Tutorial : Understanding Binance Convert and How to have Access
Hello my fellow Steemians
Greetings to you my dear friend and welcome to my first tutorial post ever. In this post i have discussed about "Binance Convert". I am sure that majority of crypto traders and Investors might not heard about Binance Convert before.
Good news to we Steemians as Binance convert added Steem to its services yesterday. As at yesterday being 05-23-2022 at exactly 09:57pm Binance Convert Adds some cryptocurrency such as STEEM, EPX, DF, WBTC and many other cryptocurrency trading pairs to it convert service.
The announcement is shown below.
"Binance is excited to announce that DF, STEEM, EPX and WBTC have been added to Binance Convert, with 116 new pairs available".
"Users can now trade these tokens against BTC, BUSD, USDC, USDT and other tokens, and check indicative prices on these assets through Binance Convert".Source
Now the question is what do you think is Binance Convert all about? let's find out what is Binance Convert below.
What is Binance Convert?
*Binance Convert is a service that provide Binance users the ability to convert they crypto to another crypto. In a nutshell, is a very simple way that allow users to convert they USDT to STEEM, or any other coin. The services allow user to quickly exchange they they crypto holding for another crypto of they choice for free.
As a crypto trader/Investors it is very difficult to predict the price of cryptos as to know the time or hour a certain coin will rise even with the various tools that is provided in the crypto market such as candlesticks, orders; stoploss and take profit, order books and many other. Due to how the crypto market is highly volatile users can easily change the they coin when they notice a fall in the coin and with the help of Binance convert this can be done fast.
Note: Binance Convert is different from spot trading in the since that the Binance Convert is a very simple and easy to access service that has a good interface which allow user to convert they crypto instantly without fees whereas spot trading they are some fees.
How to Access Binance Convert
Accessing the Binance convert is very simple, whether you are making use of Binance app or wen all the steps are super simple to access. In this post I will be showing you how to have access on Binance Convert through Binance app.
Step:1 Open your Binance app and click on More and scroll down to small and you will see "Convert" click on.
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Step:2 Select the coin that you want to convert for another coin. (i.e the coin that you have and the coin you want to buy eg USDT to STEEM). At this point, you can enter the amount of coin or you can click on MAX and select the coin.
Step:3: After choosing the amount of coin you want to sell to buy your desire coin click on Preview Conversion. Once you have click on Preview the price quote for the transaction you want to consider will be shown you. In my case I don't have the minimum amount USDT that is required for me to convert to STEEM.
Note: The preview conversion only take 5 seconds and once the 5 seconds get expired you will be require to refresh to get a new price quote.
Step: 4 Once you're satisfy with the price quote click on "Convert" and within a second you will see the coin in your spot wallet ready for trading.
Benefits of using Binance Convert
There are a lot of benefits hag is attached to Binance convert that most users don't know which I will be showing some of them.
Zero fees: Binance Convert allows user to convert one coin to another coin without charge.
Avoid Slippage: with Binance convert you can easily avoid Slippage since price of crypto move faster than what you're expecting. With this your buy order or sell order may not execute at the price which you want it to get execute. But with this services transaction are process within a seconds inrespective of the price.
Flexibility
Binance Convert is easy to use service that doesn't require any technical skill. It support hundreds of crypto conversion on a go.
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Thank you sir
Thanks for sharing your knowledge with us here this will be helpful for those who doesn't have full knowledge of their Binance app. Continue to be active we appreciate your effort.
REMARKS;