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Use the number pad to enter the amount of the first asset (in the equivalent USD amount) you would like to convert into the second asset, then tap Preview Convert, 4. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. However, for almost all traders, that won't make a difference. This influences which products we write about and where and how the product appears on a page. We adhere to strict guidelines for editorial integrity. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. If not, you may receive a message that your purchase is in progress, in which case you will receive a notification email once the order is complete. 6. The instructions for this are explained on the verification page. While the fees associated with Binance Trade may be higher than those of Binance Convert, the potential for profit is also higher. This blog will explain the major differences between each platform. However, for almost all traders, that wont make a difference. Follow us to stay up to date with Binance.US news and announcements: Legal disclaimer: This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or advice; or (2) relied upon for any investment activities. Feel the difference with Binance Convert! April was a milestone month as Binance.US announced its total trading volume surpassed $28 billion. Trust Wallet is the official wallet for Binance users, a free app to store cryptocurrency that is highly rated by Google Play and App Store users. Become a NerdWallet member, and well send you tailored articles we think youll love. Like Coinbase, all USD balances are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) and held in custodial bank accounts. Bank wire deposits are free, and wire withdrawals cost $10 to $15. Here are the variables that Binance.US takes into account: Users who pay fees using Binance.US' native BNB cryptocurrency get 25% off trading costs. Select the cryptocurrencies you would like to purchase from the drop-down menu. NerdWallets comprehensive review process evaluates and ranks platforms and companies that allow U.S. customers to buy and/or sell cryptocurrency. Although the exchange got off to a reasonably slow start, Binance.US has grown into one of the biggest cryptocurrency exchanges in the United States. For example, if a user converts 1 BTC to ETH and the current market value of 1 BTC is $60,000 and the current market value of 1 ETH is $2,000, the user would receive approximately 30 ETH after the conversion is complete (assuming no slippage). Your convert order will now be processed and you should see a screen showing that your conversion was successful. We make no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability, or completeness of any such information. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. Binance Main platform features: Low fees, comprehensive charting options, and hundreds of cryptocurrencies Fees: 0.10% spot-trading fees, 4.5% for debit card purchases Number of cryptocurrencies. With more than 500 cryptocurrencies and over 1,200 trading pairs available for its customers, crypto traders who prioritize having access to the possible coins to buy/sell should strongly consider Binance. Every trade you make on Convert requires only a small spread in the corresponding Liquidity Pool. After confirming that the information regarding your conversion is correct, tap, 5. Bitcoin doesnt have a central headquarters, Binance Review: A Cryptocurrency Traders Complete Guide, Crypto Vs Stocks: Is It Better To Buy Crypto Or Stock? Read the following helpful articles for more information: (Blog) Making a Big Trade? For other cryptocurrencies, spot trading fees range from 0% to 0.6%. Crypto selection: While it doesnt offer as many cryptocurrencies and crypto-to-crypto trading pairs as its parent company, the selection of more than 125 cryptocurrencies at Binance.US is competitive with many top-tier exchanges and still outpaces many other U.S. exchanges. Our leadership team are not sitting in one office, we dont have a clear place where we can go, by most peoples normal definitions of a headquarters that we can call a headquarters. 1. Binance.US is a cryptocurrency exchange where only United States investors can trade over 50 cryptocurrencies, including Binance Coin or BNB, Bitcoin, Ethereum and more. As you can see in the image below, the volume traded on Binance is significantly higher than its closest competitors, Huobi and Okex. 1. So far it's been nice to understand this new market. It is cheaper to buy on Binance. Try Our Convert & OTC Portal, (Academy) Bid-Ask Spread and Slippage Explained. We also explored ease of use for web and mobile applications, security protocols, standout features, and customer service. Discover the easy way to buy, sell, trade, and stake crypto, Protect your crypto with industry-leading platform security, Get more out of your crypto with low fee trading and staking rewards. Binance provides two different options for users who wish to exchange one cryptocurrency for another: Binance Convert and Binance Trade. This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or advice; or (2) relied upon for any investment activities. Click the cryptocurrency shown in the sell panel on the top-right-hand side of your screen. Maddy Simpson is an experienced data journalist and fact-checker with a background in financial analytics. A message should show up stating "Convertin Progress" as we process the transaction. While this is a high number, trading pairs are limited to just Bitcoin and stablecoins. 3. Binance uses a maker-taker structure with the same fees for both makers and takers. For more information on our Auto-Buy feature, please, 5. There are no transaction fees, but users are charged the spread between the buy and sell price. In conclusion, Binance Convert and Trade are two of the most popular services offered by Binance. Increase your profits with leverage. The conversion process is simple and can be completed in just a few clicks. Transfer your crypto to an exchange with leveraged tokens, such as KuCoin or Gate.io. Note that Binance is currently under U.S. regulatory investigation. Complete the fiat transaction and click "Transferred, notify seller" on Binance P2P. Select ' Advanced Trading ' from the drop-down menu 3. Some cryptocurrencies may have higher fees associated with them due to their lower liquidity or higher volatility. How do we review cryptocurrency platforms? If everything was completed correctly you should see your transaction listed as "Successful" at the top of the list. Convert is a simple and clean interface that provides instant crypto conversions unlike spot trading. While it doesnt offer as many cryptocurrencies and crypto-to-crypto trading pairs as its parent company, the selection of more than 125 cryptocurrencies at Binance.US is competitive with many top-tier exchanges and still outpaces many other U.S. exchanges. Fan Token. There are no fees for cash deposits or withdrawals by ACH bank transfers. However, both provide mobile applications with watch lists or live price tracking. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. A message should show up stating "Purchase in Progress" as we process the transaction. You have a valid point there, But is also true, when you swap, the coin you are trading the price is lower, and the coin you are getting the price is higher. Binance Trade is a more complex feature than Convert and requires users to have a good understanding of technical analysis and risk management. It is a great fiat on ramp. convert trading pairs supported. "Cryptocurrency Tax Reporting 101. Read on to learn how you can buy, sell or convert your favorite cryptocurrencies in just a few easy steps below. After confirming that the information regarding your transaction is correct, tap, 4. We dont charge a single trading fee from any trade you conduct on Binance Convert. In 2017, Changpeng Zhao (also known as C.Z.) Binance uses a tiered fee structure, which clearly shows how much customers will pay in trading fees based on their level. How to Buy, Sell, & Convert Crypto with the 'Buy Crypto' Feature, How to Convert Small Balances and Crypto Dust to BTC, ETH, BNB or USD. Trading assets with lower liquidity and volume can cause slippage a situation when a trade settles for a different price than expected. Binance.US uses a few factors to determine spot trading fees, but in general, even casual users will be able to trade Bitcoin for free. However if you run into an issue, CS acts as Angels and will lend you support with in a reasonable amount of time!, Easy to use and low fees. Over 100 available for U.S. investors on Binance.US, 2FA verification, FDIC-insured USD balances for Binance.US, device management, address whitelisting, cold storage, 2FA verification, insurance for hot storage if Coinbase is breached, biometric fingerprint logins, cold storage, FDIC-insured USD balances, AES-256 encryption for digital wallets, Limit order, market order, stop-limit order, trailing stop order, post-only order, peer-to-peer trading, margin trading, one-cancels-the-other order, and more, Limits differ based on the cryptocurrency purchased, Limits vary based on your payment method and region, Advanced charting with many different options for adding indicators and overlays, Public application programming interface (API) keys for integrating other software tools, The option to use the third-party digital wallet, Trust Wallet, Users in over 180 countries can trade on Binance, but only 46 states can use Binance.US, excluding Hawaii, New York, Texas, and Vermont, The ability to withdraw funds to your PayPal account, Available for use in over 100 countries and 49 states, with no trading allowed for residents of Hawaii, A newsletter showcasing the latest cryptocurrency news, Can earn cryptocurrency by watching short videos. The Binance Bridge allows you to wrap your crypto assets (BTC, ETH, XRP, USDT, BCH, DOT, and many more) for use on the BNB Smart Chain in the form of BEP-20 tokens. Upgrade your fan experience. It is the U.S. branch of Binance the original international platform that U.S. users no longer have access to. With one click, you can easily exchange your crypto holdings for another coin of your choice at no additional cost. After logging into your account, click the Buy Cryptobutton on the top-right side of the screen. However, it certainly cannot compete with its parent company. After confirming that the information regarding your transaction is correct, tapConfirm Buy to execute your order. Users can select the asset they wish to convert, the crypto or fiat they want to convert to, and request a quote in just a few clicks. Futures Trading Fees: 0.02% 0.04% for makers and 0.04% 0.06% for takers depending on the trading volume and VIP level of the user. .css-1sey3nz{box-sizing:border-box;margin:0;min-width:0;color:#C99400;-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}.css-1sey3nz *,.css-1sey3nz * > *{color:#C99400;}.css-1sey3nz:hover,.css-1sey3nz *:hover{color:#F0B90B;}.css-1sey3nz:focus,.css-1sey3nz *:focus{color:#C99400;}Binance Convert provides a straightforward way to convert Coin A to Coin B. Bank transfer and 100+ options. You'll now see the details of the trade. NerdWallet strives to keep its information accurate and up to date. Binance.US does not say whether it carries insurance on customer assets. Binance.US currently offers more than 150 crypto-to-crypto trading pairs. Send money to the seller via the suggested payment methods. Investopedia requires writers to use primary sources to support their work. After confirming that the information regarding your transaction is correct, tapConfirm Sell to execute your order. Once again, U.S. citizens are probably wondering whether Binance.US can match Binance in this category. Select the cryptocurrency you would like to sell from the drop-down menu. Binance.US's OTC portal allows trading directly between buyers and sellers. Read more. However, it is important to note that Binance Convert may not be the best option for users who are looking to make a profit by trading cryptocurrencies. Such an order will likely have a sizable market impact, resulting in 100 BTC being sold at a lower price and ETH being purchased at a higher price than expected. Our opinions are our own. That would mean they would have an account at a EU bank and . Because they are both completely different things. This site uses cookies for analytics and personalized content. Preview and confirm the quote and youll find the crypto in your. 1 Answer. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. On Binance Convert, all transactions are processed instantly according to the provided ratioregardless of transaction depth. Coinbase is the winner due to customer satisfaction and regulatory history. By continuing to browse this site, you agree to these terms of use. Some context on staking and rewards: Staking programs operated by centralized businesses such as exchanges have been under regulatory scrutiny, with some facing allegations that their offerings amount to unregistered securities. Coinbase has an insurance policy to cover the 2% of funds kept in hot storage, but it only covers security breaches on their end, not ones due to a user security problem. 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