> For the complete documentation index, see [llms.txt](https://docs.toros.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.toros.finance/trading/selling.md).

# Selling

When you sell a Toros token, the vault withdraws its underlying assets and swaps them into the single token you choose to receive.

## How to Sell

Because a vault holds a basket of assets, a standard sell takes three steps:

1. **Approve** the withdrawal.
2. **Withdraw** into the vault's underlying basket of assets.
3. **Swap** the basket into your chosen token and receive it.

Each sell charges a [trading fee](/trading/fees.md).

## Liquidity

Sells source liquidity from across the network using [DEX aggregators](/resources/glossary.md#dex-aggregator), so larger trades can execute with low [slippage](/leveraged-tokens/slippage.md).

When slippage is set to auto, the trade is simulated at the lowest possible slippage, then increased gradually until it can go through. Once it can execute, the transaction is sent to your wallet for approval.

You can choose which DEX aggregators are enabled in trade settings. By default, any enabled aggregator can be used so the trade goes through at the selected slippage.

## On-Demand Sells

Some vaults hold only part of their value as instantly **withdrawable liquidity**. A sell larger than the available withdrawal liquidity can still be completed with an **on-demand sell**.

An on-demand sell places a sell order, and the vault automatically creates the required liquidity and completes the sell. You place the order and wait; no further action is needed. It uses the same flow as [stop orders](/trading/stop-orders.md): a single approve transaction instead of the three steps above.