SOTA Beginner’s Guide — How to do Cash-In & Cash-Out to use the SOTA platform?
Are you new to the crypto world? You are learning about cryptocurrencies and NFTs, but finding difficulties to do Cash In/Cash Out to use the SOTA platform? Let’s SOTA help you with our 6-step-detailed instructions.
Cryptocurrencies, while gaining popularity, are still unfamiliar to most people. Crypto payment is fast and easy for individuals who know about the cryptocurrency world. On the other hand, it creates some barriers for those that are new to the crypto world. We hope you will have a better experience when implementing crypto transactions with the SOTA beginner’s guide below.
Step 1: Buy BNB (and/or USDT) from an exchange
For example, on Binance, you can select Fiat section, Buy Crypto to buy BNB (and/or USDT) with credit cards (or depositing cash from bank accounts, or using the Binance P2P market)
Step 2: Create an account at sota.finance
Refer to our User Guide: SOTA beginner’s guide — How to sign up for the SOTA platform using your existing external wallet?
You will have an account with a wallet attached to it.
- From the drop-down menu on the top right select “My wallet”.
- Copy your Sota wallet address.
Step 3: Transfer BNB (and/or USDT) from your exchange wallet to the SOTA platform wallet
For Binance exchange:
- Input SOTA platform wallet in the Address field.
- Select BEP20 (BSC) network.
- Input amount and click “Withdraw” to transfer.
Step 4: Create or buy NFTs with BNB (and USDT)
Now that you have BNB (and USDT) in your SOTA platform wallet, you can start to create and trade NFTs.
Note that:
- To execute any transactions (creation or trading), you need to have at least 0.01BNB in your wallet to pay for Binance Smart Chain gas fees (the actual gas fees may be less than 0.01BNB).
- In case you create an NFT and put it on sale at the same time, it is counted as 2 transactions so you need to have 0.02BNB in your wallet.
- You can buy NFTs using BNB or USDT (the exchange rate for BNB is referred from external exchanges).
Step 5: Cash-Out transaction
To withdraw your money from SOTA platform wallet back to exchange (Binance) account, please refer to the following User Guide below:
SOTA Beginner’s Guide — How do I withdraw money from SOTA?
Step 6: Exchange for cash
Once you receive back BNB (and USDT) to your exchange account, you can trade to exchange for cash.
On Binance, you can select Fiat section, Sell Crypto to do the conversion from BNB (and USDT) to cash.
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