The Binance exchange has a feature called “Binance Convert” for its users to convert their cryptocurrency from one to another.
To use Binance Convert, you don’t want to be a professional trader.
This simplified version of trading is very fast, easy to use and involves zero commissions. However, users will be subject to a withdrawal fee if they withdraw the converted cryptocurrency.
How to convert cryptocurrency to Binance?
To convert cryptocurrency to Binance, you need to go to the “Binance Convert” section.
Then, select the cryptocurrency pairs to trade.
Then, trade at the market price or at the fixed price.
Here’s how you can convert cryptocurrency on the Binance exchange.
- Steps to convert cryptocurrency from one to another on Binance
- Steps to convert cryptocurrency from one to another on binance mobile application
Steps to convert cryptocurrency from one to another on Binance
- Sign in to Binance
- Go to “Binance Convert“
- Set up Exchange pairs
- Click “Convert“
- Check your conversion order history
1. Sign in to Binance
Go to the Binance website and log in by entering your credentials or use the QR code for instant access.
To use the instant access feature, you need to scan the QR code displayed on the website from the Binance mobile application.
2. Go to “Binance Convert“
After logging in, you will be able to see more options in the upper left corner of the web page.
Hover over the “Trade” option.
In this way, you can see options, such as Binance Convert, Spot, Margin, P2P, Strategy Trading, Swap Farming, Fan Token and Binance OTC.
Since you want to convert crypto tokens, click “Binance Convert“.
3. Market order
The market order will execute your order at the market price in real time. Although market orders are subject to slippage, they guarantee immediate execution.
By default, you will be in the “Market” order.
Now, on the Binance Convert page, you need to select the cryptocurrency you want to trade and the cryptocurrency you want to receive.
Select cryptocurrencies using the drop-down box and enter the amount you want to spend in the “From” field.
Then, click “Preview Conversion“.
After clicking on Preview Conversion, you will be able to see the price, reverse price and the amount of cryptocurrency you will receive.
If you are satisfied with the price, click “Convert” in 6 seconds. Otherwise, wait for the next market price and click “Convert“.
4. Limit order
There is no slippage in the limit order. However, limit orders are not guaranteed for execution.
To use the limit order, click “Limit“.
Then, select the cryptocurrency pairs to trade in the From and To field.
After that, you can adjust the price in reference to the market price.
You also need to set the deadline for your Limit order.
Finally, click “Place Order“.
You will see a request to confirm your order. This shows how much encryption you will receive.
5. Check your conversion order history
Within a few seconds of clicking “Convert” or “Confirm” (if you use the limit order), the order will be executed.
To view the converted history, click View Status.
Otherwise, click “Orders” as shown in the image below.
Steps to convert cryptocurrency from one to another on binance mobile application
- Tap “Convert“
- Market order
- Limit order
- Audit history
1. Tap “Convert“
Open the Binance mobile application.
Tap the “interchange” icon at the bottom of your device’s screen.
Then, tap on “Convert“.
2. Market order
By default, you will land in the “Market” order section.
Since the market order executes your order at the market price in real time, it is subject to slippage. However, it guarantees immediate execution.
On the “Market” order page, you will need to select the cryptocurrency exchange pairs. Then, enter the amount you want to spend on this crypto exchange in the “From” field.
Then, tap on “Preview Conversion“.
Now a confirmation pop-up will appear. This pop-up has the amount of cryptocurrency you will receive.
Once you are satisfied with the conversion rate, tap on “Convert” within 6 seconds. Otherwise, wait for the next quote.
3. Limit order
By choosing the “Limit” order, you will get the converted cryptocurrency at a fixed price. Although there is no slippage in the “Limit” order, you will not get the guarantee for the order to be executed.
On the “Limit” order page, set the cryptocurrency exchange pairs.
Unlike “Market” orders, you can set the price in the “Limit” order. Binance will only execute the order if the market price meets the specified price.
In the “Limit” order, you need to set the deadline.
Finally, tap on “Place Order“.
Now a “confirm order” pop-up page will appear. You can see the amount of cryptocurrency you will receive on this pop-up.
Finally, tap on “Confirm“.
4. Audit history
To check this transaction, tap the “wallet” icon.
Then, select any of the crypto tokens involved in this conversion in the “Resources” tab.
Binance Convert is the one-stop solution for those who want to exchange their Bitcoins for Ethereum, Ethereum for Bitcoin, etc.
The Binance Convert feature is easy to use, instantaneous, and has a zero rate.