Binance exchange has bring many features for its users which are really beneficial for us. I am regular user of #binance and I try to find daily new features and workings. Almost all of the features I have tried except those which are linked with future contracts.
Today in this post I am going to discuss about conversion in Binance. I have discussed a brief about this topic in one of my post. Today I want to give a touch another feature inside the conversion.
I used this conversion option to swap from one altcoin to another altcoin. One of the best thing I found interesting is another option inside the conversion feature and that is limit order.
If you have notice that there was only market conversion rates. Which means that what the market price is you can convert to that rate but now the limit option is here where you can set you limit orders for the conversion.
Let me introduce little about conversion and when you can use this feature in #binance. This option is best for the traders who wants to increase the quantity of the coin.
This feature is more working when you have are stuck with your trades. Just suppose you have opened a trade with USDT/BTC and your analysis did not meet your targets. You are now stuck in Bitcoin and there is no way to wait until you recover back your losses.
During this time when you are stuck you can use this feature by converting Bitcoin to any of the altcoin which you seems are best and fundamental strong. I mostly use #HIVE coin conversion with #ADA and vice versa.
Limit is the option in conversion where you find best conversion trades among two crypto coins. This practice will make you stay with crypto coin but the benefit is that your coin quantity will increase.
Just suppose you have selected BTC and ETHEREUM coins for conversion. You keep on setting limits for conversion against ETH and back to BTC. Keep on continue this practice by holding your coin. Which is a win win situation and also holding crypto.
You have two options for conversion either market or limit order. If you find the best order for conversion then you better use market order for instant conversion. But if you want to get large benefits then you can set limit order accordingly.
What do you people think about #binance crypto conversions and what do you think about its benefit? Do you think conversion feature is the best one to increase quantity of the coin? Will be glad to see your answers in the comment below.
I hope you find this post useful and informative. If you do, please remember to reblog it so that it reaches as many people as possible and that they can benefit the most from it. Also, remember to upvote, which will help me financially and grow my account.
IMAGES ARE TAKEN FROM BINANCE,CANVA AND EDITED IN CANVA.
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Best Wishes.
