If you need to cash out some of your PRV and exchange it for fiat, you can do so easily. However, since Incognito does not require KYC and does not hold your bank info, you’ll need to use a third party to withdraw to fiat for the time being.
There are a number of websites and exchanges that allow you to do this, such as Binance, Coinbase, and Constant. You should use the one that you prefer.
You can convert your PRV to fiat in 3 easy steps:
1. Trade your PRV for a USD stablecoin
While you can trade your PRV for BTC, ETH, or other crypto and achieve the same result, if your goal is to cash out to fiat, it’s best to stick with USDT or USDC. They have the largest liquidity pools in the DEX, and you’ll see the approximate USD value that will eventually show up in your account. For this tutorial, we’ll use USDT.
Trade your PRV for USDT
Tap “Trade” from the home screen.
From the trading dashboard, select PRV and USDT, respectively.
Enter the amount of PRV you’re trading, and the amount of USDT you’ll receive is automatically calculated. Tap “ Preview your order”.
Confirm the minimum amount you’ll receive (“Buy at least”) and check the fee. Make sure you are getting the correct rate.
If the price slippage is too high, you should make multiple smaller trades. For large transactions, you can split your PRV between USDT, USDC, DAI, etc., to draw from different pools and limit slippage.
Finally, tap “confirm”, and wait for the trade to finish. Once you “click to keep trading”, you may have to wait a few minutes for the trade to reflect in your wallet.
2. Send your coins to the exchange of your choice
Now, you need to send the coins you traded your PRV for to an exchange that supports fiat withdrawals.
First, copy the receiving address.
Follow the instructions of the external platform you’re using to find your USDT wallet address. Either copy the address, or keep the QR code handy.
Then, send your USDT to that address
From the home screen, tap “Assets”.
Enter the address and the amount you want to send. Select either PRV or USDT to pay the transaction fee, and enter the fee you want to pay. The higher the fee, the more likely your transaction will be processed quickly.
Note: If you select “Max” (the infinity symbol), you will have to either pay the fee in PRV or subtract the fee amount from your USDT balance and then re-enter it, otherwise you will get an “insufficient balance” message.
Verify the transaction details, and then tap “unshield”.
Warning: Sending your crypto out network means it will no longer be private.
Now, wait for the transaction to finish. Do not exit this screen until the app prompts you to. Once it does, you may still have to wait for the balance to be reflected in your external account.
When it is finished, your funds are officially out of the Incognito network. Proceed to step 3.
3. Withdraw your USDT (or other coins) to fiat
For this step, follow the instructions that are provided by the platform you use. They will most likely initiate a trade from the crypto you sent to USD, and then transfer that to your attached bank account.
Congratulations! You’ve converted your PRV to fiat. Whenever you need privacy, simply send crypto to your Incognito address.