This article discusses an option that allows you to convert your funds into stablecoins at any time at a favorable rate. We explain how to use the coin selling feature and what you need to know about it.
Purpose of the Option
This function allows you to convert selected cryptocurrencies from your balance into stablecoins. Unlike hedging, they are not sent to a hedge fund as they arrive on the balance, but only at your request at a convenient time.
A significant advantage of this option is that you can convert coins into stablecoins when the exchange rate is favorable, without losing funds, and possibly with a profit.
You can create a sell order even if you do not have hedging enabled. The actual sale and conversion into stablecoins occur on a third-party cryptocurrency platform where Cryptadium has an account.
How to Use the Selling Feature
- Go to the "Balances and Withdrawal → Sell" section.
- Select the coins to sell from the list.
- Choose the stablecoin you want to buy.
- Specify the price at which you want to sell the coins.
- Indicate the number of coins you want to sell.
- Choose the protocol — the blockchain network through which the transaction will be conducted.
- Check the amount in the "You Will Receive" field.
- Click the "Create Order" button.
Once the order is executed, the funds in the chosen cryptocurrency will be credited to your account and reflected in your balance. Depending on the type of coin and the protocol's characteristics, the transaction speed can take several hours.
What to Do if the Rate Is Unsatisfactory
The current rate for a specific coin on the cryptocurrency platform is displayed in USDT above the coin selection line for sale. If the current rate is unsatisfactory, you can change the price to your desired sale price.
In this case, the order execution time may extend indefinitely, as it is impossible to predict when the chosen coin will reach your desired price.
We recommend creating a sell order at the current rate to realize the coins as soon as possible at the most favorable price.
Fees for Selling
Two types of fees are charged when using this option - blockchain network fees and exchange fees where the coins are converted.
The blockchain network type affects the fee amount. The network fee for your transaction can be seen before creating an order under the protocol selection line. This section displays only the blockchain network fee for delivering (selling) coins to the cryptocurrency platform, which can be found on the Cryptadium side.
Additionally, a conversion fee is charged by the exchange at the time of converting cryptocurrency to stablecoin, followed by a withdrawal fee from the exchange and delivery to your Cryptadium account. The amount of this fee cannot be calculated in advance.
Cryptadium does not charge a fee for this transaction.
