How to cash out from Polygon Pools to FIAT - in 14 easy stages...
I decided to cash out a tiny little bit of my stables recently, from a stable coin pool on Polygon to an exchange linked to my Portugues bank account.
It was a bit of a mission consisting of 13 stages, with an optional/ necessary stage 14 not technically related to the process itself.
Below is a quick guide to help you do the same if you feel the urge or have the need....
NB this is the KYC route.... identification required!
TDLR - 13 stages from Polygon to FIAT....
- Unstake the stable pool LP token from the secondary protocol - in this case PolyCub tri-pool.
- Withdraw liquidity from the pool using Sushi
- Swap all the different stable coins into one coin for transfer to Binance Smart Chain
- Use anyswap bridge to transfer to BSC
- Swap the transfered coin to BUSD
- Use MetaMask to transfer to Binance
- Trade BUSD for BTC.
- Trade BUSD for LTC (two trades = less slip)
- Send LTC to Bittrex (which is tied to my FIAT account, Binance isn't)
- Trade LTC for BTC.
- Trade BTC or USDT.
- Trade USDT for EU (Again three trades = less slippage)
- Withdraw EU to Bank Account.
- Drink several beers to get over the stress.
PHEW!
OK 14 is optional, but.... necessary!
Below I'm going to bunch these stages together to make things more manageable...
Polygon... Unstaking, unpooling and swapping
This time around this meant unstaking from the tripool on PolyCub
The key things to remember here is that you have go...
- Withdraw (easy enough)
- Then to get to the LP itself I click on 'Add Liquidity' then click back to get to my positions then remove.
- Then it's swapping - liquidity is lower on Polygon than ETH or BSC so I find swapping in chunks of $500 or less works, given the small fees.
The fees for all these txs are tiny, call it around $1 just to round it up!
Bridging from Polygon to BSC
Personally I use anyswap, although this has rebranded to Multichain recently...
Here you need to watch out for:
- Making sure you've got the right destination chain selected, don't send it to ETH by mistake if yer aiming for BSC!
- Here it costs $1 to transfer any amount of USDC over to BSC up to the max, it's more for other tokens, which is why I tend to choose USDC.
- (The transfer-to-ETH fees by contrast for USDC are $40 min)
Swapping on BSC and Sending to Binance
I use PancakeSwap to swap my USDC to BUSD - ATW the slippage isn't too bad...
The reason for getting it into BUSD is that's what Binance likes, and you can send to Binance via MetaMask very easily.
Two Txs at this stage, costing around $0.50 on BSC and a little bit lost to slippage - although NB when I did my actual transfer a few days ago I was losing $2 per thousand, so this all depends on how much liquidity is available!
Trading on Binance, sending LTC to Bittrex.
I then do some jiggling around on Binance
- I trade BUSD to BTC - large volume
- Then BTC to LTC - larger volume than BUSD-LTC
The fees for trading are minimal so no reason to not do this for me (no tax on trades in Portugal!)
I then send LTC over to Bittrex - it's reasonably cheap and fast and it's NEVER let me down, 20 mins and it's there!
NB I haven't got a bank account linked to Binance, hence this final stage.
Bittrex: Trading again and final cash out!
Finally I do some more jiggling on Bittrex...
- LTC to BTC
- BTC to USDT
- USDT to EU
Actually looking at this I probably don't need to do three trades, I probably could just go BTC to EU, sometimes I do, I might have to look at this, it's just a habit.
It's more crucial to trade in large volume pairs on Bittrex as it is a much smaller volume exchange than Binance.
I probably lose a fair amount to slip here!
Finally it's just a matter of cashing out to my bank, by clicking the withdraw on EU in my wallet.
NB with Bittrex you have to put in at least $20 first before you can cash out!
Overall costs = around $10 all in...
Assuming you're cashing out $1000 (it's probably NOT worth doing with amounts < $200 via this route) the once you add up all the various fees and small amounts you lose to slippage you've paid about $10, or 1%.
As far as I'm aware this is the CHEAPEST you are going to pay - I mean I could transfer the USDC to ETH at stage 4 and then just send that straight to Bittrex, but you're looking at a $40 Cross Chain Transfer Fee, compared to my $10 for the longer route using Binance.
You might prefer or have to do it that way, in which case $40 is steep, but OK I guess if yer cashing out $2000 or more in one go.
Posted Using LeoFinance Beta
Sheeeesh! Try this....
Convert to pHIVE. Bridge pHIVE to HIVE. Use Changelly to swap HIVE for BTC (or sell directly to fiat via Changelly). Sell BTC on whatever exchange.
If there's not enough pHIVE liquidity - an alternate would be either pLEO or pHBD. Convert to one of those, bridge to Hive. Swap for HIVE. Use Changelly to swap HIVE for whatever then sell on exchange (or sell directly to fiat via Changelly).
Posted Using LeoFinance Beta
How about swap to matic? Send to Binance, I'm sure from there fiat isn't far from reach
Can't use Binance where I live, so I didn't suggest it. I guess it all really depends on location.
Posted Using LeoFinance Beta
Yes, it depends on location, all it takes down here is three steps maximum to get fiat
NOW pHive I can do! It didn't exist when I wrote this.
I think the slip with LEO would have been too large for the amounts I was cashing out, nonetheless you make a good suggestion!
Never heard of Changely... I will check it out.
!PIZZA
Check it out. I use it regularly. Works very well with Bitpay card... I'm able to use it to convert HIVE to BCH and then load it to my Bitpay debit card instantly.
Posted Using LeoFinance Beta
Posted Using LeoFinance Beta
Yeah a sense of humour certainly helps!
Boahhhh this sounds stressfull indeed with the amount of options where you can make a fak-up anywhere.
Honestly I think slippage in trading in these giants of exchanges are not that bad (or you secretely are the whale which is the market mover), and all of these trades also cost something.
But uhhh...are you happy with Bittrex as a cash out cow? I am still looking for the best one as I haven't really done this as yet
It wasn't fun.
Bittrex works fine though.
I quit reading at ... 13 stages.. but it looks like important information so I have it a upvote anyway 🤣
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Bloody hell. What a palaver!
Sooner you than me. 😂
Posted Using LeoFinance Beta
Open Nexo account and Nexo card and you'll skip at least 10 steps.
Posted Using LeoFinance Beta
14 easy stages had me laughing out loud.
Awesome title.
!gif cashout
Posted Using LeoFinance Beta
Via Tenor
That was about the only thing I was pleased with!
One hell of a palarva.
I've moved various coins through bittrex to fiat b4 but i didn't know about making multiple trades to avoid slippage.
Is that only necessary with larger amounts?
On the lower volume exchanges like Bittrex and Kraken, yeah it helps a bit!
I must remember this as I use Bittrex quite a lot, or I was until they asked me for seven different selfies, from seven different angles holding up my passport with a sign with the date on it 😂
I might be overexaggerating a little there, but I moved all my funds off Bittrex when they asked for the passport-holding selfie with paper with the date written on it. That all seemed a little too much to me.
But if I go back to them, which I probably will, I'll remember to split transactions up more to avoid that slippage.
Cheers for the advice.
It's the lighting that's the killer on those photos - by the time you get one they accept you have probably tried around seven times!