The scope of cryptography in general and cryptocurrencies in particular is expanding almost every day. Digital currencies can be used in exactly the same ways as sovereign fiat currencies. They can be bought, sold, exchanged, accumulated, lent and borrowed in the same way.
Since digital coins exist only in the virtual space, all operations with them are performed exclusively online. For this, there are cryptocurrency exchanges on the network.
Crypto Exchange Binance and Binance Coin (BNB)
Binance cryptocurrency exchange is one of the oldest and largest platforms where you can exchange cryptocurrency for cryptocurrency, cryptocurrency for fiat and vice versa. Its creators prudently took care of creating their own coin to serve the needs of the platform.
This is how the Binance Coin (BNB) was launched in 2017. In the rapidly growing ecosystem, Binance BNB performs several functions. First of all, it was intended to pay exchange and transaction fees, a little later, its capabilities expanded. Now the coin is used as a means of payment when purchasing goods and services.
The active development of the Binance system contributed to the growth in the popularity of its coin. This is especially evident in the BNB price chart.
Where to buy and sell BNB
First of all, the coin is traded on the native platform. Here it forms the largest number of trading pairs with digital and fiat currencies. BNB is also available on other major platforms such as Gate.io, Polonix, KuKoin, Gemini. Please note that the possibilities for trading BNB against other coins are very different. For example, you can exchange BNB for BTC at almost all platforms, which cannot be said about many altcoins.
The algorithm for exchanging a coin on any traditional exchange looks the same:
- Create an account and go through verification. The number and list of personal data required for registration at different sites is slightly different.
- After the successful completion of the KYS procedure, you need to replenish the deposit.
- Select the trading pair you need and create an order to sell BNB. It can be an instant trade or a pending trade at a predetermined price.
- After the order is executed, withdraw your coins to an external wallet.
The last recommendation is addressed primarily to those who do not plan to actively trade on the exchange. Storing coins in an exchange client wallet is not recommended for security reasons.
LetsExchange – easier, faster, safer
In addition to traditional exchanges, numerous instant exchange services operate on the Internet. LetsExchange is a striking representative of this type of platform.
The algorithm for exchanging BNB for FTM or any other coin is noticeably different from the traditional one. It lacks clauses about registering an account and withdrawing coins. The platform provides the ability to buy and sell digital coins without KYC.
You need to open the sharing widget and do the following:
- In the upper field, select BNB for sale and indicate the amount of coins.
- In the lower field, select the coin you need from the available list.
- Indicate the wallet address for crediting purchased coins.
- Make a deposit.
- Press the “Exchange” button.
All other actions are performed automatically. The system will review the current deals and offer you the most profitable one. After confirming the operation, the transaction will be completed and the coins will go to your wallet.
You do not need to waste time looking for platforms where the pair you need is trading. You will not have any downtime due to lack of liquidity. You do not disclose any personal information and your actions remain secret to outsiders.
Exchange of cryptocurrencies with LetsExchange is safe, fast and convenient.