How to sell cryptocurrency on the Binance exchange: an overview of the main ways to exchange and sell
There are several ways to sell cryptocurrency on the Binance exchange, and the Btcnewsweb.com editors will consider those that are relevant and actually work in 2022. The exchange provides an opportunity to perform an operation through a basic or classic trading platform, a liquidity pool, a p2p exchange, as well as with a direct withdrawal to the card. Only the first method is available for all listed coins, the rest are limited by supported currencies. Also, the methods differ in commissions and the speed of the exchange operation. Let’s consider all the options in order so that you can choose the most suitable one.
- 1 Selling through the Binance trading platform
- 2 Selling cryptocurrency through Binance p2p
- 3 How to sell cryptocurrency through a liquidity pool
- 4 Conversion of cryptocurrencies and OTC
- 5 Fast sale of cryptocurrency on Binance
- 6 Exchange on the decentralized exchange Binance DEX
- 7 How else can you sell cryptocurrency
- 8 Conclusion
Selling through the Binance trading platform
The Binance exchange allows you to sell digital assets for both other cryptocurrencies and fiat money. To make a deal, you need to go to the section “Trade” -> “Classic” or “Advanced“. For a simple sale, the classic one is quite suitable, in the advanced one there is a wider selection of trading tools for professionals.
Select a trading pair – this is done at the top right of the screen. For example, BTC / RUB, if you want to sell bitcoin for rubles.
Then you need to create a sell order. The section for creating orders is located at the bottom of the page, under the rate chart. Select the type of order you want (for a quick deal on the current market conditions, a market order is suitable), enter the amount of cryptocurrency. Click on the red Sell button and confirm the trade.
It should be borne in mind that in order to withdraw fiat money from the exchange, account verification (KYC verification) is required. Withdrawals are available to cards and electronic payment systems.
Selling cryptocurrency through Binance p2p
In the “Trade” section, select “P2P” to get into the section of peer-to-peer transactions between users. The account must be verified to work with this site.
- Go to the “Sell” tab.
- Configure filters if necessary:
- Select the cryptocurrency you sell. Available options: BTC, BUSD, BNB, ETH, DAI, USDT.
- Select the fiat currency for which you want to sell. Several dozen different world currencies are available.
- Choose a payment method in fiat money that is convenient for you. The platform makes it possible to work with many popular banks and e-wallets from around the world.
- Browse through the available offers and select the one that suits the conditions. Pay attention also to the rating of the counterparty (the number of successful transactions completed by him).
- Click “Sell BTC” (or other cryptocurrency).
- When communicating with a counterparty, you will need to provide your card / payment system details. The buyer will transfer funds. Please confirm that you received them.
After that, the cryptocurrency from your account will be transferred to the buyer’s account.
How to sell cryptocurrency through a liquidity pool
On Binance, you can sell some digital assets for stablecoins (USDT, BUSD, DAI, etc.). To do this, go to the Liquidity Swap section, the “Exchange” tab.
Indicate the cryptocurrency you want to sell, then the one you want to receive in return. Please note that not all trading pairs available in the classic terminal are available. It all depends on which liquidity pools are created by users. Liquidity providers are rewarded on every transaction in the pool where their assets are located.
Click the “Exchange” button (you can also preset the allowable slippage by clicking on the gear). The exchange is carried out instantly.
Conversion of cryptocurrencies and OTC
The “Conversion” tool, or OTC transactions, on Binance allows you to quickly change cryptocurrencies among themselves without commissions and verification, incl. for stablecoins. This simplifies the procedure for beginners who do not want to understand the exchange orders.
Within the framework of OTC (verification is required), you can carry out transactions in the equivalent of $ 10,000, through conversion – from $ 10. The specific limits depend on the currency pair. Payment is made to the spot wallet immediately after confirmation of the operation. The history of transactions is displayed in your personal account in the “Conversion History” section.
Fast sale of cryptocurrency on Binance
You can get to the section for selling cryptocurrency for fiat money if you go to the following path “Buy cryptocurrency” -> “Credit and debit cards“, and then click “Sell cryptocurrency“. Here you can quickly convert most of the popular cryptocurrencies and stablecoins to fiat money.
The security of the exchange is guaranteed by cooperation with reputable payment partners. Coins will be debited directly from the balance of the Binance exchange, and fiat funds will also be credited there. Their withdrawal is possible after account verification.
Exchange on the decentralized exchange Binance DEX
The Binance Dex platform allows on a decentralized basis (using the Binance Chain Wallet) to trade cryptocurrencies and stablecoins located on the Binance Chain and Binance Smart Chain blockchains (BEP-2 and BEP-20).
- Go to Binance DEX https://www.binance.org/ru.
- Connect using the Binance browser wallet that stores your cryptocurrency.
- Select a trading pair in the upper left corner.
- Create a sell order at the bottom right.
The speed of operations, as well as the size of commissions, depend on the current state of the blockchain. All transactions are carried out directly between the users’ decentralized wallets.
How else can you sell cryptocurrency
Selling cryptocurrencies is possible not only through the Binance exchange, but also in other ways. The main possible paths are as follows:
- Centralized and decentralized cryptocurrency exchanges (e.g. Currency.com, EXMO, Huobi, BTC-alpha, Uniswap, Balancer, Sushiswap).
- Exchangers – allow you to withdraw crypto to a card or almost all major electronic wallets.
- Electronic payment systems (for example, Capitalist, AdvCash, Payeer) with the ability to exchange crypto for fiat and vice versa.
- Third party p2p exchanges similar to Binance p2p – LocalCryptos, Cryptolocator, Bitzlato, Bitpapa, etc.
- Almost all cryptocurrency wallets with the function of exchanging coins for stablecoins, other coins or withdrawing to a card (Trustee Wallet, Blockchain.com).
- Telegram bots.
It is also possible to get cash for cryptocurrency using physical crypto ATM devices.
We have listed the main ways in which you can sell cryptocurrency on Binance. Many of them require verification, this is due to the requirements of regulators who need to track suspicious transactions, especially large ones. If the exchange did not adhere to these rules, it would not be able to work with many jurisdictions. However, you can do without verification if you withdraw no more than 2 BTC per day and do not use fiat, but, for example, exchange cryptocurrency for stablecoins.