Getting your crypto off Polygon for cheap and quick in the US

2021.10.21 14:40 CadynZ Getting your crypto off Polygon for cheap and quick in the US

Getting your crypto off Polygon for cheap and quick in the US I - Prologue Hey CryptoCurrency! First post here, but I'm making this as I've seen a distinct lack of good advice for this, and I wanted to share my own solution and potentially see if anyone else here has even better ideas.
So, for context, I mine Ethereum using my 3080 while I'm not gaming on it. Very much a casual miner, just doing it for the extra pocket change. Ethermine.org, where I mine, about 6 months back added polygon as a payout method, and I chose to use that because it decreased the minimum payout from 0.05 to 0.005 IIRC. Originally this was fine, and I was fine with tanking the $10 or so to get it off the network, as I'd do it in bouts of $60-$100 worth of currency. Then the price to get it off the network went up to $20 or so, still okay, just leaning more towards doing it in chunks of $100. Then it was $50, and I decided that was enough, there has to be another way. Thankfully there was.
II - Brief Summary of Method This is currently what the process looks like for me. My purposes is selling the crypto from polygon.
Using quickswap.exchange : wEth(on polygon) -> Matic(on polygon)Using mexc.com : Matic(on polygon) -> USDT (mexc asset) -> ADAusing coinbase.com: ADA -> Paypal money
The reason all this needs to be done, is that for US citizens there is no current way to exchange polygon crypto for real money, and so you need to either bridge off the polygon network (which is expensive and takes a while) or exchange those for assets which can be sold on exchanges (this method).
III - Detailed list of steps
  1. use https://quickswap.exchange/#/swap to turn your wrapped crypto into Matic tokens.
  2. Sign up for an account at https://www.mexc.com, getting verified may take a bit.
  3. Deposit the matic tokens into mexc by first logging in, then going to assets -> account at the top, then searching for matic in the list of currencies. When you're depositing, make sure you select MATIC and not ERC-20 for the network.
Depositing Matic
  1. Now on mexc.com, go to trade -> spot at the top of the page.
Spot trade
  1. Now, you need to look for the bar in the top right and search for matic, click on the option that says MATIC/USDT
Select MATIC/USDT
  1. At this point I suggest you take a moment to look around the interface, as there's a lot to unpack if you're not familiar with this type of interface, but for our uses there's just a few things you need to find and pay attention to:
a. The current market price of the cryptocurrency. On the left side of the screen you'll see a bunch of small numbers going from top to bottom. In the middle of these is a bigger number that stands out and reads for example: 2.121770 ≈ $2.12. This means the current price is 2.121770.b. Your selected price for buying. Look for the big green button that says Buy (Insert Currency, e.x. MATIC), then a couple boxes above this there will be an input box with "Price" on the left and "USDT" on the right. This is where you input your price for buying.c. Your amount for buying. For our purposes, you should just need to pay attention to the slider bar right above the big green button. When you slide it all the way to the right, it will say 100%. This means you are using 100% of the USDT in your account to buy this.
d. Your selected price for selling. This is similar to b., except this time look for the big red button that says Sell (insert currency, e.x. MATIC), and once again a couple boxes up there will be an input box with "Price" on the left and "USDT" on the right.
e. Your selected amount for selling. This is similar to c., except this time look for the big red button, and once again, right above it, you will see the slider. When you slide it all the way to the right, it will say 100%. This means that you are selling 100% of the currency you have in your account for USDT.
Where everything is
  1. Now that you've found everything you will need to use, it's time to sell. First you will want to select 100% for selling amount(step 6.e), and then I would personally recommend selling just a little bit lower than market price as it will ensure the transaction will happen quicker. If you sell at market price and it happens to go down at the same time, you may have to wait a bit. 0.001 below market price should be a safe bet for MATIC. Once you've set the price and amount, click the big red sell button. If it doesn't go through within a minute, you may be able to cancel your sell order and place a new one depending on how the market price has changed. (I can't remember exactly how to cancel the sell order, but it shouldn't be too hard to figure out)
  2. Once you've managed to sell your MATIC to USDT, you're going to need to decide what form you will extract it in. This decision is important because each crypto has a different withdraw fee for mexc.com, usually it's dependent on how much gas costs for that specific crypto. To find the fee for each coin (in terms of that coin), visit https://www.mexc.com/fee and search for your cryptocurrency. Some good options if you just plan on withdrawing directly to exchange to sell are ETC (currently $0.54 fee) or ADA (Currently $2.11 fee).
  3. Now that you've decided what currency you want to withdraw as, go back to trade -> spot at the top of the page, and this time type in the currency you want to withdraw as, and select (Currency)/USDT (e.x. ETC/USDT)
  4. This time you'll want to set your buy amount (step 6-c) to 100% and set your buy price (step 6-b) to slightly above market price. for ETC you might try 0.0003 increase. Once you've set your buy amount and buy price, click the big green buy button. As with before, there's a chance you may have to cancel and redo the order at new market price if it doesn't go through. Another thing to note is that you'll probably have a fraction of a USDT left in your account after this. I believe it's because when buying, mexc will use the amount of currency you wanted to buy and find the lowest available seller that's slightly below your price, hence leaving a little bit of a difference. Don't worry too much about this.

  1. Now that you've done all the previous steps, you should have your preferred currency in your mexc assets ready to withdraw. Go to assets -> account, and this time look for the currency you want to withdraw. You should be able to find a withdraw button next to that currency, click it, and make sure you select the correct networks for sending it over. If it's to an exchange, make sure you know which network they accept it over. I've only tested this so far with direct ADA to coinbase for selling, and it worked flawlessly.
IV - Epilogue Wew, so that was quite the adventure. Hopefully this can help people who are in a similar situation to me, and I'm sure there's ways to improve the process. If anyone has any suggestions or ideas, feel free to comment them below, and I may even update my post with the new methods!
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