LeoFinance - Best Way to Purchase BNB Without KYC?

If you are a resident of the United States often using a crypto exchange you are required to go through KYC, short of Know Your Customer. KYC essentially is providing personal identification, residency, and likely social security number in order to have access to the crypto exchange. However even with KYC through exchange there are coins/tokens that US residents still do not have access to. One of them is Binance's BNB token.

Why Talk about BNB?

Binance's BNB token is required in order to use the BSC, short for Binance Smart Chain. BSC works with smart contracts similar to Ethereum but due to the latter's gas fees BSC has been one of the better alternatives. For over a year Leofinance's Cub Defi has operation of its farms and dens with BSC.

Users who use Cub Defi currently require small amount of BNB in order to perform withdrawals or deposits. A sticking point when users first use Cub Defi is that they do not own any BNB. Without BNB they can not do any transactions. I personally encountered this myself as when I try exchanging wrapped LEO for BNB it required me to have some BNB for gas fees! How would I use something that I am trying to buy in the first place?

The crust of this post is to illustrate why using the following no KYC exchange is ideal for getting the needed BNB to actually do transactions on Cub Defi. The exchange in focus is Pionex, which I have no affiliation what so ever and was not provided any incentive to promote. My focus is to show how to obtain BNB and once that is completed I will let readers look at the hundreds of posts regarding Cub Defi if they are not familiar with.

Pionex Exchange

Pionex is one of many brokerages for Binance and because of that they have the option for customers to trade for BNB. Since Binance is not accessible to US residents Pionex is a great alternative to purchasing BNB. Furthermore Pionex allows trading on its platform with out KYC.

The Steps To Purchasing BNB

Within Hive there is plenty of ways to trade for other crypto tokens. I prefer to use beeswap.dcity.io where there are pools between swap.hive and altcoins. One of the most popularly traded altcoins is LTC which is available on beeswap.dcity.io. Not you have to have your swap.hive in Hive-Engine in order to perform this swap.

The swap from swap.hive to swap.ltc happens in seconds once you have the right amount you plan to swap executed. No fees to consider but just price slippage.

Then on Hive-Engine you do a withdraw of swap.LTC:

Note there is a 1% withdraw fee of your LTC. Make sure you find the right Pionex LTC wallet address to send to and copy that to the Hive-Engine withdraw text line. Once the withdraw is executed you need to wait about 30minutes or so to see the funds in Pionex.

in Pionex you need to trade LTC to USDT and there is a 0.05% fee for buys and sells. This is one of the lowest trading fees to date on crypto exchanges.

Then use USDT to trade for BNB and you instantly have BNB.

The withdraw fee on Pionex for BNB is one of the lowest in exchanges at a meager 0.0015 BNB. However you are required to have at least 0.1 BNB for withdrawal. At current prices that is a little under $56 for 0.1 BNB.

Conclusions

A low cost way to buy BNB if you are a US resident is through Pionex. Even if you are not a US resident and you still want the low cost fees you can still use Pionex! The troublesome start of use in Cub Defi is the lack of BNB. Today we just found a low cost and easy way to exchange Hive for BNB. There are other altcoins you can trade into Pionex to purchase BNB, but for sake of Hive users I used swap.hive as the example.

Best of luck to your Cub Defi experience and very soon they will be out with Polygon smart chain where it is an alternative to BSC.

None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!