In Market mode, live prices are quoted based on current market conditions. The quoted amount of assets shown is the actual amount of assets you will receive in your account once the conversion is executed.
In Limit mode, once your order is executed at the specified limit price, the assets will be converted exactly at the specified limit price.
2. What are the benefits of using Binance Convert and how do I get started using the platform?
Binance Convert is a simple tool for you to buy or sell cryptocurrencies with just a few clicks without having to go through placing orders on the trading interface. You can simply and instantly convert your crypto or fiat assets anytime with a live price based on current market conditions with zero fees.
Find out more about the benefits of Binance Convert and how to get started here:
Please log in to your account to access all the functions of Binance Convert (e.g. checking indicative prices / confirming trades). All users are required to complete Identity Verification and existing account deposit / withdrawal limits apply.
For more information on Identity Verification, please click here.
4. What are the minimum and maximum trade amounts?
Minimum and maximum trade amounts will be dependent on the coin / pair and can be previewed before entering in a trade amount.
5. How does settlement work?
Trades are settled directly into your Spot Wallet or Funding wallet, depending on which wallet is selected. Settlement will usually occur immediately or, in some cases, up to a few minutes after you confirm a trade.
6. How do I make deposits and withdrawals?
Binance Convert is connected to your account's Spot Wallet and Funding Wallet. Simply make deposits and withdrawals to / from your existing Spot Wallet or Funding Wallet.
7. Why did I receive an “insufficient funds” error?
To confirm an OTC trade, you must have the required amount of coins that you are selling in your account. For example, if you want to buy 10 BTC with USDT and the price per BTC is 10,000 USDT, then you must have at least 100,000 USDT in your account to confirm the trade.
8. What is the difference between "Market" mode and "Limit" mode?
Market mode allows you to convert your assets at the current market price based on the quoted price in the conversion.
Limit mode allows you to place an order to convert your assets at a specified limit price. For example, if you place an order to convert USDT to BTC at a limit price of 9,000 USDT per BTC and the current price is 10,000 USDT per BTC, the order will only execute when the price per BTC is 9,000 USDT or lower.
Similarly, if you place an order to convert BTC to USDT at a limit price of 11,000 USDT per BTC and the current price is 10,000 USDT per BTC, the order will only execute when the price per BTC is 11,000 USDT or higher.
Limit mode orders are executed subject to market conditions and may not be completed even if the market price reaches or crosses your limit price momentarily.
9. Why is the price quoted different from the last traded price on the exchange?
Last traded prices on the exchange do not include trading fees or factor in the size of your trade and are not live prices. Binance Convert dynamically quotes the best prices (with no hidden fees) based on market conditions and are held for a period of time for reviewing before executing your trade.
The quoted amount of assets shown when previewing a conversion is the actual amount of assets you will receive in your account. There are no additional fees on top of the price quoted.
10. Where can I check my trades history?
You may find this in Convert history within your account (Orders >> Convert History) once you are logged in.
11. Can I swap old tokens that have undergone token migration on Binance Convert?
Binance Convert allows users to swap old versions of tokens to new versions that, for example, may have resulted from project teams implementing a token swap or token migration. The old tokens can only be swapped to the new versions of the token. If a specific old token is not listed, this indicates that we currently do not support the conversion.
Please note that there is a daily limit on the amount of old tokens you can convert, which refreshes at 12:00am UTC+0. Daily limits vary by token.