Starting your journey into the vast world of cryptocurrency, you’ve likely encountered the need to exchange one digital asset for another. Whether you’re seeking to diversify your portfolio or capitalize on market opportunities, knowing how to navigate these swaps efficiently and how they are done is essential. In this guide, we’ll guide you through the process of swapping ETH to BNB. Join us as we explain the steps involved, empowering you to confidently swap tokens with ease and security on any platform. Say goodbye to complicated trading interfaces and say hello to easy swapping. Let’s dive in and learn how to make your ETH to BNB swap in just a few simple steps!
What are Crypto swapping types, and how does it work?
Crypto swapping is the process of exchanging one cryptocurrency for another. It allows individuals to diversify their portfolios quickly and efficiently, capitalize on market fluctuations, or acquire different tokens for various purposes.
Crypto swapping includes cross-chain and same-chain swap types.
Cross-chain swaps involve exchanging cryptocurrencies that reside on different blockchain networks, facilitating interoperability between disparate ecosystems. On the other hand, same-chain swaps occur within a single blockchain network, allowing users to trade different tokens or assets that exist on the same blockchain.
Read more: “What Are Cross Chain Swaps?”
Swapping on the CrowdSwap platform is a straightforward and efficient process that empowers users to exchange one cryptocurrency for another seamlessly. When you initiate a swap, CrowdSwap utilizes its decentralized exchange (DEX) technology to connect you with other users looking to make a similar exchange. This peer-to-peer network ensures liquidity and competitive rates, giving you access to a wide range of trading pairs. The swapping process itself is conducted securely through smart contracts, eliminating the need for intermediaries. Whether you’re swapping ETH for BNB or exploring other trading pairs, we provide a reliable and transparent platform for your crypto transactions.
Read more: “What is DEX or Decentralized Exchange?”
Basically, swapping on CrowdSwap or other platforms rather than Exchanges. For instance, some wallets, such as Trust Wallet, use the same process. Users can easily select the cryptocurrencies they want to swap, input the desired amounts, and confirm the transaction. The platform then connects users to liquidity pools where the swap is executed peer-to-peer. Once confirmed, the swapped tokens are instantly available in the user’s wallet.
About ETH and BNB
Before the swap ETH to BNB part, it is better to start by introducing Ethereum and Binance Coin, two leading cryptocurrencies with unique functionalities and roles in the digital asset landscape. You can also see the ETH to BNB live price chart in this link: Price Chart
What is Ethereum (ETH)?
Ethereum (ETH) is a leading cryptocurrency and blockchain platform known for introducing smart contracts. It enables developers to create decentralized applications (DApps) and power transactions on its network. ETH serves as Ethereum’s native cryptocurrency, driving innovation in decentralized finance (DeFi) and non-fungible tokens (NFTs).
What is BNB?
As you may have guessed, the BNB Chain network is backed by Binance exchange and powered by its native token, BNB. The fees on the BNB Chain are competitively low, and it can handle a good number of transactions per second. Many great blockchain projects are built on top of the BNB Chain, and that is why covering transaction fees of the tokens on this network will require you to have some BNB in your wallet.
Sometimes, users may need to swap ETH to BNB or vice versa to pay the fees, and this article will teach you how to do so.
Swap ETH to BNB Guide
Before starting your swap, you need to know if your swap type is a cross-chain or a same-chain swap.
For instance, if you are using Trust Wallet, to find out what network your tokens are on, just tap on your asset on this Wallet and check the top of the screen. If you choose ETH and it says “BEP20,” and the complete name of your token is “Binance-Peg Ethereum,” then it means that your ETH is on the BNB Chain network. But if it says “COIN,” it means that the ETH is on its own network, which is ERC20. Therefore, ETH on the ERC20 network cannot be swapped into BNB on the BEP20 network unless you do a cross-chain.
Trust Wallet uses different providers to perform the swapping function but does not allow users to choose among them. However, users can take control by choosing platforms with more options, like CrowdSwap DEX, which offers users the best and fastest routes to perform transactions and the lowest fees to perform exchanges.
In the video below, the cross-chain process on CrowdSwap is simply explained:
Let’s continue on our swapping guide on Trust Wallet as an example.
Follow these instructions to swap ETH to BNB:
- Tap on Binance-Peg Ethereum, hit swap, and then choose SWAP ETH.
- This app will require you to approve your ETH first before swapping.
- In Smart Contract Call, hit CONFIRM. Executing the smart contract will require a fee.
- After approval, the SWAP button in step 2 will be active.
- Enter the amount you want to swap and hit SWAP. Make sure that Binance-Peg Ethereum is on top and BNB is below it.
- Hit CONFIRM for final approval. Wait until the process is done.
Congratulations! If you have done these steps carefully, your ETH should be swapped into BNB and the amount should be added to your wallet.
Congratulations! If you have followed these steps carefully, the swap ETH to BNB is complete, and the amount should be added to your wallet.
Advantages of Swapping on CrowdSwap
Swapping different tokens on different networks on CrowdSwap offers several advantages. This platform provides users access to a DEX environment, promoting smooth and secure transactions.
We aggregate liquidity from various providers, allowing users to potentially obtain better rates for their swaps.
You can also enjoy the unique fast-lane cross-chain transactions, which allows you to transfer tokens between different blockchain networks in no time!
Additionally, CrowdSwap offers the option of Limit Orders, allowing users to set specific prices for their trades and execute them automatically when market conditions meet their preferences.
With its simple, user-friendly interface and emphasis on community governance, this Exchange facilitates a seamless and empowering experience for users seeking to exchange different tokens, such as ETH for BNB, contributing to the broader decentralization and democratization of the cryptocurrency ecosystem.
Ready to experience the benefits of decentralized swapping? Try our application today and enjoy seamless token exchanges with better rates and secure and fast cross-chain transactions!
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FAQ
What are the different types of swapping?
The different types of swapping include cross-chain swaps and same-chain swaps. Cross-chain swaps involve exchanging cryptocurrencies between different blockchain networks, while same-chain swaps occur within a single blockchain network
Is it better to use CrowdSwap to exchange tokens?
Crowdswap offers advantages like the lowest fees, secure and fast cross-chain transactions, features like limit orders, etc. Learn more: Introducing Easy Trade on CrowdSwap
How can I swap tokens in Trust Wallet?
To initiate token swaps within this Wallet, launch the app, navigate to the home screen, and select the “Swap” option. From there, select the assets you want to exchange, input the desired amounts, review the transaction details, and proceed by confirming the swap
