Using CPS coin benefits the merchants to save money on the transaction fees. After the launch of CPS Coin (Coinpayments coin), the team has not done enough to grow the market of this coin. In fact, you would not find much detail about CPS coin on Cointracking websites, and this coin is not listed on any popular crypto exchange.
However, today I luckily bumped into a low cap exchange which let you trade or sell CPS Coin.
Update: On 4th July 2019, CPS coin will be swapped with 1:1 to VLX (Velas). Since this news it out after publishing this guide, I would suggest you hold your CPS coin until the swap happens.
This is by far the only method I have found to liquidate your CPS coin. If you have been thinking of liquidating your CPS coin, this is the best way to get started.
However, after trying this new exchange, here are a few things you should know:
- The price on which you will sell CPS coin on the exchange is very low.
- The exchange doesn’t seem to be reliable and I was almost hacked. (See my notes below)
- You should use this exchange for a very low amount and don’t store your funds on it. The owner information is unknown and this exchange can’t be trusted.
As I will discover new ways to liquidate CPS coin, I will share that with you as well. For now, let’s learn about this only exchange which let you trade CPS coin.
Best way to Sell CoinpaymentsCoin
- Head over to Crytrex Exchange(Its a shady exchange so you have to be careful and use only small amounts)
- Sign up for an account
- Complete 2FA (This is a required step to start trading)
- Go to Balance and click on Deposit in front of CPS coin
On the next page, enter the number of CPS coin you would like to deposit. Click on Pay using CoinPayments.
On the next page, select the CPS coin and fill your details. Click on complete checkout to start the deposit process.
The next page will show you the details of the deposit.
Now, you need to deposit CPS coin to “Coinpaymentsnet” and the memo which is shown in your screen.
Here is how to do that.
- Head over to Coinpayments dashboard on a new browser tab and click on my wallet:
- Click on send/withdraw in front of CPS coin (See screenshot below)
Now, on the next page, enter the CPS coin address and memo details that you have got in the checkout page.
Click on Request withdrawal/send to send the CPS coin to the Crytrex deposit address. Finally, click on the email link to confirm the withdrawal of your coin. This could take another 2-15 minutes for the deposit to complete. Once it’s done, you will see a screen like this on the checkout page.
Note: After the first deposit, when I was making another one in the same browser, the transfer of CPS coin from Coinpayments to Crytrex did not require the whole process of sending. It was more like once you authenticate, it was easy to transfer funds.
Converting CPS coin to BTC
- On the Crytrex exchange
- Head to Trading panel
- Select CPS/BTC trading pair
- Sell your CPS coin for BTC
Once you have sold all CPS coin for BTC, now head to wallet section of Crytrex.
Click on withdrawal in-front-of Bitcoin wallet
Note: Minimum BTC withdrawal limit is 0.001 BTC.
Make sure to select “Cointransfer” under payment methods. Use the code in your email to confirm the withdrawals.
In my case, within 10-15 minutes, the transaction was sent from Crytrex exchange to my BTC wallet.
This was an important step as this is the first time, I head about and used this exchange.
I highly recommend you to move funds to your own wallet after exchanging CPS to BTC or any other altcoin of your choice.
About Crytrex Exchange: Quick review
Crytrex looks like a shady exchange with ultra low security. Even after using 2Fa and email token for withdrawal, my account was accessed by other user within 3 hours of account creation.
As soon as I withdraw the first two funds, I could see two new logins to my account. Which is unlikely to happen especially when 2FA is enabled. More over, a new withdrawal is requested and approved as well, which usually requires OTP sent on email. I do suspect the admins or one of exchange member behind this.
When this started happening and my 0.05 BTC was on stake, I pinged their twitter ID and warned them:
After that, nothing happened. There was a pending withdrawal to an unknown Bitcoin wallet address, which was canceled after I sent the above DM to the official Twitter account of this exchange.
Finally, I was successfully able to withdraw the funds.
However, from my past few years of experience and reviewing legit and scam exchanges all this time, I could ensure that this exchange falls in the dark side of my review. So use it with caution and only for a small amount.
Do not store any funds on CryTrex exchange or you might end up crying. (Pun intended).
Alright! Beware of crytrex crypto exchange.
I was testing it to convert CPS into #Bitcoin
Enabled 2FA and after two small withdrawals could see new IP logged into my account.
Conclusion: The future of CPS Coin
When CPS coin was launched, I was optimistic about the future of the coin. Since this coin has a practical use case and launched by the well-known crypto company, it had all the bells and whistles to grow big.
However, the developer failed to get the coin listed on any one of the best crypto exchanges that hinder the growth of the coin.
Looking at the roadmap of this project on the official coin site, it looks like the project is halted and the future is not so bright.
However, with time we will see if this coin will see a new ray of hope.
For now, it’s your turn to let me know:
- If this tutorial helped you to exchange CPS coin?
- How are you using/exchanging CPS coin?
- What’s your thought about CPS coin future?
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