CELO to BNB Swapping Guide
Mobile devices are becoming more versatile than ever. From browsing the web to playing games and purchasing items, we use portable gadgets more than desktop computers. It’s no wonder that we can see crypto projects focusing on mobile devices, such as Celo.
Some might find it intriguing, while others don’t enjoy the idea of keeping this token for long. It’s why they are considering a trade to a more reputable currency, and most identify CELO to BNB swap as a viable move. Before you execute the transfer, here are more details about the currencies and best exchanges to use!
What Is CELO?
Celo is an exciting crypto project aiming to offer a worldwide payment infrastructure for mobile users. The platform utilizes phone numbers to enable sending and receiving funds anywhere. Another function of the Celo network is dApp support.
The network’s native token is CELO, which also gives owners voting rights on the platform. Celo also uses cUSD, which is a stablecoin pegged to the US dollar and conveniently named the Celo dollar.
Validator nodes uncover new blocks and confirm transactions, while full nodes bridge these and wallets that users install on mobile devices. Byzantine fault tolerance is the PoS consensus mechanism applied throughout the Celo platform.
What Is BNB?
Binance started its journey in 2017, and now it’s the largest crypto exchange. The company built its own blockchain and offered a variety of financial services, putting itself among the leading industry players. Binance launched the Build N Build Chain, which uses the BNB Coin as the native token.
You can use the BNB coins to secure lower exchange fees on the Binance crypto exchange. The token also secures voting and other participation rights, and it’s possible to use it for quoting on Binance. By using it on compatible platforms, such as booking or e-commerce sites, you can use BNB to pay for different services and items.
How to Swap CELO to BNB?
If you have ever exchanged one crypto for another, you’ll find the process familiar. It’s important to find the best exchange for CELO and BNB, adjust your wallet, and confirm the transaction.
Choosing the Right Platform
The choice of the exchange depends on the currency you include in the transaction. If you read the https://godex.io/versus/fil-vs-storj comparison, you can see this platform offers the best rates for that swap. Here are the exchanges that are top choices when converting CELO to BNB:
- Godex. This decentralized exchange secures maximum anonymity since it doesn’t require registration. You can trade unlimited amounts and receive a fixed rate for 30 minutes. Godex supports over 300 currencies and guarantees fast and simple trades.
- Simple Swap. It’s another DEX platform, and it offers over 900 currencies in its portfolio. You don’t need to sign up to initiate a trade, and there’s an option to pick between fixed and floating rates.
- Binance. It’s hard not to include the BNB’s native platform among the top choices for acquiring this coin. You’ll find fees are relatively low, and there’s also the option to trade dozens of other currencies and access different financial services.
Setting Up Your Wallet
Decentralized exchanges offer non-custodial transactions, which means the platform never receives your assets. It’s why the only thing you need to do is to enter the address of the wallet for receiving Binance Coins. You insert this when prompted during the exchange process, as well as the wallet’s memo. Don’t forget that part since it can be a vital part of the address, and you risk losing funds if you don’t enter it.
As for wallets, consider KuCoin, Trust Wallet, or even the Binance Smart Wallet, which can also hold multiple currencies.
Approving the Transaction
You’ll need to approve the token transaction from your wallet since this allows the system to move the coins from your wallet and deliver them to the receiver. Don’t forget that the total sum you send from the wallet might be higher than what you planned because it’s also necessary to pay gas fees for the transaction.
You can set a higher spending cap, but be careful with the limit. Until the limit is reached, there’s no need to sign a new transaction approval, so keeping track of how much you send is imperative.
Swapping CELO to BNB: Conclusion
Choosing to go ahead with the CELO to BNB conversion is the trickiest part of the process. Make sure the move fits your portfolio and that you picked the right time for the transfer. Once you get those details right, only a few steps via a reputable exchange like Godex will initiate the transaction. In a matter of minutes, you should be a proud owner of BNB coins!