Selling XRP for fiat currency
Step 1. Create an account on an exchange that lists XRP alongside MYR
If you want to sell your holdings on the same platform you used to purchase XRP in the first place, skip ahead to step 2.
If you want to use a different exchange, the first step is to find a suitable exchange that lists XRP in a trading pair with the fiat currency you want. Make sure you compare the features of a range of crypto exchanges before deciding which one to use for your trade.
Once you’ve chosen an exchange, sign up for an account by providing your email address and creating a password. Depending on the platform you choose, you may also need to provide your name, address, phone number and proof of ID to satisfy Know Your Customer and Anti-Money Laundering (KYC/AML) requirements.
Don’t forget to activate 2-factor authentication on your account (if it’s available) before depositing any funds.
Step 2. Deposit XRP into your account
Now it’s time to deposit the XRP you want to sell into your exchange wallet. To do this you’ll need to log into your account, find the relevant wallet address for XRP, and make sure the tokens you deposit are sent to that address.
For example, if you’re using Luno, you will need to on “Wallets” at the top of the screen and search for XRP. Click “Receive” and you’ll be supplied with the address to which you can transfer XRP.
Step 3. Sell XRP
With the XRP you want to sell now in your exchange wallet, it’s time to click through to your exchange’s trading page and search for the pair you want to trade, such as XRP/MYR. Then you can specify the amount of XRP you want to sell and finalize your transaction.
For example, on Luno you can click the “Sell” button and select Ripple from the list of coins. Type the amount of XRP you’d like to sell in the field provided and then click “Sell”.
Of course, whichever exchange you’re using, don’t forget to review the total cost and all the details of your transaction before finalizing the sale.
Step 4. Withdraw MYR
The final thing you need to do is withdraw your fiat currency into your linked bank account. It’s usually pretty easy to find the “Withdraw” link once you’ve logged into your exchange account, but remember to take a moment to familiarize yourself with the fees, limits and processing times that apply.
For example, Luno users can click on the “Withdraw MYR” link from your account dashboard to initiate the withdrawal process.