How to Exchange BNB to FTM Safely and Fast?

When you are into crypto, you want to have a place where you can swap your coins, even the rarest ones, safely and fast. How to find a platform that not only complies with these requirements but offers the most profitable exchange conditions? Let us have a look at how to choose a good cryptocurrency exchange service and whether an instant or a traditional service is the best option for you.

Decide whether you prefer a traditional or an instant exchange

While both traditional and instant platforms have their drawbacks and benefits, you might prefer one over another to swap BNB to FTM. So, if you choose a traditional platform, you get:

  • A wallet directly on the platform: it supports all the coins available on the website. Such wallets are very easy to use which is perfect for beginners. For professional traders, they are convenient because they are always online (hot wallets).
  • Fast transactions: usually, such platforms have their own liquidity pulls. So, every transaction is performed on the platform. It means that there is no need to wait until the swap is confirmed on a blockchain which speeds up the swapping process.
  • Lower fees: for the same reason as above, fees are usually lower than in other places. It happens so because the transaction is not performed on a blockchain. So, you don’t need to pay a blockchain fee.

However, not all is that good. There are some drawbacks, too:

  • Custodial service: your coins are kept on a platform, and the platform has the private keys, not you.
  • Registration and verification are needed to access swaps without limits.
  • A withdrawal fee might be charged if you decide to move your coins from the platform’s wallet to your own wallet.
  • If there is not sufficient liquidity, your transaction might be stuck for an indefinite period of time. 

What about instant exchanges?

Instant exchanges belong to a newer type of exchange platform. If you choose an instant cryptocurrency exchange site, you get the following benefits:

  • No mandatory registration nor verification even though some platforms offer opening an account to get additional perks.
  • No limits on the number of swaps or the number of coins to exchange.
  • A vast variety of coins to swap in any direction. 
  • Non-custodial service, you are the only one who manages your funds and has access to them.
  • The best rates – an instant exchange monitors and compares the deals on the majority of the main exchanges and picks the most profitable deals.

Cons? They are the following:

  • A liquidity provider’s fee – instant services do not have their liquidity pools. They pull liquidity from the major platforms and thus, pay for it.
  • No wallet on the platform – you need to have your own wallet to exchange cryptocurrency on an instant exchange. While it is convenient if you aim at a long-time investment, for trading such an option might not be convenient.

Now, check whether the selected platform is safe, whether it supports the needed coins, and finally, start swapping.

Explore more

Cleanser vs. Face Wash: Understanding the Differences and Choosing the Right Option for Your Skin

Cleanser vs. Face Wash: Understanding the Differences and Choosing the Right...

Cleansing your face is a crucial step in your skincare routine and you cannot go wrong about it. What a cleanser does is take...
Beyond the Beaten Path: Exploring the World's Most Underrated Destinations

Beyond the Beaten Path: Exploring the World’s Most Underrated Destinations

For those looking to take the path less traveled, these destinations, are far from the well-trodden tourist trails, offer unique beauty, rich cultural tapestries,...
Done Immediately After a Vehicle Accident

What Should Be Done Immediately After a Vehicle Accident?

No one could predict mishaps like car accidents. Even if you are an efficient driver, your vehicle may collide with another car or pedestrians....
Treadmill Shopping Tips and Tricks for Making the Right Choice

Treadmill Shopping Tips and Tricks for Making the Right Choice

Treadmills have long been a popular choice for home exercise, offering convenience and versatility for individuals looking to lose weight, get in shape, or...
Sleep Better Without Medication

5 Simple Tips to Help You Sleep Better Without Medication

Getting the sleep you need to function at your best is like hitting the jackpot for your overall health. Getting the rest that you...
Correct Amount of Tax to the Government

How to Ensure That You Pay the Correct Amount of Tax...

If you are the owner of a small or medium-sized enterprise in Hong Kong, ensuring your tax obligations are correct at all times can...
Real-Life Scenarios: How PALS Training Makes a Difference?

Real-Life Scenarios: How PALS Training Makes a Difference?

Pediatric advanced life support (PALS) builds the critical skills to save young lives. But no two emergencies look alike in the real world. That...
Best Practices for Marketing and Selling Photovoltaic Panels: How to Promote your Offer in the Industry?

Best Practices for Marketing and Selling Photovoltaic Panels: How to Promote...

As demand has increased for photovoltaic solar panels, there are now an array of businesses in any given area offering installation, and more and...