Withdrawal from DOGE after you buy it is simple. But what if you need to sell it?
Sure, if you keep the DOGE in your WazirX exchange wallet, you can sell it anytime. However, WazirX currently doesn’t allow you to deposit DOGE in your exchange wallet.
To sum it up, you can buy DOGE on WazirX but once you withdraw it, you can’t deposit it back. At least not directly because of their Rapid Listing Initiative.
So, I thought I’d show you how to convert Dogecoin into INR and withdraw the INR balance from WazirX straight to your bank account.
There are three ways to do this.
Method 1: Convert DOGE using Exodus Wallet
This is the easiest and the quickest way to cash out Dogecoin.
WazirX doesn’t support direct deposit of DOGE. So how about we convert it into ETH or BTC, both of which can be deposited easily.
Use a hot wallet to convert the DOGE into BTC or ETH. You can then deposit the ETH or BTC easily to your WazirX exchange wallet and sell them. Once you sell them, the funds will be available for instant withdrawal.
I recommend using either Exodus or Atomic wallet. Exodus is my favorite wallet and it allows you to convert Dogecoin into Bitcoin, ETH, Cardano, USDT, and other different cryptocurrencies.
Here’s how to do it:
Step 1: Install Exodus wallet on your smartphone or your PC (I’d recommend the smartphone app)
Step 2: Convert DOGE into ETH or BTC.
Step 3: Deposit the converted BTC or ETH into your WazirX account, sell it, and withdraw the INR balance to your bank.
This method will cost you a conversion fee which can be a little high depending on the market, especially in a crowded market with a high transaction rate.
But this method is applicable to any exchange, not just WazirX. If your exchange doesn’t support the Dogecoin deposit, convert it into a currency it does support. Then sell it off.
If you wish to save this conversion fee, follow Method No. 2 below.
Method 2: Use Binance to Deposit DOGE in Your WazirX Exchange Wallet
To follow through with this method of converting DOGE into INR, you will need an active Binance account.
In a nutshell, all you have to do is:
- Login to your Binance account
- Add the amount of DOGE you wish to convert into INR
- Transfer the DOGE to WazirX using Binance to WazirX integration
- Sell the DOGE on WazirX exchange
- Withdraw INR balance to your bank account
For beginners, below is a detailed tutorial on how to convert your Dogecoin to INR, pretty easily.
Log in to Binance and Click on Wallet, then select “Deposit & Withdraw”.
Click on the Deposit button at the top.
Click on the drop-down menu under the coin section. Here, enter DOGE in the search bar and select Dogecoin.
Copy the deposit address shown at the right corner of the screen, as shown below. This address is where you will send the Dogecoin you wish to convert into INR.
Make sure you click on “dogecoin” and not on “BEP2”.
Open your hot or cold crypto wallet and select DOGE. Click on transfer.
For example below, I’m using my Ledger Wallet, which is a cold crypto wallet.
Paste the Dogecoin wallet address you just copied from your Binance wallet in the “Recipient Address” field.
Read the address twice and make sure it is right. Once sure, initiate the transfer.
Once you’ve transferred the DOGE from your wallet to Binance, you’ll have to wait a couple of minutes before they appear in your account.
You can track the status of the deposit by scrolling down the “Deposit” screen under the Binance wallet section.
You need to remember two things:
- It will take 6 confirmations from the Dogecoin blockchain before the deposit is successful.
- It will take 50 confirmations before you can transfer the DOGE from your Binance wallet anywhere. Essentially, any new deposit is frozen until the transaction gets a certain amount of confirmation from their respective blockchain.
To check how many confirmations your transaction has gotten so far, visit the Dogechain and enter the transaction ID found in the “Recent Deposit History” section of your Binance wallet.
Once the deposit is successful you’ll see the DOGE balance reflecting the dogecoins added.
Click on the WazirX link in the sidebar of your Binance Wallet.
Click on the “Coin” drop-down menu and select DOGE. Enter the amount you wish to transfer (i.e. convert it into INR) and click on confirm.
Complete the basic security procedures including the authorization via email.
That’s it! – You can now log in to your WazirX account and sell the Dogecoin you just transferred.
For example, I just transferred 15 DOGE as we went through this tutorial. You can see I can sell them by placing an order on the exchange.
After placing the Sell Order for your DOGE, it could take a few minutes before the order is executed. It depends on traffic on the exchange and the current market prices.
Once your order is executed, you will immediately see the INR balance under the fund’s section in your WazirX account.
Click on the INR Asset withdraw button.
On the next screen, you will be able to select between Instant and NEFT transfer. Once you select the transfer mode, enter the amount you wish to withdraw, you can enter the full balance amount if you want.
Click on the Withdraw button to complete the process.
Congrats! – You’ve successfully learned how to convert DOGE into INR. Both directly and indirectly.
I hope this tutorial helped you.
If you have any questions, let me know via the comments below.