BUSD ERC20 - How can i buy Ethereum with this?

wopwhopper82 · October 27, 2021, 4:17am

I have Binanace USD ( BUSD) - ERC20 in my Trust Wallet and I would like to use it to buy Ethereum. I can’t figure out how to do that. Can someone assist?

Thanks!

Alan47 · October 27, 2021, 4:44am

Hello @wopwhopper82 try this guide: How to Trade with the Built-In DEX (Swap Option)

wopwhopper82 · October 27, 2021, 1:11pm

It will allow all Binance swaps except BUSD erc20. Please advise how I can use BUSD erc20 to swap to ethereum.

Alan47 · October 27, 2021, 3:35pm

@wopwhopper82 if there’s no option on the DEX, try to use DApps such as Uniswap, 1inch etc…. to convert your BUSD to ETH.

wopwhopper82 · October 28, 2021, 2:10pm

I went ahead and used Uniswap to swap BUSD ERC20 to ETH. They took $62 in gas fees but did not do the swap. It’s been almost 24 hours. Transaction shows successful, but funds are still in my BUSD wallet and my ETH wallet is still minus the gas fee.

Alan47 · October 28, 2021, 2:19pm

When swapping tokens for the first time, you have to approve it first to be spendable. And, that is what you did just now.

Since you are done approving the token, you need to enter the amount that you want to exchange then press the swap button.

All in all, you will confirm two transactions: approve and swap

NB: Both token approval and swapping transactions needs gas fees.