To convert Fan Tokens to traditional FIAT currency, you will first need to sell them either directly in the app or on Chiliz.net.
To sell them in the app:
1) Go to the Home Page and tap on ‘Exchange Tokens’
2) Tap the Fan Token you want to sell and tap ‘Sell’ (when selling Fan Tokens, you will receive $CHZ in return)
3) Enter the amount of Fan Tokens you want to sell and tap ‘Sell’
4) This sell request will be submitted to the Marketplace where once a suitable buyer is found to match the order, the transaction will be carried out. (The open order price may differ to the executed price due to market fluctuations)
5) Once your Fan Token/s have been sold your wallet will be updated with the amount of $CHZ you sold your Fan Tokens for. (this may take a few minutes to appear in your wallet)
6) To convert your $CHZ into FIAT currency please see below:
To exchange Chiliz Tokens back to FIAT currency, first you will need to find a Crypto <-> Fiat exchange that supports $CHZ. For this, we would recommend registering on Bitpanda. Note that different crypto <-> fiat exchanges have different regulatory requirements and the examples above may not be available in your region.
1) Register on a fiat <-> crypto platform
2) Seek the deposit address of $CHZ on the platform (note, this will only be valid for supported platforms like Bitpanda)
3) If the platform you have chosen does not support Chiliz Tokens, you will need to exchange Chiliz Tokens to another cryptocurrency first, such as Bitcoin ($BTC). This can be done on a variety of exchanges such as Binance. For a full list of crypto <-> crypto exchanges that support Chiliz, click here
4) Withdraw your Chiliz Tokens from their current location (eg. Socios.com app, Chiliz.net) using the deposit address of the fiat <-> crypto platform
5) Seek information from the knowledgebase of the platform, for example, this guide on Bitpanda on how to sell your cryptocurrencies.