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Frequently Asked Questions on Binance Convert

Frequently Asked Questions on Binance Convert

2022-08-19 02:25

1. Are there any trading fees?

There are no fees for using Binance Convert.
In Market mode, live prices are quoted based on the 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?

Binance Convert is a simple tool for you to buy or sell cryptocurrencies without having to place orders on the complex trading interface. You can instantly convert your crypto or fiat assets anytime with a live price based on the current market conditions with zero fees.
Find out more about the benefits of Binance Convert and how to get started here.

3. Who can use Binance Convert?

Binance users who have completed Identity Verification can use Binance Convert. Please log in to your account to access all functionalities, such as checking prices and confirming trades.
For more information on how to complete Identity Verification, please visit here.

4. What are the minimum and maximum trade amounts?

The minimum and maximum trade amounts will depend on the coin/pair you trade. You can view the limits before entering the trade amount.

5. How are Binance Convert trades settled?

Trades are settled directly into your Spot Wallet or Funding wallet, depending on your selected wallet. Settlement typically occurs immediately or, in some cases, up to a few minutes after confirming a trade.

6. How do I deposit and withdraw assets to Binance Convert?

Binance Convert is connected to your Binance account's Spot Wallet and Funding Wallet. Simply deposit and withdraw from your Spot Wallet or Funding Wallet to use Binance Convert.

7. Why does it say “insufficient funds”?

To confirm a trade, you must have the assets you sell in your Spot Wallet or Funding Wallet. For example, if you want to buy 10 BTC with USDT and the price per BTC is 10,000 USDT, you must have at least 100,000 USDT in the respective wallet to confirm the trade.

8. What are the differences between Market and Limit modes?

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 and the current BTC price is 10,000 USDT, the order will only execute when the BTC price reaches 9,000 USDT or lower.
Similarly, if you place an order to convert BTC to USDT at a limit price of 11,000 USDT and the current BTC price is 10,000 USDT, the order will only execute when the BTC price reaches 11,000 USDT or higher.
Please note that limit-mode order execution is 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 quoted price different from the market price?

The market price does not include trading fees or factor in the size of your trade. Binance Convert dynamically quotes the best prices (with no hidden fees) based on market conditions. The system will lock the quoted price for a short period for you to review before executing the trade.
The quoted amount of assets shown during the conversion preview 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 trade history?

After logging in to your account, you can check your history from [Orders] - [Convert History].

11. Can I swap old tokens that have undergone token migration on Binance Convert?

Binance Convert allows you to swap old versions of tokens for 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. If a specific old token is not listed, 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 varies by the token. The limit refreshes at 00:00 (UTC+0) every day.

12. Are Convert trades included in the spot trading volume calculation for the VIP Program?

Yes, Convert trades are included in the spot trading volume calculation, except for old to new token conversions (for tokens that have undergone a token swap or token migration). It will be reflected in the calculation on the day following the trade.

13. How many tokens and trading pairs does Binance Convert support?

Binance Convert supports over 350 cryptocurrencies, such as BNB, BTC, and ETH. Please visit here for a complete list of the supported assets.
Binance Convert supports more than 45,000 conversion possibilities among any two supported tokens through its unique any-coin-to-any-coin feature. However, please note that a few exceptions exist. For example, you can only convert old tokens to new ones, not vice versa.