You can sell Binance Coin in the legit exchange crypto platform or P2P platform. Binance Coin is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol. BNB was initially based on the Ethereum network but is now the native currency of Binance’s own blockchain, the Binance chain.
Want more than just to sell BNB? Access dozens of different cryptocurrencies selling guides 2022 here.
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What is Binance Coin (BNB)?
Binance Coin (BNB) is native token of the main Binance Chain blockchain. Binance is a decentralized, blockchain-based network that has continuously developed with the mission of becoming an infrastructure services provider for the entire blockchain ecosystem.
Before finally Binance blockchain itself, BNB, for the first time, was launched as an ERC-20 token on the Ethereum Blockchain.
Binance Coin operates on two chains – the Binance Chain, which is the original chain for transactions, and the newer Binance Smart Chain, which can support more complex features, like smart contracts.
The founders of Binance Coin (BNB) are Changpeng Zhao and He-Yi. Changpeng Zhao is the CEO of Binance. Before finally founding Binance, Changpeng Zhao worked as head of futures trading.
On the other hand, He-Yi serves as head of marketing at Binance. Before joining Zhao, He-Yi co-founded the most extensive fiat-to-crypto exchange in China, OKChain.
How Does Binance Coin (BNB) Work?
BNB is built on Ethereum blockchain and uses ERC20 tokens which can store and hold value. However, you can’t mine tokens as they have been pre-mined and distributed through ICO. Tokens in circulation are used for discounted trading on Binance Exchange. The discount rate started at 50% in the first year, but it’s scheduled to be cut in half every year.
By the fifth year, there will be no discount which will affect the value of the token. To counter the value deprecation, Binance has been buying back tokens and destroying them to reduce the supply. The cryptocurrency exchange plans to eliminate half of the tokens in circulation.
BNB also now has an incarnation on the Binance Smart Chain (BSC), Binance’s own smart contracts blockchain.
First and foremost, Binance Coin (BNB) represents your stake in Binance itself. If you believe that the company is poised to grow even further, this will be reflected in the BNB’s price, allowing you to sell it later for a much higher price than when you bought it.
After all, Bitcoin became so valuable because of its finite limit at only 21 million BTC. By the same token, when the Federal Reserve increased the USD money supply by trillions, it greatly devalued the dollar, causing a 40-year-high inflation. It just goes to show that, more often than not, entrusting your money to companies is a better bet than in governments.
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Why Sell Binance Coin (BNB)?
Binance is a stock exchange company that was first established in Shanghai and is now based in Malta. The founder Binance is Changpeng Zhao (CZ). Changpeng Zhao was also the CTO of OKCoin, a Chinese crypto currency exchange.
Shortly after the launch in the summer of 2017, Binance decided to expand the team. He announced that Yi He was included in the team. Yi He, newly included in the team, was the one of the main founders of OKCoin. Yi He is known for developing technology-based products and increasing the number of users. In a short period of time, CZ, Yi He and Binance staff have made the company one of the largest global stock exchanges.
The rise of the Binance Exchange to the top was extremely rapid. Since its launch in August 2017, the Binance Stock Exchange has grown significantly.
Where to Sell Binance Coin (BNB)?
Option 1: Cryptocurrency Exchanges
Cryptocurrency Exchanges often support a wide range of fiat currencies. A crypto exchange can act as an intermediary between sellers and buyers of cryptocurrency. To sell Binance Coin (BNB) for cash, you will first need to set up an exchange account and deposit your Binance Coin (BNB) in the hot Binance Coin (BNB) wallet that is provided by the exchange.
Note that most reputable Binance Coin (BNB) exchanges require their users to provide personal information before they can sell cryptocurrency, in order to comply with KYC and AML rules.
The key advantage of using a cryptocurrency exchange to sell Binance Coin (BNB) for cash is that well-known exchanges have deep liquidity and provide quick access to a large pool of potential buyers.
They are also relatively easy to use: you will need to place a sell offer, defining how much cryptocurrency you wish to sell and set your asking price per unit. The exchange then automatically processes the transaction once your offer is matched.
Option 2: Direct Trades (Person-to-Person)
- Online P2P Selling
- Face-to-face Transactions
Rather than doing the work for you, a peer-to-peer (P2P) exchange lets you choose your price, and the platform helps find a buyer willing to pay it. The two parties then decide between them how to pay. You can sometimes do this on the site — often called direct trades — but normally, you would use a separate bank transfer.
P2P trading allows you to sell cryptocurrency without the limits of an exchange. This means that you could do a wire transfer, send gift cards for popular online stores, trade cash in the real world or even send expensive art if that’s what you want; as long as both parties agree, and you’re in a P2P marketplace that doesn’t limit payment methods.
There are some problems around this, such as what happens if the buyer doesn’t pay up, and the peer-to-peer marketplaces will still have some information on who you are. However, this is still a good step if freedom of choice and minimal interference are your priorities while still having access to things like escrows to hold the Binance Coin (BNB) for protection from fraud.
Option 3: Binance Coin (BNB) ATMs
It may be hard to come to terms with since Binance Coin (BNB) ATMs are directly connected to the internet, but BTMs are entirely secure. BTMs are equipped with technology that protects against software and hardware malfunctions. Malware technology is also not able to threaten Binance Coin (BNB) ATMs. Your digital wallet is encrypted and protected. Without the correct passwords and security credentials, no one aside from you can access your wallet.
A number of Binance Coin (BNB) ATM operators have come together to form the Cryptocurrency Compliance Cooperative to make the use of Binance Coin (BNB) ATMs even safer for the consumer, furthering the legitimization of the cash-to-cryptocurrency industry.
How to Sell Binance Coin (BNB)?
- Step 1: Set up an exchange account
The first thing you need to do is decide which form of money you will accept for your Binance Coin (BNB).
Now that you know which currency you want in exchange for your cryptocurrency, its time to make an account on a platform that lets you sell your Binance Coin (BNB).
There are tons of platforms to sell Binance Coin (BNB) on, and the easiest, by far, are exchanges and brokers like Coinbase or Coinmama.
Signing up on Coinbase is really simple – it’s like making an account on Amazon!
- Step 2: Transfer your Binance Coin (BNB) to your exchange wallet
Now that your account is created, you’ll need to deposit your crypto assets on the exchange.
Hit the “deposit” or “sell” button.
You’ll be presented with a wallet address and/or a QR code.
Scan that into your Binance Coin (BNB) wallet and send the amount of coins you want to sell.
- Step 3: Place a sell order
Now it’s time to make a sell offer on the platform you are selling on.
That means determining the price you are willing sell your Binance Coin (BNB).
The process for doing this always looks a little different on every platform, but for the most part, it works the same way.
Look for the “sell” or “trade” tab, and either sell at the price offered by the broker or create a custom sell order on an exchange order book.
The only difference is, with a broker, you are selling at whatever the spot price is (minus some fees).
With an exchange, you can set whatever price you want. Just don’t expect for the sell to be accepted by any takers if your price is too high.
The nice thing about the crypto exchanges are that the fees tend to be lower than the brokerages.
Direct Trades (Person-to-Person Trading)
- Step 1: Go to the P2P Trading Page
Select (1) “Buy Crypto” then click (2) “P2P Trading” on the top navigation.
- Step 2: Choose to Sell and Set Your Currencies
Click (1) “Sell” and select the currency you want to buy (USDT is shown as an example). Filter the price and the (2) “Payment” in the drop-down, select an ad, then click (3) “Sell”.
- Step 3: Find a Buyer
After the buyer makes payment, the transaction will now display “To be released”. Please make sure that you’ve actually received payment from the buyer, to the payment app/method you used. After you confirm the receipt of money from the buyer, tap “Confirm release” and “Confirm” to release the crypto to the buyer’s account. Again, If you have not received any money, please DO NOT release crypto to avoid any financial losses.
- Step 4: Choose How Much You Want to Sell
Enter the amount (in your fiat currency) or quantity (in crypto) you want to buy and click (2) “Sell”. The transaction will now display “Payment to be made by buyer”.
- Step 5: Send the Offer
You can use Chat on the right side to communicate with the buyer in the whole process.
If you have any issues in the transaction process, you can contact the buyer using the chat window on the top right of the page or you can click “Appeal” and our customer service team will assist you in processing the order.
- Step 6: Confirm the Release
The transaction will now display “Pending Payment”. After the buyer makes payment, the transaction will now display “Confirm Receipt”. Please make sure that you’ve actually received payment from the buyer, to the payment app/method you used. After you confirm the receipt of money from the buyer, tap “Payment received” and “Confirm” to release the crypto to the buyer’s account. Again, If you have not received any money, please DO NOT release crypto to avoid any financial losses.
Binance Coin (BNB) ATMs
- Step 1: Choose withdraw cash
- Step 2: Choose Binance Coin (BNB) (these machines normally may support other cryptocurrencies)
- Step 3: Choose amount to withdraw
- Step 4: Send Binance Coin (BNB)s to given address QR code
- Step 5: Receive cash immediately as Binance Coin (BNB)s transaction is propagated on the network
Read More: How to Buy Binance Coin (BNB)?
Selling Binance Coin (BNB) FAQs
Can I Sell Binance Coin (BNB) for Cash?
Most users who sell BNB do so for Bitcoin (BTC) or Ethereum (ETH). While you unfortunately cannot sell BNB directly on Coinsquare, you can sell it on an altcoin exchange for Bitcoin or Ethereum and then use Coinsquare cash out to fiat currency like Euro or Canadian dollar.
Regardless of your preference when it comes to selling your crypto for cash, Binance has a seamless and convenient way to buy, sell and trade crypto. With our new Sell-to-Card feature users can directly sell their crypto for fiat money and have them transferred straight to their credit/debit card.
What Is The Best Way to Sell Binance Coin (BNB)?
Binance’s world-class matching engine supports up to 1,400,000 orders per second. This ensures that your crypto trading experience is quick and reliable.
Trading crypto on Binance is easy and intuitive. You only need a few steps to buy BNB (BNB).
Millions of global crypto users trust us. Our multi-tier & multi-cluster system architecture and SAFU (Secure Assets Fund for Users) insurance fund protect your account.
Binance is the world’s most liquid cryptocurrency exchange, with the biggest volumes across multiple crypto pairs.