Altcoins

The Do’s And Don’ts Of Selling Binance Coin For Cash

As there is a growing interest in Binance coin and other cryptocurrencies, the number of investors are on a fast rise. Whenever you bought and stashed your Binance coin away, whether, during the momentous price surge or its all-time high in May 2021, now appears to be a good time to leverage on the current BNB price that is closer to its record high this year.

Good knowledge of crypto might prompt an immediate selling of Binance coins, but a refresher might sometimes be needed for a casual encounter to ensure you are selling Binance coins in the right way.

1. Finding An Exchange To Send Your Binance Coin To

DO: Pick a high-volume exchange with high security
This tip is characterized by two components: volume and security. There is a likelihood for a high-volume exchange to have more competitive rates and more buyers for the Binance coin that you want to sell. On the other hand, a high-security exchange ensures that the Binance coin you send there will be kept safe, regardless of when you plan to sell your coin.

DON’T: Pick exchanges with high fees or fraudulent track records
Variation in exchanges is a function of factors like ease of trade. Nonetheless, there are hoisted red flags to be aware of when it comes to choosing your platform. In the event of you choosing exchanges with high fees, you end up earning less than optimal on your Binance coin sale. On the other end of the stick, other exchanges may look attractive with too-good-to-be-true offers, but be wary of suspicious trading volumes or other characteristics that make you uneasy when it comes to dealing with them.

2. Trade Your Binance Coin For Your Local Currency

DO: Set your preferred rate on Binance Spot exchange
Binance has several fiat-to-crypto trading pairs, including nine pairs with fiat currencies. So if you want to sell your BNB for Naira (NGN), Ghana Cedi (GHC), or other currencies, you can set the price you want to sell your Binance coin for in Spot trading. You must exercise patience for the price to increase to your preference. And if your preferred local currency is not included in the trading pairs for BNB, you can always sell your Binance coin for stablecoins like BUSD.

DON’T: Rush into selling crypto, unless it is very important
Although there are numerous ways to sell Binance coins into local currencies, there is the possibility that you may not make the most of your sale. For example, while you can easily swap BNB to fiat currencies on the Convert feature or via the various offers on different platforms, you may be subjected to prevailing rates that would yield you slightly lower earnings than what you expect due to fluctuating market conditions.

3. Send Your Binance Coin To Your Selected Exchange

DO: Send your Binance Coin in a secure manner
Once you create an account on your preferred exchange (hopefully with Prestmit of course), stay woke to the security features and risks inherent in both the source of your funds and the receiving address. Check and double-check the addresses before sending, or better still scan the QR of your exchange account’s deposit account.

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DON’T: Share your details with just anyone
There might be an event when you will seek help from people in completing your transaction, but you must understand the fact that your Binance coin-related details must be protected as you treat your credit card and passwords with a deep sense of secrecy. This is a conversation surrounding money, so it is safer to seek help from the official customer support of the exchange you’re using.

At Prestmit, our legitimate customer service representatives only reach out through official channels, like email and the live chat on the website and app.

Kolade Elusanmi

As a cryptocurrency and digital assets writer, I am knowledgeable about the latest developments in the world of digital currencies and their impact on the global economy. I also have a deep understanding of the various types of gift cards and their use in the modern retail landscape. With my expertise, I strive to provide informative and insightful articles that help my readers stay up-to-date on the latest trends and issues in these dynamic fields. I hope you enjoy my writing.

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