Now, the Binance coin is one of the major cryptocurrencies based on market capitalization. So, finding where to swap this coin is not an issue. It is supported by the majority of platforms. So, it doesn’t cost a lot of effort to find a place where you can BNB to FTM convert. But finding the best crypto exchange might be more complicated than you believe because there are just too many of them.
An Instant or Traditional Exchange?
First of all, decide whether you prefer a traditional exchange or an instant exchange service is fine for you. Both exchange types have their pros and cons.
So, if you select a traditional exchange, such as Binance, you get some significant advantages:
- A wallet offered by the platform. You do not need to register or purchase any wallets. Moreover, you can be confident that the wallet supports all the coins listed on the platform.
- Lower fees. Such platforms have their own liquidity pools. When you are swapping your crypto, transactions are not registered in the blockchain but are performed within the platform.
- Faster transactions. As long as your transactions are not performed on the blockchain, they can be completed faster if there is enough liquidity.
Drawbacks of an instant exchange are the following:
- You’d need to register an account and verify it. Otherwise, you won’t be able to swap fiat, and crypto exchanges will be an object to serious limitations.
- You need to keep your funds in a wallet offered by the platform. Usually, users do not have private keys to their coins. This service type is called custodial.
- A limited number of supported coins. Traditional platforms have their own liquidity pools which means that the choice of cryptocurrencies and tokens to swap is pretty limited.
Delays are possible if there is not enough liquidity.
Instant exchanges are a newer type of crypto swapping service. They were created to enhance user anonymity and eliminate the drawbacks. So, if your choice is an instant exchange, you get the following:
- Complete anonymity: you do not need to register an account to swap BNB to TRX. However, you might want to open a user account to enjoy additional benefits such as a generous affiliate program, etc.
- Limitless swaps. You can exchange as many coins as you want. Also, the number of transactions is unlimited.
- Instant swaps. Users do not have to register an account to start exchanging their funds.
- Non-custodial services. The platform does not take control of your funds. You make a deposit from your own wallet, and the swapped funds are moved to your wallet, too.
There are some drawbacks, too. So, to trade on an instant platform, you need your own wallet to make deposits for swaps and to receive funds. Also, instant platforms do not have their own liquidity pools. The liquidity needed for each swap is pulled from major exchanges. So, to perform a transaction, more time might be needed than if you do it on a traditional platform.