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Noob problem

  • 10-05-2021 11:03pm
    #1
    deckie27
    Registered Users Posts: 1,901 ✭✭✭


    Hi been on boards for years but first post in this area.

    I bought some litecoin LTC on trust wallet with the idea of swapping it for other currency.
    I have since found out I need "smartchain BNB" to trade. Is this correct?
    Is there any way to convert some litecoin to allow me trade

    Any advice would be greatly appreciated.

    Thanks
    Declan


Comments

  • #2
    Topdolla
    Registered Users Posts: 129 ✭✭Topdolla


    You need to transfer the coins to and exchange you could use binance
    https://www.binance.com/en

    Create a binance account
    Go to LTC wallet
    Copy address
    Go to trust wallet enter address from binance and amount to send
    Exchange LTC for BTC or USDT
    Exchange for alt coins


  • #3
    harmless
    Registered Users Posts: 965 ✭✭✭harmless


    Topdolla wrote: »
    You need to transfer the coins to and exchange you could use binance
    https://www.binance.com/en

    Create a binance account
    Go to LTC wallet
    Copy address
    Go to trust wallet enter address from binance and amount to send
    Exchange LTC for BTC or USDT
    Exchange for alt coins


    Does binance offer the best exchange rates? There are many options.


  • #4
    Topdolla
    Registered Users Posts: 129 ✭✭Topdolla


    harmless wrote: »
    Does binance offer the best exchange rates? There are many options.

    I know I was just giving an example as he mentioned smartchain bnb.


  • #5
    harmless
    Registered Users Posts: 965 ✭✭✭harmless


    Topdolla wrote: »
    I know I was just giving an example as he mentioned smartchain bnb.


    I understand, I actually know little on binance and if it offered better rates than kraken I'd consider it. However kraken have been extremely reliable for me.


  • #6
    Topdolla
    Registered Users Posts: 129 ✭✭Topdolla


    But to answer your question binance can offer better rates then kraken some days


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  • #7
    deckie27
    Registered Users Posts: 1,901 ✭✭✭deckie27


    Cheers Topdolla and Harmless

    All I want to do is trade some currency
    I asked about smartchain bnb as I understand I need this currency to cover fees for trading in trust wallet

    I am not tied to anywhere just bought on trust wallet as my revolut card worked

    when I try to send from trust wallet to binance it tells me the recipient address is invalid

    is there a difference in "Binance-peg Litecoin (LTC)" and "Litecoin"

    setup a kraken ac and verified
    If I send kraken do I convert to BTC? If I send this back to trust wallet will I be allowed to trade

    Thanks and Sorry for all the questions


  • #8
    harmless
    Registered Users Posts: 965 ✭✭✭harmless


    deckie27 wrote: »
    is there a difference in "Binance-peg Litecoin (LTC)" and "Litecoin"


    Yes there is, one is a token pegged to the price of a coin and another is the actual coin.


    That's all I know on this topic so maybe someone else can help.


  • #9
    el diablo
    Registered Users Posts: 5,745 ✭✭✭el diablo


    deckie27 wrote: »
    Cheers Topdolla and Harmless

    All I want to do is trade some currency
    I asked about smartchain bnb as I understand I need this currency to cover fees for trading in trust wallet

    I am not tied to anywhere just bought on trust wallet as my revolut card worked

    when I try to send from trust wallet to binance it tells me the recipient address is invalid

    is there a difference in "Binance-peg Litecoin (LTC)" and "Litecoin"

    setup a kraken ac and verified
    If I send kraken do I convert to BTC? If I send this back to trust wallet will I be allowed to trade

    Thanks and Sorry for all the questions

    Are you trying to send funds to Binance or the Binance Smart Chain (BSC)? When logged into Binance click on "LTC" and click "receive". The Litecoin address will begin with an "L". Copy the address into your Trust wallet or scan the QR code. You can convert BTC to LTC in Kraken and there will be far more trading pairs with BTC compared to LTC. Fees with BTC will definitely be higher though.
    Not sure what you mean by "If I send this back to trust wallet will I be allowed to trade?"

    We're all in this psy-op together.🤨



  • #10
    deckie27
    Registered Users Posts: 1,901 ✭✭✭deckie27


    el diablo wrote: »
    Are you trying to send funds to Binance or the Binance Smart Chain (BSC)? When logged into Binance click on "LTC" and click "receive". The Litecoin address will begin with an "L". Copy the address into your Trust wallet or scan the QR code. You can convert BTC to LTC in Kraken and there will be far more trading pairs with BTC compared to LTC. Fees with BTC will definitely be higher though.
    Not sure what you mean by "If I send this back to trust wallet will I be allowed to trade?"

    Thank you
    In a nutnshell all I want to be able to do is trade a little from a wallet and use pancakeswap or similar

    Last night I was able to transfer LTC to kraken but didn't see an option to convert to BTC so went to ETH. Transferred this back to trust wallet. (At about 25% fee) to find I can't convert that into Smart chain to allow me trade.


  • #11
    Dades
    Moderators, Society & Culture Moderators Posts: 25,556 Mod ✭✭✭✭Dades


    I've had this issue with TrustWallet and Pancakeswap.
    Trying to figure out what I need to use as fees. I think I had to send over BNB from Binance in the end.

    As for using Uniswap on TrustWallet - that bloody exchange screen is a timesink trying to figure out what makes it work.


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  • #12
    JibJabWibWab
    Closed Accounts Posts: 161 ✭✭JibJabWibWab


    harmless wrote: »
    Yes there is, one is a token pegged to the price of a coin and another is the actual coin.


    That's all I know on this topic so maybe someone else can help.

    As I understand it, actual Litecoin (LTC) is created on a blockchain that is not compatible with the Binance blockchain
    so Binance have created the pegged version (BLTC) on the Binance blockchain to facilitate trading in the asset.

    BLTC is basically a stable coin of LTC. Like USDT is a stable coin of USD.


  • #13
    el diablo
    Registered Users Posts: 5,745 ✭✭✭el diablo


    deckie27 wrote: »
    Thank you
    In a nutnshell all I want to be able to do is trade a little from a wallet and use pancakeswap or similar

    Last night I was able to transfer LTC to kraken but didn't see an option to convert to BTC so went to ETH. Transferred this back to trust wallet. (At about 25% fee) to find I can't convert that into Smart chain to allow me trade.

    I've never used the swap feature on Trust wallet so I'm not sure how it all works.
    I use Metamask (or the equivalent on Brave browser). I downloaded the Binance Chain extension and from there I was able to transfer funds to Binance Smart Chain on Metamask and then connect to Pancake Swap.
    You definitely should be able to transfer BTC to LTC on Kraken. Best to avoid ETH as the fees are crazy.

    We're all in this psy-op together.🤨



  • #14
    deckie27
    Registered Users Posts: 1,901 ✭✭✭deckie27


    Ok

    so have LTC on Binance
    trying to convert to BNB.

    get error. Failed to get quote. :confused::confused::confused:


  • #15
    el diablo
    Registered Users Posts: 5,745 ✭✭✭el diablo


    deckie27 wrote: »
    Ok

    so have LTC on Binance
    trying to convert to BNB.

    get error. Failed to get quote. :confused::confused::confused:


    Not sure but I think that's a common problem on Binance. Not sure if you're on the app or the website. Try here: https://www.binance.com/en/convert

    We're all in this psy-op together.🤨



  • #16
    deckie27
    Registered Users Posts: 1,901 ✭✭✭deckie27


    el diablo wrote: »
    Not sure but I think that's a common problem on Binance. Not sure if you're on the app or the website. Try here: https://www.binance.com/en/convert

    Thank you
    I've tried both app and website
    I'll try later or tomorrow


  • #17
    deckie27
    Registered Users Posts: 1,901 ✭✭✭deckie27


    deckie27 wrote: »
    Thank you
    I've tried both app and website
    I'll try later or tomorrow

    On Binance site.
    Now it will only convert minimum 0.2 LTC. yesterday it was 0.06

    Hurdles everywhere I go.

    I'll try different exchanges as suggested..
    At this rate my few euro to have a look will be gone before I get to have a look


  • #18
    el diablo
    Registered Users Posts: 5,745 ✭✭✭el diablo


    deckie27 wrote: »
    On Binance site.
    Now it will only convert minimum 0.2 LTC. yesterday it was 0.06

    Hurdles everywhere I go.

    I'll try different exchanges as suggested..
    At this rate my few euro to have a look will be gone before I get to have a look

    Try Binance's live chat when you're logged in. Maybe they can help.

    Forget about BSC for now and get used to using regular Binance and Kraken. Then you can figure out how to buy some of the more obscure cryptos on BSC and Pancake Swap etc. Are you trying to swap less than 0.2 LTC?

    We're all in this psy-op together.🤨



  • #19
    deckie27
    Registered Users Posts: 1,901 ✭✭✭deckie27


    el diablo wrote: »
    Are you trying to swap less than 0.2 LTC?

    Yip
    Started with. 50 dollars
    Half in now in LTC

    It does seem you need to start with about about 200


  • #20
    el diablo
    Registered Users Posts: 5,745 ✭✭✭el diablo


    deckie27 wrote: »
    Yip
    Started with. 50 dollars
    Half in now in LTC

    It does seem you need to start with about about 200

    Yeah, maybe you're below the minimum allowable amount for converting between cryptos. Best to start with the basics and you'll figure it out as you go along.

    We're all in this psy-op together.🤨



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