Topic: Trade with Binance's "Convert" tool for $0 fees? (Read 216 times)

I don't know how many fees are deducted while trading because I never noticed it because I always trade with a lot of dollars so I never noticed how much fees are deducted. But I think the fees are very little. Again some exchangers that trade in  I don't know if there are too many fees. But I think Binance and Kucoin are the two I trade all the time. These two are very popular with me and I put all my money in them.

Im always using Convert when need quick money from Bitcoin to usdt or another coin to usdt.

People use spot with order book since we can see with better value or else like trading with huge volume.  For now I just convert small piece and only using huge marketcap coin like bitcoin or etherum I dont know if the convert can trade on any coin beside that people like maker because low fee than doing taker

You may not know that in spot trading you can enter any order you want. If you think I will place the order too low, you can place it on the spot trading platform. Later, if the market falls and your order is completed, you can sell at a higher price. Why should I hesitate to pay a small fee if I am profiting here. But you can never do it in convert system. Convert system requires you to convert directly from Instant Market. The Convert system also has hidden fees that you may not catch.

Trading will always have a fees, and yes its more about your analysis and that convert option might not always be free, you also have to consider the exchange rate because they might charge higher on that. Binance always have a promotions for free trading fees, you might also want to take advantage of that, but again if its trading you have to deal with the fees and trade efficiently, some traders are too concern about the fees while some are not, choose what works for you.

the facilities used in spot trading are more complete, there is a chart that can determine what price we buy and at what price we target to sell, in spot trading we can choose at what price we will sell and buy this is the advantage of spot trading compared to conversion. conversion is free, but it doesn't determine what price to sell and buy, this is perfect for those who want to take a salary from crypto and then exchange it.

I can vouch for the oodles of elements that shake things up when picking a Binance trading style. Sure, the "Convert" gizmo boasts a no-fee gig, but don't forget it's a one-and-done deal, lacking the finesse and mastery of the spot trading scene.

For example, on the spot trading stage, I can rock limit orders at primo prices, nailing the sweetest deals. Plus, I get real-time market deets and a peek at the order book, all key to making savvy trading moves.

What's more, the spot trading game opens the door to a smorgasbord of trading pairs, perfect for those craving a diverse crypto diet. The "Convert" tool's quickie swaps may be nifty, but it falls short in the asset arena.

At the end of it all, it's a matter of taste and trading targets when choosing between the spot trading interface and the "Convert" doohickey. While the "Convert" tool may rock for fast, low-fee trades, spot trading's the ticket for tailored control.

Now it makes sense on why the fees are zero but other than it, I think this tool is built for the casual customer of the exchange or those who are not really a serious trader who trades from time to time. Like me for example. Last time, I only used Binance to trade small amount of crypto to the other and I found out that I can't sell them in the spot trading because the minimum amount is too high.

I try using other pairs and the minimum there are also high. Fortunately I found that convert feature and that is how I trade my coin. I notice that this feature is also present in Trust wallet but I guess that is because Trust wallet is still associated with Binance.

The only difference between these two trading is that, in spot trading is easily to monitor your trade but with convert form you can only place order and having lasting and limited period of 30 day thereabouts. Spots trading doesn't have lasting period and I believe can remain there as long you places your buy or sell order so whenever the market reaches your orders within 2 months or more it triggers automatically without expiration.
That is why people often use the spot trading and somewhat not too familiar with convert methods.

I think maybe you are missing the two functions together. Simply, when traders are converting, they are either switching their coin to another coin and that goes with no charge like I know from binance. You can convert btc to Usdt or any other or the other way and you hodl the new converted coin in there but if you are transferring it out, you get charged fees depending on the charge. Spot trading is different from converting your coin.

According to what I know about "Convert" tool, you can't choose whether to sell or buy at what price, but just what the current price is. As a result, I understand why individuals prefer to utilize "Spot" instead of a zero fee "Convert" tool.

1. Because Binance doesn't have a feature like "Spot" that can be seen immediately. Or they didn't explore in Binance of what's the new features and how to use them.

2. Because traders can't afford the current price in the market, and they don't have time to wait for the price to reach their desired price.

Thanks for mentioning OKX. I am using the exchange too and I check their convert page which let me know more about the reason the exchanges provide convert service for their customers. You can check this which is what I found on the convert page of OKX:




If you check 'no slippage' and simple conversion.

I noticed that it can be a good option for people that do not know much about spot trading but just having little knowledge or almost no knowledge about sport trading which requires more knowledge. With convert, anyone can easily convert from one coin to another.

The market price is good and the same as spot trading market price too, but with the benefit of zero trading fee. This is a good option for traders that are trading coins like bitcoin, ether and others that have high trading volume on the exchange.

Because I see the simplicity of how to use the convert. I check Binance lite and OKX lite. See what I found:

Binance lite at the left while OKX lite at the right side

     

I press on convert which is the only way to trade on the lite version. The spot trading is only available on the pro version. I think convert is just for people that do not want to learn much or go deeper into how to trade. Even a novice can easily use the convert to exchange from one coin to another.


About the convert on OKX, only market order option is available, unlike Binance convert that has both market and limit order option.

It really don't very hard to understand that why most do spot trading with out converting with zero fees. If you are a trader then you must know the volatilities of Cryptocurrencies and that's why you will see different prices from time to time. For that many we don't have to that much time to saw our destination price so it will very difficult to get it on convert options on the others hand if we saw the spot trading then we will fund some option to set our sell price to achieve the profit.

Thank you for attaching the picture. I haven't used Binance for a while, so I didn't know that there was a limit order and a time delay. The above explanation is according to OKX with have a simple convert order.


I searched for the working mechanism, and quoted the following:

https://www.binance.com/en/blog/otc/all-you-need-to-know-about-binance-convert-421499824684904009


It seems that it was set up to provide liquidity for those who want to execute a large order, as when you place an order in Spot Trading, the order may not be executed 100% because it may not find sufficient liquidity.

Binance Converter is an order to provide liquidity for those who want to execute large orders.
The only difference is the ease of executing the order, but in Spot Trading there are more options such as One Cancels the Other Order (OCO).

thanks for correcting me

You are not getting it correctly. Look at the image below:



That is the limit order for the convert. If you use limit, the order can stay up to 30 days before expiration, although if you use spot trading, no expiration. I think most of you are using the market order of the convert that makes the order to fill immediately.

In sport trading, you can choose the price at which you decide to buy or sell. I can choose sell order at $29044. All I can do is place an order to buy or sell at that price and wait, if the order is executed or I will cancel it and another price is set. In any case, I control selling price At a low fees. I can place the order and go to work, gym or any place with not need to wait to be executed.

In the convert page, the set price is obligatory.
Either I sell it now or not, and it is an option for those who want money quickly and do not have time to wait.

read blown

I used it before, it is not good at all, it is true that the fee is 0, but selling is at the lowest price and buying is at the highest price, so you will be a loser in the end.

Everyone prefers to place orders to sell at high prices that bring them good profits or to buy at low prices. You will wait for some time and pay some fees, but you will get what you want.

The only benefit I have found for this tool is that when you are in a hurry and want to buy or sell regardless of the price then you can execute the transfer immediately.

Every transaction in Binance has fees, unless you're using Binance coins such as BNB, BUSD then there is always be like hidden fees. If you try to review your transaction cost and history, you will be able to see it. The convert tool is very convenient when exchanging your small amount of coins for another coin and mainly Binance suggests and advertise that you would convert it to BNB without transaction cost.

Spot trading is ideal when you do analysis and have a preconceive price. You can set and demand what price you want to buy and sell. In spot trading, the volatility and liquidity of assets you are going to trade are crucial.

The convert is like trading with the market price and it's an instant trade. While in the spot, you're the captain of your trade and set prices, stop losses and as in even it's not the market price, you can set it.

I do use the convert when I've some dust balances and wanted it to be converted into a specific coin. That's actually helpful but everything we do in a platform, they're all priced in. So it's wrong to think that it's for free unless the exchange itself states that there's zero trading fee.

And which they usually announce that for something that they do such as promos.

Yes I posted at the same time as you.. I'll check that.. thanks for sharing

That is wrong according to what I posted above. Check what BitMaxz posted which I think is correct about it, most especially as there are some trading orders and options that are not in convert page. About the fee, SamReomo is completely wrong is what I see.