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This Is How You Can Sell Your BNB Tokens

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

Can You Sell Binance Coin?

Yes, Binance coins can be sold on the biggest cryptocurrency exchanges around the world such as Binance, Poloniex, 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. 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:

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. Once the transaction is completed, the funds will be found in the Binance Spot wallet.

Step 3 – Convert BNB into Fiat

Next, the user will need to exchange BNB for their preferred fiat currency. To do so, 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 coins is via the Trust Wallet. This option is useful for investors who own BNB but don’t have access to an exchange where they can sell it. Crypto traders can trade Binance Coin by connecting their Trust Wallet to decentralized 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 set up extra security with a passcode and facial ID.

Step 2 – Deposit BNB

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 pasted 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.

Common 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.

There's Never A Perfect 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.

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