Binance Coin has succeeded in gaining massive popularity among the people and is one of the leading cryptocurrencies in the market. You can use BNBs for trading and paying fees on the Binance blockchain. This article looks at the various ways to exchange BNB for fiat currency.

1

Use Cryptocurrency Exchanges

Cryptocurrency exchanges are the most popular platforms for obtaining fiat money for Binance coins. These platforms have a list of trading pairs, which signal the commodities you can exchange with each other. For example, a BNB/GBP trading pair will imply that you can exchange your Binance Coins for British pounds.

There are two types of cryptocurrency exchanges: centralized and decentralized. Centralized platforms use a brokerage firm to mediate the transactions. So you have to create an account and register with the platform before you conduct transactions on the platform.

Decentralized exchanges, on the other hand, allow peer-to-peer transactions. Therefore, you don’t necessarily need to create an account before conducting a transaction on them. Instead, all you need is a cryptocurrency wallet that supports BNB transactions.

2

Sell BNB to Another Person

This is one of the easiest methods to exchange your BNB tokens for traditional money. Sell your tokens to another person by using a brokerage or keeping it a peer-to-peer transaction.

Keep in mind that a brokerage will allow you more freedom because it will not be up to you to analyze the market.

3

Use Binance Coin ATMs

Binance Coin ATMs are becoming widely popular among the masses in recent times. These are like regular ATM kiosks, but with more complex working.

You can use them to buy or sell Binance Coins for traditional money. To do so, follow these steps:

  • You will be asked for your mobile number and other details at the ATM kiosk.
  • Fill in the correct information. After that is done, you will receive a verification code.
  • Once you enter the verification code, you are set to conduct your transaction.
  • The screen will display a list of possible actions. Select the ‘Sell BNB’ option.
  • Transfer the tokens to the crypto wallet of the buyer directly.
  • You will receive the due amount for the tokens, which the machine will dispense in cash.

FAQ

What is fiat money? 

Fiat money is the term given to the traditional money used by the people. It is issued by the government and has a central authority to look over its distribution. 

When was Binance Coin launched? 

Binance Coin was launched in 2017, initially on the Ethereum network. Eventually, it navigated to the Binance blockchain.

What is a Binance Coin ATM?

A Binance Coin ATM is an ATM kiosk where you can buy and sell BNBs for traditional money.

Can I sell my Binance Coins to other people?

Yes, you can sell your Binance Coins to other people using trading platforms or brokerages. 

What are decentralized cryptocurrency exchanges?

A decentralized crypto exchange is a platform that eliminates third-party intervention. There are no brokers, so hot transactions are conducted peer-to-peer.

How do cryptocurrency exchanges work? 

Crypto exchanges list a range of assets that you can exchange for cryptocurrencies. You can decide which asset you want to exchange, and the transaction will be conducted. 

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