Whether you are a retail crypto user in a hurry to exchange one token for another or a large-scale trader who seeks out the best rates without affecting the markets, Binance Convert is for you.
In this blog, we will talk about how to convert crypto on Binance.
How Binance Convert Drives More Crypto Deals
We recently launched Binance Convert. It is a new service where investors can transform cryptocurrency into another cryptocurrency.
Binance Convert also powers the Convert function of the Binance app and is the main option for buying crypto on the app’s Binance Lite mode.
It has an easy-to-use interface even for crypto beginners. Binance Convert has played a key role in getting more people into crypto.
Binance Convert has also made it possible for crypto users to buy the token they want at a moment’s notice, which is crucial when you want to react quickly to trends in the crypto space.
When DOGE surged on Jan. 29, following a Reddit-fueled buying frenzy, Binance Convert saw a 618% increase in DOGE trade volumes compared to daily averages.
On the same day, when Tesla CEO Elon Musk first explicitly expressed his support for Bitcoin via Twitter, Binance Convert accounted for a 272% increase in average BTC volumes.
Year to date, the most popular tokens on Binance Convert are BTC, ETH, BNB, ADA, XRP, DOT, DOGE, LTC, LINK, and VET. Here’s a video showing you how to use Binance Convert:
Advantages of Binance Convert
Binance Convert provides several benefits to every kind of crypto trader, from beginner to expert:
1. Easy to Use. Binance Convert is user-friendly even for new users, especially compared to spot exchange trading. You only need to learn how to enter the amount you want in the transaction and to preview the quote given.
2. Instant Settlement. With our OTC Portal, there’s no need to wait for the order book to fill out or for bids to get filled to complete the transaction. It is convenient for beginners who just want a simple way to buy crypto. Moreover, as well as experts who want to execute their moves as fast as possible.
3. Support for Several Token Pairs. There are thousands of token combinations that you can make on Binance Convert, some of which are not even among the trading pairs on the Binance spot exchange. This gives users more flexibility regarding how they want to convert their tokens from one form to another.
4. Privacy. Trades are settled directly into users’ Binance accounts. However, there is no blockchain transaction or third-party entities needed. and users will have the same top-notch security provided throughout the entire Binance exchange.
How to Use Binance Convert
It takes just four simple steps, all of which can be completed in seconds, to complete a crypto deal on Binance Convert.
Step 1: Go to Binance Convert.
- On the Binance website, go to Trade on the top left part of the homepage, then choose Convert.
- On the Binance app, go to Trades (the middle option on the bottom part of your screen), then choose to Convert at the top left part of your screen (for the default version of the app) or on the pop-up that shows up (for Binance Lite).
Step 2: Select the Token you Have and the Token you Want to Buy.
You can choose to enter the number of tokens you want to use (at the top part) or the number of tokens you want to gain (at the bottom part).
Step 3: Click Preview Conversion.
You will then see the price quote for the transaction you’re considering. You have 5 seconds to approve the quote shown to you and fulfil the deal. If the 5 seconds expire, click Refresh to get a new rate.
Step 4: Click Convert.
The transaction takes less than a second, and you’ll see the crypto you bought in your Spot Wallet.
Step by Step Instructions to Purchase Crypto Through Binance Lite
Start with simple computerized monetary standards and fiat trade. Download the Binance App to buy, sell or convert your crypto promptly accessible.
We have defaulted the Binance Lite variation on the Binance app for new customers. It offers an all the more clear and less difficult way for you to buy cryptographic types of cash using fiat money related norms.
How to Buy Computerized Monetary Forms on Binance Lite?
1. Sign in to your Binance account. Tap on the trading button, then tap [Buy].
2. Pick the computerized cash you need to buy and enter the aggregate. Tap [Buy].
You can moreover tap on the computerized cash directly on the landing page to buy.
3. Select the payment system. We offer unmistakable fiat guides for customers in different countries to buy crypto. Compassionately suggest the App to see the available fiat channels for your country.
For example, if you’re using EUR, you can choose to pay with [Cash Balance] or [Pay with Card]. To pay with a cash balance, you need to store fiat financial guidelines in your account first. To pay with a card, simply enter your card information and affirm the payment.
We moreover offer P2P Trading decisions for specific countries, if it’s not too much trouble, allude to the App to see the accessible P2P channels for your country.
*Please note that paying little mind to which payment system you pick, you need to complete the Identity Verification first before you trade.
What is the Qualification Between Binance Lite and Binance Professional?
Binance Lite is suitable for customers that are new to crypto trading, while Binance Professional offers adaptable trading functionalities to fulfil capable vendors’ necessities, similar to Futures Trading, Options Trading, and Margin Trading.
Expecting you need to experience Binance Professional go to [Profile] and flip off the catch near [Binance Lite].
Guidelines to Buy Cryptocurrency on Binance Homepage
Before you can start trading, you need to buy computerized monetary forms first. There are different ways to deal with buy computerized monetary forms from the Binance landing page, including Credit/Debit Card, Cash Balance, and P2P.
Before starting, generously guarantee you have completed the personal check.
The Best Technique to Buy Crypto with Credit/Debit Card
1. Sign in to your Binance account and snap [Buy Now] on the landing page banner.
2. You can choose to buy crypto with different fiat money related norms. Enter the fiat aggregate you need to spend and the structure will therefore show the proportion of crypto you can get. Snap [Continue].
3. You can pick your supported payment procedure here. To buy with credit/actually take a look at card, click [Visa/Mastercard] – [Continue].
4. Follow the bearings and enter your card information.
5. Your card will be added. Snap [Continue].
6. In case it’s not all that much difficulty, check the payment subtleties and expenses and affirm your solicitation inside 1 second, or the proportion of crypto you can get would be recalculated subject to the current market cost. You can click [Refresh] to see the new solicitation total.
7. You will be redirected to your bank’s OTP Transaction Page. Follow the on-screen headings to take a look at the payment. Starting their forward, you can see the purchased crypto in your Binance Spot Wallet instantly.
Directions to Buy Crypto with Cash Balance
1. Sign in to your Binance account and snap [Buy Now] on the home page flag.
2. Enter the fiat total you need to spend and the structure will thusly show the proportion of crypto you can get. Snap [Continue].
3. Snap [Cash Balance] – [Continue].
In case it’s not all that much difficulty, note that in case you don’t have sufficient harmony in your account, you will be redirected to the [Deposits] page to store.
4. Compassionately check the payment subtleties and charges and affirm your solicitation inside 1 second, or the proportion of crypto you can get would be recalculated subject to the current market cost. You can click [Refresh] to see the new solicitation total.
Bit by Bit Guidelines to Buy Crypto with P2P
1. Sign in to your Binance account and snap [Buy Now] on the landing page standard.
2. Enter the fiat total you need to spend and the system will normally show the proportion of crypto you can get. Snap [Continue].
3. Select your optimal payment technique under [P2P] and snap [Continue].
4. The system will normally facilitate your buy demand with a seller’s advancement accessible. You will see the payment subtleties here. Benevolently trade the resources inside the time dictated by the merchant and snap [Transferred, Next] once wrapped up.
5. The dealer will then watch that they have acknowledged your payment and conveyed the crypto to your account.