Recently, the Binance trading platform launched the Binance Convert service . Cryptocurrency exchange has become easier and takes literally a few seconds. In this article , we will tell you what Binance Convert is and how to use it .
What is Binance Convert
Binance Convert is an instant digital asset exchange service. It supports cryptocurrency and fiat money and is available to all Binance exchange clients. All you have to do is register and pass identity verification. Then, where you can deposit money into your deposit and transfer it very quickly, followed by a withdrawal from the exchange.
If you do not already have an account on the Binance platform, you can work on the P2P site.
Binance Convert automatically offers the best price (without transaction fees) based on market conditions and lock conditions for a specified period of time to check before execution.
It also turns out that it is more profitable to trade cryptocurrencies on Binance Convert than on the spot market. Especially if you need to make a deal right now.
Tokens and coins compatible with Binance Convert
More than three hundred cryptocurrencies and seven fiat assets are supported. Supported currencies also include fan club tokens . It can be said that Binance Convert contains almost any currency that can be placed in your Binance wallet.
But there are no fixed trading pairs here. If you immediately want to exchange the tokens of one project for another, you will first need to transfer them to Bitcoin , USDT, ether or a fiat asset, and then buy the currency you need. Therefore, it performs two or even three operations instead of one.
'market' and 'limit' mode
In "market" mode, it exchanges currencies at the current exchange rate. To some extent, this situation is similar to a market order on a spot.
In "limit" mode, the exchange rate is set by the user. But you can wait for the transaction to complete for a long time. Orders in this mode are executed based on market conditions and does not guarantee that your limit order will be triggered on Binance Convert once the market price matches the tick you selected.
How to exchange cryptocurrency at Binance Convert
The link to go to Binance Convert is available in the drop-down menu of the trading section. Open, select the mode and place an order.
If you select "Market", in the upper field you need to specify the asset that you offer to the exchange. Where the funds must be in a cash purse or deposit. Select the option you want and enter the amount. And if you do not plan to reserve some coins for other purposes, just click on “Everyone”.
In the lower field, indicate the asset you want to receive and click the Preview button. The system will automatically calculate the exchange rate and display the result.
If everything suits you, confirm the exchange and wait for the order to complete.
If the current exchange rate does not suit you, switch to the "limit" mode. Here the arrangement will look a little different. Where on the left you will see the current exchange rate for your chosen pair and the graph of its change in the last 24 hours. This will help you better evaluate the exchange opportunities at the price you want. For more technical analysis.
In the upper field, indicate the cryptocurrency you offer for the exchange and the amount. And in the second field on the left, write your exchange rate, and in the second field on the right, indicate the date of closing the order. You can set an hour, a day, three days a week, or a month. And if the application does not work during this period, it will be canceled by the system. The amount you should receive will be automatically calculated based on the information you have specified. As each asset and each pair has its own exchange limits. And if your quantity is less or larger, you will not be able to place an order.
As mentioned earlier, there are no fixed exchange pairs, you can create them yourself. Binance Convert supports over 45,000 asset conversion options. And in some cases, the exchange works only in one direction, for example, you can buy a new ETHW fork, but sell it until it works.
How to replenish the balance in Binance Convert
Users usually start working on any exchange by replenishing a cash wallet.
All you have to do is open or search for the currency you need, copy the address or scan the QR code and send the vault from your personal wallet.
If it is a fiat asset, for example, US dollars, then you need to select the option to deposit and transfer funds by following the indicators. And if you mine cryptocurrencies on Binance Pool or trade on p2p, your assets are in the wallet for replenishment. And there is no need to move it anywhere, you can replace it.
Trading commissions on Binance Convert
There are no fees. Since when you make a trade, you will receive exactly the amount that you see after pressing the "Preview" button in the "Market" mode. And in the "limit" mode, the amount will depend on the exchange rate you selected, but in any case, there will be no hidden fees.
conclusion
Binance customers can now access another feature. The Binance Convert is great for beginners, maybe even sellers. As there is no commission and instant execution. And you can try and see for yourself. profit trading.
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