Binance Coin is one of the most popular coins purchased by crypto investors. However, the need to sell arises at some point and choosing where to sell Binance Coins for cash can be a little difficult. This guide will cover all that is required to sell BNB safely.
Binance Coin is a fast growing cryptocurrency whose market capitalization has risen steadily over the years. Ever since its creation in 2017, it has served a variety of functions to traders and investors. Adoption of the coin for so many other functions increases daily and the need to own and sometimes sell this coin also increases.
In the past few years, lots of people have joined the cryptocurrency buying spree and BNB has been a popular choice. As a result, so many people own a substantial amount of Binance Coins. This in turn prompts the need to have Binance Coins exchanged for USD, and other fiat currencies.
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Best Exchange to Sell Crypto in November 2024
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Finding a reliable source for the exchange of Binance Coins to cash can be a whole load of trouble. There are lots of factors to consider before choosing to sell your coins to any buyer. The platform in which the trade will be carried out and the guiding policies are two crucial factors that must be given lots of consideration.
To carry out any exchange and have Binance Coins exchanged for cash, brokers are needed. Brokers are like the middlemen in the exchange and will serve as witnesses and hosts for any trade that would be carried out. There are so many brokers out there with very similar features that distinguishing the averagely good from the excellent ones can be hard. The need to settle with an excellent broker when exchanging Binance Coins for USD and other currencies can not be overemphasized.
Top brokers available to sell cryptocurrency, including the exchange of Binance Coin to cash include:
These brokers have amazing features ranging from a sleek interface to ease of transactions and many more. They are all very reliable when it comes to making exchanges. Based on years of efficient and effective service, they have become very popular names in the brokerage industry.
Whenever the need to sell Binance Coins arise, these are the go-to platforms traders use in carrying out satisfactory sales.
How To Sell Binance Coin
In every investment journey, there will come a point where investors feel they have made the expected profit and chose to sell their investment. Selling BNB for cash, USD or stable coins like USDT should not be a hassle in any way. On the above listed platforms, selling is actually very easy and in a couple of hours, you will have the calculated equivalent in your desired currency. This guide will be covering all the necessary steps needed to successfully sell Binance Coins with a focus on eToro.
eToro offers the most efficient service and first time sellers will find this platform invaluable. The interface is easy to navigate and selling can be done smoothly within the shortest time possible.
To sell on eToro, basically five steps are required. This section will be looking at the details involved with these five steps.
Step 1 – Put Your Binance Coins In The Required Wallet
Before selling can be done, the coins must be put in the right wallet. First time investors purchase Binance coins from different platforms. In a case where the coins had been purchased from a broker different from eToro, you would need to have the coins transferred to the platform.
Other scenarios could be having the coins stored in crypto wallets or getting instant transfers perhaps as a payment for a service. Either way, to carry on with the selling process on eToro, the estimated number of coins that would be exchanged needs to be transferred to the eToro platform. To do this, opening an account with eToro is necessary.
One of the great features of eToro is the easy account creation process. To create an account, you need to navigate the internet to the platform and sign up. Upon signing up, you will be required to upload verification documents to prove your identity. This helps eToro keep the platform safe for everyone. Once this is done, you can move on to make the necessary deposit.
The mediums for making deposits on eToro varies and users can choose whichever route they find convenient. Deposit can be made via stable coins or fiat currencies in the case where you intend to purchase the coins via the platform. Where you will be making a transfer from one wallet to another, this can be done easily by making use of the transfer option.
As soon as the deposit or transfer has been successfully received, it will be shown to you on your user dashboard.
Binance Coin overview and trading feed on eToro
Step 2 – Calculate The Appropriate Time To Sell Your Coins
Nothing is as profitable and dangerous as timing when it comes to dealing with cryptocurrencies. All successful cryptocurrencies have a reasonable degree of volatility and Binance Coin is no exception. This is why the stage of calculating the appropriate time for selling is paramount. Wrong timing can cause the seller very huge losses.
The main purpose of carrying out an exchange is to either get the equivalent in cash at that moment or to finally reap the profit on investment over time. It will be disheartening to lose out on expected profit after waiting for a long time. This is why eToro has made provision for analytical tools. All traders on the platform have unrestricted access to these tools in order to be able to make well informed and smart decisions while trading. Observing the data provided and proper use of the charts and other tools will help you optimize profit when selling.
Binance coin price chart on eToro
Step 3 – Confirm The Cash Equivalent Before Selling
It is advisable to confirm the cash equivalent of your binance coins before initiating any transaction. This will let you know what to expect when the transaction is executed and completed. Also, you will be able to assess this along several other time frames to better understand the best time to initiate a sell decision.
eToro overview
eToro has its minimum withdrawal amount fixed at $50. This is beneficial to traders as very small amounts can be withdrawn easily. In line with that, before moving on to sell, estimating the expected return in cash will let you know if you have reached the minimum amount or not. It is important you ensure that the amount of Binance coin being exchanged will be equal to or more than $50.
To find out the estimate of your coins in USD, navigate to the platform and sign in. After signing in, move to the left and hit the top icon that stands for portfolio. Next, you will see the icon for assets. By clicking on it, the value of assets will be displayed.
Step 4 – Execute Trades
Trade execution is necessary for the sell decision to be complete. Once the necessary requirements have been met and the time for the trade has reached, trades must be executed. Delay of any kind could result in unpleasant losses. The initial cash estimate will also be altered. Traders are advised to be prompt in executing trades to prevent unexpected losses.
Closing BNB Trading on eToro
Executing trades on eToro is very simple. First, you have to move to the portfolio icon at the top left corner of the screen. A new page will appear. Then, click on the sell binance coin button and close trade. Completion of trade is signified by the display of the amount withdrawable on the screen. This can then be withdrawn via any channel available.
Step 5 – Withdrawal Requirements And Exchange Rates
The next step after completion of trade is withdrawal. One of the several reasons why we recommend eToro is ease of payment withdrawal. This has been tested and confirmed. A survey of the available reviews on eToro proves this as well. Even first time users can easily make withdrawals on the platform without needing an extra hand.
Failure to comply with the laid down regulations like having an account verified however creates withdrawal hitches for some users. In this case, eToro still tries to help ease the trouble users could encounter. Their customer service department pays strong attention to the complaints of clients and are always willing to give the best solution to any hitch encountered.
eToro offers one of the most competitive exchange rates in the industry. In addition, they have fixed a very considerate minimum withdrawal amount, $50. This platform puts its best foot forward when it comes to providing a conducive environment for smooth exchange of cryptocurrencies. Exchange of binance coin to USD or cash in any other currency only requires a few steps and will be completed in a couple of hours.
Crypto Taxation In The US
All currencies in the world are controlled by some sort of regulatory body except for cryptocurrencies. This may be what has made it quite unique and successful but it has also led so many people to believe that there will probably never be any taxes involved in this form of investment.
The United States government has been in a way progressive regarding crypto coins but still has some reservations. All cryptocurrencies have been duly identified as forms of investments hence taxes may be paid on them in the near future. The proposed taxation guidelines for crypto related businesses require businesses to pay taxes for profits generated from this investment whether the investment be long term or short term.
Cryptocurrencies have proven to be very difficult to tame. Several notions have been promoted to put rules in place to have its volatility under control but such movements have proven to be futile. Before the enforcement of the proposed bill, a lot may still be required on the part of the government. Until then, taxes on crypto possessions remain in view.
Best Crypto Exchanges
Crypto exchanges are platforms that aid the buying, selling and storing of cryptocurrencies. Crypto investors and traders make use of different crypto exchangers or brokers to meet their trading needs from time to time. There are so many crypto exchanges around the world, each with special features and design to make the trading experience easy for users.
Choosing an exchanger that would be your best fit is not always an easy choice because of the vast number of available brokers. In deciding which to go with, you need to define what you hope to get and confirm the platform can offer those services in a satisfactory way.
When assessing the various exchanges, it becomes obvious that some are only excellent at tending fake promises while others try to offer the very best. Among even the best of brokers, some still fall short in certain areas and try to make up for the deficit in other areas. While there are exchanges that no matter what, can not be faulted in any way.
The top performing brokers in the crypto exchange space include:
These brokers ensure that all the essentials traders will be needing for various transactions are provided. They are also known for constantly improving their platform for increased satisfaction.
Storing Binance Coin In The Best Wallets
Digital assets are very sensitive assets that require utmost protection as they can be easily swapped with no alternative of getting them back. The frequency of cyber crimes has increased over the years hence the need to store all digital assets behind very tight security.
Binance Coins just like all other digital assets can be stored in wallets with adequate security. There are majorly two kinds of wallets that can be used in storing BNB. These are the software wallet and the hardware wallet. Each has provision for a strong password protection as well as a host of other security features.
Software wallets are wallets where the Binance Coins can be stored and access can only be gained via a certain password. This password will be known to only the user and used in opening this wallet whenever necessary. The downside with the software wallets is the method of access. In a situation where the user forgets the unlock code, the wallet can never be accessed again. This will means losing all your BNB regardless of what it was worth.
The second type of wallet – the hardware wallet has the coins stored in a wallet backed by an external storage device like a drive. This is also an efficient method of storing Binance Coins. The only problem with this method is that the external drive can be destroyed and access will be lost permanently.
Although both the hardware wallet and the software wallet are effective methods of storing Binance Coins, they are not left without flaws. But with due diligence and caution, they can be managed. In the case of a hardware wallet, the external drive should be protected from damage and the passwords needed for access with a software wallet should be stored safely.
When Is The Best Time To Sell My Binance Coin?
Ninety five percent of the times cryptocurrencies are purchased, the intention is to store it in a wallet for a period of time till it’s price reaches an expected zenith. Once the price has clocked the expected point, investors start looking for where to sell their coins.
The above scenario is basically what every investor has in mind when purchasing cryptocurrencies in bulk. However, this is not always the case. Sometimes, coins reach an unexpected high and fall shortly after. Other times, coins never climb the expected price range.
In spite of this, people continue to invest everyday mapping out different kinds of strategies in the hope of optimizing their investments. This has increased the rate of flying theories claiming that there is a fixed hour or day that is best to sell coins.
These theories lead unsuspecting experienced investors and newbies astray as they end up making hasty sell decisions based on these rigid theories without proper personal research. There may be several assumptions and principles around the appropriate time for selling coins but the best time is often decided by the investor or trader in question.
This is not to imply that trading techniques developed by industry experts should be discarded completely. Rather, these techniques should only serve as a guide to determining the right time to sell and nothing more. This way, the seller is able to make well informed choices without total reliance on a random technique.
Anyone in possession of Binance Coins and looking to sell needs to learn how to analyze price fluctuations. This may seem like hard work but in actual sense, price analysis is not as hard as it sounds. Although, doing this the right way will require a little bit of learning and practice. With the aid of current charts, the process should go smoothly.
Understanding price dynamics and how it fluctuates gives room for investors to become their own experts. Learning about investment strategies puts them in a better position to make maximum profit from their investment. It would be easier to decide if the investment would be placed on a short term time frame or long term time frame.
Equipped with the needed skills, investors will be confident in their own decisions. In the face of uncommon price fluctuations, you will be able to decide if to keep going or cut the investment time short. Either way, you will be saving yourself the harsh experience of encountering loss.
Although, having the right know-how when it comes to price analysis is not enough. And as stated earlier, trading techniques shared by professionals and industry experts should not be discarded totally. While these techniques are not specifically perfect, they are generally perfect. That is to say, they are conclusions drawn from random analysis.
It is left to the trader to make use of these techniques in combination with acquired knowledge to determine the best time for selling their Binance Coins. Then, the choice of the amount of coins to be sold will come easily. And, decisions made will be from a place of awareness.
There are so many different theories about the best time to sell Binance Coins. This may leave first time sellers confused on which to go with. To help with that, we have provided reliable knowledge on the prices of Binance Coins, analysis and best times to make the most profit from sales. This is provided by experts who are constantly analyzing the prices of the coin and calculating the best times Binance Coins can be sold.
It is important to remember that any investor looking to sell some or all of their BNB still has to do personal surveys regardless of the information provided on this site. The knowledge you will be getting on this site is meant to serve as a compass for your own analysis before the execution of any sell decision.
With all of this in place, navigating the market and making optimum profit on your investment by selling at the best time should be easy.
Price Of Binance Coin
All cryptocurrencies experience price fluctuations from the day of launch. These price fluctuations are due to several reasons including liquidity and volatility.
Binance Coin is one of the successful cryptocurrencies in the market today. It was priced at $0.10 in July 2017 when it was launched. Its price has experienced a series of rising and falling and it is still on the growth trajectory. Today, Binance Coins are going at a price range of between $475 and $494. In a period of just four years, the Binance Coin has tripled in value and has been growing at an exponential rate. Lots of early investors have made reasonable profit from their investment, and the recent investors still stand a high chance at gaining double their investments and more if calculations are done right.
In the cryptocurrency market, Binance coin contributes a trade volume of over 2 billion with a rank of fourth place. Considering the rate at which binance coins have grown, most predictions point towards the coin increasing in value in the near future. This price change is likely to occur as Binance Coins like most crypto currencies are volatile with high liquidity.
Guide For Automated Trading
All top performing brokers have the automated trading feature enabled on their platform. Automated trading is a feature that allows traders carry out successful trades with little attention to the trades. It is highly beneficial for traders that trade part time and have other daily activities to attend to.
This is successfully done with the aid of trading bots. Although the trader still needs to understand the dynamics of trading the chosen cryptocurrency.
A trader who intends to trade BNB for instance can have trades being executed on his or her behalf so long as the necessary measures are put in place. These measures include; proper research and analysis as well as knowing the ins and outs of Binance Coin trades.
Automated trading sometimes goes hand in hand with copy trades where traders can easily copy strategies being used by expert traders and simply have their own trades set to follow these strategies. This method has proven to be successful for several traders especially beginners who are just breaking into the industry.
Perhaps, you have heard of automated trading but have been reluctant to try this feature. It would interest you to know that automated trading is a wonderful feature so long as all the necessary calculations and predictions are done beforehand.
When done right, automated trading works perfectly as bots are being used in the execution process. Cases of delays in placing orders and other time related issues are non existent as bots work with a high level of accuracy so long as the background requirements are fulfilled.
As amazing as utilizing the automated trading feature sounds, it has a disadvantage as well. Bots will continue to function based on the original configurations provided. As such, there will be no form of analysis to monitor price fluctuations and market behavior. Trades will be continuously executed in the manner which it is set. This can lead to very serious losses.
As much as bots can not be relied on completely, they can do the job efficiently. The effectiveness of the whole process will be dependent on the trader’s devotion. Unforeseen losses can be prevented if the trader continuously assesses the market and updates the functions which the bot works with.
Bottom line is, automated trading is a smart feature that every trader can leverage to make successful trades easily though it requires a bit of commitment.
Bot programs can involve risk – those interested should only deposit a small amount at first to test them out and avoid bots we’ve blacklisted on our trading robot page. These are some bots we’ve reviewed:
How To Invest Responsibly In Binance Coin
In recent years, the urge to add cryptocurrencies to one’s investment portfolio has risen. This may be due to the whole buzz on social media and the showcasing of huge profits old time investors have made. Profits gotten from bitcoin investment has been the strongest push so far that has promoted cryptocurrency investment.
Due to the volatility of all cryptocurrencies, certain people have gone on an investment spree, literally bulk buying every cryptocurrency that gets its fair share of attention on social media. While this seems like a wrong move, there is no doubt some reasonable profit will be made along the line. Though this is not an endorsement of this style of investment.
Binance Coins have shown huge potential for success. Some enthusiasts are currently having debates on if it can outperform bitcoin considering its rank as fourth place in the market today. Its price surge in recent years has been the bone of contention in such arguments. With such conversations all over the place, finding the perfect amount of BNB to own as an investment may be hard.
The truth with every form of investment is that it comes with risk. Hence, investors need to be careful before making huge investment choices. The defining factor most times is the amount of cash the investor is looking to invest in the asset. Also, the instability of the coin’s price and tendency to grow to higher heights must be given due consideration. Above all, for all volatile assets, it is best to go deep in investing but not so deep that a huge loss will cost you very serious damages to your finances.
Properly assess the growth pattern, success so far, volatility and the amount you can afford to lose. Be realistic about your choice. Greed often leads people to make unwise investments. Do not be in a hurry to make unreasonable amounts as yield on your investment. Carefully invest an amount you are comfortable with and view your future returns with an air of patience.
Should I Sell Binance Coin in 2024?
There are several reasons why you may choose to sell your Binance Coin. However, it is important that whenever you choose to sell it, you are making profit and not losing out on your initial investment.
Points to take note of when you chose to sell Binance Coin:
- The time in which you are selling should be profitable to you. Ensure you are making more than the amount initially invested and not less.
- Constantly update your investment strategy and the time in which you intend to keep holding the coins. This should be done after carefully understanding the growth pattern of the coin.
- Cryptocurrency investing requires a great dose of patience. Most of the time, the most patient investors reap the most profit.
Summary
Binance Coins are invaluable assets and a great way to add variety to your investment portfolio. It is not uncommon to want to sell your coins after a while or after reaching the targeted period in your investment strategy. Selling BNB is an easy process that can be carried out freely on any of the top brokerage sites.
Sell choices and investment in Binance Coins should be done after careful thought. When investment is done correctly, chances of making optimum profit is maximized.
Our recommended best exchange to sell Dogecoin in 2024 is eToro as they are regulated internationally and support withdrawals by bank wire, VISA, Skrill, Neteller and a range of other methods.
Update 2024 – Going forward, the only cryptocurrencies eToro customers in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.
FAQs
How Easy is it to Sell Binance Coins?
Selling Binance Coins is an easy process. The process on a broker like eToro is fast, secure and transparent.
What Are The Best Brokers For Selling Binance Coins?
There are lots of platforms where Binance Coins can be sold. The best according to industry experts and most popular choice among traders are: eToro, Libertex, Capital, Coinbase, Plus500, AvaTrade, Binance, Changelly, Revolut, Cryptorocket.
What Are The Taxes for Selling Binance Coins?
There are currently no known taxes for selling Binance Coins.
Where do i sell Binance Coins for USD?
Binance Coin can be exchanged for USD on a platform that has USD as an available fiat currency. Platforms like eToro, AvaTrade, Coinbase and Binance can be used to sell Binance Coins with ease.
What Exchanges Sell Binance Coins?
Several exchanges allow the sale of Binance coin on their platform. Some of the exchanges that sell Binance Coin are: eToro, AvaTrade, Binance, Changelly.
How to Quickly Sell Binance coins?
The process of exchanging or selling Binance Coins for cash equivalents or a stable coin is easy on a reliable brokerage platform. All you have to do is create and verify an account on a brokerage platform like eToro and follow the necessary steps.
How to Sell Binance Coins For Cash?
The selling process is very quick. After the sale is complete, the cash equivalent will be reflected in your account and can be withdrawn via any of the available gateways for withdrawal.
How to Sell Binance Coins for PayPal?
Binance Coin cannot be exchanged for PayPal funds as PayPal does not support BNB.
How to Sell Binance Coins From a Wallet?
Binance Coins stored in a wallet can be exchanged for cash or USD by enabling a withdrawal method for the chosen fiat currency.
How to Sell Binance Coins for Other Cryptocurrencies?
Credible platforms like eToro and AvaTrade makes it easy for brokers to sell their Binance Coins in exchange for other desired cryptocurrency.
