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Streamlined Guide to Changing Currencies on Binance for New Users
If you’re new to Binance, the global leader in cryptocurrency exchanges, and feeling overwhelmed by currency conversions, this simple guide is here to help. In just a few steps, you’ll master the art of currency conversion.
First, understand that a "currency pair" represents the value of one currency against another – for example, Bitcoin (BTC) versus the US Dollar (USD), creating a BTC/USD pair.
Follow these easy steps as an example: John wanted to trade Ethereum (ETH) for Bitcoin (BTC).
He did the following:
- Logged into Binance and visited "Wallets" > "Deposits & Withdrawals."
- Copied the ETH address provided and transferred ETH from another source to this address.
- To convert ETH into BTC, he returned to "Deposits & Withdrawals," selected "Spot Markets," and chose "Buy Crypto" to initiate a Bitcoin purchase using his preferred payment method.
Confused?
Here’s the breakdown:
- Log in and navigate to Wallets > Deposits & Withdrawals.
- Choose your currency (send it to Binance).
- Initiate a transfer to acquire that currency on Binance.
- Go back to Deposits & Withdrawals > Spot Markets > Buy Crypto to exchange your currency for another.
FAQs:
- How long does a currency exchange take? Transactions typically complete within minutes, but can vary based on network congestion and payment methods.
- Is there a fee for changing currencies? Yes, Binance charges a small trading fee that depends on your trading volume.