First HIVE Trading Experience Since Binance Was Banned in the Philippines
It's good to know there are other crypto exchange/swap sites available where we can trade HIVE. Filipinos don't have any access to Binance anymore thanks to their non-compliance so what else can we do to get the HIVE we've earned from posting here, right?
Because of that, it caused a conversation online and of course on the Hive blockchain too. Local finance apps aren't adding HIVE crypto at all even if we've asked for it for years. So where else and how would we Pinoy users be able to exchange any crypto to PHP?
Due to the issue, months ago somebody suggested I use a trading site where HIVE is listed. Oh joy. Actually I have another swap site I checked out before the Binance hullabaloo but still I haven't used it for HIVE. I will use SimpleSwap next time but for now I will talk about the one suggested to me.
![image.png](https://images.hive.blog/768x0/https://img.inleo.io/DQma1z34ZzFp3ebYAn9zFGpujchjQXPqwgfJ7bvVp8G13ug/image.png)
Screenshot from the website itself.
A little bit of background first
I've been using various cryptocurrency trading and exchange sites since 2017. I did a self-study crash course on the blockchain and everything crypto at the time just to be able to understand how to earn on Steemit. Had no clue about crypto before that so I really had to do my own research. 😂
To cut the long story short, of course I'm not a major trader at all. I just use exchanges and wallets to get my crypto "earnings" from "writing sites" like this Hive blockchain (which hardforked off Steemit). And so that's what I thought of doing again last month. No more Binance for us so the next best thing to use were crypto swap sites. This is when I did a test on how to do it on the image of the site you saw above.
From what I know from using other wallets and trading occasionally online, certain blockchain protocols (forgive my lingo as I am not a crypto expert) do not expire. When a request to trade is executed it will never be erased and can still be processed as long as the next step is done. That step is sending the crypto to whichever other wallet address you'd like the traded crypto amount to go.
I've seen that on Metamask and also on another site I can't recall at the moment. Meaning I thought you can just continue that transaction at a later time without any problem because there's no deleting that trade request.
And so that's where I was coming from. Assuming it also applies to other sites, I went ahead and tried to use StealthEX for the first time.
How to Swap HIVE to USDT (ERC20)
Well if you already know what happened to the transaction I did then good job. Haha.
But let me just give you the step by step on how to do a swap on this site until I encountered the error. 😅
Once you're on the site homepage, choose which crypto you will send and exchange it to. As you saw in the above image I chose HIVE and USDTERC20.
There's also a minimum amount which will be automatically indicated if the value you entered is less than that. So put in more than the minimum amount. For example 100 HIVE.
Click Start Exchange button and then you will see this page.
You will then see the Confirmation page after you put in the details.
Upon clicking the Next button you will see the Exchange page.
Now this is where I stopped because I didn't have the minimum HIVE amount required. Had to wait until I had enough before I put the trade request in.
Lesson Learned
Don't be like me who did the next step after how many days. 😂 If you're gonna use swap sites like this make sure to do all the steps immediately. Send the HIVE as soon as you get to the page on the last step I did above so the transaction will go smoothly. Otherwise it will not be processed nor go through without the help of customer service.
Apparently of course an old initial trade request will not work anymore because of the different exchange rates at different times. Doesn't matter if the initial request will never be deleted on the blockchain, it will not be automatically executed either. Perhaps it depends on the system or site you use, I dunno. Like I said I'm not an IT expert nor a developer/programmer.
Also, if you will send an amount with decimal points, make sure it's only with 3 decimal points because you can't send out any HIVE amount more than that from your HIVE wallet. For example, it must be 99.XXX HIVE or 99.978 HIVE only and not more than that like XX.12345678 or 88.978654321.
The good thing about this problem is, the HIVE was just deposited to the HIVE wallet of the exchange, (@ exchangeme). Definitely I got the refund back from customer service. They are quick enough to respond to any concerns.
However their site is still using hiveblocks.com to check the hash. Unfortunately that site says the node is down (don't know since when) and they will not proactively give you any other site for you to check on the hash. They will ask it for the transaction you have issues with, together with the Exchange ID. (I didn't know where else to check the HIVE blockchain hash and didn't bother to search online.)
What could have been resolved in a few email exchanges took more back and forth than it should before everything was resolved. Oh well. At least I got back my HIVE. That's what matters the most.
Will I use it again? Well sure why not. I can use it or the other one. Don't know which one has the higher/lesser fee or perhaps they're the same. I haven't checked yet. Maybe you can tell me about it? Haha.
How about you, have you used any of the two swap sites before? Or which one do you use except for major exchanges like Binance? Feel free to share your thoughts in the comments.
XOXO,
@artgirl
Spam or irrelevant comments will be downvoted if not revised upon warning.
Written by @artgirl for Hive
© Art x Stephanie Rue / Lucy Stephanie
@artgirl is a freelance writer/blogger/artist, online seller, real estate agent and Manulife financial adviser.
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I bookmarked this for future reference. Thanks for sharing this info
Uy salamat din sa pag-appreciate. 😁
You need to consider using a DEX that was built by people on Hive to be an on and off ramp to the token.
Leodex.io is a way to get in and out of Hive from coins such as ETH or BTC.
Lol wow really pushing Leodex I see. Haha.
Well it is something that benefits anyone holding Leo Or Hive.
I might need this too in the present so thanks for the share. UwU. But wait, I tried opening Binance like right now but I can still open it. But I think, with the official website, hindi na nga. Pero the app is still okay. If nag totally ban na talaga si binance, naku, sayang, lol. But at least, may back up na, thanks to the info you share about this.
Yeah meron pa ung app nag-try din ako pero meron ako dati di magawa. Forgot na bsta ayaw ko n ma-stress kaya wag n lng. Hehe. Ayaw ko na rin gamitin app kasi sa website ko ginagawa trades eh. Pag app n lng e need ko pa install ulit kaya di n lng muna. 😁
Hahaha, hassle na. Saka comfortable kana jan sa isa kaya keri na yan.
LeoDex is something that you want to take a look at.
It is designed to be an on and off ramp to Hive. You can swap HIVE for any of a number of tokens such as ETH, BTC, USDC, and USDT.
It is decentralized and built by people on Hive, for people on Hive.
Yep, that's good there's something like that now.
Ok pa naman Binance app ko.
oks. Ako uninstalled n mtgal n. hehe
Why not use LeoDex?
It is a dex built by Leo to offer the ability to swap HIVE and other layer two tokens.
https://leodex.io/
Well I never heard of it until you three commented abt it. Thanks for letting us know!
what's really cool is that LeoDex recently launched and solves this completely...
you can trade HIVE (soon HBD), SPS, & DEC to L1 assets in seconds very cheap.
as you can see in this screenshot, 100 HIVE -> USDT on arbitrum for less than $1
no KYC, no creating accounts, no BS. just connect wallet & trade. https://leodex.io/
if you need tutorials, we have plenty at https://leodex.inleo.io
happy trading, fren
Oh perfect. Good to know we have that now!
Thanks for sharing your experience and glad you were able to get the trade done but it seems you could have had a smoother experience on LeoDEX.
It's decentralized, easy to use and you can easily trade Hive to a myriad of L1 assets (pr the other way around)
Hmmm. I haven't seen that yet. Thanks for letting me know. Will check on it next.
Why were you converting to USDT? Do you intend to cash out to fiat (peso)? In PH, you can leverage on certain communities where there are direct buyers of Hive or HBD.
Yes it must be turned to PHP. Which one do you use?
I would do P2P with hive users (e.g. HivePH discord or Splinterlands players). I used Binance as well, but given its regulatory risk, one option is to swap to any other coin that would have minimal gas fees like XRP. Though I haven't explored yet outside Binance for now as I rarely cash out.
No P2P site for Hive and local fiat so am sticking to HIVE-USDT trades for now. 😁