Buying cryptocurrencies is pretty straightforward, but people tend to think getting their money back is a conundrum in itself. Luckily for all investors out there, selling crypto coins is as effortless as obtaining them, especially on Binance. Find out how to do it through this new Exonite article.
What Is Binance?
Binance is an online currency exchange where you can buy, trade, or sell cryptocurrencies.
Exchanges are platforms that make transactions between different currencies easier. They work as the middleman between the buyer and the seller. As a result, there’s no risk of getting scammed over transactions made under Binance’s watch.
Since the platform ensures the money is handled legitimately, Binance takes a small fee out of it. These are known as gas fees. Those transaction fees have an important role in maintaining cryptocurrencies’ economy stable.
Available Currencies in Binance
Binance features the most popular cryptocurrencies and the newer crypto projects that are a hot topic in the market.
For instance, since Bitcoin and Ethereum are renowned cryptocurrencies, all exchanges must work with them. In fact, the same can be said about Binance’s coin, BNB. CMC, a site that ranks coins based on usage, lists BNB as the third most popular currency.
Going further, Binance offers transactions with less famous coins that have optimistic prospects. Just to name a few, Harmony ONE, Cardano ADA, Solana SOL, Polygon MATIC, and Dogecoin DOGE are all available.
Does Binance Work With Dollars & Euros?
Binance does transactions with dollars and euros; albeit, in a rather roundabout way.
In Binance, there are stable coins with fixed prices based on regional currencies. For example, EUROC is priced just like Euros whereas USDT is worth the same as US Dollars. People in crypto markets tend to use these coins instead of national currencies because they get a weekly interest out of them.
Now, to make the first ever purchase of coins, you’ll have to use regional currencies to buy them with a credit card. This is the main way to refill an account’s balance on most online exchanges. Nevertheless, you can deposit cash in your wallet and leave it there for future transactions.
After that, you can get other currencies by trading the coin you originally chose or buying them via official money.
How to Sell Crypto on Binance
There are a few ways one can sell cryptocurrencies on Binance. It’s worth mentioning all of them are safe.
Adding Balance to a Credit Card
You can sell your cryptocurrencies to Binance’s marketplace so as to get money on your credit card.
To do this, you need to have cryptocurrencies on your Spot balance, which is a wallet Binance offers to make quick transactions. Within the Spot section, you can either sell, give, buy or trade the cryptocurrencies you own.
The first step is then to go to Binance’s dashboard and select Buy Crypto. Despite appearances, this option also allows users to sell their coins. With it, you can sell the desired amount of cryptocurrencies and get the return in the currency your credit card works with.
Do mind that Binance accepts a handful of credit cards including MasterCard and Visa.
Trading Through P2P
Exchanges usually offer a trading system in which users of the same platform can sell or buy coins from each other. Needless to say, Binance also provides this service.
This is a peer-to-peer transaction. In order to do it, you need to place the cryptocurrency you want to sell on your P2P wallet. Later on, you can browse different buy orders from users of the same platform. These vary in price, so you need to choose carefully.
When the order gets accepted, the cash gets added to your account automatically. Provided you wanted a specific cryptocurrency instead of cash, you can ask for that as well. Moreover, you can also send cryptocurrencies to other people via P2P without trading any coin.
Most exchanges establish a gas fee in P2P trades, but Binance, since 2022, offers this service for free.
Selling for Binance’s Fiat Balance
Since Binance has a Fiat wallet too, there’s the option to sell your cryptocurrencies to the market and add cash.
Rather than place an order or sell crypto to the crypto market for someone else to buy, you can directly trade digital assets for cash. It works similar to selling cryptocurrencies and adding money to your credit card.
Binance lets you hold national currencies in a wallet specifically made for those types of assets: the Fiat balance. This digital wallet is akin to bank accounts: you can cash them out on your credit card or use them to make purchases, which in this case would be cryptocurrencies.
The platform provides the option to sell cryptocurrencies in exchange for Fiat money that is stored in the Fiat balance. You simply have to select the Buy Crypto option, go to Cash Balance, and trade your assets for cash.
Is It Safe?
People and especially the media tend to believe crypto exchanges are pretty unsafe, but these rumors couldn’t be any further from the truth. Yes, cryto scams exists, but is easy to detect them with some precautions.
These allegations are born from the skepticism circulating around crypto coins. Rest assured as there’s no way to get scammed in an exchange. The reason is that this is a third party that manages any transaction with professionalism in an automated fashion.
Without a third party, selling cryptocurrencies might get tricky. Finding trustworthy buyers is quite a difficult task. The virtuality of the process makes it hard to trade crypto coins for cash without a regulating party.
Additionally, there are some complications at hand. The value has to be calculated manually since the price is changing constantly. Moreover, some buyers do tend to forget cryptocurrencies might fall in price and ask for a refund.
Although there are many exchanges available, explaining how they work is tough. Binance, on the other hand, has a very intuitive interface, but it does get time to get used to it. All in all, the platform is exceptionally safe in regard to transactions.
Can I Use Cryptocurrencies as Cash?
Currently, there’s a tendency for retailers to allow purchases with cryptocurrencies. However, not all of them are on the same page.
The cryptocurrency movement is gaining traction in all fields of business. Since coins and tokens are assets that are designed to prevent inflation, many industries started to take a shine to them. Not only that, but more people are buying cryptocurrencies by the day.
As a result, famous brands now accept payments done in cryptocurrencies. One of the prime examples is Starbucks, a globally famed fast-food chain. This company accepts Bitcoin, the most famous cryptocurrency there is, as a payment method.
Other small to medium-sized enterprises are also trying to get hold of more customers by adapting to the cryptocurrency demand. There are so many brands involved in this payment method that it can’t be considered a rare occurrence anymore.
Seeing as even a few banks are considering using Bitcoin and Ethereum as alternative assets, this trend will likely expand in the near future. Even if you don’t sell your digital assets, you can still use them as cash.
The Limitations of Cryptocurrency Payments
Even though paying in cryptocurrencies is commonplace in some parts of the world, there are still some issues to be solved.
The most apparent one is that not all brands do accept them as payment methods. Some brands are not that fond of ever-flowing currencies that might be worthless from one day to one another. Regardless of how uncommon that happens, it doesn’t sway these companies’ opinions.
Moreover, cryptocurrencies, apart from stablecoins, don’t have a stable price. This means that, should there be a decrease in value, the purchase can’t be done due to the cost of the product. Thus, regularly checking a coin’s worth is a must in order to avoid these awkward transactions.
Lastly, some governments are totally against the idea of cryptocurrency payments. That means there won’t be any kind of support from the State in instances of fraud and scams. It’s worth mentioning these are rare, especially from popular retailers, but not unheard of.
Learning how to sell crypto on Binance is a very easy task: it only takes about some minutes of getting used to the platform’s interface!
There are three main ways in which one could sell digital assets, so it’s advisable to check them out before choosing a method. Nevertheless, all three of them are completely safe and quick!