Binance is one of the world's largest and most popular cryptocurrency exchanges. Since Binance is a centralized exchange, you will be able to sell your SLP for ETH without the need to obtain ETH beforehand. This means the ABR team can send your SLP directly to your Binance account, where you will be able to exchange your SLP for ETH and therefore any cryptocurrency. The purpose of this article is to explain step by step how to create and navigate your Binance account.
Registration
The first step is to head to the Binance website binance.com/en and select your preferred language in the very top right corner. Next, enter your email address in the register now box and click on the register button. This will take you to the registration page where you enter your desired password then click the Create Account button.
After solving the captcha, the next page you will see is the Account Verification. Binance will send you an email with a verification code to confirm your account. Enter the numbers provided in the email on the account verification page to finalize your registration.
Getting your Account Address for SLP Deposits
The next page you will see is the Deposit Funds page. Click on Deposit Crypto. This will take you to your cryptocurrency deposit page.
Next click on the ERC20 button to reveal your address where the ABR team will send your SLP. Copy the address to your clipboard by selecting the copy button next to the address in the lower left.
Your pending SLP deposit will show up at the bottom of the page in the Recent Deposit History.
How to Swap my SLP for ETH
Navigate to the wallet option in the top right corner of the screen, then select the Fiat and Spot button. This will take you to your balances page where you can view any cryptocurrencies you own. Find the section for SLP, which should be at the top of the list unless you already have crypto on the exchange. Next, select the trade button on the far right, then click the SLP/ETH option.
After selecting the SLP/ETH pair, you will find an Initial Disclaimer pop up. The intention of this is for you to understand that with a low market cap token, large price swings are common and you take all responsibility for any losses incurred. Select the 50% or more option for the first question and Only my own for the second.
After confirming the disclaimer, you will be directed to the main exchange interface. This will look intimidating at first, but don't worry you will not have to understand all the intricacies of a centralized exchange in order to swap your SLP for ETH. For those who are new to exchanges, we recommend using the market sell option by selecting the Market button. This will create an order that is filled as soon as you push the sell button. The other option is to set a Limit order where you select the exact price you want to buy or sell. Setting a limit order does require some knowledge of how markets operate.
The next step to swap your SLP is to either pull the slider above the Sell button all the way to the right or enter the exact amount of SLP you want to sell in the Amount box. Last, push the red Sell SLP button to exchange your SLP for ETH. Once you have your ETH, you can now swap it to just about any crypto, such as Bitcoin or AXS. The second option is to withdraw your ETH to your personal wallet. This step will be needed if you plan to buy Axies or anything on the Etheruem blockchain.
Withdraw Process
For an in-depth article on how to withdraw your cryptocurrency, refer to the Binance article on the process. binance.com/en/support/articles
Binance Link www.binance.com
Disclaimer
The ABR team is in no way responsible for any SLP after it arrives in your Binance account. Any and all losses incurred after the SLP has arrived is completely on the individual Scholar.
