Binance USD
BUSDSince the rise in popularity of Bitcoin, investors and blockchain evangelists have been sticking to ambiguous opinions about the safety of investments in cryptocurrencies. On one hand, sudden upsurges in the market have caused many to multiply their savings. On the other hand, some lost so much when the markets didn’t favor them. With tech, this resolution means upgrades, updates, or a complete base-level overhaul. For cryptocurrencies, this resolution came in the form of stablecoins. Today, there are over 200 stablecoins across the globe with many more to come, and here we’ll be discussing one of the more reputed ones – the Binance USD, as well as making a BUSD vs USDT comparison.
Binance USD Exchange Rate
What is Binance USD?
Binance USD, or BUSD is a fiat-backed coin with a market capitalization of over $12 bn as of July 2021. This stablecoin is pegged with the US Dollar at a 1:1 ratio. In a first time for stablecoins, it was granted approval by the New York State Department of Financial Services (NYSDFS) for its transparency of financial transactions.
BUSD is the result of a successful partnership between Binance and Paxos and was launched for trade in September 2019. It’s an ERC-20 token that sits on the Ethereum blockchain, and has, since its launch, turned heads for all the partnerships it has made with reputable companies.
Today, users can trade the BUSD crypto with over 50 trading pairs, and the intended pegging of USD: BUSD at 1:1 has been consistent. The stablecoin has a reputable market standing because it complies with NYSDFS regulations – a third-party accounting firm conducts BUSD audits every month and displays them on the NYSDFS website.
Advantages of BUSD
1. Go peer-to-peer with Binance USD
Users can trade directly with each other with no transaction fees levied. Users only have to pay the spread between the buying and selling prices, although the minimum trade amount is $10000 worth of cryptocurrencies.
2. Spoilt for Choices
You can choose between three types of accounts – basic, advanced, or OTC. The basic account is recommended for beginners who don’t wish to get too technical or want to keep the volume to a small amount. It has basic details such as Binance USD price and fees data.
Both categories allow for the purchase of as low as $10. The advanced account offers many options to advanced users, like charts, price fluctuations, spot price, while the OTC (Over-The-Counter) account lets users trade on its peer-to-peer platform.
3. Insured Backing
Binance USD is insured for an amount of $250,000 for each user by the FDIC.
4. Wallet Flexibility
You can choose the free wallet provided by them – Trust Wallet, or link your own.
5. Feature-Rich Mobile Applications
The applications offer almost every feature of the website, like live price tracking, setting up recurring purchases or exchanges, and more.
Disadvantages of BUSD
1. Lack of Geographic Reach
Binance USD is still not available in about five US states.
2. Poor Customer Support
Their customer support is only through emails, and the turnaround time could be anywhere from a day to a week.
How to exchange BUSD on Swapzone?
Exchanging BUSD on Swapzone is quite easy – just go to your browser, type Swapzone on the search bar, and click on the first link that opens up. Once here, follow these simple steps:
- On the left side of the screen, you’ll see the “Select a Pair” heading. Choose the cryptocurrency you wish to exchange BUSD for, say, BTC, from the dropdon of “Send”.
- Pick BUSD and specify the quantity of purchase under the option “Get Up to”.
- The filter is now active and you’ll see the offers listed on the right side of the screen. Browse through all offers and decide which one works best for you.
- Click on the “Exchange” button to open up a prompt. Now, go to your cryptocurrency wallet and choose the receive option there. specify the wallet address and click on “Proceed to Exchange” to process your payment.
- An address is generated here. Send your BTC to this wallet. Once done, wait a while for confirmation on the Swapzone screen. Once confirmed, you’ll see “exchange in progress”. Once done, you’ll be able to see the amount expected vs the amount received based on floating rates if you did not pick fixed rates.
- An optional addition to 4: You can also paste your wallet address in the “address to refund BTC”. In case of errors or transaction failures, this is the wallet where your BTC will be refunded. The default wallet address is set to the one you sent your BTC from.
Tip: Look out for tags like “Best Rate” or “Fixed Rate” on your offers – these come in handy specifically for beginners.
BUSD vs. USDT
While they both have their pros and cons, comparisons BUSD vs USDT always reveal the same thing – due to its insured state, robust security, transparency of finances, and regulatory approvals, BUSD beats USDT as far as security goes.
However, USDT offers a huge array of cryptocurrencies and trading pairs, much more than BUSD, where it gets the crown. If you’re confused between the two, the answer is rather simple – if what you want is available with BUSD, then security should be your priority. But if that’s not enough today, or you have plans to expand your portfolio in the future, you’ve got to pick USDT. Always do research and after that decide which side you choose in this BUSD vs USDT stablecoin battle.
Final Word
BUSD crypto is an emerging market leader and has been the closest USDT competitor. With its FDIC backing and feature-rich along with the repute of the giant exchange that co-created it –Binance, BUSD is sure ruffling feathers at the USDT offices, and this competition may bring out the best in both these tokens in the future.
Popular pairs to convert Binance USD
Frequently asked questions
What is BUSD?
Binance USD or BUSD is a fiat-backed coin with a market capitalization of over $17 Billion as of April 2022. This stable coin is pegged with the US Dollar at a 1:1 ratio. In a much welcomed first-time occurrence for stablecoins, BUSD was recently granted approval by the New York State Department of Financial Services (NYSDFS) for their transparency of financial transactions.
BUSD is the result of a successful partnership between Binance and Paxos and the coin itself was launched for trade in September 2019. BUSD functions as both a BSC and an ERC-20 token that sits on the Ethereum blockchain, and has, since its launch, turned heads for all the partnerships it has made with reputable companies. – These are excerpts from an earlier written article and you can read more about BUSD here.
Are you interested in buying or investing in stable coins like the Binance USD? Head over to our user-friendly website to buy, sell, or swap BUSD with any cryptocurrency of your choice right now.
How to Buy BUSD?
BUSD is the third-largest stable coin by market cap, according to CoinMarketCap rankings (over $17 Billion) and a lot of crypto traders trust it because of the liquidity provided by Binance. Are you interested in buying or investing in stable coins like the Binance USD? Head over to our user-friendly website to buy, sell, or swap BUSD with any cryptocurrency of your choice right now.
With Swapzone, you can buy Binance USD really easily with our rich asset selection and offers from 15+ exchange providers. For example, buy BUSD with ETH at the best rate on the market in just a few simple steps:
- Select the Ethereum to Binance USD swap pair.
- Enter the total amount of ETH you are going to exchange.
- Choose the best ETH to BUSD swap offer.
- Click on the Exchange button.
- Enter your wallet address to receive Binance USD to your wallet.
- Send your ETH deposit to the generated address.
- Wait for your ETH-BUSD swap to be done.
- Receive your BUSD to your wallet!
Is BUSD a Stablecoin?
Yes, BUSD is a stable coin launched by Binance, the largest cryptocurrency exchange by volume. Binance USD (or BUSD) is a fiat-backed coin with a market capitalization of over $12 bn as of July 2021. This stable coin is pegged with the US Dollar at a 1:1 ratio. Currently, BUSD is the third-largest stable coin by market cap, behind Tether(USDT) and USDC.
BUSD was launched in September 2019, on two different blockchain networks namely the Binance Smart Chain and Ethereum’s ERC-20 blockchain networks. Notably, these are essentially different networks and you should be careful when sending funds across the two networks as the wrong network address could lead to an irreversible loss of funds.
If you are interested in buying or investing in stable coins like the Binance USD? Head over to Swapzone to buy, sell, or swap BUSD with any cryptocurrency of your choice right now at the best available market rate globally.
How to Add BUSD to Metamask?
BUSD is the third-largest stable coin by market cap. The stable coin runs on the Binance Smart Chain blockchain (or any of the other chains including ERC-20, Velas, and Harmony ONE Network) and can be easily added to a MetaMask wallet. However, to add BUSD to MetaMask, you need to make sure you are on the Binance Smart Chain network or any of the others (by clicking on the network dropdown box) before you copy your contact address and import it as a custom token. After this is done, follow these steps below to complete the process:
- Copy the unique BUSD beacon chain from CoinMarketCap (under contracts) or Click on the MetaMask logo
- Open your MetaMask wallet
- Select the “import tokens” button
- Paste your BUSD address
- You can now send and receive BUSD tokens
Top up your BUSD balance on your MetaMask wallet on Swapzone. Also, you can buy, sell or swap BUSD with any other cryptocurrency of your choice at Swapzone. Head over to our exchange page to get started. You can top up your BUSD balance on Metamask here.
What Blockchain is BUSD On?
The BUSD coin was launched on two notable blockchains in 2019. BUSD runs as both a Binance Smart Chain token and an ERC-20 token that sits on the Ethereum blockchain, and has, since its launch, attracted admirers for its trustworthy reserves and all the partnerships it has made with reputable companies. You can read more about BUSD here.
Are you interested in buying or investing in stable coins like the Binance USD? Head over to our user-friendly website to buy, sell, or swap BUSD with any cryptocurrency of your choice right now.
- Select, for example, the Ethereum to Binance USD swap pair.
- Enter the total amount of ETH you are going to exchange.
- Choose the best ETH to BUSD swap offer.
- Click on the Exchange button.
- Enter your wallet address to receive Binance USD to your wallet.
- Send your ETH deposit to the generated address.
- Wait for your ETH-BUSD swap to be done.
- Receive your BUSD to your wallet!
What is BUSD in Crypto?
Binance USD or BUSD is a fiat-backed stable coin with a market capitalization of over $17 bn as of April 2022. This stable coin is fully backed up by the US Dollar at an equal ratio.
BUSD is both an ERC-20 token and a native Binance Smart Chain token, and has, since its launch, been a resounding success with no controversy linked to its reserve position to date. You can read more about BUSD here.
With BUSD, crypto investors do not need to overwork themselves over the crypto market volatility, as they can easily swap their volatile assets for stable BUSD anytime. If you are interested in buying or swapping your volatile crypto for stable coins like the Binance USD, then head over to our user-friendly website to buy, sell, or swap BUSD with any cryptocurrency of your choice right now.
Where to Buy BUSD?
You can buy the BUSD from Swapzone or any of the other numerous cryptocurrency exchanges on the market. You will need to open an account to trade, swap, and keep BUSD on most centralized exchanges. However, on Swapzone, you do not need to open an account nor reveal your private details before you can buy or swap crypto and BUSD.
BUSD is fully backed by the management of Binance and its future profitability and utility depend on its activities, but you can buy and sell BUSD on other cryptocurrency platforms like Kraken, Coinbase, Swapzone, and more. If you buy BUSD on the Swapzone exchange platform there is no lower limit or upper limit to the amount of BUSD you can buy.
Become a BUSD owner who holds the promising and fast-rising cryptocurrency that is being increasingly adopted by crypto traders averse to market volatility, by heading over to Swapzone to buy BUSD or swap for other crypto coins at low rates.
How to Buy BUSD on Metamask?
BUSD is the third-largest stable coin by market cap. The stable coin runs on the Binance Smart Chain blockchain and the Ethereum ERC-20 protocol, so it can be easily added to a MetaMask wallet. However, to add BUSD to MetaMask, you need to make sure you are on the Binance Smart Chain network or any of the others (by clicking on the network dropdown box) before you copy your contact address and import it as a custom token. After this is done, follow these steps below to complete the process:
- Copy the unique BUSD beacon chain from CoinMarketCap(under contracts) or Click on the MetaMask logo
- Open your MetaMask wallet
- Select the “import tokens” button
- Paste your BUSD address
- You can now send and receive BUSD tokens
Now that you have successfully added BUSD to your MetaMask wallet, you can top up your BUSD balance on Metamask here at Swapzone. Head over to our exchange page to get started.
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