Binance Coin (BNB) is a utility token created by the largest cryptocurrency exchange in the world, Binance. The asset is one of the most popular cryptocurrencies today, as it plays a crucial role in the day-to-day running of the Binance ecosystem. Investors that hold the token may be wondering how to sell BNB for cash or another crypto. This guide will explain the steps involved to sell Binance Coin and which are the best platforms to do so.
Can You Sell Binance Coin?
Yes, Binance coins can be sold on the biggest cryptocurrency exchanges around the world such as Binance, FTX, and KuCoin. At the same time, the increased demand for BNB means that current investors looking to cash out of their BNB holdings won’t have a problem finding buyers. These platforms are generally safe and trusted places to sell BNB for another digital asset or into a fiat currency with good liquidity.
It is also important to keep in mind that selling BNB will incur exchange fees for providing the platform. The larger exchanges with higher trading volumes typically have very competitive pricing for selling BNB to cash or another altcoin.
How to sell BNB - Quick Tutorial
To sell BNB, using a licensed and trusted cryptocurrency exchange is one of the best methods. The steps below outline the process involved in selling BNB:
- Compare and select a crypto exchange. Find and compare exchanges that support BNB tokens that are available within the specific country and support the desired fiat currency. A reputable option based on our research is Binance.
- Register an account with the exchange. Create an account with the exchange using a valid email address or mobile number. Before making a deposit in fiat currency, exchanges have a mandatory Know Your Customer (KYC) process that will need to be completed.
- Deposit BNB tokens: Send BNB tokens from an external wallet to the exchange using the Binance Network. Usually, the process should take a few minutes.
- Convert BNB To Fiat: Either trade BNB directly for fiat or use the Convert function to make instant currency conversions.
- Withdraw Funds: Once BNB has been sold to cash, withdrawal the money to a bank account using the supported methods.
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Where To Sell BNB For Cash
Below, we review the best platforms to sell BNB into cash or stablecoins:
1. Binance - Best Overall Place To Sell BNB
Binance is undoubtedly the best place to cash out of its native token, Binance Coin. Not only is Binance the largest crypto exchange in the world, but it is also likely to be the first place investors go to buy Binance Coin, and therefore their funds are already held within a Binance wallet. For those that are new to Binance, the exchange is available worldwide in more than 100 countries including the United States via a regulated subsidiary called Binance US. Its reach globally makes it a highly accessible platform for individuals to sell BNB tokens regardless of their location.
The reason why Binance is the best exchange to sell BNB tokens is the flexibility to trade BNB for fiat or convert the asset to another cryptocurrency like Bitcoin or even a stablecoin. There are several BNB trading pairs to select from that will suit all types of investors that want to sell to cash. Moreover, each of the Binance Coin trading pairs such as against USDT and USD has deep liquidity. In fact, Binance maintains the largest trading volume for BNB tokens. As can be seen below, Binance holds the largest market share for BNB pairs.
For investors looking to sell BNB into fiat, it is important to note that Binance has varying withdrawal timelines. Furthermore, the available withdrawal methods vary based on the user's region. For instance, some traders in countries with strict banking laws on crypto might be unable to access bank transfer withdrawals. For more information, read this article on how to withdraw from Binance.
Another method to sell BNB for cash on Binance (e.g. USD) is using the P2P trading platform. This presents investors with an alternative withdrawal path around these restrictions mentioned above. The P2P platform on Binance has zero fees and is secured with escrow. Another benefit of using the P2P exchange to sell BNB is numerous payment options, including bank wires, Revolut, TransferWise, and Western Union. However, it could be tricky for a first-timer due to the steps involved in selling some digital assets. For instance, the popular P2P platform supports a limited amount of cryptocurrencies. This means traders might have to sell such assets and incur a flat fee of 0.1% before transferring them to the P2P platform.
To sell BNB for fiat, an investor simply needs to deposit their BNB into the platform (if they don't have it there already.) The next step is to visit the 'Sell' feature. This can be accessed from the 'Buy Crypto' tab. Once there, the user must select the ' Buy Crypto with Cash Balance' option. This will display a Buy/Sell dialogue box, where the 'Sell' feature can be accessed.
Once the BNB is sold for fiat, the user must return to their wallets to select the "Withdraw" option. Investors can instantly choose their preferred currency and payment methods and instantly process a withdrawal.
Overall, Binance is the most logical place to sell Binance Coin into cash using the exchange to quickly convert into a stablecoin or cash. While the withdrawal methods can be limited, the secondary option of the P2P exchange is a good backup for a quick sale. For more information, read our full Binance review.
- Available in most countries worldwide
- One of the larger platforms for selling BNB to USD or fiat
- P2P marketplace available with multiple payout methods
- Multiple payment methods available
- Low trading fees to convert BNB to USDT on the exchange
- P2P trading is not straight forward
- Withdrawal methods are limited for certain regions
2. FTX: Best For BNB To USD Trading Liquidity
FTX has reached a great height in much less time than many of its competitors. The exchange is one of the top five most popular cryptocurrency spot and derivatives exchanges. It's also the best alternative to Binance for investors who want to sell Binance Coin to USD. The exchange is extremely liquid when it comes to the BNB trading pairs which are traded by millions of its customers globally, including US investors via its FTX.US platform.
For BNB sales, FTX provides two major methods - trading and converting the asset. However, for speed and convenience, FTX recommends using the conversion feature to convert BNB to fiat or other cryptos easily.
One of the many benefits of FTX is that FTX supports fiat withdrawals in several currencies - including all major currencies like the US Dollar, British Pound, and the Australian Dollar. The fiat offramp will appeal to the broader investor base that wants to cash out BNB to USD or another currency. Moreover, FTX boasts the highest BNB/USD trading volume in the industry (even higher than Binance) which demonstrates it's the go-to destination for selling BNB to cash - refer chart above.
Withdrawals are available for bank transfers and cards. However, the exchange does not support e-wallets or payment processors. This is a major limitation especially as FTX does not have a P2P platform like Binance or KuCoin where traders can access their preferred payment methods. Fiat withdrawal fees also vary based on the currency. For instance, there is a charge of $25 for USD withdrawals and 100 CAD for Canadian dollar withdrawals. As for timelines, FTX claims that all fiat withdrawals typically take a few minutes to process. However, in some extreme situations, this could take longer.
Those that want to sell BNB to USDT or another stablecoin should note that the broker uses a maker-taker fee structure that depends on their 30-day trading volumes. However, the fees usually range between 0.05% and 0.20%. While all this seems clear-cut, FTX suffers the same issue as Binance. The trading platform can be tricky to use, so beginners might not find it so appealing. For more information on the pros and cons, read our FTX Exchange review.
To convert BNB, a trader must go to their FTX wallet and click on “Convert” on the right side of the row. A pop-up will appear, asking the trader to select the asset. After selecting BNB, investors can easily make the conversion in seconds without paying any fees. Withdrawals can also be processed from the wallet interface. Simply click on “Withdraw” under the preferred currency, and the process will be implemented.
- Support for direct BNB to fiat conversion
- #1 platform with the highest trading activity for BNB/USD pair
- Sell BNB using a simple convert feature or advanced platform
- Withdraw funds to bank account or card
- Relatively high fiat minimum withdrawals
- Selling Binance Coin on the exchange not suitable for beginners
- Does not offer a P2P platform to liquidate BNB tokens
3. KuCoin: Stable Platform To Sell BNB To USDT
KuCoin is one of the oldest cryptocurrency exchanges in the world, gaining the trust of crypto traders worldwide. With support for over 600 cryptocurrencies, KuCoin is a reliable destination for any trader looking to sell BNB. It is better suited for sophisticated advanced traders, but retail traders can also get around its website and app.
KuCoin doesn’t allow fiat withdrawals on the exchange which could be problematic for those that want to quickly sell BNB to fiat. Since fiat withdrawals aren’t available, the only other method for traders to sell their BNB is to trade it for other coins such as USDT using the exchange or simple convert form. On this note, the BNB/USDT pair is 2nd largest market after Binance itself at the time of writing.
The other way to sell BNB is on the trading platform. Similar to Binance and FTX, the user interface contains all the necessary features to sell BNB at the market or at a price in the future. The live BNB price is also well-supported with top-tier crypto charting tools to execute a sell order at the right time.
Like many exchanges of its caliber, KuCoin uses a maker-taker structure to determine trading fees. Charges are imposed based on 30-day trading volumes and the user’s KuCoin’s KCS token ownership. The fee to sell BNB is 0.10% which is very competitive. Overall, KuCoin is a worthy alternative to Binance when it comes to selling BNB to USDT with comparable user experience and fees. Learn more about its features and fees in our full KuCoin review.
- Great liquidity on the BNB to USDT trading pair for high volume traders
- Simple BNB to USDT convert for fast and easy sell trades
- Advanced trading terminal to sell BNB against several base pairs
- P2P platform is available (subject to buyers)
- There isn't a BNB to USD simple convert option
- No direct support for fiat withdrawals to bank account
- P2P Platform does not always have BNB option
4. Poloniex - Sell Binance Coin for Low Fees
Poloniex is the fourth-best platform to sell BNB on our list. The exchange has a dossier of over 300 digital assets with an impressive 500 trading pairs including BNB pairs. Poloniex is notable for its simplified and smooth user interface as noted in our Poloniex review.
The crypto platform only supports fiat sales of Bitcoin and USDT for Euros. Users can trade their BNB into USDT via spot trading and then convert Tether to Euros to process fiat withdrawals from the platform. Investors can trade their BNB for USDT, BUSD or USDC on the exchange. It is worth noting that Poloniex is one of the bigger exchanges for selling BNB to USDT, behind Binance, FTX and Gate.io. At the time of writing, Poloniex handled more than 600,000 in BNB to USDT conversions within the last 24-hour period.
Trading fees on Poloniex are not expensive. The platform charges a standard fee of 0.145% and 0.155% for BNB sell trades below the $50,000 range. Holders of Tron’s native token (TRX) can enjoy a 30% slash in rates when it comes time to sell BNB on the exchange. As for the withdrawal methods, Poloniex supports bank transfers to traders in selected countries including the United Kingdom, Germany and France.
In short, Poloniex is one of the few exchanges that supports BNB tokens and a marketplace to sell into USDT. While the trading volume is much smaller than its competitors and is not available to US investors, it will appeal to certain traders that are familiar with the platform.
- Reasonable trading volume on BNB/USDT for sellers
- Platform permits withdrawing cash to a bank account
- Discounted trading fees are available
- Not available in US
- Platform lacks liquidity overall and not suitable for high net worth BNB traders
Ways To Sell BNB For Cash
As the cryptocurrency market has continued to grow, so have the avenues through which investors can easily sell their coins. Primarily, any market participant looking to make easy sales can do so using the following channels:
- Convert BNB on a crypto exchange. Exchanges are undoubtedly the most popular means of selling BNB for any investor. These exchanges provide a reliable and trustworthy way of trading BNB. Finding the best crypto exchange to sell BNB is tied to several considerations such as the trading volume, the exchange’s reputation, selling and withdrawal fees, and the safety of funds.
- Sell BNB on a Peer-to-Peer platform. P2P platforms are another means for traders looking to sell BNB instantly. These platforms act as simple connectors, bringing traders in contact with buyers directly and facilitating trade in a trustworthy environment. Top examples of P2P platforms in the market include LocalBitcoins and Paxful. Some crypto exchanges - such as Binance and Huobi - also have P2P platforms that function alongside their main exchanges.
- Sell BNB on a crypto ATM. Cryptocurrency Automated teller machines (ATMs) work like traditional ATMs. They are stand-alone kiosk that allows traders to exchange their digital assets for fiat currencies. The machines provide QR codes to which BNB holders can send their coins, and the sale is completed. In some ATMs, investors also have the opportunity to set the miner fees and processing fees - although this will cost more. These machines charge fees that range between 11% and 25%, so keep this in mind before selling BNB at an ATM.
- Spend BNB on a crypto debit card. Crypto debit cards allow cryptocurrency investors to spend BNB and other assets without converting to cash first. Some of the top-range crypto debit cards from Binance, Nexo, and others allow cardholders to load BNB tokens and spend the equivalent value at selected merchants. Moreover, the Binance debit card allows users to get as much as 8% in BNB cashback rewards whenever they spend their digital assets.
When Is the Best Time to Sell BNB?
There isn't a definitive answer to when is the right time to sell Binance Coin, but it largely depends on the individual and their investment strategy. A general rule of thumb for selling crypto is to avoid selling due to FUD or FOMO. That is, cashing out of BNB due to a price drop could make a poor investment decision in the long term. Panic-selling a crypto asset due to current performance takes out the possibility that it may rise in the coming months.
However, if a BNB holder intends to sell and make a profit, then he or she needs first to determine how much of the coin they intend to dispose of. This allows them to meet their immediate needs without outrightly eliminating them from a bull run when the asset picks up.
Another consideration is knowing the price BNB was purchased for to determine if the trade is making a profit or loss before selling. If the BNB value has increased in value since the initial purchase was made, then selling a portion to cover the initial investment can be a good decision. Using a crypto portfolio tracker can be helpful to know when the right time is.
How to Sell BNB on Binance - Full Tutorial
This section details the steps to follow to sell Binance Coin with Binance.
Step 1 - Create an account with Binance
Head to the Binance homepage and click 'Register' to begin. New users can register using their phone number, email address, or Google account. Once this is completed, Binance will send an authentication link, which users can click to verify their accounts.
Step 2 - Deposit BNB tokens
BNB can be sent from an external wallet to the user’s Binance wallet. Simply copy the wallet address and send it to the external source, where the funds will be sent to the Binance wallet. The funds will be found in the Binance Spot wallet once the transaction is completed.
Step 3 - Convert BNB into Fiat
Next, the user will need to exchange BNB for their preferred fiat currency. Head to the “Sell Crypto'' page on Binance, enter the desired BNB amount, and initiate the transaction.
Step 4 - Withdraw Cash
Once the trader has the fiat currency credited into their account, they can proceed with the withdrawal. To do this, head back to the Fiat and Spot wallet and click on the “Withdraw” button. Binance users can choose the currency they want to withdraw and their preferred payment method. Remember that Binance allows users to choose between cards, bank transfers, and external wallets for fiat withdrawals.
Enter the desired withdrawal amount, fill in the payment details, and Binance will send a verification code via text or Email. Enter the code, and the withdrawal will be processed directly.
How to Sell BNB on Trust Wallet - Full Tutorial
Another option to sell BNB coin is via the Trust Wallet. This option is useful for investors who own BNB but don’t have acces to an exchange where they can sell it. Crypto traders can trade Binance Coin by connecting their Trust Wallet to decentralised exchanges like PancakeSwap and UniSwap. Alternatively, they can sell BNB directly using the Swap option. For this tutorial, we will focus on using the Swap option on Trust Wallet for direct sales.
Step 1 - Download the Trust Wallet
Trust Wallet is available as a mobile cryptocurrency wallet. The app is available on the Google Play Store or Apple App Store. Once installation is complete, create a new crypto wallet and save the recovery backup phrase. Investors can also setup extra security with passcode and facial ID.
Step 2 - Deposit BNB tokens
The next step is to transfer BNB coins to the new wallet address. To access your BNB wallet, search for "Smart Chain" in the search bar. This will display the BEP20 address for BNB on Trust Wallet. Tap on "Receive BNB" to copy the BEP20 address. This is the address to be passed to the sender or paste it on the exchange where the Binance Coin is domiciled. BEP20 is the standard used for creating tokens on the Binance Smart Chain.
Before sending BNB to Trust Wallet, ensure the network from the sending wallet corresponds with the receiving wallet. In this case, our network of choice is BEP20. Choosing the wrong network here could lead to the permanent loss of your assets.
Step 3 - Swap BNB
The final step is to swap BNB for BUSD or any other stablecoin of choice. First, enter the amount of BNB to be swapped. The BUSD to be received and the swap ratio will be visible before the swap is initiated.
Confirm the sale to conclude the process. The swapped coin should be available in less than two minutes. Once BUSD is confirmed, the user can transfer the asset to another platform to cash out their coins.
Frequently Asked Questions
There are several ways investors can easily exchange their BNB asset for cash. The first option is to sell BNB for USDT and transfer the stablecoin to a linked bank account/debit card. An alternative option is to use a P2P service. P2P trading involves the direct exchange of digital assets for cash. Binance supports both crypto-to-fiat and P2P options. Investors can also sell BNB on the Trust wallet.
Binance Coin is a highly liquid asset, which means several exchanges support it. The most popular choices for investors include origin network, Binance, FTX, KuCoin, and Poloniex. Our top choice for selling BNB is the Binance exchange. Investors can easily get started by creating an account, uploading a copy of their driver’s license for verification, deposit BNB, and use the Convert feature to exchange BNB to fiat. Then a direct bank account transfer can be made.
Investors can easily sign up for an individual account, verify their ID by uploading a copy of their driver’s license, and complete the face verification process. Then, deposit the stipulated minimum and buy BNB on the platform.
Users can easily sell their BNB coins using either a third-party DEX platform or the Swap option on Trust Wallet. However, we recommend using the Swap feature as it is seamless and easy to execute. Swap allows investors to exchange their BNB coin to another crypto asset of their choice.
We have explored the different platforms traders can use to sell BNB. This guide has also reviewed some of the best channels investors can use to sell off their Binance Coins. Depending on the local tax laws in the investor's region, a taxable event could be triggered when BNB is sold.
For investors considering the best place to sell Binance Coin, we suggest using the Binance platform. The digital asset trading platform is a reputable crypto hotbed that offers low-fee crypto-to-fiat services.