How to Swap Crypto in Binance for Beginners Step-by-Step

How do I swap crypto in Binance App? is a common question among newbies. You didn’t come across this article by mistake; pay close attention to all the detailed information. Hopefully, this article will guide you on how to swap crypto in Binance as a beginner.

What is Crypto Swapping?

To begin with, Crypto swapping, or in other words, token swapping, refers to the exchange of one coin or token for another directly, without needing to convert it to fiat currency in the first place. Additionally, swapping has some benefits like no need to navigate complex trading interfaces, high speed, no price slippage, and provides access to a wide range of cryptos. This action can be done in CEX (Centralized Exchange) and DEX (Decentralized Exchange). However, we will show how to swap crypto using Binance Exchange (Centralized Exchange) as an example.

Why Swapping with Binance Exchange

I know you might be wondering why swap with Binance instead of others? well, it’s because Binance is the largest and trusted cryptocurrency exchange known for its:

Large Scale of Available Cryptocurrencies: There are numerous cryptocurrencies that one could choose from at every point in time.
User-friendly Interface: It has a user-friendly interface that is highly suitable for both newbies and professionals in the crypto space.
Quality Security measure: Binance Exchange uses an advanced security measure to safeguard users’ privacy, funds, and…..
High liquidity that ensures fast and effective swapping.
Low trading fees for easy swaps.

How to Swap Crypto in Binance: A Step-by-Step Guide

Log in/ Sign up for Binance:
- Download the app, or better still, visit their website.
- If you already have an account, proceed to log in, and if you don’t have click on create and then follow the provided instructions.
- Complete the KYC section for full access to the platform.

2. Deposit or Purchase Cryptocurrency:
- If you already own crypto, go to the wallet and select deposit, but if you don’t have, then proceed to purchase.

3. Move to the Swap Section:
- On the home page, click on trade, then at the top right side, click on convert
- This will lead you to the conversion interface for swapping your desired cryptocurrency.

4. Select Your Desired Crypto to Swap:
- Firstly, select the cryptocurrency you intend to swap in the “from” section.
- Then, choose the one you want to receive (the one you want to convert to) in the “to”.
- Never forget to input the desired amount of cryptocurrency you want to swap.

5. Swap preview: Simply click on the “Preview Conversion” section to see the exchange rate and the amount you will recieve
- Also, check some details like the conversion rate and fees.

6. Swap Confirmation:
- Lastly, once you are satisfied with what you see, click on convert, and it will instantly process, and there you have your new cryptocurrency in your account.

Understanding the Basis of Binance Swap Fees

The Binance swap fees offers zero conversion fees for spot swap. Regardless, there might be little changes to initial displayed rate and the final rate. It is important to know that once a conversion is confirmed, it can not be reversed.

Useful Tips on How to Convert Crypto in Binance

Always verify exchange rates
Beware of minimum and maximum limits, as different cryptocurrencies have different swap amounts.
Don’t forget to check the details for the specific swap.
Use the 2FA security feature to avoid unexpected losses and scams.

Conclusion

In summary, using the Binance Exchange for crypto swaps is easy and fast. Whether you want to take advantage of price changes or want an easy way to trade, Binance Convert has you covered at all times. Don’t forget to subscribe and share with family and friends.

Tags: crypto, Cryptocurrenccy

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