Educational Byte: How to exchange GBYTEs for USDT on Biconomy?

The main currency of the Obyte ecosystem, GBYTE, has a nice set of liquidity options for all users worldwide. One of them is the global cryptocurrency exchange Biconomy, where it’s possible to trade GBYTEs against Tether (USDT) on the Polygon (MATIC) network. To go further after that, Biconomy is known for its trading ecosystem, which includes over 140 popular currencies and a suite of services such as Spot, Futures, Earn, Kickstarter, and third-party payments.

As for GBYTE specifically, they offer a trading fee of 0.2% for makers and takers and a small withdrawal fee of 0.3 GBYTE (around $2). Besides, they have a 24/7 customer support system and claim to have a secure multi-tier platform. So, if you want to trade some GBYTEs on Biconomy, follow these simple steps.

How to buy GBYTEs?

Step 1: Security and Verification

Take into account that Biconomy is a centralized exchange, so, depending on the amount involved, it may ask for ID verification to trade and withdraw. The best way to avoid any issues is to complete the verification and security process before depositing your assets there. Of course, you’ll need to create an account with email and password first. Then, log into your account and go to the “Identification” section (on the avatar menu).

There are three verification levels. The first one is Unverified, which only allows for 0.05 BTC in daily withdrawals. The second one is Primary Verification, with a daily withdrawal limit of 20 BTC. For this one, you are required to share your national ID card or passport (almost all countries are accepted). The third level is Advanced Verification, with unlimited withdrawals. Besides the ID card or passport, a selfie holding a note with your Biconomy ID is also required on this level.

Once you’ve completed the most convenient verification level for your needs, you’ll need to go to the Security Center (also on the avatar menu). All security items will be required to be filled before making withdrawals, so complete them in full: email verification, phone verification (with an SMS code), Google Authenticator (you’ll need to download the app), fund password, and anti-phishing code.

Step 2: Deposit and Trade

After completing security and verification on Biconomy, you’re ready to transfer USDT to your Biconomy account to buy some GBYTEs with it as a payment. The option is available on the Wallet menu – Deposit Crypto. Just select the token (USDT) and the network you’re using. A deposit address will be generated immediately.

It’s important to consider here that Biconomy only handles USDT on three networks: TRON (as a TRC-20 token), Ethereum (ERC-20), and Binance Smart Chain (BEP-20). So, it could be from the MetaMask wallet or any other Tron or Binance-compatible wallet.

With the deposit confirmed after some minutes, you can proceed to the “Spot” section and select a trading pair —GBYTE/USDT, in our case. This way, you can buy GBYTEs with USDT. There are two methods available: market (immediate transaction, with a flexible price rate) and limit (conditional transaction, with a fixed price rate).

However, be mindful that even a market order won’t be filled immediately if there aren’t enough traders at the moment. In that case, you’ll just need to repeat your order. And that’s it! You must be able to trade or withdraw your new GBYTEs at this point. But wait, you can’t just do that directly into your Obyte wallet, but only back to MetaMask. They’re Polygon-based GBYTEs and not Obyte-based GBYTEs. If you want to use them inside the Obyte ecosystem, there’s a step left for you.

Step 3: Counterstake Bridge

Let’s remember that, at least for now, it’s only possible to trade GBYTEs on the Polygon network on Biconomy —not yet on the Obyte network. In case you’re not sure what that’s about: if your coins are stored in a regular Obyte wallet, they’re Obyte-based; if they’re stored on MetaMask or any other Polygon-compatible wallet, they’re Polygon-based.

It’s not possible to just send them across wallets because, beyond what you can see, they’re in different and non-compatible ecosystems. You’ll need the Counterstake Bridge to do the job. This is a user-friendly platform (available as a website) that lets its users exchange Obyte-based assets with other networks, and vice versa. For example, ETH on Ethereum to ETH on Obyte, BNB on the Binance Smart Chain to BNB on Obyte, or, of course, GBYTEs on Polygon to GBYTEs on Obyte.

The process is quite simple. Only open Counterstake, select GBYTEs on Polygon to GBYTEs on Obyte, set the amount and your Obyte wallet address, and press ‘Transfer’. The status of your order will appear below: Sent – Confirmed – Claimed – Claim Confirmed. Once the final status is achieved, your new Obyte-based GBYTEs must be in your Obyte wallet, ready to use.

How to sell GBYTEs?

You can take this route after the security and verification step on Biconomy. If you want to sell Obyte-based GBYTEs, directly from your Obyte wallet, then you’ll need to go first to Counterstake and bridge them from GBYTEs on Obyte to GBYTEs on Polygon. Pretty much as we described before, just the reverse direction. Instead of typing your Obyte wallet, you’ll be typing in your MetaMask wallet to receive the Polygon-based assets.

Once they’re available on MetaMask, you’re ready to deposit them on Biconomy. The route is the same: wallet menu – deposit crypto. Just select GBYTEs as an asset and Polygon as the network. After the deposit is confirmed, you can go to the “Spot” section, select the trading pair, and sell GBYTE to get USDT on a market or limit order. Next, you should be able to trade and withdraw your new USDT in the offered networks (TRON, Ethereum, or BNB).

Now, all things considered, enjoy your GBYTE trading experience on Biconomy! However, remember that depositing and trading coins in centralized exchanges always entails a certain level of risk for your assets. Try exchanging only the amount you need, and don’t use these centralized platforms as long-term cryptocurrency wallets.

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