DCV - December 22, 2021
This post will detail how I swapped Binance Coin (BNB) to Ethereum (ETH) and received it in my Metamask wallet. If you don't want to read, you can watch the 5 minute YouTube video at the end of this post. This whole process shouldn't take more than 5-10 minutes. However, it does require a couple of things already set up:
After those things are done, the first step is to navigate to ChangeNOW.io. ChangeNOW is a trusted non-custodial service created for simple and fast cryptocurrency exchanges.
For the first currency, select BNB BSC. It's very important to select this token and not the Binance Coin mainnet token because the BNB tokens I have in Metamask are on the Binance Smart chain. For the second currency select Ethereum.
When I type in the amount of BNB I want to swap, ChangeNOW automatically calculates how much Ethereum will result from this swap. Be aware there is a minimum amount to swap and at this time, it is about 0.039 BNB. The minimum amount is constantly changing.
Also, keep in mind the amount of Ethereum received will have Ethereum gas fees paid for so I'm not receiving the exact equivalent dollar amount of Ethereum as I'm holding in BNB. At the end of this post, I will calculate how much fees I paid for making this transaction.
Clicking "Exchange" brings me to this page where ChangeNOW asks me to input where the Ethereum should be deposited.
I open up my Metamask wallet, copy and paste the address making sure my Metamask is on the correct network. This address doesn't have to be a Metamask address though. I could even receive the Ethereum in my Coinbase account. I just need the correct address.
I click "Next" and ChangeNOW shows a notification telling me that network fees are high right now and that's pretty normal on the Ethereum network currently. I click "I understand" and proceed.
ChangeNOW asks me to confirm my transaction. I make sure everything looks good and click "Confirm". The first time I click "Confirm", I get a message saying "Couldn't create a transaction. Please try again". This happens sometimes and I'm not sure if it's because I'm swapping a small amount or what but I just keep clicking the "Confirm" button until it goes through.
If that still doesn't work, I'll probably deposit some more BNB into my source wallet to make sure I can pay for transaction fees or try again at a later time.
After 11 times clicking "Confirm", it goes through.
Confirming will bring me to this page where ChangeNOW awaits a deposit. What ChangeNOW is asking me to do is to transfer BNB into an address so that they can process the swap. I can do that if my BNB is held elsewhere other than on Metamask. I'd go to wherever it's held and withdraw to that address ending in 404 that ChangeNOW provided.
However, since I have my BNB in my Metamask wallet, I can just Deposit with my Browser. I click "Unlock Brave Browser".
Notice it says "Wrong network. Please connect Metamask to the appropriate network". This is because I'm currently connected to the Ethereum mainnet in the Metamask wallet extension. I have to switch it to the Binance Smart Chain network to deposit the BNB.
Once I've done, that I click on "Unlock Brave Browser" again. Then, I click "Deposit BNB BSC". Metamask will pop up to confirm the action.
The deposit has now been submitted. Now, I have to wait for ChangeNOW to detect the deposit to continue with swapping to Ethereum.
I wait a few minutes for the BNB to deposit. The status bar should change to "Confirming" after a few minutes.
Some more waiting happens before the status changed to "Exchanging" and then finally it finishes on "Sending to you". The whole process from awaiting the deposit to now took about 5 minutes. The time it takes to swap is dependent on the network congestion though. I did this on a Tuesday morning.
Afterwards, I get a message indicating that the swap was successful. I can check my Metamask wallet to confirm that the swap has occurred by checking my Ethereum balance. Sure enough, the exact amount ChangeNOW specified was deposited in my Metamask wallet.
Now, let's take a look at how much I paid in fees for this swap. This is a rough approximation but I'll grab the price of BNB and Ethereum from CoinMarketCap.
Binance coin is currently valued at $516.23 and Ethereum is at about $3,834.
So if I do some quick math, multiplying the amount of Ethereum I received (.00291627 ETH) with the price, I get about $11.18 worth of Ethereum. Similarly, multiplying the amount of BNB I supplied (.039 BNB) with its current price, I get about $20.13.
Subtracting the two will give me about $9 which is the, quote unquote, fees that I paid for this transaction. Please note that this might be dependent on the Ethereum and Binance Smart Chain network congestion at the time.
And that's it. If you need to swap BNB to Ethereum without Binance, use this referral link to support this website. Thanks for reading.
YouTube video of this post: