How to exchange Ethereum (ETH) to Binance Coin (BNB)
Features of Ethereum to Binance Coin cryptocurrency exchange
The main feature of these cryptocurrencies is that they exist in different blockchains, so it is possible to make a mistake with the choice of network when exchanging. If a user needs to exchange Ethereum for Binance Coin in the BNB Smart Chain (BSC) network, in the BestChange exchange table, they need to select the exchange direction Ethereum ETH → BinanceCoin BEP-20 BNB.
Suppose the user selects the same network to send ETH and receive Binance Coin (BNB Smart Chain) but transfers the cryptocurrency directly to the Ethereum blockchain. In that case, the exchanger may not confirm the transaction. The user will need to contact support to resolve the issue. Most likely, the exchanger will accept the funds received and send the BNB cryptocurrency to the correct address, but the transaction terms may change.
The available options for exchanging ETH to BNB are listed below:
- Ethereum to Binance Coin (native cryptocurrencies);
- Native Ethereum to the original Binance Coin on the Beacon Chain network;
- Ethereum in the form of BEP-20 token (BSC) to the original Binance Coin cryptocurrency;
- Ethereum is in the form of a BEP20 token to Binance Coin in the Beacon Chain.
Ethereum to BNB exchange procedure
1. Selecting an exchanger
To display the list of exchangers, the left side of the exchange table on the BestChange website requires specifying Ethereum or Ethereum BEP20 (based on the blockchain network from which the user will transfer assets), and the right side requires specifying BinanceCoin BEP2 (Beacon Chain) or BinanceCoin BEP20 (BNB Smart Chain), depending on the network in which the crypto asset is to be received.
After selecting the exchange direction, a list of eligible exchangers will appear. This list will be sorted by exchange rate, starting with the most favorable one for the user.
Before selecting an exchange, the user can familiarize himself with the information about limits, available reserves, and features of the exchanger's work, which can be found with the help of unique icons located to the right of the service name.
2. Creating a request
To create an exchange request, the user needs to go to the site of the selected exchanger and fill out the form that appears. In this form, the user must enter the address of the wallet in the BSC or BNB Beacon Chain network, based on the option chosen by the user in the exchange table.
In addition, the exchanger must specify the email address to which it will send a check after the exchange is completed and, in certain cases, the amount of commission, which will depend on the speed of the transaction when transferring from the exchanger to the user.
3. Sending Ethereum cryptocurrency
Since Ethereum and BNB Smart Chain networks use the same addresses, it is easy to make mistakes when sending cryptocurrency. The blockchain needs to be verified at the application stage.
Before sending cryptocurrency to an exchanger's wallet, you need to double-check whether the network is specified correctly. If an error is detected, create a new exchange application.
It is worth noting that a transfer on the Ethereum network can take several minutes or more, depending on the current load on the blockchain and the size of the commission (gas price) set by the user. However, exchangers usually do not require full completion of the transaction to confirm the transfer: most often, a certain number of confirmations in the network, which exchange services set on their own, is sufficient.
When sending cryptocurrency on the Ethereum network, you should pay attention to the current average gas price, which can be viewed using the Ethereum Gas Station service. However, many modern wallets usually set a default average value based on this data.
The BNB Smart Chain blockchain usually has no problems with transaction times, with most transactions completed in less than a minute. In addition, some exchangers allow users to independently specify the size of the commission, which will depend on the speed of the transaction.
To complete the transaction, the user must send the exact amount of ETH cryptocurrency to the wallet of the exchanger in the network that the user has chosen. After the cryptocurrency transfer, the transaction hash will be displayed in the wallet: with its help, the user will be able to track the transaction status via Etherscan or BSCScan browsers.
4. Receiving BNB and finalizing the transaction
The last stage is for the exchanger to confirm the ETH transfer from the user and send BNB cryptocurrency to the client's wallet. The time of transaction completion will depend on the exchanger's mode of operation: manual or automatic.
In manual mode, the time it takes to process requests is usually no more than 15 minutes. After sending the cryptocurrency, the exchanger provides the user with the transaction ID, which can be used to check its status via BCSScan or BNB Beacon Chain Explorer (depending on the network chosen to receive the cryptocurrency).
If the user has not received the transaction hash or cannot find it in the blockchain browser, contacting the exchange's support service is recommended immediately.
