Binance convert is the solution that makes cryptocurrency usage more flexible.
It’s benefit is more appreciated by beginners and new users of crypto.
This is because when it comes to trading, a beginner in crypto is always freaked out.
Be it buying of cryptocurrency.
Even when it comes to selling of crypto.
This is always due to the task involved before you can buy or sell crypto.
Such task include selecting if you want to use the market order or the limit order.
These things freak out a total beginner easily.
But with the use of crypto conversion on binance, the situation is very different.
This is because buying and selling of crypto gets very simplified when you make use of binance convert crypto.
In this guide, you will be thoroughly exposed to how to make use of crypto conversion successfully on binance.
What Is Binance Convert
This is a simplified method of buying and selling cryptocurrency on binance.
When you want to do anything with cryptocurrency, you need to have it.
To have a crypto, you need to buy crypto.
You can also sell one cryptocurrency to another.
This is done with the use of different types of order on the crypto trading platform.
Most times, the use of an order to buy or sell crypto brings some level of complexity to traders.
This is very common in the case of total beginners.
Most trading gets delayed when the choose an inappropriate limit order settings.
This prolongs the execution of their trade and sometimes they feel that they have lost their crypto funds.
But when you make use of binance convert crypto, you buy and sell crypto with the easiest way you can imagine.
How Binance Convert Crypto Works
Knowing how to convert crypto on binance is very important for you.
This is due to the simplicity it has.
Not just being simple to use, it is fast too.
The way binance convert works is that it converts one cryptocurrency to another.
This does not need you to stress yourself with the spot trading section.
You just choose the crypto you have and then select the crypto you want to convert to.
After that, you input the amount of crypto you want to convert.
When you are done with that, just click on the convert button and there you have your desired crypto.
Requirements Before Using Binance Convert Crypto
Before you make use of the crypto conversion option on binance, you must fulfill some requirements.
Fulfilling these requirements is what will make the conversion process a success.
Some of the requirements include;
1) Have The Crypto In Your Spot Wallet
When you want to use the convert crypto on binance, you must have funds in the right wallet.
Know that you are converting from one cryptocurrency to another.
But to make sure that this is successful, the cryptocurrency that you want to convert from must be in the right wallet.
The right wallet to use for this is the spot wallet.
With your crypto assets in the spot wallet, your binance crypto convert will be successful.
So if you have funds in other wallets like the margin or futures wallet, make sure that you transfer the crypto to your spot wallet.
2) Have The Right Amount Of Crypto In Your Spot Wallet
Remember that you are converting from one cryptocurrency to another.
To make sure that this is successful, you should have the right amount of crypto in your spot wallet.
This will make the whole process successful.
For example if you want to convert 20 BNB to USDT, what you will receive in your spot wallet will be USDT.
But to have the right amount of USDT from our BNB conversion, we need to have the right amount of BNB in the spot wallet.
So if the required amount of BNB is 20, do not have anything less than that in the spot wallet.
If what you have in the spot wallet is less than 20, the binance convert process will not be successful.
But if you have the right quantity, it will be successful.
So make sure that you have the correct amount in your spot wallet before you convert.
This will go a long way in making sure that your conversion of BNB to USDT on binance is successful.
How To Buy Or Sell Crypto With Binance Convert
If you are confused how to properly buy and sell cryptocurrency on the spot trading market, we have you covered.
You can still buy or sell your crypto to any crypto of your choice.
You will not need to stress yourself with the limit order or any other type of order.
With just few clicks, you will successfully convert your crypto on binance easily.
Make sure that you carefully follow the steps below.
Step 1: Sign In To Binance Account
Before you can convert one cryptocurrency to another on binance, you have to sign in first.
This will give you access to the cryptocurrencies that you have on binance.
From there, you can perform the task that you want to perform easily.
Step 2: Click On Trades
Now that you have successfully gained access to your binance account, you should proceed to the next step.
This is to access the convert function.
To access this, click on the trades button.
From there, you will see the convert option.
Step 3: Click On Convert
To proceed with the binance convert crypto, you need to make sure that you choose the convert option.
When you access the trade section of binance, you will see a lot of options.
Such options include spot trading, margin trading, convert and others.
Due to what we want, what we are concerned with is the convert option.
So make sure that you click on the convert button.
Step 4: Select The Crypto And Amount You Want To Convert From
In this step, you are going to select the source crypto.
This is very important.
The source crypto is the crypto that you have in your spot wallet.
This is the crypto that you want to convert to another crypto.
Like it was said before, you must have the right quantity that you want to use in your spot wallet balance.
This will reflect when you choose the crypto you want to convert from.
You can choose to use the whole amount in your spot wallet by clicking on max.
After you have selected the crypto you want to convert from, select the amount.
The amount you select depends on the amount of the converted crypto that you need.
Also when inputting the amount that you want to convert, pay attention to the allowable limit.
What you should know is that every coin has its limits.
So you have you convert within the allowed limit.
For example, if you want to convert from ETH, the allowed limit is between 0.005 ETH to 1500 ETH.
This means that you cannot convert below 0.005 ETH.
Also, you cannot convert more than 1500 ETH.
So input the amount you want to convert and proceed.
But make sure that the amount is within the limits that is allowed.
Step 5: Select The Crypto You Want To Convert To
Now that you have selected the cryptocurrency you want to convert from, select the crypto you want to convert to.
With this, when you convert, the converted crypto will reflect in your spot wallet.
For example if you want to convert from BNB to USDT, you will be receiving USDT.
This USDT will be sent to your spot wallet.
So if you want to convert your crypto to USDT, make sure that you choose USDT.
After you have chosen the crypto you want to convert to, the amount you will receive will be shown.
The amount you will receive depends on the amount of crypto that you want to convert from.
So always make sure that you choose an amount that will be enough when the crypto is converted.
Step 6: Preview Conversion
After you have successfully inputted the crypto or fiat you want to use in the conversion and also chosen the quantity to convert from, you have to preview.
To do this, simply click on the preview conversion button.
The preview of the crypto conversion on binance will show you the amount of cryptocurrency or fiat that you will receive.
This is very important so as to make sure that you receive the right quantity of cryptocurrencies that you need.
If the amount to receive is too small, make sure that you increase the amount you want to convert from.
Also, if the amount to receive is too large, make sure that you reduce the amount of crypto that you want to convert from.
So always check the information displayed well.
Step 7: Confirm The Crypto Conversion
Now that the preview conversion has shown you the amount of cryptocurrencies that you will receive, go ahead and confirm the conversion.
To confirm the conversion, you will need to click on the convert button.
In this step, you have to be very fast as the time give is 6 seconds for you to confirm the conversion.
This is because the amount you will receive will be capped to a price.
Due to the volatility of cryptocurrencies, the conversion has to be fast.
When you are done, the cryptocurrency in the amount that was shown before you confirmed will be sent to your spot wallet.
Binance Convert Fees
There are no fees when you make use of crypto convert on binance.
It is a totally free method.
This is to make it easy for people to easily swap crypto to another crypto without making use of the spot trading market.
It is a very convenient way for beginners to buy and sell cryptocurrency on binance.
Binance Convert Crypto Limits
I wish binance convert could be limitless.
But the thing is that it has some limits.
This limit is not too bad as it is large enough for small and medium traders.
The stress of the limit is only felt when you have a large volume like 100 BTC to convert to.
That is where you might have some limits.
But if you are just buying less than 20 BTC, you do not have any issue.
Irrespective of the binance convert limits that exist, there is still how you can bypass it and convert large volumes.
This will be explained more as we proceed in this guide.
How To Bypass Binance Convert Limit On Binance
The way to bypass binance convert limit is to make use of it multiple times.
For example if the limit for BNB convert to USDT is $10,000, you can convert multiple times.
So that means that if you had $100,000 to convert from BNB to USDT, that will be 10 times conversion.
With this, you can bypass limit when converting crypto on binance.
This will help you convert large volumes of cryptocurrency on binance.
Where To Use Binance Convert
This binance crypto convert feature is used on binance.
It is one of the innovative ways that binance has introduced to make binance more user friendly.
This has given absolute beginners the confidence to buy and sell crypto with the convert function.
Cryptocurrencies Supported By Binance Convert
There are a lot of cryptocurrencies that you can convert on binance easily.
As the days go on, more and more cryptocurrencies are being added as well.
The cryptocurrencies that are supported include;
Bitcoin, Ethereum, Cardano, BNB, Litecoin, Naira, Euro, Shiba, EOS, DAI, Just, Alien worlds, Turkish Lira, 1inch, AAVE, Algorand, Alice, Aragon, Bitcoin cash, etc.
To get the full list of cryptocurrencies that are supported in the binance crypto convert, always check for the updated list on binance.
Benefits Of Binance Convert
1) Very Easy To Use And User Friendly
One of the most appreciated feature of the binance crypto convert is the ease of use.
With this great feature, you can easily make use of the functions without reading too much about it.
This has made it very user friendly to a lot of people especially people who are beginners in cryptocurrency.
2) Ability To Convert Crypto Easily
The ease you can convert crypto like BNB to USDT is very easy with the use of cryptocurrency conversion on binance.
This allow you to convert supported cryptocurrencies to any cryptocurrency that is supported too.
Limitations Of Binance Convert
1) Limited Number Of Cryptocurrencies Are Supported
Being able to convert cryptocurrency on binance is a great help.
This help is most especially appreciated by learners and crypto beginners.
This makes it easy for them to easily buy and sell the cryptocurrency that they need.
But the thing is that not all cryptocurrencies is being supported.
This puts a little limitation to binance convert as compared to spot trading where all cryptocurrencies can be bought and sold too.
2) There Is a Limit To Crypto Amount To Convert
When using this great feature to purchase crypto on binance, there is a limit placed on the quantity of cryptocurrency you can buy.
This applies same when you want to sell crypto too.
But you can easily bypass this limit by making use of the process multiple times.
With that, you will be able to purchase large volumes of cryptocurrency.
3) It Is More Expensive To Use As Compared To Spot Trading
Another limitation that the binance convert crypto has is that it is a bit more expensive to use.
When you compare the quantity of cryptocurrencies that you receive when you make use of the spot trading, there is a little gab.
This makes the use of crypto conversion on binance a little bit more expensive.
Due to this, experienced traders usually prefer using the spot trading a lot of times.
This is due to the fact that they know how to use the different order types when buying or selling cryptocurrency on binance.
How Long Does Binance Convert Take
The conversion of cryptocurrency on binance is a very fast task.
It is automatically completed at the very moment you click the final convert button.
Where Is Converted Crypto Stored On Binance
When you make use of the convert option on binance, your funds are immediately sent to your wallet.
The wallet that your funds will be sent to is the spot wallet.
So after you are done with the conversion of your cryptocurrency on your binance, check your spot wallet to see your funds.
Can I Convert Fiat To Crypto With Binance Convert
With the help of crypto convert on binance, you can also convert fiat to crypto.
Not just that, you can also convert crypto to fiat also.
There are a great number of fiat that is supported on the binance convert.
You can use any of them and then convert your fiat to cryptocurrency or convert your cryptocurrency to fiat depending on your need.
Cryptocurrency conversion on binance has really been beneficial to beginners.
This has given them the confidence to easily buy and sell crypto easily with crypto conversion on binance.
And the thing is that you do not pay any fee when using binance convert.
If you have a suggestion or question about this guide, notify obongcrypto editorial team by using the comment section.