Best For Beginners: Cash App
- Number of Currencies: 1
We like Cash App because it is very easy to use and gives you flexible options to withdraw to other crypto wallets.
Peer-to-peer money transfer like Venmo or Zelle
Ability to withdraw Bitcoin
Only supports Bitcoin and no other cryptocurrencies
3% charge when sending money via credit card
Daily and weekly withdrawal limits apply
Cash App is a peer-to-peer money transfer system much like Venmo. This service allows users to split food, pay rent to a roommate, or even shop online at a retailer that supports Cash App. Cash App can essentially act as a bank account, and users can have their own Cash App debit cards. This service is very convenient by itself, but Cash App has even more features.
Cash App also allows its users to invest in stocks, ETFs, and Bitcoin, similar to Robinhood. The mobile-first interface that this exchange uses is very easy to figure out and use, making it ideal for a first-time investor.
While its main feature is money transfers, similar to apps like Venmo, it also has a basic crypto investment feature similar to Robinhood. Cash App allows users to withdraw cryptocurrency investments to their own wallets, which is the main reason we chose Squares Cash App over Robinhood as the best option for beginners looking to buy Bitcoin.
Ways You Can Sell Your Bitcoin Into Cash: A Quick Guide From Binance
Following our recently-updated guide on how to buy Bitcoin, we now provide you with various available options on how to convert BTC into fiat currency on Binance and our partner platforms.
While we at Binance advocate for everyone to buy crypto, we understand that you sometimes need to sell crypto because you might need cash. And as the worlds largest crypto exchange, trusted by millions of users, we offer you some of the best methods for selling Bitcoin at the rate thats most favorable to you. Besides, our 24/7 Customer Support team is always ready to help you if there are problems with your transaction.
But First: Explore Other Non-Selling Alternatives.
With crypto becoming more prominent day by day, there are a lot of ways for you to pay for your transactions using the crypto you have. Ask yourself the following questions:
Will I sell Bitcoin into cash to protect myself from the price fluctuations?
If yes, then dont sell immediately. Explore converting your crypto into stablecoins such as BUSD. Using stablecoins protects your cryptos’ fiat valuation without needing to cash out and incurring fees in the process.
Is there a way for me to pay for my transactions using crypto?If yes, then we suggest opting for those methods. Most of the time, opting for crypto payments can end up costing you less than going through the hassle of converting crypto into fiat.
3. Trade Your Bitcoin for Fiat and Withdraw Them From Your Account
Should I Sell Binance Coin In 2021
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.
Recommended Reading: How Do Crypto Futures Work
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.
‘the Fca Are Taking A Blunt Approach’
“This ruling probably won’t impact me in the short term, but long term it may push me to using one of the many other less secure exchanges,” he explains.
“The FCA are taking a blunt approach – this is a space which is growing and employs millions so it’s like them banning the internet in the 90s.
“I called the FCA this morning and they couldn’t even answer whether existing users funds could be withdrawn,” Mr Walker adds.
One service Binance offers is the ability to use local currency to purchase digital currencies – known as fiat on-ramp in the industry. In mid-June, Binance’s US partner Silvergate Bank decided to stop processing US dollar deposits and withdrawals for the firm, according to CoinDesk.
While the cryptocurrency exchange says its entities are not all connected to it, Nick Saponaro, a long-time cryptocurrency investor and entrepreneur, told the BBC this was a handy tactic for avoiding regulatory problems.
“Binance has over the course of their operations, moved several times to new jurisdictions,” he said.
“That’s not uncommon for these fledgling crypto businesses… if the regulations don’t suit their needs, they just move their operations.”
Another of the firm’s entities – Binance.US – is currently one of the biggest digital currency exchanges in the US, and Binance is one of the biggest firms in the global fintech industry, he says.
But he stresses that digital currencies are not a scam and eventually the fintech industry will get there.
Read Also: How Can I Get Cash From Bitcoin
Considering Investing Look Before You Leap Onto The Bandwagon
On April 6, Forbes reported that the cryptocurrency market had topped $2 trillion in value. It was a huge moment for crypto, and Forbes cited BNB specifically as one of the smaller altcoins that are driving so much of that incredible growth.
But investors looking for a quick buck should tread lightly.
Beyond the crypto bubble, BNB is not yet widely accepted as currency outside the travel, accommodations and entertainment industries, although some investment platforms let you use it to buy mainstream securities. Its just as trustworthy as non-native crypto, but its not as anonymous since Binance traders must have registered accounts. In the end, its another altcoin that you can invest in if you choose, but like all crypto investments, expect a wild ride with ecstatic highs, terrifying drops and lots of drama in between. That, after all, has been the story of crypto investing so far.
This article is part of GOBankingRates Economy Explained series to help readers navigate the complexities of our financial system.
More From GOBankingRates
Who Is Binanceus Best For
Binance.US is not available in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, or Vermont. For people outside of those states looking to invest in crypto, Binance.US offers both an easy buy/sell interface and more advanced trading views. It has low fees, and further fee discounts for using its native currency, Binance Coin, and does offer some educational content through its on-site blog.
Despite its low fees, we do not recommend Binance.US, especially for beginners. Binance.US doesnt offer any information about how your investment will be secured, stored, or protected by the firm, unlike other cryptocurrency exchanges. Plus, there are many other active exchanges that offer simple buy/sell interfaces for long-term investors. We believe that transparency about the safety of your investment is worth paying a bit more in fees.
Recommended Reading: Do You Have To Report Crypto On Taxes
How Does A Crypto Exchange Work
Crypto exchanges work a lot like brokerage platforms you may be more familiar with. Each offers a portal where you can create different order types to buy, sell and speculate on cryptocurrencies with other users.
Crypto exchanges can be centralized, meaning they are managed by one corporate authority, like a brokerage company that facilitates the security of trades, or decentralized. Decentralized exchanges generally distribute verification powers to anyone willing to join a network and certify transactions, much like cryptocurrency blockchains themselves. This may help increase accountability and transparency as well as ensure an exchange can keep running if something happens to a company running an exchange.
Binance To Stop Singapore Users Buying Or Trading Crypto On Main Platform
The logo of Binance is seen on their exhibition stand at the Delta Summit, Malta’s official Blockchain and Digital Innovation event promoting cryptocurrency, in St Julian’s, Malta October 4, 2018. REUTERS/Darrin Zammit Lupi/File Photo/File Photo
HONG KONG, Sept 27 – Binance, one of the world’s largest cryptocurrency exchanges, said on Monday that users in Singapore would no longer be allowed buy and trade cryptocurrencies on its main platform, to comply with local regulation.
The Monetary Authority of Singapore this month warned Binance.com that it could be in breach of local laws and should stop providing payment services to the city-state’s residents.
From Oct. 26, users in Singapore will no longer be able to deposit fiat currencies, or buy or spot-trade cryptocurrencies on the platform, Monday’s statement said – a significant tightening of restrictions announced shortly after the MAS’s statement. read more
Binance’s local affiliate has applied for a licence in Singapore and, like other applicants, Binance Singapore is allowed to operate in Singapore under an exemption while the MAS processes applications.
Crypto exchanges such as Binance, which previously could serve almost all markets in the world from one platform, are increasingly running into resistance from local regulators, who want to be able to monitor their operations better.
Also Check: Where Can I Use My Bitcoin
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.
Consider These Options Before You Sell Your Crypto
Convert your crypto to stablecoins like BUSD.You can explore using a stablecoin like BUSD, a 1:1 USD-backed stable coin issued by Paxos and regulated by the New York State Department of Financial Services . Using stablecoins allows you to protect your fiat valuation without incurring additional withdrawal fees.
Use crypto for day-to-day transactions. Opting to use your existing crypto for day-to-day transactions might be more convenient than going through the hassle to convert it to cash. At Binance, we offer different ways for you to pay bills and shop at your favorite stores using crypto, all with zero fees. You can register for a Binance Card to spend your favorite cryptocurrencies at more than 60 million merchants worldwide, or, start using Binance Pay to shop with crypto or send crypto to friends and family.
If youre still interested in converting to your local currency, then keep reading for our complete guide to converting Bitcoin to cash on Binance P2P.
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How To Invest Responsibly In Binance Coin
In recent years, the urge to add cryptocurrencies to ones 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.
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.
Set Your Ad And Price Type
First, choose “Buy” or “Sell” ad type, then select the crypto asset and the fiat currency before choosing “Floating” or “Fixed” pricing.
Fixed price includes the price of BTC and the profit you want to earn. If the price of BTC is $50,000 and you would like to earn 5% profit , you would set up a fixed price of $52,500.
On the other hand, the floating price will fluctuate with the market price, with pricing that refreshes every minute. For example, if the price of BTC is at $50,000 and you want to pay the market price, you can set up a floating price margin of 100% . However, if you want to buy the asset at a lower price you can set up an ad with a floating price margin of 99.97%
Read Also: How Is Money Made In Cryptocurrency
How To Sell Bitcoin On Binancecom And Binance Desktop
The Binance.com web platform and Binance Desktop user interfaces are almost identical with minimal differences. The step-by-step instructions for fiat withdrawal are exactly the same for both.
1. Navigate to Binance.com and login with your Binance account. If you dont have a Binance account, .
2. Open your Binance Fiat and Spot wallet and find Bitcoin you wish to sell into fiat.
3. Now you need to switch your Bitcoin into fiat before you can withdraw it. There are two options available – Trade Bitcoin to fiat via Spot Trading or use the Convert function to swap between currencies immediately.
4. Once you obtain your preferred fiat currency, navigate back to the Fiat and Spot wallet and click Withdraw.
5. Select the currency you wish to withdraw and the preferred withdrawal method. Binance supports credit cards, debit cards, bank transfers, and local wallets. Each of them comes with different advantages. Credit/debit cards offer instantaneous withdrawal but at higher fees, while the bank transfer takes a bit longer, but the fees are generally lower.*
6. Enter the amount you wish to withdraw and fill in the required details. If youre withdrawing fiat for the first time, youll be required to link your debit/credit card or bank account, depending on the withdrawal method you chose in the previous step.
7. Confirm the withdrawal, enter your verification code , and youre done.
*The available payment methods might differ based on your region.
Close The Loan And Keep Your Profit
Go back to the Margin-wallet and repay the borrowed BTC. Click the Borrow/Repay button next to the asset of which you want to close the position.
Important! For margin trading, you will borrow funds that need to be repaid. Thats why you pay interest for margin trading. The more you borrow and the longer you borrow the asset, the higher the fees will be.
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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.