How to sell Shiba Inu coin on Binance

I bought 1.443.980 shibcoins on bibance for some time ago, but there's no way of selling them. I am aware of the sell-function, but I can't actually sell my shiba coins there.

Table of Contents Show

Why You Should Sell Shiba Inu Coin
Tutorial On How To Sell Shiba Inu 2022
Step 1 – Fund The Wallet
Step 2 – Create A Selling Strategy
Step 3 – Estimate Funds Equivalent
Step 4 – Trade Execution
Step 5 – Withdrawal Requirements And Exchange Rates
Crypto Taxation In The US
Best Crypto Exchanges
When Is The Best Time To Sell My Shib Token?
Price Of Shiba Inu
Guide For Automated Trading
How To Invest Responsibly In Shib Tokens
Should I Sell Shiba Inu In 2022?

The dubbed ”Dogecoin killer”, Shiba Inu coin, has not only been hyped up but has also made many rich. Despite this, investors should consider selling the token for some obvious reasons.

Since Shiba Inu was created in 2020, by an anonymous person or persons by the name Ryoshi, it has skyrocketed.

The token’s rally is likely one of the fastest of all time. Its meteoric rise is a result of the influence of billionaire, Elon Musk, as well as its addition to popular crypto exchanges.

The fact that investment in cryptocurrency is a huge risk makes investors consider selling tokens before it’s too late. Before we learn how to sell the Shiba Inu coin, let’s see why you need to sell SHIB.

Shiba Inu coin

Why You Should Sell Shiba Inu Coin

These are the major reasons cryptocurrency traders and investors should consider selling their Shiba Inu coins;

The rally is speculative: Although Shiba Inu is ranked among the top 20 largest cryptos in the world, it is still a risky token to hold. It is piggybacking off the hype of its rival, Dogecoin. Both assets seem to rely on someone buying them in the hype of selling to someone else. This is without considering its fundamentals or real-world usefulness. This is a risky situation because it is only a matter of time before the hype subsides. Another reason is that the number of investors taking profits is more than the number of people willing to buy-in.
It has no characteristic yet: Cryptos are uniquely risky assets because they can’t be valued based on earnings or cash flow. Investors, however, have minimized its uncertainty by betting on coins with a strong brand and innovative cases. Shiba Inu coin on its own has neither characteristics yet. This could expose it to greater downside pressure over the long term.

Binance is the world’s most popular crypto exchange to buy and sell SHIB. Here are the steps to take to sell Shiba Inu coin on Binance;

Binance account

Sign up for your Binance account then go to the wallet after which you click ”overview”.
From there, click on the fiat spot that would load where you’ll find Shiba Inu. Then click on ”trade”.
Trade SHIB with stablecoin e.g USDT. Click the area which shows trade SHIB/USDT.
You can either go for the limit or market options available. For the market option, go to the sell SHIB area and decide how much you want to sell.
Once you select the amount you’re selling, it’ll be converted straight to USDT (for market option). If it is for limit, you click orders which will have your orders confirmed.
Go back to your wallet, then fiat spot where you will check your balance after conversion.
You can then convert the amount of USDT you have to your local currency. To do this, click on trade then classic. This loads up the exchange again where you go up to the spot you type your local currency.
Find the trading pair for your currency and USDT. Click on the top where you have your local currency (GBP, USD, CAD, etc). Then click on the market or limit option. For the market option, click on ”buy” (the local currency you’ve converted into).
Then scroll the bar to how much you want to exchange after which you click on ”buy” (local currency).
Click on ”wallet”, then fiat and spot on your page. You’ll see the amount of your SHIB that has been converted to your local currency.
You can then click on the ”withdraw” button and take you to the area where you’ll input your details to withdraw into your bank account.

Tutorial On How To Sell Shiba Inu 2022

Trading Shib Tokens for USD or fiat currencies of choice is a very easy procedure. The trader looking to make the exchange only has to follow some steps like choosing the broker that would be used for the exchange, creating an account, funding the account, executing trade and withdrawing funds. Outside of this, analysis may be required in areas of timing and value estimation.

This aspect of the guide will be tackling the selling process in detail. For the sake of this tutorial, we will be using eToro because this is a popular choice among traders.

The platform was created for traders looking to exchange their assets with a broker that values transparency, effectiveness and efficiency.

Steps involved in the selling process are explained below.

Step 1 – Fund The Wallet

Before you can fund a wallet on eToro, you would have to create an account first. The account creation process is quite simple. Navigate to the website sign up page and sign up. Fill in the required details like first name, last name and a verifiable email address. A link will be sent to the provided email address which will be used in verifying the email.

Afterwards, you would have to complete your profile by providing other details like country of residence, date of birth, nationality and so on. To verify the details provided and complete the account creation process, you will be prompted to submit a government issued ID and a proof of address. These documents must be valid. When uploading, ensure the scan is clear so that verification can be done as quickly as possible. As soon as the account is verified, you can then fund your wallet.

Depositing funds on eToro is instant. If you have your funds in an external wallet, you can easily transfer it to eToro. This is done by clicking on the wallet to wallet transfer option. Otherwise, you can purchase Shib coins on eToro at the standard rate. There are numerous channels in which traders can use in making deposits like credit cards, debit cards, and other payment gateways. Successful deposits and transfers will be indicated on your portfolio. This can be checked on the dashboard.

Buy Shiba Inu on eToro

Step 2 – Create A Selling Strategy

Making a huge investment choice without a strategy is a death trap. A strategy is the compass of the investment voyage. It defines when you will sell, how the trade is carried out, amount of assets to be sold and other fine details.

Deciding to sell your funds is one thing, selling successfully is another. This is why developing a selling strategy is important. A selling strategy is not something complex. It is simply drawing out the best times and place to execute a sell order. How the whole process will be managed should be part of the strategy as well. This may require a bit of learning on the part of the trader.

To sell your coins and be satisfied with the exchange, the trade must be carried out at a favorable time. All coins and commodities in the market have fluctuating prices. There are times where the coins reach their highs and there are times when the price falls. Targeting a price high will help you maximize the value you will get on your exchange.

Charts and tools on the platform can be used to assess the price highs and lows. This will equip traders with

adequate information to carry out profitable sales.

Shiba Inu charts on eToro

Step 3 – Estimate Funds Equivalent

It is wrong to carry out a trade without knowing the value of what is being exchanged. Brokers have varying withdrawal limits. As such, it is important to have an estimate of the cash equivalent of your coins before placing a trade order.

To do this, sign in to the platform, navigate to the portfolio section and click on it. An asset page will pop up showing the corresponding values of assets on the platform.

eToro overview

Step 4 – Trade Execution

Trade execution involves closing a trade. This step is the final step before the exchange is made. This can be done by navigating to the portfolio section of the website. There the sell Shiba Inu feature will be found beside the trade button. By clicking on the button, the sell order will be executed when due.

Speed of trade execution is one of the reasons why eToro was selected from the others. Trade execution is so fast on this platform. System lags are absent and there are no delays due to laxity on the part of eToro.

Shiba Inu closing trade on eToro

Step 5 – Withdrawal Requirements And Exchange Rates

The withdrawal requirements, exchange rates and transaction fees charged on a brokerage platform needs to be considered before placing a trade order. These fees could end up eating into the initial exchange amount thereby reducing what is left to be withdrawn as cash. Also, the time frame withdrawals take and channels open to your country of residence should be known.

Withdrawal on eToro is almost instant. Minimum withdrawal limit permitted is very low. Withdrawals of $50 and above can be placed and the order will be processed instantly. The exchange rates are constantly being revised and they provide one of the highest rates in the industry. Though transaction fees are determined by third party payment channels, the rates are often minimal.

To withdraw funds after completing an exchange on eToro, click on the icon at the top left of the page. Move down to the end of the pop up menu, the withdrawal column will be visible. Select it and follow the instructions you are given.

Crypto Taxation In The US

All functional economies take taxpayers and tax payment seriously. Taxes go a long way in making a difference in society. US citizens that have ventured into crypto trading, investing and other crypto related businesses often wonder if taxes are being charged for these activities.

In recent times, attempts to regulate cryptocurrencies have met fierce resistance on several occasions. The government’s inability to exert some degree of control has made it impossible to have taxes imposed.

The recent US bill proposes that all individuals who indulge in crypto related functions pay their taxes. Although this is still in view, we can expect serious moves to have this bill implemented in the near future.

For now, crypto traders, investors, enthusiasts and supporters can continue to make use of cryptocurrencies without worrying about tax payment. There is currently no rule that obliges citizens to pay tax for using crypto.

Best Crypto Exchanges

Brokerage sites are subjected to repeated rounds of scrutiny before the best amongst the excellent ones are selected. The criteria for selection is based on a range of factors like year of creation, number of years providing great brokerage services, frequency of platform updates, commentary of industry experts, reviews from users on the platform and many more.

The importance of choosing the perfect broker can not be underestimated. Traders who are serious about making success from their trades take the choice of a broker with utmost care.

With the long list of brokers available, making that choice can be hard and daunting. The names of brokers provided below are the top performers in the industry. Experts, traders and investors have left awesome reviews on each one of them.

Any of the above brokers will be a perfect choice for the exchange of Shib tokens for USD, other fiat currencies, stable coin or some other cryptocurrency. The account creation process on each platform is very easy, verification is short, withdrawal is almost immediate and the regulations are user centered.

Storing Shiba Inu In The Best Wallet

There are basically two wallets for storing cryptocurrencies – the hot wallet and the cold wallet. They are also referred to as software and hardware wallet respectively. Each of the two has its own peculiar advantages and disadvantages. Some traders are comfortable making use of only one type while others combine both wallets.

The hot wallet is a type of wallet that is connected to the internet. This means that crypto trades can be done quickly with an internet connection. This type of wallet is protected by a security code. The security code is chosen by the trader and should not be disclosed to anyone else. This code is required to have access to the coins stored in the wallet. Examples of hot wallets include: desktop wallets and mobile wallets.

While this wallet type is great for traders who frequently trade cryptocurrencies, there are a few down sides. Coins stored in this wallet can be swapped easily as the tendency of having this type of wallet hacked is higher. Then the security codes, which are like the gatekeepers of these wallets. Loss of the security code could result in loss of coins with almost no way to have them retrieved.

Cold wallets are physical wallets. An example is the paper wallet. Here, coins are stored on the wallet and the storage device is usually external like a drive. This form of storing coins tends to be generally safer. Internet access is blocked hence reducing the probability of having coins swapped. It also requires a security code to gain access. Carrying out transactions with this wallet type is not as easy as transactions on hot wallets.

As said earlier, both wallet types have merits and demerits. The hot wallet may be cheaper and easier for executing trades but the risk of losing coins stored is high. The cold wallets on the other hand are safer for storing large amounts of cryptocurrencies but they are not free.

Coins can be stored in either of the two wallets. In each case, the security codes should be kept safely. Also, you may want to have a bigger percentage of your coins stored on the cold wallet for safety.

When Is The Best Time To Sell My Shib Token?

The most popular way of getting optimum yield from cryptocurrency investment is selling at the best time. This is why there are so many claims, theories, and predictions on the price expectations of a coin. Some traders base their choices on these predictions and very often, the time frames are not the best.

The truth of the cryptocurrency market is that there is no perfect time to sell. There may be a couple of time frames considered as the most profiting moments but most of the time they are not.

Investors looking to get the most from their exchange must learn price and market analysis. Every seller needs to assess the market before placing a trade order. This makes it possible for traders to make decisions that align with them.

Price and market analysis is simple. Some people may need a guiding hand but it’s something that can be learnt easily. Traders have to fulfill this requirement on their own in order to carry out profitable trades. Individual traders will be able to decide their own best times for selling.

In as much as nothing can replace individual market analysis, predictions from industry experts should also be given consideration. Traders are only advised not to base their decisions completely on predictions from experts as those predictions are in no way specific. They should merely serve as a guide.

Also, traders must be mindful of the kind of experts they listen to as not all experts are truly experienced. This website constantly shares invaluable predictions from vetted experts hence it could serve as a helpful starting point.

Price Of Shiba Inu

At the moment, Shiba Inu has a rank of 54th place in the market. It’s competitor coin – Dogecoin is ranked at position 8. Shib still appears to have a long journey ahead of it if indeed it will displace Dogecoin. The price gap may not be so much of a problem as a couple of bullish moves could lead to a price hike.

The price of Shib tokens fluctuates between a low of $0.00000667 and a high of $0.00000701. Its daily trading volume is about $219 million.

Shiba Inu attracts a lot of speculators and investors for so many reasons. One of them being the special dog icon it has. This has inspired some artists who love dogs to join in the movement of securing it to the non-fungible tokens market. Shib is one coin that many people find hard to resist. In terms of growth and market value, a lot of work is still required. Some analysts predict it climbing high to the $1 mark in the coming years.

Guide For Automated Trading

Automated trading also known as algorithmic trading is a trading method in which trading bots are used in executing trades. Trading instructions are inputted and the bots carry out trades. Beginning and experienced traders can use algorithmic trading to improve profits from trades. The speed of trade execution with bots is way faster than the speed of a human trader. The incidence of risk is reduced drastically and less time is consumed with this method of trading.

This feature is available on all the above listed brokers. There are also lessons and tutorial videos on this trading approach for traders who wish to take this part. Some people are misled to believe no form of learning is required because bots will be handling the trades. This is erroneous as the trader still has to perform analysis, draw out the instructions the bot will follow and regularly assess the market to adjust trading instructions. Nonetheless, this is an easier trading approach compared with the conventional style.

Traders who practice algorithm trading discover that the copy trade feature makes this form of trading a lot easier . Even expert traders utilize the copy trade feature too but this is more common with beginners. Copy trading allows the trader to directly copy trading strategies used by professionals. This is then inputted as trading instructions and the bot follows it in executing orders.

There is a common fear of risk management that several traders share. Some people are reluctant to adopt this brilliant feature as they feel that it is difficult to exert quick control when the market no longer favors the initial instructions given to the bots. This is a wrong belief as trades can be stopped beforehand so long as the trader constantly assesses the market. When there is an abrupt change, the instructions should be adjusted accordingly in order to manage the situation.

Other issues that can be encountered with automated trading are system lags and network errors. With the right broker, these issues will never occur. Traders on eToro, Changelly and the top brokers listed have been using this trading approach. No one has had a cause to complain.

Automated trading is a wonderful feature that every trader should try out. The fears associated with it can be managed if the trader dedicates time to still analyze the market and do the work the bots will be unable to do. Beyond that, the trader can sit back and watch smart trade execution.

Bot programs can involve risk – those interested should only deposit a small amount at first to test them out and avoid bots we’ve blacklisted on our trading robot page. These are some bots we’ve reviewed:

Bitcoin Miner
Bitcoin Prime
Bitcoin Trader
Cryptosoft

How To Invest Responsibly In Shib Tokens

Responsible investing involves a lot of things but two major steps stand out. The first is the ability to properly understand the asset being invested in and the second is knowing when to go on and purchase it.

An investor that intends to invest in a particular industry needs to first of all understand everything about the coin. This starts from studying the circumstance that surrounded the coin’s creation, the intention behind its creation, the purpose it was to serve, initial coin offering and year of launch. Also, the coin’s growth curve over a period of at least 12 months should be studied. This will help the investor understand the value and growth potential of the asset.

The period before investment is a critical period in determining the overall success of the investment. If the purchase is being carried out when the asset is experiencing a high or a low, chances are the investment decision was swayed by market emotions to a large extent. While this is not entirely bad in itself, investors should beware of investing beyond their budget due to the immediate changes the market could experience.

Cryptocurrencies in general are very volatile. Financial advisors often say that cryptocurrencies should not be the bulk of your Investment portfolio. Anywhere between 5% and 15% is the norm. It is important to note that there are investors who have gone beyond this. For some, the move has been profitable but for others the decision was disastrous as it led to irretrievable loss.

In dealings with cryptocurrencies, the general advice is to avoid being greedy. Years back when bitcoin was launched, no one knew it was going to attain the level of success which it had reached today. This is the scenario some investors see when buying coins in bulk without calculating properly. Very often, this does not end well.

Regardless of how high the stakes of a coin blooming looks, investing minimally and playing safe is the best option. Only invest what you can avoid to lose. It will be foolhardy to dump your savings in an asset that wildly fluctuates. In minutes, your money could drop in value or rise beyond expectation. Due to the strict win or loss outcome, investors should be sure the money being pumped into crypto investment is not the bulk of their total investment portfolio. There are instances of coins crashing after years of low performance and some coins lose value after a long period of bloom. The general performance of the coin will also determine the percentage of funds to be allocated.

Shiba Inu appears to be flourishing. Growth has been steady but it still has a long way to go before reaching top ten. Several predictions point to it crossing the $1 mark in the coming years and this is very much expected. However, nothing is certain in the crypto market. Instant changes could come up, shake the dynamics of things and reduce the probability of the current predictions coming to life. This is why caution is required no matter how rosy the future of this coin appears to be.

The golden rule remains investing as much as you desire as long as you would not face a serious crisis when you end up losing it.

Should I Sell Shiba Inu In 2022?

The day selected for the selling of all or part of your coins will depend on your investment strategy. However all investment strategies are subjected to constant reviews hence you can choose to sell your coins if you so please.

The choice to sell should not be centered on emotions only as it could deprive you of gains that discipline would have secured.

Here are some important things to consider before you decide to sell your Shib tokens.

Your choice is not born out of hastiness or emotions fueled by market behavior.
The exchange will yield value greater than what was earlier invested.
The investment strategy you used in determining the time for selling was well thought out.
The probability of getting more profit from extending sell time is slim.

Summary

Shiba Inu is one of the thriving cryptocurrencies in the market. It is a great investment option and a wonderful choice to add to your portfolio. When you wish to sell all or some of your coins, the process is quite short and simple when the right method is followed. Execution of a sell order should be done after doing all the checks required so that funds are not lost in the process.

All transactions carried out should be done with caution, calmness and zero greed. Recommendations from experts in the industry should be taken seriously but personal analysis after careful study should take precedence.

Our recommended best exchange to sell Shiba Inu in 2022 is eToro as they are regulated internationally and support withdrawals by bank wire, VISA, Skrill, Neteller and a range of other methods.

eToro - Our Recommended Crypto Platform

CySEC, FCA & ASIC regulated
Millions of Users Trading Crypto, Commodities, Stocks, Forex, ETFs
Free Demo Account
Withdraw via Debit or Credit card, Bank wire, Paypal, Skrill, Neteller
Free Copytrading of Professional, Winning Crypto Traders

68% of retail investor accounts lose money when trading CFDs with this provider.

Read more:

How to buy Shiba Inu
How to buy Dogecoin
How to sell Bitcoin

FAQs

Shib coins can be sold on any reputable exchange platform. A list of great brokers is given above.

Selling Shib is a no brainer. All that is required is account creation on a brokerage site like eToro, account funding, selling and fund withdrawal.

So many brokers provide Shiba Inu exchanges. The best amongst them according to experts are: eToro, Libertex, Changelly, AvaTrade, Binance, Coinbase, Cryptorocket, Revolut, Plus500,Capital.

There are numerous brokers that sell shib coins. Some of these brokers include: eToro, Capital, Changelly.

Selling Shib is a very short process. It becomes lengthy when an inefficient broker is used. To sell your coins quickly, sign up for an account on a brokerage site like eToro and follow the steps for selling stated above.

Upon completion of the procedure for selling, the coins will be exchanged and the cash equivalent will be credited to the seller. This is reflected on the account dashboard.

Shiba Inu is currently not among the currencies supported by Papal. Although, there are movements to have this allowed in the future.

Shib tokens can be sold from a wallet by transferring the funds to a brokerage platform. It will be reflected on the portfolio section and then exchange can be done.

Exchange for a desired cryptocurrency can be carried out on an exchange platform. After the order is completed, the chosen cryptocurrency equivalent will be credited to the seller.