Transferring Assets Out of StepN

I'm a believer in StepN and don't plan to cash out of the game anytime soon.


But let's be honest - there still needs to be a way to cash out to fiat (or at least a stablecoin on an exchange) if needed. I used the below process to cash out my GST, which ended up as USD in my bank account within 15 minutes and after only ~$2.50 in total fees.


The below example uses Coinbase, which is the exchange I use and which I think is a good option for beginners. There are other exchanges and/or wallets you could use, but I have not tried them myself.


 

Contents


1 | Transfer GST from your spending account to your wallet


2 | Once the GST is in your wallet, trade it to SOL


3 | Once you have SOL in your wallet, send it out of StepN into Coinbase


4 | Once your SOL is in Coinbase, sell it


5 | Transfer the cash from Coinbase to your bank account


Summary

 


1 | Transfer GST from your spending account to your wallet


Once you've earned GST from running/walking/jogging, it will be shown in your spending account at the top right of your screen in the app. The first thing you'll need to do is transfer this GST from your spending account to your in-app wallet.


The spending account and wallet will soon be merged, according to the StepN team. Note that the minimum transfer amount is 10 GST.


The In-App Transfer Process


  • Total time: 1-3 minutes

  • Fees: Minimal/None


2 | Once the GST is in your wallet, trade it to SOL


As of this writing, Coinbase and many other exchanges don't accept GST, so we'll have to trade it to Solana (SOL) first.

  • If using Coinbase, you need to transfer to SOL, not USDC. Long story short, you won't be able to send USDC from StepN to Coinbase or other exchanges/ wallets that operate on the Etherum blockchain.

  • If this is your first time trading within your wallet, you will be asked to 'Create a Token Account'. I'm not 100% what this is, but it only takes a few seconds...


Trading GST to SOL



  • Total time: 1-3 minutes

  • Fees: Minimal/None


3 | Once you have SOL in your wallet, you can send it out of StepN into Coinbase


Now we can transfer the SOL from StepN into Coinbase


Steps:

  • In your StepN Wallet, hit Transfer --> To External

  • You'll be asked for an address to transfer the SOL to

  • To find this address:

  • Go into your Coinbase account and hit the Receive button

  • Select SOL as the asset

  • Scan the QR code or copy and paste the address shown into the 'To Address' field in StepN

  • Note that if you scan the QR code, the address that will populate in StepN will begin with 'sol:'. You'll have to delete this part of the address for it to work.

  • Select the amount you would like to transfer

  • There is a small yellow 'All' button that you can use to transfer all of your SOL. I actually do not recommend this. You'll need a very small amount of SOL in your wallet to cover any other transfers you may want to make in the future. Therefore I recommend leaving a very small amount of SOL (say 0.02 or so) in your wallet.

  • Confirm you've copied the correct address and hit the Confirm button


Transferring SOL to Coinbase


  • Total time: 1-3 minutes

  • Fees: Minimal/None


4 | Once your SOL is in Coinbase, sell it


You can do this in Coinbase by hitting the Buy / Sell button and using the Sell tab.

This is the first step in the process in which you will encounter fees. As you'll see below, my fees were $1.99 for a 33.65 sale (~6%).

  • I subsequently signed up for Coinbase One. One of the benefits of this is that your trading fees are waived. It's $30 a month, but there is a 30-day free trial period. This can be great especially if you're buying large amounts on Coinbase

  • In case anyone is wondering, Coinbase couldn't care less about my little website and is in no way compensating me for mentioning this

I had to wait about 3-5 minutes until all of my cash was then shown under my 'Available Balance' before moving on to the next (and final) step.



Selling SOL in Coinbase



  • Total time: 3-5 minutes

  • Fees: ~6% on Coinbase (if you don't have Coinbase One). Although these may get smaller if you're moving larger amounts.


5 | Transfer the cash from Coinbase to your bank account

You can do this in Coinbase by clicking on the USD (or whatever local currency) and using the 'Cash Out' module on the right side of the screen (on desktop).


Steps:

  • Select the amount that you would like to cash out

  • Select the method of payment

  • You can do Instant cash out to your Debit Card or Bank Account for a fee (mine was $0.55 in this case or about 1.5%) or choose a Standard cash out for free. A standard cash out will take 1 -3 business days

I chose an Instant cash out for this example, and the transaction showed in my Wells Fargo account instantly as a pending (but authorized) transaction. This appears to be the case for all deposits.



Cashing Out of Coinbase


  • Total time: 1-3 minutes

  • Fees: ~1.5% if you'd like an Instant cash out (otherwise wait 1-3 business days)


Summary


And that's all there is to it. Total fees for this transaction were $2.54 (about 7.5%). Both of these fees are (i) incurred in Coinbase, (ii) probably smaller (on a percentage basis) as you move larger amounts, and (iii) arguably avoidable.


I'm guessing Coinbase also takes a small spread on the sale, but this is quite difficult to see. It doesn't appear to me that StepN takes any fees during this process, but rather makes the bulk of their income on the 6% fee for selling sneakers.


The total time shown in this article is an estimate. It could take longer depending on network congestion, etc.


  • Total time: 7-17 minutes

  • Fees: ~7.5% (see above)


As always, reach out with any questions, and please subscribe for updates!



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