Let’s face it, Binance Exchange is not accessible in the United States and many other parts of the world, but their proprietary BNB token is used everywhere. Many crypto projects have flocked away from the Ethereum Blockchain in favor of the Binance Smart Chain because of lower transaction fees. Because of that it becomes easier and more affordable to invest and get into new crypto projects.
Here’s some important information you need know when it comes to BNB token. Their are 2 different versions you have to be aware of. When withdrawing your BNB token from any exchange platform, you have to ensure that you are selecting the Binance Smart Chain (BSC) option and not the Binance Native Chain. If you send your tokens to the wrong network, you will lose your funds forever.
Network Types:
- BEP2 – Binance Native Chain
- BEP20 – Binance Smart Chain (BSC)
In this guide, we show you how you can acquire BNB tokens and start exchanging them for other tokens on DeFi exchanges such as PancakeSwap and BabySwap.
How To Get BNB Directly Without Binance
Using KuCoin To Convert Crypto to BNB
- Signup with KuCoin.
- Fund your account by buying either USDT or BTC from the Buy Crypto Tab.
- Once you have purchased one of the for mentioned coins, go to the Assets tab, then click on Main Account.
- Locate the crypto you have purchased, then click on Transfer.
- Transfer all the crypto from Main Account to Trading Account.
- Once completed, under the Trading tab, click on Spot Trading.
- At the top of the page, click on BTC/USDT trading pair. This will show you a complete list of pairs.
- In the search, type in BNB. Select either BNB/USDT or BNB/BTC depending on what you originally purchased.
- Enter your trading password. Select Market. Enter the full amount of available BTC or USDT you want to trade.
- Click on Buy BNB button.
Transferring USDT or BTC to KuCoin, then Converting to BNB
If you can’t buy any crypto off of KuCoin due to regional restrictions, you will have to buy USDT or BTC from another platform such as Gemini or Coinbase.
- Buy USDT or BTC from one of the for mentioned platforms.
- Transfer those funds into KuCoin by copying the Wallet Address (USDT or BTC) from Main Account under the Assets tab.
- Once your transfer is complete, head over to the Main Account page.
- Locate the crypto you have deposited, then click on Transfer.
- Transfer all the crypto from Main Account to Trading Account.
- Once completed, under the Trading tab, click on Spot Trading.
- At the top of the page, click on BTC/USDT trading pair. This will show you a complete list of pairs.
- In the search, type in BNB. Select either BNB/USDT or BNB/BTC depending on what you purchased.
- Enter your trading password. Select Market. Enter the full amount of available BTC or USDT you want to trade.
- Click on Buy BNB button.
Sending BNB to a Wallet (MetaMask or Trust Wallet)
Follow this guide on How To Setup Binance Smart Chain on MetaMask. When you are ready to withdraw your BNB tokens, you will have to:
- Under the Assets tab, click on Trading Account.
- Locate BNB, then click on Transfer.
- Make sure that Trading Account is set to transfer to Main Account. Enter amount, then click confirm.
- Click on the Withdraw tab.
- Enter BNB.
- Enter the wallet address from either Metamask or PancakeSwap.
- For network, select BEP20.
- Enter the amount of BNB you want to transfer.
- Click on Confirm. Transfer should take seconds to minutes to complete.
Using BNB (BSC) to Exchange For Other Tokens
After acquiring BNB tokens and sending them to your wallet, you are now able to exchange them for other tokens using platforms like PancakeSwap. The reason people will want to use PancakeSwap is because many new crypto projects launch their first compared to places like Coinbase, KuCoin, and Binance.
The following guides will be helpful to show you how to use PancakeSwap
