Have you been looking for a way to swap your crypto for another coin? Here’s a tutorial on how to swap crypto for another crypto on Binance.
Why Do People Swap Cryptocurrency?
People swap cryptocurrency for a variety of reasons. One common reason is to make a profit by buying a certain cryptocurrency at a low price and then selling it at a higher price. Another reason is to diversify one’s portfolio by holding a variety of different types of cryptocurrencies. Some people also swap cryptocurrency to use it for transactions, such as buying goods or services online.
Binance is one of the most popular cryptocurrency exchanges in the world. It allows users to buy, sell, and trade a variety of different cryptocurrencies. Binance offers a user-friendly platform that is easy to use for both beginners and experienced traders. The exchange also offers a mobile app for trading on the go. Binance is known for its low trading fees and good processing times.
Now let’s take a look at how you can swap crypto for another crypto on Binance.
Complete Guide On How To Swap Crypto For Another Crypto On Binance
Step 1: Setting up a Binance Account
Setting up a Binance account is a simple and straightforward process that allows you to buy, sell, and trade different cryptocurrencies. In this article, we will go over the steps of creating a Binance account, verifying your account, and setting up two-factor authentication for added security.
How to create a Binance account
- Go to the Binance website (https://www.binance.com/) or app and click on the “Register” button in the top right corner.
- Fill out the registration form with your email address, password, and referral ID (if you have one).
- Click on the “Register” button.
- Check your email for a verification link and click on it to activate your account.
How to verify your Binance account
After you have created your account, you will need to verify your identity in order to withdraw funds or use certain features on the platform.
- Go to the “Account” tab in the top right corner and select “Verification.”
- Fill out the required information, including your full name, address, and a government-issued ID.
- Upload a clear, legible copy of your ID.
- Click “Submit” and wait for the verification process to be completed.
How to set up two-factor authentication for added security
After you have verified your account, it’s important to set up two-factor authentication (2FA) for added security.
- Go to the “Account” tab in the top right corner and select “Security.”
- Click on the “Enable” button under the “Google Authenticator” option.
- Follow the instructions to set up the Google Authenticator app on your phone.
- Once you have set up the app, enter the code generated by the app into Binance and click “Verify.”
With these three steps, you will have successfully set up a Binance account, verified your identity, and added an extra layer of security with two-factor authentication. Now you will be able to buy, sell, and trade different cryptocurrencies on the platform. Remember to always keep your account and personal information secure by regularly changing your passwords and enabling two-factor authentication on your account.
Step 2: Use Binance Convert
Users can quickly convert the cryptocurrency they currently own into another cryptocurrency using the Binance Convert service. The main way to purchase cryptocurrency on the Binance Lite edition of the app is through Binance Convert, which also powers the Convert feature of the Binance app.
A crypto transaction on Binance Convert may be done in just four easy steps, each of which can be finished in a matter of seconds
Go to Binance Convert
- Go to [Trade] in the top left corner of the homepage of the Binance website, then select [Convert].
- Choose [Convert] in the top left of your screen (for the default version of the app) or on the pop-up that appears by selecting Trades on the Binance app (the middle option on the bottom portion of your screen) (for Binance Lite).
Step 3: Select the token you have and the token you want to buy
You have the option of entering the number of tokens you want to obtain or use (in the top portion) (at the bottom part).
Step 4: Click Preview Conversion
The pricing estimate for the transaction you are considering will then appear. You have 5 seconds to accept the quote and complete the transaction. To acquire a new rate if the five seconds have passed, click Refresh.
Step 5: Click Convert
You may see the cryptocurrency you purchased in your Spot Wallet after the transaction, which takes less than a second.
Conclusion: How To Swap Crypto For Another Crypto On Binance
In conclusion, swapping one cryptocurrency for another on Binance is a relatively simple process. To start, you will need to create a Binance account and verify your identity. Once your account is set up, you can deposit your existing cryptocurrency into your Binance account. From there, you can use the Binance trading interface to exchange one cryptocurrency for another. This can be done by placing a limit order or a market order. After your trade is complete, you can then withdraw your newly acquired cryptocurrency from Binance.
For our Breet lovers, do not worry; Breet is bringing this feature to our platform soon. Soon Breet users will be able to sway crypto for another crypto using Breet App. Stay tuned!