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All You Need to Know About Binance Convert

2022-06-14

Main Takeaway

  • Binance Convert is a simple and user-friendly function to provide easy access to different cryptocurrencies. Let’s learn more about this function and its advantages.

Binance Convert is a quick and user-friendly way to convert your crypto into other crypto or fiat and vice versa, with zero fees, using a time-sensitive conversion rate. Almost all crypto assets listed on binance.com can be converted, along with stablecoins and fiat options.

Users can select the asset they wish to convert, the crypto or fiat they want to convert to, and request a quote within a few clicks. The quote will be displayed for a short time as the conversion is calculated on live market conditions at the exact moment the request is placed. Once the quote is confirmed, the converted fiat or crypto will appear in the users' Spot Wallet.

Convert Trading vs. Spot Trading

Why would users choose to trade with Binance Convert rather than spot trading? There are four main reasons:

Zero fees

Using Binance Convert, users can simply and instantly convert crypto or fiat assets anytime with zero fees and a live price based on current market conditions.

Low cost and secured rates: 

If the user wants to place a large size order in the order book, the order is likely to be executed with a potentially large market impact, which can move the asset price up or down immediately. Binance Convert uses sophisticated liquidity provision technology to secure the asset rates outlined in the quote, minimizing market impact and completing instantaneously. 

Any order size

Binance Convert supports both large-size orders and mini orders. Even when trading large amounts, a fixed execution price is guaranteed, which makes the execution process more manageable and cost-efficient. Users can also use Binance Covert for mini orders, allowing conversions as low as $1. The ability to trade assets for such low order amounts with zero trading fees is an effective way to convert your crypto and fiat. 

Sufficient liquidity for any tokens 

Trading via order book is limited to the availability of the trading pairs listed on the exchange. Trading assets with lower liquidity and volume can cause slippage – when a trade settles for a different price than expected. Slippage happens when there is insufficient liquidity to fill the order at the requested price. Binance Convert provides sufficient liquidity to completely remove the risk of slippage.

Feel the difference in Binance Convert:

When to Use Binance Convert?

If users have specific liquidity needs, want to place a large order, or want to have an efficient execution in the conversion of any tokens, Binance Convert will be the go-to solution.

Large order size

If a client is trading with a large order in the order book, such as 100 BTC to be converted to ETH, the order will likely have a large market impact resulting in 100 BTC being sold at a lower price and ETH being purchased at a higher price than expected. By using Binance Convert, a fixed execution price is guaranteed, which makes the execution process more manageable and cost-efficient. Trading large amounts through Binance Convert can help users achieve VIP level upgrades.

Efficient conversion to many tokens

Binance Convert connects the users with different liquidity providers, which are ready to provide a quotation in many token pairs. Hence, there is no need to worry about liquidity issues, as liquidity providers will always provide a quotation for any of the available trading pairs.

Find out more about the benefits of Binance Convert and how to get started here:

(FAQ) https://www.binance.com/en/support/faq/e8c7579382ea403aa4a4a6eec469659d