Please note you will be paid in USD to your Binance.US wallet by default. In this article, we will discuss the differences between Binance Convert and Trade and the fees associated with Plus interactive charts and trading tools. 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. Binance uses a maker-taker structure with the same fees for both makers and takers. Because they are both completely different things. There are no transaction fees, but users are charged the spread between the buy and sell price. Yes, Binance does report to the IRS. Binance Convert provides enough liquidity to completely remove the risk of slippage. ", CNBC. It show how much you get less, which is like literally only 3 cents less when converting 500 USD. Binance and Coinbase are geared toward different types of users. Looking to make a large trade at the best price? This blog will explain the major differences between each platform. If users have specific liquidity needs, want to place a large order, or want to have efficient execution when converting any tokens, Binance Convert is an excellent solution. If you currently hold an asset eligible to convert you will see two cryptocurrencies near the top of your screen. Unlike other crypto exchanges, we charge 0% transaction fees when you buy or trade Bitcoin or Ethereum on select pairs, and offer some of the lowest fees on cryptocurrencies you love. April was a milestone month as Binance.US announced its total trading volume surpassed $28 billion. You can even refresh the quote if it doesnt suit your needs. However, both platforms support popular and up-and-coming currencies such as: Although both platforms are considered secure, Coinbase has a better overall reputation. Bank transfer and 100+ options. We put Binance and Coinbase side-by-side to review the overall price for various transaction types, accepted fiat currencies, and available altcoins for trading purposes. Read more. Binance's trading cost of 0.1 percent is cheaper than that of several other US exchanges. However, the U.S. version has fewer features than the full website includes. Please note that all orders must be at least 20.00 USD. iOS app highly rated, while Android app earns lower rated reviews. A message should show up stating "Convertin Progress" as we process the transaction. Send money to the seller via the suggested payment methods. The conversion process is simple and can be completed in just a few clicks. Click the "$0" sign above your cryptocurrency selection to enter the USD amount of the cryptocurrency you wish to sell. Skip the fancy tools and get your preferred cryptocurrency fee-free in the correct amount, whether you're a casual retail user or a long-time crypto trader. On Binance Convert, all transactions are processed instantly according to the provided ratioregardless of transaction depth. 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. 2. Your "Transaction History" will automatically display. If I make a limit order then am I the market maker? Your convert order will now be processed and you should see a screen showing that your conversion was successful. Your email address will not be published. Get your Crypto Once the seller confirms receipt of money, the escrowed crypto will be released to you. Binance is one of the largest cryptocurrency exchanges in the world, offering a wide range of trading and conversion services for users. As a reminder, Binances fees are the lowest in the industry, even before factoring in the discounts. Your "Transaction History" will automatically display. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Transfer your crypto to an exchange with leveraged tokens, such as KuCoin or Gate.io. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Scroll down or use the search function to find the asset you would like to sell and tap on its name, Note: If you cannot find your desired cryptocurrency in this menu, but you hold it in your Binance.US wallet, please use the regular Binance.US trade screen, 4. How do we review cryptocurrency platforms? Our partners compensate us. 3. Despite its size and name recognition, Binance has had issues with regulators. Two of the most popular services offered by Binance are the Convert and Trade features. Verdict: When it comes to the number of cryptocurrencies available for trading, Binance.US is relatively in line with other U.S.-based crypto exchanges such as Coinbase, Kraken, and Gemini. If you do not see this message, please wait another few moments before retrying this transaction. Binance is legal in the U.S. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Binance uses a tiered fee structure, which means that the more a user trades, the lower their fees will be. Skip the fancy tools and get your preferred cryptocurrency fee-free in the correct amount, whether youre a casual retail user or a long-time crypto trader. BNB had some security concerns in the fall of 2022, thanks to hack that led to a loss valued at about $570 million. We also explored ease of use for web and mobile applications, security protocols, standout features, and customer service. Since Binance doesnt allow for U.S. Dollar deposits and trading, most of the volume on the exchange occurs against stablecoin pairs such as ETH/USDT and BTC/BUSD (BUSD is Binances native stablecoin). but isn't convert feature locked quotes, meaning as long as I am happy with the quote given I would pay less fees and am better off using the convert feature over spot trading? 2023 BAM Trading Services Inc. d.b.a. Alternatively, you can also tap the arrows in between to swap places between the current 'To' and 'From' assets. The amount of time that will take varies depending on the cryptocurrency in question. Confirm your sell information. Use Pay on the Binance.US app to send, request, and receive crypto instantly with zero transaction fees. When it comes to cryptocurrency listings, Binance is the undisputed king. Once you see it, Click Go To Wallet to verify your transaction status. All information is provided on an as-is basis and is subject to change without notice. Two of the most popular services offered by Binance are the Convert and Trade features. Binance has a steep learning curve, supports advanced users, and provides international traders with hundreds of currency trading options. Binance.US does NOT provide investment, legal, or tax advice in any manner or form. convert trading pairs supported. Binance.US launched in September 2019 to serve customers from the U.S.A. Click the "$0" sign above your cryptocurrency selection to enter a USD amount you wish to purchase of that cryptocurrency. Binance Convert uses sophisticated liquidity provision technology to secure the asset rates outlined in the quote even for large orders, minimizing market impact and completing instantaneously. A place to interact with the community, and discuss all things crypto and Binance! Binance.US currently offers more than 150 crypto-to-crypto trading pairs. Fan Token. Confirm your purchase information. Binance charges an additional 3.75% for debit card transfers (Binance.US doesnt allow credit card purchases). Trades range from free to 0.6%, but as high as 3.75% if using a debit card. On June 27, 2021, the Financial Conduct Authority (the U.K.s financial watchdog) banned Binance Markets Ltd, an affiliate of Binance, from operating in the United Kingdom. If you are satisfied click Confirm Conversion to execute your order. .css-1lvj3h1{box-sizing:border-box;margin:0;min-width:0;-webkit-transition:box-shadow 0.1s ease-in;transition:box-shadow 0.1s ease-in;position:relative;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;margin:auto;border-radius:8px;overflow:hidden;max-width:100%;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;}.css-1lvj3h1:hover{box-shadow:0px 0px 1px rgba(24,26,32,0.1),0px 16px 32px rgba(71,77,87,0.16),0px 8px 16px rgba(24,26,32,0.16);}.css-nunjf0{box-sizing:border-box;margin:0;min-width:0;color:#F0B90B;box-sizing:border-box;margin:0;min-width:0;-webkit-transition:box-shadow 0.1s ease-in;transition:box-shadow 0.1s ease-in;position:relative;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;margin:auto;border-radius:8px;overflow:hidden;max-width:100%;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;}.css-nunjf0:hover{box-shadow:0px 0px 1px rgba(24,26,32,0.1),0px 16px 32px rgba(71,77,87,0.16),0px 8px 16px rgba(24,26,32,0.16);}. Spot. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Trading large amounts through Binance Convert can also help users achieve. However, we are talking BTC probably falling back down to $3-$6k levels and alts being pulverised if we would to experience Binance collapsing. Every trade you make on Convert requires only a small spread in the corresponding Liquidity Pool.' Normal people see no fees. Although small traders wont make much of an impact on either exchange, all else being equal, most traders would prefer to trade against the larger book rather than, the smaller one. 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. It declared that it doesnt have a headquarters because Bitcoin doesnt have a central headquarters. Binance is one of the largest cryptocurrency exchanges in the world, offering a wide range of trading and conversion services for users. Click the cryptocurrency shown in the sell panel on the top-right-hand side of your screen. Traders want to be able to convert one asset for another asset while having a minimal impact on the price. Some cryptocurrencies may have higher fees associated with them due to their lower liquidity or higher volatility. This is even more than the Binance Spot Market, including listed tokens for Binance Liquidity Pool like SHIB/XRP, SLP/AXS, etc. If so, I'd assume US users that are currently at exodus will not be able to collect their dusts? NerdWallets comprehensive review process evaluates and ranks platforms and companies that allow U.S. customers to buy and/or sell cryptocurrency. The Buy Crypto feature allows you to easily buy, sell, or convert cryptocurrencies on the Binance.US platform in just seconds. 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