How to Buy Axie Infinity Coins Using Binance: A Guide for Players and Investors

Non-fungible token (NFT) games are all the rage these days. They’ve given people a new way not only to entertain themselves but also to make money. One of the most popular NFT games in the Philippines is Axie Infinity.

The pandemic pushed a lot of Filipinos to play Axie Infinity.^[1] The response to the game was overwhelming, attracting a lot of new players. And because the game runs on two virtual currencies with a real-life value, many crypto investors started venturing into this metaverse, too.

The game’s two coins, namely Smooth Love Potion (SLP) and Axie Infinity Shards (AXS), can now be traded on Binance, the world’s largest crypto exchange. If you want to know how to buy and sell Axie Infinity Coins using Binance, here’s a quick guide that you should check out.

Read more: 5 Essentials for Cryptocurrencies: Get Started Now

What are Axie Infinity Coins?

If you’re new to the game, it’s important that you know the difference between Axie Infinity’s two native currencies: SLP and AXS.

SLP is an Ethereum-based cryptocurrency that you’ll earn from playing the game. This is required for breeding Axies, which are the NFT characters that you’ll use for completing quests and battling other players. As of this writing, one SLP is equivalent to ₱1.10.

AXS, on the other hand, is the game’s governance token. Just like SLP, this coin is Ethereum-based. Those who own AXS are directly involved in determining the future of the game since this particular crypto comes with in-game voting privileges. If you’re a serious investor, consider getting AXS since you can stake it. You can even use AXS to purchase items within the Axie NFT marketplace.^[2]

Currently, one AXS is equivalent to ₱3,342.25

IMPORTANT NOTE: Before you proceed to the next section of the article, you may want to create an account and familiarize yourself on how to use Binance and have it verified.^[3]

How to Buy Axie Infinity Coins Using Binance

Whether you need extra Axie Infinity coins to play the game or just want to stock up on them for investment purposes, you can buy these cryptocurrencies on Binance. For illustrative purposes, we’re going to use the trading pairs SLP/USDT and AXS/USDT to buy your Axie Infinity Coins.

How to Buy USDT Using Binance

Before you buy AXS or SLP, you need to exchange your PHP for Tether (USDT) first. You can buy this coin using Binance’s peer-to-peer (P2P) trading platform. This means that you’re going to transact with your fellow traders.

Here are the steps:

1. On your dashboard, click “Buy Crypto.” Then, click “P2P Trading.”
2. On the next page, click the “Buy” button. Make sure that USDT's selected and your currency's set to PHP.
3. Input the amount of PHP that you want to spend.
4. Choose your mode of payment (e.g. GCash, PayMaya, bank transfer, etc.)
5. Once you’ve supplied the required details, you’ll see a list of sellers that fit your requirements.
6. Pick a seller, then click “Buy USDT,” and follow the prompt.
7. After making sure that USDT's already in your account, transfer it to your Fiat and Spot wallet. Click “Transfer” to initiate the process.

Read more: Crypto Wallet in the Philippines―What It’s For, How to Get One, and the Best Crypto Wallets

How to Buy SLP and AXS Using Binance

Now that you’ve loaded USDT, the next thing you should do is buy your SLP or AXS. Both currencies follow the same process.  Here’s how to buy Axie Infinity coins using Binance

1. On your dashboard, click “Trade” and select “Classic.”
2. You’ll be directed to a page that shows a chart and different tables. On the right side, type “SLP” into the search bar if you’re buying SLP. If you’re buying AXS, just key in “AXS.”
3. Click “SLP/USDT” if you’re buying SLP. But if you’re buying AXS, click “AXS/USDT.”
4. Scroll down, input your desired price (refer to the values highlighted in red on the left side of the page), and check the amount of SLP or AXS.
5. Once you’re good with everything, click the “Buy SLP” or “Buy AXS” button.

Read more: Compare the Best Cryptocurrency Trading Platforms in the Philippines

How to Sell Axie Infinity Coins Using Binance

Binance allows you to turn your SLP and AXS into real cash through its easy selling process. Note that this method uses Binance’s P2P trading platform, which means you’re directly selling your coins to your fellow traders. This is perhaps the fastest way to convert your Axie Infinity coins into PHP and withdraw the earnings straight to your nominated bank account.

How to Sell SLP Using Binance

Selling your SLP using Binance P2P's pretty straightforward. Here’s what you need to do.

1. On your dashboard, click “Trade” and select “P2P”.
2. On the next page, click the “Sell’ tab. Don’t forget to set your fiat currency to PHP.
3. Click the “SLP” tab.
4. Choose your mode of payment (e.g. GCash, PayMaya, bank transfer, etc.).
5. You’ll then see a list of buyers. Pick a buyer based on your criteria.

How to Sell AXS Using Binance

Selling your AXS through Binance P2P isn’t possible as of the moment. So, what you need to do is convert your AXS into supported tokens, such as USDT, BUSD, BTC, ETH, and SLP. Once converted, you can then sell it to wiling buyers.

Here are the steps you need to follow:

1. On your dashboard, click “Wallet,” and select “Fiat and Spot.”
2. On the next page, go to AXS and click “Convert.” For illustrative purposes, we’ll be converting AXS into Binance USD (BUSD).
3. Under “From,” select AXS. Under “To,” select BUSD.
4. Enter the amount of AXS you want to convert.
5. Click “Preview Conversion.” If you’re okay with the converted amount, click “Convert.”
6. Go back to “Fiat and Spot” to confirm that your AXS is already converted into BUSD.
7. Click “Funding.”
8. On the next page, go to BUSD and click “Transfer.” Alternatively, you can click the “Transfer” button found on the upper right side of the page to initiate the process.
9. Under “From,” select Fiat and Spot. Under “To,” select Funding. Enter the amount of BUSD that you want to sell.
10. Click “Trade” and select “P2P.”
11. On the next page, click “Sell.” Then, click the “BUSD” tab.
12. Set the fiat currency to PHP.
13. Choose your mode of payment (e.g. GCash, PayMaya, bank transfer, etc.).
14. You’ll then see a list of buyers. Select a buyer based on your criteria.
15. Once you’ve picked a buyer, click “Sell BUSD” to initiate the sale process.

Read more: Coins Pro Trading: What You Should Know Before Buying Cryptocurrencies

How to Transfer Axie Infinity Coins from Binance to Ronin

Alternatively, you can transfer your SLP and AXS from Binance to Ronin wallet. That way, you can easily use your Axie Infinity coins for playing.

With only a few steps to remember, using Binance to transfer Axie coins to Ronin is easy to do. Here’s what to take note of:

1. On your dashboard, click “Wallet,” then select “Fiat and Spot.”
2. Go to SLP or AXS, then and click “Withdraw.”
3. Enter your Ronin address and select your network. For this transfer, select the Ronin network (RON).
4. Enter the amount of SLP or AXS that you want to withdraw.
5. Click “Withdraw” to initiate the transfer process.

Related reading:

• Play to Earn: Make Money While Having Fun with These 21 Crypto Games
• Dabbling in Crypto? Learn More About Crypto Apps

Final Thoughts

While the hype surrounding Axie Infinity has already dwindled, you can’t deny that a lot of people, both players and crypto investors, are still into this game. If you’re one of them, you should know that there are other ways how to buy Axie Infinity coins using Binance. This article only covered the basics, so it would be wise to check out other resources, especially if you’re planning to develop advanced trading skills.

Sources:

• ^[1] This Video Game is Turning the Pandemic Jobless Into Crypto Traders (Bloomberg, 2021)
• ^[2] Axie Infinity Shards
• ^[3] Register with Binance