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How to Withdraw Freeway Tokens and Convert Them to Fiat Money for Your Retirement Needs

There may come a time when you want to withdraw Freeway tokens from your account. It’s a simple process, which I outline in this article.

Why Would You Want to Withdraw Tokens?

I can think of two reasons.

  • You’re closing your Freeway account. Or, perhaps more likely, someone else is closing it on your behalf as the executor of your will.
  • The price of the Freeway token has appreciated a lot. Since you only require enough tokens to maintain the 5-10% minimum of your Supercharger totals, you won’t need as many.

Here’s an example of the math. I currently hold 92,489 Freeway tokens, each valued at just under one cent. Their total value comes to $896.03.

That means I can hold as much as $17,920 in my Superchargers.

If the token appreciates to $1.00, their total value will be $92,489.00. That would mean I could hold $1,849,780 in my Superchargers. That won’t happen any time soon!

So I could withdraw 75% of my tokens (just shy of $70,000) and still have far more tokens than I’d need to maintain the 5% minimum.

Does the price of a Freeway token appreciating 100X seem unlikely? In the world of TradFi (traditional finance), yes, it would be unlikely.

However, in the crypto world, there are already dozens of coins and tokens that have gone “to the moon” to the tune of 1,000X or more.

How to Withdraw Freeway Tokens

To begin, click on the pink Withdraw button at the top of the Freeway Token section of the dashboard.

The Withdraw Freeway tokens buttonClick on the pink Withdraw button to begin the process.

You’ll have to authenticate yourself using your Google Authenticator 2FA before you can proceed.

The message to authenticate yourself using 2-factor authenticationUse Google Authenticator on your phone to get the 6-digit code you’ll need to authenticate yourself.

Enter the 6-digit code from the app on your phone, then click Authenticate.

Now you’ll see the start screen of a form. Click Start to begin.

Indicate the Variant of the Token You’d Like to Receive

For some reason, Freeway gives you two options, even those there’s only one that works — ERC20. Why? Because there are no exchanges that will accept the tokens over the BEP20 network.

Click on ERC20 (Ethereum Network) to select it. The form will proceed to the next step.

Do not select BEP20!

Indicate the Amount of FWT You Would Like to Withdraw

Enter the number of tokens you want to withdraw. Click OK.

Enter the number of tokens to withdrawEnter the number of tokens you want to withdraw, not the amount in dollars.

Indicate the Destination Wallet Address

If you used the Deposit option in the global app to add tokens to your account, send your tokens to that exchange (e.g., AscendEX) or wallet (MetaMask).

Go to your wallet or exchange and copy the deposit wallet address. Then return to the form and enter it in this step of the form.

If you purchased the tokens using the Freeway app’s Purchase functionality, you may need to create an account with an exchange that has listed FWT.

I used AscendEX to convert into FWT. Or you could set up an account with BKEX. Once you have your account, get the Deposit wallet address for FWT and paste it into the Freeway form.

Click OK to proceed.

Paste in a wallet address that can receive the tokensPaste in the wallet address from AscendEX or BKEX.

Do not use the address in the screenshot above. While I’d love to have more FWT tokens, I don’t want yours! The address above is mine, so I’ll repeat…

Do not use it.

Thanks for Your Request

If you have anything else you want to tell the Freeway staff, enter it here. Click OK to proceed.

Confirm All Legal Terms Including Disclaimers and Privacy

Click on I accept. Then click Submit to send the form.

What Happens Next?

The Freeway staff will process your request and send your tokens to the wallet address you provided in the form.

In a few hours, check your wallet or the exchange to see if your tokens have arrived. If they haven’t landed there in 12-24 hours, contact Freeway Support.

Converting Your Tokens to Fiat Money

The whole point of withdrawing some Freeway tokens is to have some cash.

To get that cash, you’ll first need to sell the tokens on AscendEX or BKEX for another crypto asset. The best choice would be a stablecoin, such as USDT. On both AscendEX and BKEX, USDT is your only choice.

Once you have the tokens converted to the available stablecoin, you can convert those tokens to fiat currency and withdraw the funds. You’ll have to send the stablecoins to Coinbase or another exchange that will convert to fiat.

Note that each transaction in this process will cost you some money. And since some of them are ERC20 transactions, the gas fees could be expensive.

So wait for a time when the gas fee is low. Sunday mornings (Eastern Time) usually have low gas fees, because the number of transactions is low then.

Enjoy the Cash From Withdrawing Your Tokens

Retirement is no fun when we’re constantly short on money. I hope the money you receive from withdrawing your tokens lets you flourish a bit more.

Not a Freeway Member Yet?

If you’re not, you’re missing out on up to 43% annual interest on your assets, and an estimated 15-30% on your Freeway tokens. Stay ahead of inflation instead of watching high prices eat away at your retirement.

Click the button below to join.

Disclosure: If you join using the button, you’ll receive a bonus of 2% of the interest you earn, for the next two years. Freeway will also pay me for referring you.