Are you wondering how you can convert your holdings in Bitcoin to Binance coin (BNB)?
You are not alone cause a lot of people are also looking to do just that
We all know that having your funds spread out in multiple coins is advisable in case of a crash.
So in case the worst occurs, you can still make a come-back.
There are many exchanges you can use to carry out this transaction but I am going to use Binance in this example.
Why? Because they have one of the fastest and lowest transaction fees.
What more? They are really the type you would want to entrust your money to.
So without further ado, let’s take a look at what we are going to learn in this article.
- A simple overview of what you need to put in mind before converting your coin.
- How to convert Bitcoin to Binance coin on Binance.
Also in case you are using a wallet, you’ll learn how to convert Bitcoin to Binance coin from your wallet.
- Some FAQS that you may need to know
Let’s dive in.
Important things to take note of
So you don’t commit a mistake, below are some things that you may have to take note of before converting your coin:
- Make sure that you have completed the identity verification process on Binance so as to not face any restrictions.
Also in case something happens, they will be able to help you better because they know you better.
- Have patience: If you feel that BNB (for example) is declining in price and you want to convert your coin to BNB.
Wait for it to decline until it has stopped declining before you convert your Bitcoin (for example) to it.
This is just for you to make the most out of it
- Be accurate: Make sure that the address you copied is correct or else you will lose your coins forever.
Since you are prepared, let’s dive straight into business.
How to convert Bitcoin to Binance coin
The following is a method you could employ to convert your holdings in Bitcoin to Binance coins.
Remember I’ll be using the Binance exchange platform to explain this.
If you are set, then this is the way:
NOTE: If your Bitcoins are on the Binance exchange platform, start reading from step 1 but if your Bitcoins are elsewhere (maybe trust wallet) then start reading from step 0.
Step 0: Transfer your Bitcoin
Now if your funds are on another wallet, follow this step. Firstly, let me answer a pressing question that I think you’ve got for me.
Can I convert my Bitcoins (BTC) to Binance coins on my wallet?
No, unfortunately, you cannot do that directly, instead, you have to introduce a decentralized exchange platform (e.g Binance) to make it possible.
Now the first thing to do is to transfer your Bitcoin to an exchange platform (say Binance).
To do this, you have to:
- Sign up on Binance at Binance.com or sign up with their app.
- Complete the identity verification process.
- Copy your Bitcoin address for your new Binance account.
- Go ahead to send your Bitcoin to that Bitcoin address that you copied
If you still don’t understand, then you can check our guide for sending crypto.
Step 1: Open the Binance website or app
I suppose you already have an account with Binance before you can use this option.
If you don’t, then check our guide on how to set up an account with Binance.
Then open the Binance website or app depending on what you are using.
Sign in to your account as you get ready for the next step.
Step 2: Go to Binance convert.
To navigate to the Binance convert page, look for trade. If you are using their app, then it’s the center button at the bottom part of your page, click on it then on “convert”.
While if you are using their website, it is located at the top-left part of the page, click on trade then in “convert” as well.
Step 3: Select the coin you have and the one you want to convert it to
After clicking on convert, you will be directed to the Convert page where you will decide the coins you are using for the transaction.
For this example, we are using Bitcoin and Binance coins so choose Bitcoin (BTC) at the top and Binance coin (BNB) at the bottom.
Depending on the coins you want to convert, choose them appropriately.
You can either fill in the number of tokens that you want to convert or the token you want to convert to
For example, if you choose to select your preferred quantity based on the bitcoins you wish to convert, then fill in the box meant for Bitcoin i.e if you are converting 1 Bitcoin, then enter 1 BTC.
While if you choose to select your preferred quantity based on the BNB you wish to get, then fill in the box meant for BNB i.e. if you wish to get just 10 BNB, then enter it.
Step 4: Click preview conversion
You will see the price quote for the transaction you are executing.
You have only 5 seconds to approve the quote and fulfill the deal so if the price quote expires, refresh the page to get another one.
Step 5: Complete the transaction
Finally, click on “convert”, and the transaction will be completed immediately.
And the money will reflect in your spot wallet instantly
Step 6: Transfer your BNB back to your Trust wallet (Not general)
This is not for everyone, it is just for those who want to still keep their money in their “trust wallet”.
So the same way you did when you were transferring Bitcoin to your Binance account.
You’ll do the same but this time around, you are copying the Binance coin (BNB) address for your wallet.
Now send your BNB from Binance to that address that you copied.
Binance transactions are always fast so it should reflect immediately in your wallet.
Note: We could have used other Decentralized exchanges for this example.
We used Binance because they have one of the lowest transaction fees and also one of the fastest transaction rates.
Below are some frequently asked questions:
What are fiat currencies?
Maybe you are wondering what fiat currencies mean;
Fiat currencies are traditional currencies i.e printed by the government e.g Naira, US dollars.
Unlike cryptocurrency, their value is dependent on economic policy and the state of the economy of a country.
What is p2p trading?
P2P trading is an acronym that means peer-to-peer trading.
It’s a type of trading that does not involve a third party that is no intermediary. It is a direct transaction between two users of a particular exchange platform.
Is P2P trading safe?
P2P trading which stands for peer-to-peer trading is a method of trading in which users of an exchange platform transact between themselves.
P2P trading is not very safe on a lot of platforms as you can imagine.
But this statement is not true for all platforms for example, on Binance, P2p trading is safe.
This is possible because Binance uses a system that does not release a user’s funds until the user confirms that he has received the payment.
Also, Binance does not charge any transaction fee for p2p trading so it is really a good option for those people using Binance.
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