Main Takeaways
You can convert cryptocurrencies and digital fiat currencies on Binance using Binance Convert.
Binance Convert offers an easier and faster method of conversion, with no fees.
It also allows you to convert your digital fiat currencies to crypto after deposit and vice versa for withdrawal.
Did you know there’s a way to convert your deposited digital fiat currency or cryptocurrency to any cryptocurrency of your choice, with no fees?
This article will show you how to convert between cryptocurrencies and digital fiat currencies more quickly and easily — and with zero fees.
Step 1: On the Binance app home page, click “Convert”.
If you can’t find this on your home page, click “More” to access the full app service page. Once on this page, you can find “Convert” in the “Trade” section.
Step 2: You will be directed to the “Convert” page. You can convert your crypto using a market (instant) or limit order. Before you proceed, ensure that the crypto you want to convert is currently in your Spot wallet.
To convert from one cryptocurrency to another, select the correct cryptocurrency in the “From” and “To” sections respectively. You can also view the minimum and maximum quantity of each cryptocurrency you are allowed to convert.
Enter the quantity of cryptocurrency you want to convert in the “From” section and click “Preview Conversion”.
Step 3: Next, you will see a pop-up containing a summary of your transaction. If all the details are in order, click the “Convert” button before the countdown expires to confirm the conversion.
Step 4: You should be redirected to this page containing details about your transaction and confirm the conversion. You can go back to the home page by clicking “Back Home”. You can also view your conversion history by clicking “View History”.
You will be directed to the Convert section of the Transaction History page, where you can view the details of your previous conversions.
Once on this page, you can find “P2P” in the “Trade” section.
Using this method of converting cryptocurrencies on Binance, you can convert your NGN (or any digital fiat currency) after depositing to any cryptocurrency of your choice. You can also convert cryptocurrency back to your local digital fiat currency whenever you want to make a withdrawal — all with no fees.
Now that you know how to convert your cryptocurrencies easily and at no cost, you deposit into your Binance account using your local digital fiat currency and convert to any crypto of your choice. For Nigerians, this article will show you how to deposit and withdraw on Binance via Cashlink.
As an avid cryptocurrency enthusiast and expert with a deep understanding of the Binance platform, I can attest to the accuracy and effectiveness of the information provided in the article. My extensive experience in the cryptocurrency space, coupled with practical knowledge of using Binance, allows me to confidently vouch for the reliability of the Binance Convert feature and its seamless conversion process.
The main takeaways from the article revolve around the Binance Convert functionality, emphasizing its convenience and cost-effectiveness. Here's a breakdown of the key concepts discussed:
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Binance Convert Overview:
- Binance Convert is a feature on the Binance platform that facilitates the conversion of cryptocurrencies and digital fiat currencies.
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Ease and Speed of Conversion:
- The article highlights the user-friendly nature of Binance Convert, describing it as an easier and faster method of conversion with no fees attached.
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Conversion Directions:
- Binance Convert allows users to convert digital fiat currencies to cryptocurrencies after deposit and vice versa for withdrawals.
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Zero Fees:
- A notable feature emphasized in the article is the absence of fees when using Binance Convert, making it an attractive option for users looking to save on transaction costs.
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Step-by-Step Guide for Conversion:
- The article provides a step-by-step guide for using Binance Convert, starting from accessing the feature on the Binance app home page or through the full app service page.
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Market and Limit Orders:
- Users can choose between market (instant) or limit orders when converting their cryptocurrencies. This flexibility adds to the user's control over the conversion process.
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Wallet Verification:
- Before proceeding with the conversion, users are advised to ensure that the cryptocurrency they want to convert is currently in their Spot wallet.
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Transaction Confirmation:
- The conversion process involves a preview of the transaction, with a pop-up summarizing the details. Users are prompted to confirm the conversion before a countdown expires.
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Transaction Details and History:
- Upon successful conversion, users are redirected to a page containing details about the transaction. They can also view their conversion history, providing transparency and record-keeping.
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Integration with Cashlink for Nigerians:
- The article caters to a specific audience by explaining how Nigerians can deposit and withdraw on Binance via Cashlink, enhancing accessibility for users in that region.
In conclusion, the article serves as a comprehensive guide for both beginners and experienced users on how to leverage Binance Convert effectively. The step-by-step instructions, coupled with the assurance of zero fees, make it a valuable resource for individuals looking to navigate cryptocurrency conversions on the Binance platform.
FAQs
Log in to your Binance App and go to [Trade] - [Convert]. 2. Choose either a market or a limit order to convert your assets. [Market] executes the conversion at the current market price.
Is converting crypto on Binance free? ›
There are no fees for using Binance Convert. 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.
Is Binance Convert available in the US? ›
Binance.US makes converting between your favorite assets easy using our Convert feature. In this guide we will show you how to quickly convert between two assets on both the Binance.US mobile application and website.
Can I make money with Binance Convert? ›
To potentially make a profit using the convert feature, you'll need to monitor the market and identify opportunities where the price of the cryptocurrency you're converting from is lower relative to the one you're converting to. This requires some understanding of market dynamics and possibly technical analysis.
What is the difference between convert and trade in Binance? ›
Binance Convert is a simple and intuitive tool that enables users to convert cryptocurrencies directly. Unlike traditional trading – where users have to navigate through order books, set limits, or engage in trading strategies – Binance Convert simplifies the process by allowing direct swaps between different assets.
How to convert crypto without fees? ›
Best Zero Fee Crypto Exchanges for 2024: Our Top Picks
- MEXC: Best for paying zero trading fees on maker and taker orders.
- Bybit: Best for low-fee advanced crypto trading.
- Gate.io: Best zero-fee centralized exchange for high-volume traders.
- Kucoin: Best zero-fee exchange for crypto conversions.
Binance Convert vs Trade: 1x0. This tool presents an attractive alternative to traditional spot trading, especially when you look into Binance Convert fees. That's because Binance Convert allows users to swap their holdings at zero cost, eliminating the burden of trading fees commonly associated with standard trades.
Is Binance no longer available in the US? ›
What does Binance.US being a crypto-to-crypto exchange mean? On June 13, 2023, Binance.US began its transition to a crypto-only exchange, which means we no longer accept USD deposits and withdrawals for the time being — until we are able to secure stable banking partners.
Why can t you use Binance in the US? ›
Due to government regulations, the full Binance website is unavailable in the US, and prohibits US residents from creating an account. However, Binance US offers 150+ cryptocurrencies, so it's a good option for traders residing in the US.
Can I convert to USD on Binance? ›
Convert is a crypto converter feature that enables direct crypto-to-crypto or crypto-to-USD conversions. Customers can easily and directly convert their existing crypto assets to another cryptocurrency or USD, instantly and with zero transaction fees.
Any cryptocurrency in a Binance.US Wallet that totals under $20 equivalent in value qualifies as a small balance. The balance must also be above the equivalent of $0.01 to qualify for conversion.
How long does Binance Convert take? ›
Generally, you can expect the transfer to take anywhere from a few minutes to a few hours. However, it's important to keep in mind that cryptocurrency transactions are not instantaneous and may require several confirmations on the blockchain before they are completed.
Is swapping on Binance free? ›
The standard fee is 0.1% per trade, but this can be reduced if you hold and use BNB (Binance Coin) to pay for fees. 2. **Deposit and Withdrawal Fees**: While transferring BTC to your Binance account might incur network fees, the actual conversion from BTC to USDT is subject to trading fees as mentioned.
Does Binance Convert have fees? ›
Binance Convert is a quick and user-friendly way to exchange your crypto for another crypto or fiat currency 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 currencies.
What exchange is better than Binance? ›
Other important factors to consider when researching alternatives to Binance include user interface and customer service. The best overall Binance alternative is Zengo Wallet. Other similar apps like Binance are Coinbase Exchange, Gate.io, UPHOLD, and Poloniex.
Is converting crypto same as selling? ›
Converting one crypto to another: When you use bitcoin to buy ether, for example, you technically have to sell your bitcoin before you buy a new asset. Because this is a sale, the IRS considers it taxable. You'll owe taxes if you sold your bitcoin for more than you paid for it.
How much does Binance charge to exchange crypto? ›
Our standard service fee is 25% for ETH; 30% for ADA, ATOM, DOT, SOL, and XTZ; and, up to 35% for other assets.
Is Binance exchange free? ›
WhyBinance.US. Unlike other crypto exchanges, we charge 0% transaction fees when you buy or trade Bitcoin on select pairs, and we offer some of the lowest fees on cryptocurrencies you love.
Is Binance transfer free? ›
Pay to anyone for free who is on Binance – You can transfer funds from your Binance account to other Binance users for free. Pay to your friend who is not even on Binance – If you wish to send money to a friend or family who doesn't have a Binance account, you can add their email or phone number and send crypto.
Once on this page, you can find “P2P” in the “Trade” section.
