Trade with Binance's "Convert" tool for $0 fees?

[Cryptomiles1]

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.

[1715273831]

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[1715273831]

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[1715273831]

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[1715273831]

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[1715273831]

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[doomloop]

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.

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.

[death69]

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.

[kojektea]

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.

[goaldigger]

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.

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.

[Rigon]

Hello everyone 

To do spot trading on Binance, you can use the "Convert" tool with a $0 fee (in market or in limit).

My question is why many traders to buy and sell use the spot trading (where there are buy, sell buttons and order book) with fees instead of using the "Convert" tool without fees?

Thanks

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.

[dansus021]

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

[rojan]

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.

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.

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.