How To Sell Native Nym Tokens On Android : A Step-by-Step Guide
So you’ve received some native Nym tokens into your wallet and you don’t have access to a computer. These are the steps you can take to sell your token on a centralised exchange (in this case, Kraken) with your android phone.
In the ever-evolving world of cryptocurrency, flexibility and convenience are key. If you’re looking to sell your native Nym tokens and want to do it on the go, you’re in the right place. In this guide, we’ll walk you through the process using just your Android phone, making it easier than ever to trade Nym tokens.
If you’re looking for a tutorial on how to bridge ERC-20 Nym to native Nym, check this out.
Step 1: Downloading the Cosmostation App
The first step in selling your Nym tokens is to download the Cosmostation app from the Google Play Store. This app serves as your gateway to the Cosmos ecosystem and will allow you to create or import a Cosmos IBC wallet.
Step 2: Creating or Importing a Cosmos IBC Wallet
Once you've installed the Cosmostation app, open it and create a new wallet or import an existing one if you already have a Cosmos wallet. Ensure you securely store your wallet's private key or recovery phrase as this will be essential throughout the process.
Step 3: Depositing Nym Tokens
If you do not already have Nym deposited into your wallet, it’s time to deposit your Nym tokens. If you have Nym tokens in another wallet or exchange, initiate a withdrawal to your newly created Cosmos wallet address.
Step 4: Downloading the Kraken App
To proceed, download the Kraken app from the Google Play Store. Kraken is a well-established cryptocurrency exchange that supports Nym tokens and various other cryptocurrencies.
Step 5: Verifying Your Kraken Account
Open the Kraken app and complete the account verification process. This typically involves providing personal information, verifying your identity, and setting up two-factor authentication (2FA) for added security. Once your account is verified, you can proceed to deposit Nym tokens.
Step 6: Sending Nym Tokens to Your Kraken Wallet
In your Kraken app, navigate to the wallet section and find the deposit option for Nym tokens. You'll be provided with a wallet address. Use your Cosmos IBC wallet to send Nym tokens to this address. Be sure to double-check the address to avoid any errors.
Step 7: Swap the Tokens to Your Desired Currency
Once your Nym tokens arrive in your Kraken wallet, you can now trade them for your desired currency. Navigate to the Nym trading pair of your choice (e.g., NYM/USD or NYM/BTC) and place a sell order at your preferred price. Once your order is filled, you'll have successfully converted your Nym tokens into another cryptocurrency or fiat currency.
Congratulations! You've successfully sold your native Nym tokens using just your Android phone. Remember to exercise caution throughout the process, keep your private keys and recovery phrases secure, and stay up to date with the latest cryptocurrency news to make informed trading decisions.
Disclaimer: This guide is for informational purposes only and not financial advice.
