For millions of users in India, the time has finally come to sell the Pi Coin they have been mining. With the Pi Network’s transition to the Open Mainnet, the question of how to sell Pi coins and withdraw the proceeds into your bank account is a top priority.
This article provides a comprehensive, step-by-step guide on how to sell Pi Coin in India, with a specific focus on using the SunCrypto exchange, while also exploring an alternative route for those who wish to use a global exchange first.
The ability to sell Pi coins is a monumental step for pioneers who have accumulated a significant balance. SunCrypto, as a leading Indian crypto exchange, offers a secure and user-friendly platform for this process. Before you can execute the sale, it is crucial to understand the prerequisites and the entire flow, from your Pi wallet to your bank account.
The Prerequisites: Preparing Your Pi for Sale
Before you can even begin to consider how to sell Pi coins in India, you must complete a few essential steps within the Pi Network ecosystem itself. These are non-negotiable and form the foundation of the entire process.
Complete the Pi Network KYC (Know Your Customer) Verification:
This is the most important step. Without passing KYC, your mined Pi coins cannot be migrated to the mainnet. The KYC process is designed to ensure you are a real person and to prevent the use of bots or fake accounts.
You will need to submit a valid government-issued ID and go through a liveness check within the Pi Browser app. The approval can take time, so it’s a step you must complete well in advance. Without verified KYC, you cannot sell Pi coins.
Migrate Your Pi Coin to the Mainnet Wallet:
After successfully completing KYC, your eligible Pi balance will be migrated from your in-app balance to your mainnet wallet. This is a critical transition that makes your Pi “real” and tradable on the blockchain.
You will need to go through the Mainnet Checklist in the Pi Network app to initiate this migration. Only the Pi in this mainnet wallet can be sent to an exchange to sell Pi coins.
Transfer your Pi Coins To OKX Wallet:
Once these two steps are done, you can begin the transfer process. First, open your OKX app and navigate to the “Assets” or “Deposit” section. Search for “PI” and you will be provided with a unique deposit address for your Pi Coins. Be sure to copy this address carefully. Next, open your Pi Browser and go to your Pi Wallet.
From there, select the “Send” or “Pay/Request” option. Paste the OKX deposit address you copied into the recipient field. Enter the amount of Pi you wish to transfer, review all the details to ensure accuracy, and confirm the transaction. After a short period, your Pi Coins will be sent from your Pi Wallet and appear in your OKX account.
Once these three prerequisites are met, you are ready to use the OKX platform to begin the process. The core focus here is to sell Pi coins and INR withdrawal to your bank account.
Method 1: Safe Withdrawal of Pi Coins from USDT to INR
This method is for users who might want to trade their Pi coin on an international exchange like OKX and then transfer the funds back to an Indian exchange for a safe INR withdrawal. This process is a common practice but requires careful attention to avoid risks.
The Process Flow OKX to SunCrypto:
Transfer to OKX Wallet and Get USDT:
- On the OKX spot trading market, sell Pi Coin for PI/USDT
The P2P Risk and the Solution:
- While OKX offers Peer-to-Peer (P2P) trading to convert USDT to INR, this method carries a significant risk in India. Many users have reported that Indian investors’ bank accounts were frozen or flagged by authorities after receiving funds from suspicious P2P transactions linked to scams.
Transfer USDT from OKX to SunCrypto Wallet:
- To safely convert your USDT into INR and avoid the P2P risk, you should transfer the USDT from your OKX wallet to your SunCrypto wallet.
- On the SunCrypto app, find your USDT deposit address.
- Go to your OKX wallet, initiate a USDT withdrawal, and paste your SunCrypto USDT deposit address. Ensure you select the correct network (e.g., TRC-20 for lower fees).
Legally and Safe Convert USDT to INR with SunCrypto:
- Once the USDT arrives in your SunCrypto wallet, go to the spot trading section.
- Sell your USDT for INR on the USDT/INR trading pair.
- This transaction is executed on a regulated and compliant Indian exchange, ensuring the funds are clean and traceable. The proceeds are credited to your INR wallet, ready for withdrawal.
- Finally, you can safely withdraw the INR from your SunCrypto wallet to your bank account without the risks associated with P2P trading. This makes the entire process to sell Pi coins far more secure.
Method 2: Direct Spot Trading on SunCrypto
If you don’t own Pi Coins, and you wish to trade it then the most straightforward and secure way for Indian users is to use a domestic, regulated exchange. SunCrypto is the ideal choice for this, as it offers direct spot trading for PI/INR and PI/USDT trading pairs, similar to any other cryptocurrencies.
Step-by-Step Guide to Trade Pi Coin on SunCrypto
Complete your Account Setup, KYC and Registration on SunCrypto:
- Download the SunCrypto App: Find the official SunCrypto app on the Google Play Store or Apple App Store and download it.
- Sign Up: Register using your email address and mobile number, and set up your MPIN.
- Complete KYC: Submit your PAN Card details and a 30-second video. Then, complete your KYC verification using your Aadhaar card, driving license, or passport for address and identity verification. This is a mandatory step for compliance that allows you to trade on SunCrypto.
- Add Bank Account Details: Add your bank account details in the SunCrypto App. Once our support team verifies your account, you will be able to deposit funds and place a trade.
- Deposit Funds: To deposit funds, use the “Deposit INR” feature on the SunCrypto dashboard. You can add funds using one of three methods: IMPS, UPI, and Net Banking (this method may take 2-4 hours).
Sell Pi Coin on the SunCrypto Exchange:
- Go to the Spot Trading Market: Once your Pi Coin balance is reflected in your SunCrypto wallet, navigate to the market or trading section.
- Find the PI/INR Pair: Search for the “PI/INR” or PI/USDT trading pairs. These pairs allow you to directly sell Pi Coin for Indian Rupees and USDT.
- Place a Sell Order: Enter the amount of Pi Coin you wish to sell and confirm the transaction. The order will be executed at the market price, and the proceeds will be credited to your INR wallet. This is the simplest way to sell Pi Coins.
Withdraw INR to Your Bank Account:
- Go to the INR Wallet: In the SunCrypto app, navigate back to your portfolio and select the INR wallet.
- Initiate Withdrawal: Click on the “Withdraw” button, enter the amount you want, and the funds will be transferred to your registered bank account.
Important Considerations for Selling Pi Coin
While both methods allow you to sell Pi Coin and get INR, here are some critical points to remember:
- Platform Verification: Always verify that Pi Coin is listed and tradable on the chosen exchanges. The successful transition to Open Mainnet is a prerequisite for this.
- Security First: Use only official apps, double-check all wallet addresses, and never share your passphrases or private keys. Scammers often target pioneers who are eager to sell Pi Coin.
- Tax Implications: Be aware of the tax regulations in India. A 1% TDS is applicable on all crypto sales, and profits are taxed at a flat 30%. It is your responsibility to manage your tax obligations. The process to sell Pi Coins is a taxable event.
- Market Volatility: The price of Pi Coin can be volatile, especially in the early stages of trading. It’s advisable to be mindful of market conditions when you decide to sell Pi Coin.
Conclusion
For millions of pioneers in India, the question of how to sell Pi Coin has been a topic of immense speculation and anticipation. With the Pi Network’s transition to its Open Mainnet, the path to converting your Pi into INR is now clear. Whether you choose the direct spot trading route on SunCrypto or the more complex path through an international exchange to convert to USDT and then back to SunCrypto for a safe INR withdrawal, the goal is the same: to securely and efficiently sell Pi Coin and realize the value of your efforts.
SunCrypto, by offering a direct and compliant pathway, simplifies this process, making it possible for dedicated pioneers to finally sell Pi Coin and participate in the wider crypto economy.
Disclaimer: Crypto products and NFTs are unregulated, and there may be no legal recourse for any loss from such transactions.