How do I cash out my BEP20 coins?

If you have BEP20 coins that you want to cash out, this article provides you with a step-by-step guide on how to do so. Learn about the different methods available, the fees involved, and the precautions you need to take before cashing out.

BEP20 coins are digital assets that are stored on the Binance Smart Chain (BSC). They have gained popularity in recent years due to their low transaction fees and fast processing times. If you have BEP20 coins and want to cash them out, there are different methods available, each with its pros and cons. In this article, we will provide you with a step-by-step guide on how to cash out your BEP20 coins, the fees involved, and the precautions you need to take before doing so.

How do I cash out my BEP20 coins?

You can withdraw your funds from the BEP20 token by simply selling off on Binance or in the secondary market. The step below will guide you through such a process.

• When cashing out your BEP20 token from any centralized exchange you can simply convert your BEP20 token from its market to USDT, BUSD, or USDC. This depends on the centralized exchange you are trading on. Nevertheless if trading on Binance once your BEP20 token has been converted from its market to any of the above mentioned stablecoin you can sell your stablecoin for cash by using the Binance P2P market. This can only be done if you understand its operations and trust dealing with any of the Binance registered P2P vendors. Thus, this method is mostly used  by Nigerians.
• You can as well cashout your BEP20 token if using a decentralized exchange such as pancakeSwap, or PooCoin. This can be done by logging on any of the DEXs sites then connecting your crypto wallet where you have your BEP20 token to the DEX search for the BEP20 token you wish to cashout, swap to USDT-bep20, or USDC-bep20. But before this can be executed you need to ensure that you have a BSC token a minimum of $1 for gas fess, also ensure to set your slippage to a 5% ratio. If all these are in place then click the “swap” option button and let the blockchain execute the transaction. 
• Finally, This can be done on all blockchain both on the ERC20, BEP20, and TRC20, AVAX-chain, etc.

Methods to Cash Out BEP20 Coins

There are diverse methods of cashing out a BEP20 coin.

1. P2P transaction methods, where you send your bep20 token to a vendor and the value of your token calculated by the current exchange rate, the value achieved will be sent to your bank as cash.
2. Primary market sales.
3. Decentralized exchange token conversion.
4. Direct bank sale transaction from your CEX account to your bank account.
5. The last but not the list is the method of direct individual sales… This is common between crypto traders.

Step-by-Step Guide to Cash Out BEP20 Coins

Using Binance as a case study.

1. Login to your Binance account.
2. Click on the wallet option button below, if using a mobile, but if using a PC click on the all button option second to the last option button. Select spot and fiat wallet.
3. Select the BEP20 token you wish to sell.
4. Click on the withdrawal option button select the network you wish to transact on E.G BEP20 USDT.
5. Input the amount of token you wish to cashout/sell out.
6. Confirm transaction.

Fees Involved in Cashing Out BEP20 Coins

The fees involved in cashing-out a BEP20 token is average compared to that of the ERC20 token. And they are the cheapest in the blockchain which I have ever seen with a fast speed of block transactions. According to Google “BEP20 tokens have the cheapest transaction rate that has been recorded in the history of blockchain technology and in cryptocurrency in general.

Binance does not charge deposit fees; it has been that for every transaction on the BEP20 network a flat rate fee is charged for every withdrawal in order to cover for transaction cost, However this solely depends on the blockchain of the network

 Precautions to Take Before Cashing Out BEP20 Coins

• Ensure you are transacting on the same network as that of BEP20, this is to avoid loss of funds.
• Confirm that the wallet address you are sending your BEP20 token to is a BEP20 wallet address.
• Ensure not to reveal your transaction signature code to anyone, so as not to get hacked.
• Ensure that both parties conducting the transaction (The sender and the receive) approve and confirm that a certain amount has been sent and has been received. This gives satisfaction and clarity.
• Avoid being in a hurry when conducting any form of blockchain transaction.

Choose an Exchange or Wallet

When choosing an exchange or a crypto wallet it is important you understand how they function and how much trading volume an exchange can trade in a day. Ensure to use a widely recommended and simple to use/navigate crypto wallet such as “Trust wallet” not that it guarantees you 100% safety from hacking.But because it is widely used and a company such as “Trust wallet” owned by Binance can refund users a percentage of their funds if a hack happens. 

The same thing goes for a cryptocurrency, as there are millions of various cryptocurrency exchanges, each with its own uniqueness looking for the best and most traded on plus a high trading volume of 24 hours is vital for you as a crypto trader. I will recommend Binance as the crypto trading exchange is “SAFU” and has earned user’s trust through years of operations and has proven how reliable they are with users’ funds.

Connect Your Wallet or Exchange Account

As a cryptocurrency trader, probably trading from multiple exchange accounts or wallets, always ensure you place your funds and security as a priority so as to prevent any form of hack that might lead to a huge sum of money loss. There have been cases where traders got hacked through their API keys, their API keys got compromised and this singular mistake left them broke. Ensure your API keys and crypto wallets are properly disconnected from every DEXs, CEXS and sites that they were connected to.

Select the BEP20 Coins to Cash Out

When cashing out a BEP20 token all you need to do is select the BEP20 token you want to withdraw, select the BEP20 network, confirm that the wallet address is a BEP20 wallet address, click on send and confirm your transaction.

Choose the Payment Method

You can either choose any payment method of your choice that is safe and suitable for you. It can either be a bank payment method, a stable coin payment method. Hence you cashed-out your funds safely then you are good to go.

Confirm and Complete the Transaction

It is essential to confirm transactions when carried out on a crypto wallet of an exchange as this helps to know the validity of a transaction. In order to know the validity of a transaction you can check the blockchain explorer of the given network you carried out your transaction.

Comparison of different options for cashing out BEP-20 tokens

Stablecoin option: It is easy to convert your BEP20 token into any stablecoin of your choice after trading. And when that is done then you can simply set a price order for buyers to buy.

Bank Option: Get your crypto assets sold on Binace by clicking on the “Funding wallet” option, click the “sell” option then select your bank input your account details then select the amount you wish to sell. When this is done confirm the transaction and wait for the deposit of your funds in your bank account.

About RoboFi

Robofi is a Defi platform that envisions a marketplace for revolutionary Dao crypto trading bots. Through its IBO (Initial Bot Offering) system, community members can maximize their earnings in an easy, simple, and secure way. We create a safe and transparent environment based on blockchain technologies that help developers bring crypto trading bot platforms to the market. In addition, individuals will have easy access to these bot applications, thereby generating more earning opportunities. RoboFi ecosystem is fueled by the VICS token.

About VICS

VICS token has a distinctive and enticing concept. VICS is the BEP-20 token, built on the Binance smart chain. It is a core utility token in the RoboFi ecosystem, the reliable crypto trading bot marketplace. One important utility is to own the governance token of DABots and participate in an IBO (Initial Bot Offering) to receive additional incentives. VICS is available on major exchanges for trading.

Official Link

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