How to cash out your SLP through Binance
Have you been putting in the work playing Axie Infinity? Earned some nice SLP and want to cash out? Learn how to convert your SLP assets into cash.
Topics to read before diving into this lesson:
At the end of the lesson, you will be able to learn the following:
How to cash out your SLP through Binance
In Axie Infinity, SLP (Smooth Love Potion) is rewarded for every victory you win in its Arena. Exciting stuff, right? In this tutorial, we will illustrate how you can use your Binance wallet to cash out your SLP to fiat currency.
Note: You can only cash out SLP every 15 days.
Step 1 – Claim SLP into your Ronin Wallet#Copy URL to this article section
A - Log into the Axie Marketplace using Ronin Wallet#Copy URL to this article section
The first thing on the checklist is to go to the Axie Infinity Marketplace. Once you're there, click the “Login” button located on the upper right side of the website.
Axie Infinity's official marketplace
Note: Always make sure that you are on the right website. Be cautious of phishing websites, and always guarantee that you are in the right domain or website.
You will be directed to an interface telling you to log in to your account via Ronin Wallet, QR Code, and Email & Password. Choose “Login with Ronin Wallet.”
Logging in with your Ronin Wallet
After clicking the button in the previous step, the Ronin Wallet Extension will appear. Enter your password then click “Unlock” to proceed.
Unlocking your Ronin Wallet
Next, a signature message will appear. This is to confirm that you want to log into your account. Press the “Confirm” button.
Confirming your Ronin Wallet signature
B - Claim your SLP#Copy URL to this article section
After successfully logging in, you will be redirected to a new tab. This new tab will include your account details. To view your claimable SLP, click the “Claim Tokens” option located at the left part of the site.
Claim Tokens interface
In this overview, you will see your current SLP balance. Click the “Claim SLP” button under the SLP icon to claim the SLP that’s currently in your game account.
Claiming SLP in your Token dashboard
Afterward, a small window showing the amount of SLP you have will appear. If you recently claimed your SLP, it will display the earliest date when the service is available again. Click “Claim SLP Now” to continue.
Claiming your SLP
Lastly, a Ronin Wallet extension will appear on your screen to approve the transaction that you are initiating. Click the “Confirm” button to proceed. The Ronin Blockchain will now pick up the transaction and you must wait for the blockchain to execute your request.
Confirming the transaction on your Ronin Wallet
Step 2 – Transfer SLP from Ronin Wallet to Binance#Copy URL to this article section
A - Get your Binance Address#Copy URL to this article section
The next step you take in transferring your SLP to fiat currency (i.e. currency issued by a government such as the United States Dollar or Philippine Peso) is by using Binance. Log into your Binance account, and go to “Wallets” on the lower right part of your screen.
The Wallets section of your Binance account
In the “Wallets” section, go to “Spot” and then click “Deposit”. Search for SLP (i.e. the currency that you are planning to deposit). Since SLP is from the Ronin Blockchain, choose the “Ronin” network to get your deposit address.
Heading into the Spot section for Deposit
Choosing Ronin network for your SLP deposit
After clicking the “Ronin” network, there will be a QR code and Binance address available on your screen. Copy the Binance address, and take note of replacing the address prefix of “0x” to “ronin:".
Note: Please make sure to include “:” when typing the address! When you do not do this, it will become invalid and you may not proceed with your transaction.
Copying your Binance Address
B - Send your SLP to your Binance Account#Copy URL to this article section
After having copied your correct Ronin address from Binance, head into your Ronin Wallet. In there, you will be able to see the assets that you own.
Checking your Ronin Wallet for SLP assets
In your Ronin Wallet’s homepage, click the “Transfer” option and paste your copied Ronin address from Binance. Again, bear in mind to change the prefix of the address from “0x” to “ronin:”. Afterwards, choose the SLP asset, and enter the amount of SLP you would like to withdraw. Then, click “Next."
Transferring SLP assets from Ronin Wallet to Binance
You will be shown the transaction details. This will serve as your receipt. Be mindful of the details and always verify if everything is correct.
When you make an error here, this could result in the loss of funds. Press “Confirm” once you have verified its information.
Verifying your transaction details
Note: You only have 20 free transactions. When you have consumed these, you will be required to have a RON token as your transaction fee.
C - Convert your SLP to Fiat#Copy URL to this article section
To convert your received SLP asset to fiat currency or cash, open your Binance Wallet app, and head into the “Wallets” section seen at the lower right part of your screen.
Heading to the Wallets section of Binance
Go to “Spot”, and click the “Transfer” button. Transfer your SLP from Spot to Funding, and choose SLP as the asset. Input the amount of SLP you would like to transfer, and press the “Confirm Transfer” button. Your SLP will now be visible in the “Funding” wallet feature.
Heading into the Spot section
Transferring your SLP from Spot to Funding
Step 3 - Sell SLP through P2P#Copy URL to this article section
In this next step, it’s time to change SLP to your local currency. This can be done most efficiently using the P2P function on Binance. In the “Funding” section, click on “P2P”, and select SLP. Once you select SLP, you will notice that there are limits and preferred payment methods, such as Bank Transfer, Gcash, Paymaya, etc. For your transaction. Always verify the amount of your SLP, and make sure it is in accordance with the limits set. Then, click “Sell."
Proceeding to the Funding section
Selling your SLP through P2P
You will be directed to another screen where you will see transaction details. Click the “Sell with 0 Fee” and wait for the order of payment. You can chat with the buyer on a chat box located in the upper right part of your device.
Checking your transaction details
Note: Some buyers will want you to send your payment information, including your name and number/account number before sending the cash payment. Please send a message to them immediately. Also, do not forget to check if you have received the assets in your chosen payment method, such as your bank or Gcash account, before confirming.
Congratulations! You now have successfully cashed out your SLP through Binance!