Last week I did an article on purchasing BLOKtopia while trying a different technique. What I didn’t account for was the lack of ability to sell the currency on KuCoin.
Earlier today, I saw that the value about double again. I had gotten close to double the other day, but I hung onto it anyway. I tried to sell it and discovered that the minimum amount I could sell was 1000 BLOK. Since I only bought 37 BLOK, it was not nearly enough.
That gives me three choices.
1. Buy 963 more that would cost almost $29.00 (at the time of the writing of this article). Then I would have the minimum and could sell it.
2. Using Kucoin’s sweep ability, I could sweep it to KCS. If I swept it, I would get about $1.02 worth of KCS, losing just under 6% of the value (which is only about 6 cents in this case) in the sweep transaction. But I could then sell the KCS if I wanted because the minimum requirements aren't so restrictive.
3. The last option is to just hang on for a while and deal with it later. But there is another issue with this. Unless they change the minimum requirement, it could cost a lot more to buy the 963 BLOK needed for the minimum sale. Also, a friend had purchased some too but had bought more than I did and can’t use the sweep to KCS option (which I think only applies to cryptos valued at under $5).
I didn’t even consider the selling possibilities when I chose to buy the low-valued crypto. I also purchased another low-cost crypto (WIN) and have the same issue. Although I'm not able to sweep WIN to KCS. However, the value is so low it would take less than $2 (today) to buy enough to sell.
So when buying a new-to-you crypto on KuCoin, you may want to check the minimum selling quantity and factor that in.
Just thought I’d share my experience. I hope this helps someone.
Thank you for reading.
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