Bitcoin Forum

I have some USDT in my account.

Now I wanna swap all of that for Bitcoin so I can start trading Bitcoin pairs.

If I open a trade with BTC/USDT and I buy bitcoin, yeah I'll have bitcoin in my account (because I bought it), but at some point I have to close the trade and that would mean that I sell that bitcoin (which means that I would be swapping it back for USDT).

How do I have all bitcoin in my account without any open trade?

JH

Where do you have the USDT and what exchange are you going to be using to trade?

As far as I know, you can simple exchange USDT/BTC in most exchanges without needing to swap it back to USDT....

I've got it in Binance.

But isn't there a way to do a straight swap on the charts itself?

JH

As soon as you deposit your USDT from whatever wallet you're using to the exchange, it's in the exchange's wallet.
The exchange creates some kind of virtual wallet for you, you no longer hold any USDT (the exchange does). You just have a record in their database crediting you some of the USDT they hold in THEIR wallet.

If you exchange your USDT to BTC, you'll have a new virtual wallet with the exchange, now with BTC credit.

If the exchange is honest, they'll allow you to withdraw your BTC to an address generated by a wallet of your choice. At this point you'll have BTC in a wallet where you controll the private keys (hopefully), so now it's your BTC.

I don't really understand why you'd be forced to sell your BTC back for USDT here...

I think that the most likely scenario is that he wants to do margin-trading and that forces you to close the positions; you don't really exchange/own the coins like in a normal exchange situation. Otherwise, I'm a bit lost


Other than that, Binance should let you simply buy BTC and do whatever you want with it (withdraw, exchange,  ...)

I don't know if that is what you call a "straight swap"....

ok, I get it. I found a place on the exchange where it allows you to convert your coins for another coin without opening a trade on the chart.

I thought I had to do it through the charts.

Now that I've done a straight convert, does that mean I pay a bit more in fees vs doing it on the chart?

JH

I can see you are new at this.

I suggest that, if you have just a few dollares, to exchange your coins outside an exchange.

There are many KYC free services, where you can anonymously trade your coins, like https://instaswap.io/ or https://simpleswap.io/ or easyrabbit, and so on.

You just follow the website isntructions, send USDT to their wallet and they will send BTC to your wallet. Vetry simple.

Doing such a conversion certainly you have to pay some funds for service fees, unless you do it on an exchange such as Binance or another exchange.  Then you will only pay the withdrawal fees to the account you want.
And you might get lower or higher prices that you can set yourself.

Your question is answered.

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And if you want to trade easily and effortlessly, you can use atomic wallet (https://atomicwallet.io/) for your purpose.
You can swap your USDT with BTC easily.

maybe u are using a not so friendly exchange thats why you are having a hard time, you can just put it on BTC/USDT  if u want to get BTC or USDT. Its like just vice versa.