How to Sell Synthetix (SNX)
Whether you are looking to cash in on your SNX rewards from staking or you’ve been minting Synthetix as a way to receive synths, Kraken allows you to sell SNX for crypto assets like Ethereum, as well as U.S. dollars (USD) and euros (EUR).
Kraken offers over 150 trading pairs in total, so, depending on how you decide to sell SNX, you can gain exposure to a wide range of other assets.
Ready to start?
If you’re more advanced and looking to get right in and start trading, go ahead and sell some SNX!
New to crypto?
For more details on how SNX derives its value, read our official “What is Synthetix?” guide.
Why sell SNX?
Depending on your risk tolerance and investment allocations, you may also find it advantageous to sell SNX for other cryptocurrencies or cash.
You might sell SNX if you want to:
- Adjust your long-term crypto strategy
- Avoid losses in times of sudden price movements
- Capture gains from staking SNX
- Exchange SNX for other crypto or cash
- Reduce your portfolio’s exposure to lending platforms
- Sell your synth tokens and cash out your SNX position.
How to sell SNX on Kraken
If you’re ready to go ahead and sell SNX, follow these simple steps below:
Sign up for a Kraken account.
You just need an email address, username and a strong password.
Verify your account.
All you need is your name, birth date, country of residence and a phone number.
Send SNX to your Kraken Address
If you want to sell SNX for another cryptocurrency (like Polkadot or Bitcoin), first you’ll need to create a deposit address in your Kraken account. Depositing SNX on Kraken is as easy as transferring it to any cryptocurrency address.
If instead you want to sell SNX for cash (like USD or EUR), you’ll need to send us identification and proof-of-residence documents. Learn more about our different verification levels here.
Once your account has received funding, you can begin selling SNX and other cryptocurrencies on Kraken.
Having trouble selling SNX? Let us know. You can reach us on LiveChat or by email 24/7/365.
Start selling SNX
Not sure if you want to sell? You can always continue holding SNX. If you do, be sure to bookmark our pricing page so you can spot sale opportunities if and when they arise.