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How to Bypass Kucoin while Trading BCH for WAX, or Vice-Versa

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Avatar for VideoGameDana
Written by   69
1 year ago

May 22, 2021 was a big day for those in the WAX universe. R-Planet was having a sale of their mini and mega packs, allowing people to obtain hundreds & even thousands of dollars worth of NFT's for a fraction of the price. But something else happened that day.

Kucoin showed their true colors.

This is speculation on my part, but it makes total sense to me. In anticipation of R-Planet's pack sale, Kucoin initiated a planned, unannounced freeze on WAX deposit credits. They allowed deposits, but they just stopped crediting them to accounts. I speculate that, due to the volatility of WAX created by the R-Planet sale, Kucoin took advantage of this by using the influx of WAX deposits as leverage before its price would drop back down after the sale. Once the price dipped back down to what it was before the R-Planet pack sale, roughly ten hours later, Kucoin finally started crediting WAX deposits.

As an added bonus to themselves, on the same date that they withheld WAX deposits for 10 hours, Kucoin TRIPLED their withdraw fee for WAX from 10 WAX to 30 WAX. It wasn't bad enough that they held their customers' WAX hostage. They decided to up the ransom.

I haven't used Kucoin since. I hope to never have to deal with them again. Bitcoin Cash is my cryptocurrency of choice, but I use WAX as a necessity to generate income. Given this, I made it my mission to find a way to trade the two currencies for each other while also leaving Kucoin in the dust. I have discovered such a method and now I feel it is my duty to share it with you, so YOU don't fall victim to Kucoin's thievery.

Step 1: Download the Metamask Chrome Extension. I use this extension on Brave Browser without issue. There are also iOS and Android versions of Metamask available. I don't have experience with the iOS version, but I do use the Android version without any trouble. It has its own built-in web browser so it is compatible with any site that would normally need to be compatible with the browser extension.

Step 2: Add the Binance Smart Chain Network to your Metamask. Make sure your Metamask opens to the Binance Smart Chain and not the Ethereum Network.

Step 3: Obtain BSC BNB (BEP-20). It is important that you obtain BNB on the BSC network, and not the Binance Chain (which is essentially an ETH token). Do take note that you can NOT obtain BEP-20 BNB on Binance dot US. This means that if you're in an oppressive nation like the United States, North Korea, Iran, or Cuba, you won't be able to legally obtain BEP-20 BNB. If one were to use a VPN, such as the free version of Proton VPN, and connect to the Netherlands, they might be able to get around this. I do not condone doing anything illegal in your country.

At first I thought that Binance dot COM was the only way to obtain BEP-20 BNB. I learned the hard way that for certain individuals, they require you to withdraw a minimum of $60 worth of BEP-20 BNB to obtain it from their exchange. This didn't fly with me. Thankfully I discovered that the amazing, beautiful DeFi AI Sideshift has BEP-20 BNB listed. So instead of going the Binance route, I HIGHLY recommend you simply shift your BCH to BEP-20 BNB using Sideshift.

If your mission is to swap WAX to BCH, then I only recommend getting enough BEP-20 BNB to pay for gas fees. I would recommend giving yourself a $5-$10 cushion, but you could get away with less. Just keep in mind that gas fees, like ETH gas fees, change frequently. Thankfully we're talking about $0.30 to $2.00 and not $25 to $90. However if your mission is to swap BCH to WAX, I recommend shifting all of the BCH you're trying to trade to BEP-20 BNB. I would also recommend paying attention to the values of BNB and Alien Worlds Trilium (TLM), and making sure you get enough BEP-20 BNB to obtain at least 100 TLM with it.

Now that Steps 1-3 are complete, we have come to a fork. I will first explain how to obtain WAX, and then afterwards I will explain how to obtain BCH. They will basically be the reverse process of each other.

HOW TO OBTAIN WAX:

Step 1: Obtain Alien Worlds Trilium (TLM). IMPORTANT: MAKE SURE YOU OBTAIN AT LEAST 100 TLM! Yes, you read that correct. The process includes an in-game currency that just so happens to also be a cryptocurrency. I won't go into the details of Alien Worlds here, but I will say that TLM is the currency used in the game Alien Worlds. You can obtain it either through Binance dot COM, which I don't really recommend, or you can use the popular DeFi PancakeSwap. I highly recommend the latter because the fees are substantially lower. Keep in mind that the version of TLM you obtain in this step will still be on the Binance Smart Chain.

Step 2: Convert your BSC TLM to WAX TLM. In order to trade your TLM for WAX, you will need to first bridge it from BSC to the WAX chain. Thankfully, the team at Alien Worlds has made this easy with their teleport feature. Keep in mind that you must teleport at least 100 TLM at a time. You will need to connect both your Metamask (and ensure it connects to BSC and NOT ETH) and your WAX wallet. Then you input the TLM you'd like to convert to WAX, press the appropriate button, and then watch the Dashboard. Depending on various conditions, it can take some time, but personally I haven't had to wait more than five minutes for a teleport to go through. I've even had a teleport go through in less than a minute. If you want to be absolutely sure, you can always ask the friendly staff at the Alien Worlds Telegram if there are any current issues with their teleport feature.

Step 3: Trade your TLM for WAX! The exchange of choice to perform this trade is Alcor Exchange. Unlike most exchanges, the fees are very low and they don't hold your crypto hostage with withdraw fees. It works essentially like a DeFi, but with Spot Trading if you wish to go that route. Congratulations! You have successfully converted BCH to WAX without having to go near Kucoin!

HOW TO OBTAIN BCH:

Step 1: Trade your WAX for Alien Worlds Trilium (TLM). IMPORTANT: MAKE SURE YOU OBTAIN AT LEAST 100 TLM! You can do this easily on the Alcor Exchange.

Step 2: Teleport your TLM to the Binance Smart Chain. Keep in mind that you have to teleport at least 100 TLM at a time. This can be done using Alien Worlds' teleport feature. If you're worried about whether or not there are any current issues with the teleport feature, you can always ask the helpful staff in the Alien Worlds Telegram.

Step 3: Trade your TLM for BEP-20 BNB. You can do this at Binance dot COM, but I recommend using PancakeSwap instead. Keep in mind that Binance does deal in BCH as well so you can manage to skip the next step if you use Binance.

Step 4: Shift your BEP-20 BNB to BCH using Sideshift. It's that simple!

I hope you found this tutorial to be helpful. Fight the powers that be!

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Avatar for VideoGameDana
Written by   69
1 year ago
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