Why to Choose Binance Conversion?
- Conversion of cryptos among the different currency is instant without any prior notice.
- Binance conversion works according to the latest trends in crypto trading.
- Many more tokens are being added in Binance Conversion creating flexibility for the user to switch between various cryptos.
- The user interface of the Binance portal is damn easy to understand and to make conversion.
- Binance assures the best privacy for its users by not involving any third parties element during the transaction and keeps you secure every time.
- There has been a tremendous growth in users of Binance app.
Let’s look how we can covert our cyrptocurrency that we in have in our Binance account to various Fiat currencies, Euros, US Dollars, British Pounds or also to other crypto currency such BTC, BNB or ETH etc.
Steps to Convert Crypto
- Open the Binance website.
- Login to your Binance account with your registered email id or mobile phone number and enter your password.
- Now click on “Login”.
- Head over to the “trade” option in the menu.
- A list will appear, click on “convert” on the top.
- A screen will appear in front of you through whom you can convert your bit coins in to the fiat currency or to other crypto currencies.
- Suppose you have Bit coin as a crypto currency, select “BTC” in the “From” drop down menu.
- Now if you want to convert the bit coins in your fiat currency such as Euros, then select “EUR” in the “To” dropdown menu.
- In the top right of the menu you can see your bit coin balance remaining in your account or click on “maximum” and your entire maximum amount will be filled in the box.
- Now you can click on “Preview Conversion” and it will display your amount that you will be getting in Euros or the currency which you have set.
Note: one important thing to you will notice that the amount quoted to you keeps changing in every 6 seconds so Binance will guarantee your price or conversion rate only for 6 seconds. So you have confirm within 6 seconds or else the session will get failed.
- To confirm, click on “Convert” button.
- You can see your transaction is successfully done. Your crypto currency is now converted to the fiat currency.
So you can now transfer your euro amount into your bank account or change it to another crypto currency.
Converting Crypto in Binance through Mobile App
Binance also provides its crypto conversion service from through mobile app to make it more hassle free for its user.
Follow the steps to operate Binance app on your phone.
- Open the Binance app on your phone.
- Log in using mobile phone or email address.
- Click on the wallet icon right hand corner in the bottom.
- Your entire crypto asset will be displayed on your screen.
- Select your asset and click on “convert”.
- Decide what crypto currency you want to transfer which you want to transfer and select it.
- Now select your crypto type in which you want crypto to be got transferred.
- Now enter the amount which you wish to convert.
- Then comes the preview conversion which is valid for only 3 seconds to approve.
- Click on convert before its gets invalid.
You will get a pop up message upon successful conversion of crypto from one currency to other.
Popular Fiat Currency for Trading Crypto Currency
As per the Coinhills, the widely used fiat currencies in the world are as follows:
The USD in current is the most popular currency in the top that is used in trading crypto currency with a market share of over 82 percent.
In the league of top crypto currency, yen is the 2nd highest currency used with a market share of around 7 percent market share.
The euro currency comes to the third position in the crypto trading with a market share of 4.9 percent.
Popular Crypto Currency for Trading
Bitcoin is the highest crypto currency in the world that is being used for trading with a market capitalization of 746,518,906,474 USD.
The Ethereum is the 2nd highest crypto currency with a market cap of 299,365,447,905 USD.
Tether is the 3rd most used crypto with a market cap of 61,965,493,401 USD.
Bit coin is also the most used crypto currency in the world with a market cap of 55,702,929,904 USD followed by Tether currency.
How is Market Capitalization Calculated in the Crypto Asset?
Market Capitalization can be calculated by following example:
Market Cap = Reference price of crypto (USD/BTC) X Circulating Supply (in BTC) where,
Let’s say reference price is taken = (10,000 USD / 1 BTC) and
Current circulating supply is: 17,000,000 BTC, So
Market cap = (10,000 USD / 1 BTC) x 17,000,000 BTC
= 170,000,000,000 USD
Transferring Crypto from Coinbase To Binance Account
Transaction of crypto coins through wallet in coinbase to binance account is used most frequently everyday by millions of users.
It can be confusing for the new ones to transfer crypto as the prices of the crypto keeps on changing frequently and need to keep track of it. So to keep it straight and simple we need has kept the procedure as simple as possible so it’s get easy for you to transfer the cryptocoin .
To transfer crypto from Coinbase to Binance wallet account can be done by simply following the steps below and we got you covered.
- On the Coinbase dashboard, click on “Accounts” and find your respective wallet and click on send.
- A display will pop up asking you to enter the recipient and tag.
- To find your recipient, open your Binance account, go to funds and click on deposits. And find your wallet searching its name and click on “deposit”
- Now define your wallet option from the drop down menu, tick the checkbox and click on “continue deposit”.
- Now copy the deposit address and paste it in the recipient field in the Coinbase portal.
- A display will pop up, enter the 2 step verification code which you can get from the Google authenticator app in our phone.
- Open the app, get the code and enter in the display menu. Click on “confirm”.
Your crypto balance has been successfully transferred. Check it out in the transaction history for confirmation and it will show you the details of your recent transaction.
In the Binance portal, go to funds and click on “deposits” and it will show your transaction status. And that is how you can send your crypto from Coinbase to Binance.
Frequently Asked Questions
Ques: Can Binance portal be used without logging in for using crypto trading facility?
Ans: No, the user has to log in before using any service in Binance portal.