Selling Pi Coin involves completing the Know Your Customer (KYC) verification, migrating your tokens to the mainnet, transferring to an exchange or finding a buyer through peer-to-peer (P2P) platforms, and then selling your tokens.
Here’s a breakdown of the process:
- KYC Verification:
– Purpose: Ensure your identity is verified to prevent fraudulent activity and comply with regulations.
– Process: Open your Pi Network app, navigate to the KYC section (potentially under “Mainnet Checklist”), and follow the instructions to submit verification documents (like a government-issued ID) and complete a liveness check.
– Note: You might need to complete a minimum of 30 mining sessions to become eligible for KYC.
- Mainnet Migration:
– Purpose: Transfer your mined Pi tokens from the testnet to the mainnet, which is necessary for selling and external transactions.
– Process: Once your KYC is approved, go to the Mainnet Checklist in the Pi Network app, verify KYC approval, enable migration, and link your Pi Wallet to the mainnet. You may need to wait for blockchain confirmation after submitting the migration request.
– Note: This migration is crucial, as failing to complete it within a specified timeframe could result in losing your untransferred Pi Coins.
- Transfer to an Exchange:
– Choose an exchange: Select a reputable cryptocurrency exchange that supports Pi Coin trading, such as OKX, Bitget, Gate.io, HTX, Bitget, or MEXC.
– Create and verify an account: Register on the chosen exchange and complete identity verification (KYC) if required by the platform.
– Deposit Pi Coins: Obtain the Pi Coin deposit address from your exchange account, and use it to send your Pi from your Pi Wallet to the exchange.
– Place a sell order: Navigate to the trading section on the exchange, select the Pi trading pair (e.g., PI/USDT), choose “Sell,” set your price (limit order) or use the current market rate (market order), and enter the amount of Pi you wish to sell.
- Withdraw Funds:
– Receive payment: Once your sell order is matched, you will receive payment in the currency you chose (e.g., USDT).
– Withdraw options: You can withdraw the converted funds to a crypto wallet or use P2P trading to convert to local currency if supported by the exchange.
– Bank Transfer (if supported by the exchange): Some exchanges allow direct fiat withdrawals to your bank account.
– Stablecoin conversion: You can convert your Pi to stablecoins like USDT, USDC, or BUSD and then withdraw to a personal crypto wallet or another exchange.
– Peer-to-Peer (P2P) trading: [According to Coincub] , some users prefer selling Pi directly to another person (P2P) on escrow-protected platforms to minimize fraud risks and potentially get better rates than on centralized exchanges.
- Unofficial Trading Platforms: While some platforms may list Pi Coin IOUs (promises to deliver the coin once the mainnet is live), these are speculative and do not represent real Pi Coin ownership.
- Market Volatility: The cryptocurrency market can be volatile, and Pi Coin’s price may fluctuate.
- Security: Prioritize using secure platforms with strong security measures like Two-Factor Authentication (2FA) and be cautious of scams and unofficial trading offers.
- Fees: Be aware of trading fees, withdrawal fees, and potential network transaction fees associated with selling Pi.
How do I convert my Pi coins to cash?
Thanks for asking. Secure Your Pi Wallet. Start by ensuring your Pi holdings are securely stored. …
Select a Cryptocurrency Exchange. Identify a reliable exchange like Bitget Exchange, which might list Pi Coin in the future. …
Verify Your Account. …
Transfer and Execute Trades.
How do I cash out pi coins?
Thanks for asking. Currently, the only viable option for selling Pi Coin is through a handful of centralised exchanges. Platforms such as OKX, Gate.io, and a few others have introduced Pi trading pairs, often denominated in USDT.
Will pi coin be available to sell?
As of this moment, Pi coins cannot be sold on public exchanges, and users should steer clear of unofficial avenues. However, continued development, mainnet progress, and the anticipation of future exchange listings keep hope alive for millions of Pi miners.