You have decided to participate in an airdrop and you think: “I want to sell my airdrops.” How do you actually do that and when can you sell them? This guide is made to take you step by step on how to sell airdrops, assuming it is an airdrop on the Ethereum blockchain. 90% of the airdrops take place on this blockchain.
Table of Contents
Step 1 – Check whether you have received the airdrop
If you have participated in an airdrop at CryptoBieb.nl, you should have filled in the airdrop form. Now you want to sell your airdrops. During the airdrop, you were asked for your wallet address, among other things. This is the location where your airdrop tokens will be placed.
- When you use wallets such as MyEtherWallet (MEW) or Metamask, make sure that you have at least 0.01 Ethereum in your wallet, you pay the transaction costs to transfer your airdrop to an exchange.
To see if you have received your tokens, first go to etherscan.io. Next Enter your wallet address at the top right and you can see whether you have received your tokens.
Step 2 – Prepare your token to participate in transactions
When you see that you have received the airdrop, you cannot transfer it immediately. Etherscan only shows for which tokens you have a claim on the wallet address you entered. You will have to add this yourself to the wallet you use. For this you need a number of things:
- Contract address;
- Token symbol;
- Number of decimals
Step 2a: Collect the necessary token data.
You need to add this data to your wallet yourself so that you can later send the token to an exchange for the sale of your token. To do this, click on the token in etherscan (see figure 1). You will see the following screen:
Keep this tab open, you should copy the marked data in a moment.
Step 2b: add the token to your wallet
For this example we will use myetherwallet.
- In a new tab, open MyEtherwallet.
- Log in and click on ‘view wallet’.
You should see the following or an equivalent screen:
3. Click on “add custom token” (green rectangular bar in figure 3).
4. Fill in the data you collected in step 2a.
- token name,
- number of decimals
- contract address.
5. Click on ‘save’.
Voila, the token has now been added to your wallet! You are now all set to transfer these tokens to an exchange.
If you use a wallet other than MyEtherWallet, this is no problem, the method is the same.
Step 3: determine where and when you want to sell
Before you sell your tokens, we recommend that you view the project. If it’s a good project, it might pay to hold this token for several weeks/months. Evaluate for yourself the value of the airdrop.
If you want to sell, you only have to go to the relevant exchange where this token is currently for sale.
- Go to coinmarketcap.
- Enter the abbreviation of your token.
- Click on “markets” – here you can see where a token is for sale.
Then all you have to do is create an account there and transfer your tokens for sale. For now you should keep an eye on this yourself once in a while, in the future we will inform you when you can sell an airdrop organized by us.
Step 4: Selling airdrops on an exchange
For the sake of convenience, we assume that the airdrop is for sale on binance. In practice, these will often be smaller exchanges in the beginning.
- Log in via your Binance account or other exchange.
- Click on ‘portfolio’ at the top right and then “deposits”.Nb. on other exchanges this is sometimes called “funds” and then “deposits”.
4. Copy the address you see here by clicking on “copy address”.
You transfer your tokens to this address. So in this example you see the deposit address for Ontology tokens. I don’t have an Ontology myself, so my balance is at “0”.
5. Make sure you are still logged in to MEW or a similar wallet and click on “Send Ether & Tokens”.
6. Paste the copied address of the exchange under “To Address”.
7. Next to “Amount to send” you have a scrollbar, click on your token. Your entered token should then be on the side.
8. Enter the number of tokens you want to send to the exchange.
Make sure you always have some ETH in your wallet.
Based on the pressure on the Ethereum blockchain, MEW will suggest a so-called ‘gas limit’, these are the (maximum) transaction costs that you pay expressed in a reduced unit of Ethereum, feel free to ignore this. MEW will automatically fill this in correctly.
9. Click on “Generate Transaction”.
10. Click Send Transaction”.
If all went well, your tokens are now on their way to your chosen exchange. A green bar will then appear for confirmation. Usually it takes a few minutes for your tokens to be transferred on the exchange. Once these are on the exchange, your tokens can be sold in the same way as Bitcoin and Ethereum, if you need a refresher, click here.
Congratulations, you now know how to tell if you have received your airdrop, how to add it to your wallet and how to sell it!