I've written a handful of pieces on how to buy in. The question that keeps landing in my inbox runs the other way: how do you actually sell this stuff and get the money out? The answer isn't simple — bStocks and xStocks run through two completely different exits, one anyone can use, the other gated behind a bar most retail holders will never clear. Here's both paths laid out: fees, process, settlement time.
The bottom line first: "selling" and "redeeming" are not the same thing
Plenty of people assume that cashing out a tokenized stock works the way it would with a real share — you go back to the issuer and swap the token for its cash equivalent. That's called redemption. The reality: the only door open to almost every retail holder is selling — putting the token up on the secondary market for the next buyer, and getting USDT or dollars back. The actual redemption channel is reserved for accredited investors who've completed KYC, and the process and threshold have nothing in common with what a retail user does day to day. More on that below.
Keep this line in mind going in: odds are you're selling, not redeeming. Get that straight first, and the fees and process that follow will make a lot more sense.
bStocks: two sub-paths inside Binance spot
If what you're holding is Binance's own bStocks — the kind bought on spot — there are actually two ways out.
Option one: convert 1:1 back into the stock position. Binance lets you convert bStocks 1:1 straight back into the matching stock holding, and the conversion itself is free. This fits if you just want to move from "token" form into "stock" form inside your Binance account without cashing out yet.
Option two: sell it for USDT directly on spot. The more common move is selling bStocks for USDT on the spot market, priced at Binance's standard spot fee. A first batch of tokenized-stock pairs — MUB, CRCLB, NVDAB, SNDKB, TSLAB — currently carries a limited-time zero maker fee (through the end of August 2026), so a plain limit-sell order typically costs nothing extra.
Once you've converted to USDT, cashing out to a bank card runs through Binance's normal fiat off-ramp (bank transfer, P2P, and the like). The fee and settlement time depend on the withdrawal method and your region, not on whether the USDT came from selling a stock token — that step works exactly the same as cashing out USDT you earned selling Bitcoin. If you'd rather hold onto the token itself, withdrawing bStocks to a self-custody BSC wallet is fee-free through a limited window running to September 2026.
xStocks: sell on the secondary market, or redeem through Backed?
xStocks are issued by Backed Finance, backed 1:1 by shares held with a Swiss prime broker, and traded on platforms like Kraken and Bybit. There are two exits here too, but they're worlds apart in who can actually reach them.
| Exit path | How it works | Who can use it |
|---|---|---|
| Secondary-market sale | Sell for USD or USDT on Kraken Pro / Bybit at the platform's standard maker/taker fee (Kraken Pro's base tier runs roughly 0.25%/0.40%, dropping with volume) | Every holder — the same process as selling any crypto asset |
| Direct redemption via Backed | 1:1 exchange for the cash value of the underlying stock, settled at NAV | Only accredited investors who've completed Backed's own KYC/AML, subject to settlement windows and minimum-amount limits |
For almost every holder, the only real option is the first row: sell xStocks on Kraken's or Bybit's order book for USD or USDT. From there, cashing out to a bank card goes through each platform's own fiat off-ramp — the fee and timing are the same as cashing out from selling any other asset, nothing xStocks-specific. The second row, "redeem directly through Backed," sounds appealing on paper — a 1:1 cash equivalent for the underlying stock — but the bar is institutional-grade KYC that most retail holders will never clear. Don't treat it as a realistic day-to-day exit.
What actually costs you money is the spread, not the fee printed on the page
The fee percentage is the visible cost, easy to calculate. What actually bites is the spread — the gap between the price you want to sell at and the price you actually get filled at. On thin tickers, over the weekend while US markets are closed, or during sharp moves, the order book gets visibly shallow, and that gap can dwarf the fee itself several times over. I broke down the mechanics behind this in the piece on weekend trading and gap risk.
So the practical advice before selling is simple: if you're cashing out under time pressure, don't force a sale into the thinnest liquidity window. Popular tickers like Apple, Tesla, and Nvidia have deep books and tight spreads; for illiquid names or outside US trading hours, waiting for the book to thicken up is usually worth more than a few minutes saved by rushing.
Want the actual redemption? Check whether you qualify first
If what you actually want is "token back into real share" rather than "token back into USDT," the obstacle isn't the fee — it's eligibility. Backed's redemption channel sits behind a licensed, compliance-driven process that requires institutional-grade identity verification, plus settlement windows and minimum-amount thresholds — built for market makers and institutional investors, not a retail exit ramp.
The more useful question is actually "what would I be getting back." A tokenized stock is a bet on the solvency of the issuer and the custodian behind it — whether reserves are fully backed, and what happens if something goes wrong — and that's worth more of your time than the fee percentage. I go into that in what a tokenized stock actually is. At the day-to-day level, what an ordinary holder can and should get right is understanding the selling path — its process and its cost — rather than agonizing over whether they qualify for redemption.
Questions you're probably about to ask
Can I redeem a tokenized stock for the real share, or collect a cash dividend?
No, and this is the point most people get wrong. What almost everyone actually does is sell for USDT or dollars, not exchange the token back for a real share in a brokerage account. The true 1:1 redemption channel — the one that hands you back the underlying stock — is only open to accredited investors who've completed KYC with Backed or the matching issuer. Retail users can't use it. The only door open to you is selling on the secondary market.
Which path does selling bStocks take, and are there fees?
On Binance, bStocks can be converted 1:1 back into the matching stock position at no cost, or sold for USDT on the spot market at Binance's standard spot fee — some tokenized-stock pairs currently carry a limited-time zero maker fee. Once you've sold for USDT, cashing out to a bank account goes through Binance's normal fiat off-ramp, and the fee and timing depend on the withdrawal method you pick, not on whether you sold a stock token. If you'd rather self-custody, withdrawing bStocks to a BSC wallet is fee-free for a limited time.
Can I get xStocks into my bank account after selling?
Yes, but it's two steps. First you sell xStocks for USD or USDT on the secondary market at platforms like Kraken or Bybit, paying the platform's standard maker/taker fee. Then that USD or USDT goes through the platform's normal fiat off-ramp into your bank account — the fee and timing there are the same as any other fiat withdrawal, nothing specific to xStocks.
Besides fees, what else should I watch for when selling?
The thing most people overlook is the spread, not the fee percentage printed on the page. On thin tickers, over the weekend while US markets are closed, or during sharp moves, the order book gets shallow and the gap between what you want to sell at and what you actually get can dwarf the fee itself. Check order-book depth before you sell in a hurry, and avoid dumping into the thinnest liquidity window if you can wait.
Read next: bStocks vs xStocks: which path fits you? · What is a tokenized stock (the concept) · Can you trade tokenized stocks on weekends?