powered alternative – and potentially even a successor to Ethereum. This can be attributed to Solana’s high transaction speeds (up to 50,000 TPS) and cheap fees ($0.00025) as well as a migration of new projects and users over to the blockchain network.

Now that you’ve learned in our Solana series how to keep your SOL safe in a wallet, how to stake SOL and where to buy SOL, your next step might be to lock in some profits and sell some of these crypto assets for some US dollars.

While decentralised wallets like Phantom, Sollet, Exodus and Math Wallet help you to exchange SOL for other coins or tokens, you’ll need to use an exchange like Binance or Coinbase to compliantly convert your assets into fiat.

You could also choose to sell your assets directly to another person for cash, but be aware that this could potentially classify you as a money service business (MSB) in the eyes of US authorities if the amounts are significant, which could lead to fines or imprisonment if you don’t report it.

Where to sell Solana in Canada

For the purposes of this article, we will be looking at cashing out your SOL for fiat, not other cryptocurrency, on a centralised exchange and withdrawing it to your bank account. Here’s how.

A step-by-step guide to selling your Solana

  1. Select an exchange that supports SOL/USD trading and register an account.There are numerous exchanges that support the trading of Solana for other cryptocurrencies and withdrawing in USD. In the United States, you can use regulated exchanges like Crypto.com, Coinbase Pro, FTX, Gate.io, Binance.US or Huobi. Other exchanges might require you to convert your coins to Bitcoin or USDT first and then to fiat.Please note that government legislation and anti-money laundering (AML) regulations will typically require you to complete a know-your-customer (KYC) process. This includes asking for information such as your name, address and proof of ID before you can begin to sell your digital assets.Find the right exchange to buy, sell and trade SOL by comparing their deposit methods, supported fiat currencies and fees. Select “Go to site” to sign up directly with the provider.
  2. Deposit Solana into your account.If you’ve bought and are storing your Solana coins elsewhere, you’ll need to transfer them from the relevant cryptocurrency wallet to the exchange first. Locate and copy your exchange’s Solana deposit address, and use it to transfer funds from your cryptocurrency wallet.
  3. Sell Solana for fiatAfter your Solana has been confirmed to be in your cryptocurrency exchange, you can trade it for fiat currency. First, select the cryptocurrency/fiat pair of your choice, then enter the necessary details of your transaction. If your SOL/fiat pairing is not available, you will need to send the cryptocurrency to your wallet, and repeat steps 1 and 2 with a more appropriate exchange platform.You can also choose to convert your SOL to a cryptocurrency that is part of a supported USD trading pair, for example Bitcoin, Ether or stablecoins like USDT and USDC, after which you then sell that crypto asset for fiat.While you will incur a transaction fee in this case for the conversion of SOL to a different asset, it will likely be negligible (around 0.1% on exchanges like Binance) as it’s a crypto-to-crypto transaction. This will save you the hassle of signing up on a new exchange and moving your Solana coins around.
  4. Withdraw your USD or other fiat currency

How to decide the best way to sell Solana

Crypto markets and prices are notoriously volatile, as the value of an asset is usually determined by market sentiments and predictions of future value and adoption, rather than current use cases.

Therefore, you need to decide whether you acquired your SOL as an investor or a trader, and what your end goal is: to make more USD or to accumulate more crypto.

If you feel your crypto asset has a bright future ahead that can survive a temporary bear market, it might be better to just HODL it. Most of the leading cryptocurrencies periodically go through great upward price cycles that allow you to cash out at a greater profit if you’re patient enough. Of course, nothing is guaranteed in the world of crypto, as this list of “dead coins” shows.

Every crypto investor has different needs and objectives, so it’s important to sell your cryptocurrency based on your circumstances.

Pre-selling considerations

Before selling, ask yourself these questions:

  • What are the long-term prospects of the asset you want to sell?
  • Do you have any immediate need for fiat currency?
  • Did you intend “going long”, and were you looking to sell for a big profit that hasn’t materialised yet?
  • Do your finances allow you to keep the crypto?
  • How much of a risk tolerance do you have?

Discover Investment Opportunities

Make your money do more.

12 Results

Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Get up to $5,000 cashback on Canada's #1 trading platform.
Min Investment
$100
Target Return
Varied
Trace crypto on Nexo and earn up to 20% APR
Min Investment
$1
Target Return
Up to 12%
Crypto exchange starting with just $10
Min Investment
$1
Target Return
Varied
Trade 150+ cryptos plus use your crypto for purchases
Min Investment
$1
Target Return
Varied
Buy and sell shares in best-selling paintings
Min Investment
$15,000
Target Return
10-25%
Connect with you fave music & own shares of songs
Min Investment
$1
Target Return
Varied
Earn Up to 17% on your crypto and borrow USD
Min Investment
$1
Target Return
2-18%
Earn rewards when you buy and sell crypto on BlockFi
Min Investment
$1
Target Return
Up to 8.6%
Make, buy, and sell digital art NFT's using Ethereum
Min Investment
$1
Target Return
Varied
A marketplace for small and local business investment
Min Investment
$100
Target Return
10-15%
Online real estate investment in one platform
Min Investment
$25,000
Target Return
9-24%

comparewise

May 6, 2022
Fact check by
Categories:
Tags:

Grow your finances today.

By submitting, you agree to comparewise’s terms of use and privacy policy.
Earn Crypto Bonuses

See the top crypto deals and welcome bonuses on the market.