Actually turning your hard farmed XCH into cash in your bank can be a confusing and daunting task, and a few people have been asking about it lately. I’ve recently sold XCH, so I’ve gone through this process and sorted it out, so I figured it could be useful for others.
Glossary
- Chia Exchange: An online exchange that allows you to buy and sell XCH
- Target Fiat: The currency you’re attempting to withdraw
- Target Coin: The cryptocurrency type that you will use as an intermediary between XCH and your Target Fiat, as you cannot withdraw Fiat from any XCH exchanges
- Local Website: A website in your country that will buy your Target Coin from you in exchange for your Target Fiat into your bank account
Selling Steps 
- Sign up at a Chia Exchange
- Generate a XCH deposit address
- Transfer XCH from your wallet to transfer address
- Wait for it to arrive in the Chia Exchange
- Exchange to your Target Coin, e.g. USDT
- Sign up at a Local Website that does “Crypto Selling”, or an Exchange that allows you to withdraw into your Target Fiat.
- Sell them your Target Coin for your Target Fiat (into your bank account)
- Withdraw from Chia Exchange to Local Website
- Wait for money in your bank account!
Sign up at a Chia Exchange
Not all exchanges deal in Chia, so you must choose one that accepts XCH. Also be aware of the price on the exchange. Being a new coin, there might be quite a discrepancy between exchanges. You may also want to check that your target coin, e.g. USDT, is available for exchange (generally most exchanges will have all the big coins).
Some exchanges that I know deal in XCH:
Generate a XCH deposit address
To receive XCH into the Chia Exchange there will be an area in the interface to generate a new deposit address, or similar. This must be an XCH deposit address. This is the address you’ll send XCH to, and the Chia Exchange will watch it for the deposit and show the XCH in your account.
Transfer XCH from your wallet to transfer address
Once you have a deposit address you need to send the XCH from your wallet to the Chia Exchange by transferring to that deposit address. You can follow this guide here: Has anyone transferred XCH to a friend?
I’d generally advise only sending coins you plan on exchanging immediately. Leaving coins in an exchange’s wallet opens yourself up to the risk of losing those coins in the scenario that exchange is hacked or is untrustworthy. I’ve lost thousands of dollars in situations like this, but that was a long time ago when things were still pretty wild wild west.
Wait for it to arrive in the Chia Exchange
Once you’ve transferred your XCH you won’t immediately see them show up in the Chia Exchange. There’s two aspects to this. Firstly, it takes some time for the transaction to flow through the network for the exchange to see it. Secondly, the exchange will wait for a certain number of confirmations before it actually releases the XCH to you on their exchange. This means you’ll see the transfer show up quickly, but it will be in a “pending” or “unconfirmed” state until it‘s confirmed. 30 confirmations appears to be a common number that exchanges wait for. Once it’s confirmed, it will be marked with “Success” or similar and it will be available in your account.
Exchange to your Target Coin
Once the XCH has cleared into the Chia Exchange you can now trade it for your Target Coin. There’s a whole lot to this, but it’s beyond the scope of this guide. You will generally sell at a “market order”, which simply sells your XCH at the best price that anybody is offering. This will look slightly different on each exchange, so simply look into the Chia Exchange’s guides or knowledge base for how to do this.
Sign up at a Local Website
At this point, you now hold the Target Coin instead of XCH. The final step is to go from the Target Coin to the Target Fiat. To do this you need to find an exchange or company that sells into your local currency and allows you to withdraw to a bank account. This is highly local and will depend on your country. It’s well beyond the scope of this post, but perhaps people could let us know what company they use in which country and we can create a list.
There are generally two types of websites that do this:
- A crypto exchange that also allows you to withdraw Fiat into a bank account directly - This is common only in a few big countries
- A website that buys and sells crypto for Fiat in one or more currencies - Much more common for most countries
The process for the former is the same as it would be with a Chia Exchange, so I’ll focus on the latter method:
Search for a site that will “buy” your Target Coin, e.g. USDT or BTC, in exchange for your Target Fiat. With these sorts of sites, you often don’t even have a wallet in them, no funds are stored “in your account” and they effectively go directly to your bank account once they receive the coins you’ve sold them. This is nice and safe. Some sites may hold your fiat in an “account” until you withdraw. You’d likely want to withdraw asap, as you still aren’t guaranteed your money until it sits in your bank account. I’m in New Zealand, and I used easycrypto.ai (affiliate link).
When you sign up, you’ll likely have to provide a bunch of identification for verification purposes. This should all be legit as long as you’re not doing anything dodgy. Remember, always consult an accountant if you’re unsure about your obligations with investments and profits. Most countries will require you to pay tax on your profits as if it were income.
Sell them your Target Coin for your Target Fiat (into your bank account)
There will likely be a fee to send the Target Coin to the local website, charged by the Target Coin network. You may want to do this step in parallel with the next step so you know how much of the Target Coin will actually arrive in the local website.
Once your account is verified, you’ll want to “sell” your coins, or “deposit” them, depending on the website you’re dealing with. This is kinda like when you sent XCH to the Chia Exchange, except it’s going to be a transfer from the Chia Exchange to your Local Website. This process is unique to each website but the end result should be that you get a Target Coin address that you can withdraw from the Chia Exchange.
Withdraw from Chia Exchange to Local Website
Once you have this address, at the Chia Exchange head to the “withdraw” area and enter the amount and address you’re withdrawing to. You’ll have sold an amount of your Target Coin and have been given an address in exchange. You’ll need to make sure the correct amount ends up in the target address, so be aware of any fees that will be charged. Often the interface will show the “Actual amount” (or similar) which is the amount that the Local Website will receive.
With some coins, you’ll need to select a network protocol, such as TRC-20 or ERC-20. This requirement should be given to you by the Local Website when they tell you the deposit address.
Wait for money in your bank account!
Once you’ve completed the transfer, it should all be automatic and you should eventually see the funds land in the Local Website, which they then disperse to your bank account. 
