It's pretty much the same. The "convert" feature is there for quick spot market conversions, and for the mega-newbies who don't want to get overwhelmed by looking at the order book.
Is it possible to say both methods are the same when you want to trade ?
Yes. But if you're a trader, you'd for sure prefer to see the chart and order book.
At the same time there are exchanges providing free conversion. So its easier to convert. Sometimes there are several days when you can easily convert the trading pairs and this saves you much more then order book. But the price is although nominal if you are not investing much.
I want also add to the above, that converting between cryptocurrencies eats up little bit more commissions, than just buying a cryptocurrency in an order book on Binance exchange. So I always use the second option.
are you sure about this?
last time i checked the convert method was there to only let users buy or sell at market price instead of placing a buy or sell order at their desired price and wait for it to be filled. that means the commissions should also be the same.
Even if you place a buy/sell order at your desired price unfortunately it does not go through. You have to at least reach the market price there or wait for a while which literally is more worrisome since the price changes every second.
- Please check out the market rate and the commission of various exchanges it's all very different. Then only make a wise decision. But the difference is not much !
