When trading on Binance, you might have noticed the "Binance Convert" feature—also called "Binance Swap"—but may not fully understand its purpose or mechanics. Some users even ask about the differences between market orders and instant swaps on platforms like PTT.
This guide will explain how to use Binance Convert, its key advantages, and potential drawbacks.
What Is Binance Convert?
Binance Convert is a streamlined spot trading feature supporting 300+ cryptocurrencies and 40,000+ trading pairs. It offers two modes:
- Market Mode: Get real-time exchange rates with zero fees—swap coins instantly at Binance-determined prices.
- Limit Mode: Set your preferred price/expiry time for more control over transactions.
| Feature | Market Mode | Limit Mode |
|---|---|---|
| Custom Amount | ✅ | ✅ |
| Price Control | ❌ | ✅ |
| Order Expiry | ❌ | ✅ |
| Fees | None | None |
👉 Maximize savings with Binance Convert
How to Access Binance Convert
- Web: Navigate to Trade > Convert
- App: Tap Trade > Convert
Step-by-Step: Market Mode
- Select currencies (e.g., USDT to BTC) and amount.
- Click "Preview Conversion" to lock the rate.
- Confirm and execute—transactions complete in seconds.
Tip: Ensure assets are in your Spot or Funding Wallet first.
Step-by-Step: Limit Mode
- Switch to "Limit" tab.
- Set amount, target price, and expiry time.
- Place order—it fills when market hits your price.
Cancel anytime via Order History.
Key Benefits
- No fees: Unlike traditional exchanges.
- Wide liquidity: Better rates than small platforms like MaiCoin.
| Platform | BTC Swap Range | ETH Swap Range |
|---|---|---|
| Binance | 0.00006–160 BTC | 0.00083–2300 ETH |
| MaiCoin | 0.00024–3 BTC | 0.0035–40 ETH |
FAQs
Q: Why choose Convert over Spot Trading?
A: Simplicity—ideal for quick swaps without complex charts.
Q: Are rates always better than market?
A: No. Large orders may face price slippage due to liquidity.
Q: Can I convert stablecoins?
A: Yes. USDT/USDC pairs are supported.
Limitations to Consider
- Price gaps: Rates may differ slightly from market prices.
- Limited depth: Less popular pairs have higher slippage risk.
For major trades, use Spot Trading for tighter spreads.
👉 Advanced traders: explore Spot options
Disclaimer: Cryptocurrency trading carries risks. This content is educational only—not financial advice.