WAX is a blockchain specifically created for NFTs and in-game assets. On WAX, players can create, trade, or even sell digital items. When speaking of WAX-chain poker, we have specific in-game assets that players earn and win in poker games and then exchange for other cryptocurrencies or even fiat.
The rewards in those specific poker games may come in the form of tokens, NFTs, or rewards. All those WAX blockchain poker earnings can then be exchanged for real money.
This model, which is also known as Play-to-Earn, helps players earn real money through doing their favorite thing – playing. In this case, we are talking about playing poker, which is an exciting experience on its own, but when paired with generous rewards, it can turn into something more interesting and engaging.
For more insights into the evolving world of crypto gambling and blockchain poker, explore the latest trends and updates on our crypto casino hub.
In this article, we are going to discuss how you can cash out WAX poker profits and explain the simplicity of it all. The article covers every step from winning to exchanging or trading your tokens.
Follow this crypto gaming cashout tutorial, and by the end, you’ll have all the information that is needed for a smooth experience.
What You Need Before Cashing Out
To cash out WAX poker profits may seem like a complicated financial operation at first, especially for beginners. But in reality, it is simpler than expected. You’ll need a bit of preparation before cashing out, which includes setting up a WAX Cloud Wallet or Anchor Stablecoin. You’ll also need to have or create an active poker platform account, such as R-Planet Poker, a decentralized casino on WAX or something similar.
New to blockchain poker? Here’s a helpful guide to the best crypto poker sites where you can start playing and earning.
Once you’re all set, you can start earning tokens, which commonly include WAXP, game-specific tokens, or NFTs.
Step-By-Step WAXP Withdrawal Guide
Step 1: Converting In-Game Assets to WAXP
The withdrawal of the WAX blockchain poker earnings starts with simple conversion. First thing you need to do is transfer your in-game assets to WAXP. This can either be done by selling poker NFTs or reward tokens. You sell them on a WAX marketplace, the one to AtomicHub.
Another way you can convert game assets into WAXP is by swapping them on decentralized exchanges like Alcor Exchange. Exchange markets are good solutions for players who want to directly convert game-specific tokens into WAXP.
Converting your assets also may mean just consolidating them. The withdrawal process is easier when all the assets are either swapped or converted into WAXP.
Step 2: Sending WAXP to a Centralized Exchange
Once you’ve fulfilled the first step, you are ready to send your WAXP to a centralized exchange. We recommend you choose exchanges like KuCoin, Binance, or Gate.io. For this step, you will need a WAXP deposit address. Getting the address is a simple procedure; you just need to be attentive to every detail.
There are only two steps to follow:
- You’ll need to create or log into an existing WAX Wallet.
- Then you need to find the WAX wallet address – This usually appears at the top right corner. The address you find there is a WAXP deposit address and is used for in-chain transfers.
Now that you know how to find the WAXP deposit address, you can easily transfer your funds. Exchanges are as simple as in-chain transfers.
This is what you need to do:
- Open the WAX wallet and copy the address.
- Go to Withdraw and choose WAXP on the exchange. Paste the address that you copied earlier. (Keep in mind that some exchanges require memos like wallet username or something simple like that.).
- Choose Network, meaning WAX or WAXP Native.
- Enter the amount
- Confirm and Send
Step 3: Swapping WAXP to Fiat or Stablecoins
Once you’re on an exchange, you can convert WAXP to USDT, BTC, or any other fiat or stablecoin that you prefer. For alternative crypto options, you might consider learning about how Dogecoin is used for online gambling.
Here’s a short list of tips you can follow while choosing the best pair for exchange and minimizing fees:
- First of all, check the liquidity. Higher liquidity means better prices. USDT pairs usually are the ones that have the highest volume.
- Try to avoid double conversions. So don’t convert WAXP to, for instance, BTC and then to USDT. This will cause paying fees twice. Instead, just convert WAXP to your chosen currency.
- Keep an eye on trading fees. Fiats and stablecoins all have their own fees. So compare them to each other.
- If you decide to do a WAX to fiat conversion, like USD, EUR, GBP, use exchanges with P2P trading or some VISA/MasterCard connected methods. However, the latter may depend on the country you are located in.
Security Tips
Even though crypto payments and blockchain procedures are safe and secure, there are some possible security-related things you should pay attention to.
For starters, avoid phishing sites and fake token listings. In general, avoid any platform that doesn’t look convincing to you.
Second of all, while you’ve already started the transfer, double-check your wallet address and token contracts. This way you’ll avoid technical issues and misplacing your funds.
To keep everything extra safe, use two-factor authentication on exchanges and pretty much every platform you use for your funds. This is a great way to keep your tokens and funds safer.
Tax and Legal Considerations
It is true that doing every transaction seems simpler, with fewer restrictions or regulations, but you should pay attention to your local tax laws and jurisdiction. Some countries may require your winnings to be taxed, and when not done properly, it may result in legal issues.
To avoid taxation problems, consult your local tax professionals who specialize in crypto and blockchain and who can help you with the legal part of the payments process.
Conclusion
We hope that the article convinced you how easy it actually is to cash out WAX poker profits, even though it seems complicated on the surface. Players choose cryptocurrency because it gives them more flexibility and security. Keep in mind, you shouldn’t get carried away, however simple it may seem. Responsible gaming and record-keeping are what will make your winnings more exciting.
Now it’s your turn to try your luck with WAX-chain poker and win exciting rewards. Explore more WAX-based games or join your community for news and updates.
If you’re interested in exploring other blockchain poker ecosystems, check out the top NFT poker tables on Ethereum.
