Binance is considered one of the largest and most powerful cryptocurrency exchanges globally. This company was founded and initially located in China, but it has now moved out of that country due to many competitors. If you are interested to learn how to convert coins on Binance, be sure to read until the end of this article.
All About Binance
Digital cryptocurrency is a type of money accepted at an international level. One of the biggest benefits of this is how this financial transaction is not dependent on the central banks of the country’s government for cross-border transactions. Therefore, cryptocurrencies are mainly decentralized. Many people and investors are drawn to this form of money because this is the best alternative to the traditional preservation of money.
Before you learn how to convert coins on Binance, it is important to be introduced first to this cryptocurrency branch.
- Binance, also known as BNB, is founded by ChangPeng Zhao. The main office or headquarters of this company is based in Hongkong. Binance is derived from the two words, Binary and Finance. Back then, this was just a small finance business that later grew into the world’s most successful exchanges platform in the world.
- ChangPeng Zhao and the rest of his team developed a token to improve their funds by creating an Initial Coin Offering.
- This fund was used to pay for the start-up business of the company. With this fund, they have hired professional developers, marketing strategists, and the security of their newly developed exchange servers.
- This token or fund created by Binance can function as payment for certain transactions collected while making an exchange with the digital coins.
- One example of this transaction is when you decide to exchange Bitcoin for Ripple. You are then required to pay a fee for this transaction. This is the reason why the Binance Token became so popular with users. Their innovative system has led these users to purchase more coins from cryptocurrency companies to get huge deals of returns afterward.
- This system also made Binance rise to the most powerful and biggest coin exchange companies globally and is holding the record for having the most number of users.
If you’re still wondering how to convert coins on Binance, you will find out the detailed and step by step process of these questions in the next part of the article.
The Binance Coin Conversion Process
You now have a gist of what Binance is. You may be interested in investing your money in this cryptocurrency company. To do it, you must first have an account in the Binance system. Here is how to do it:
Step One
- Go to the Binance website and navigate to the registration page. You will need to sign up for your email address and input a very strong key or password.
- You are also required to go through the human verification process. Once you are done, a confirmation message will be delivered to the email address you have provided in the registration form.
- Ensure that you read the verification message thoroughly before you confirm it because the email contains all of the relevant security information about your account.
- Once you have gone through the confirmation message, you must check the checkbox to proceed to the next step.
Step Two
- You will then need to enable the two-factor authentication of the Binance. This is a kind of security method that will only allow one person at a time to access your account.
- This is a protection system that can help protect your account from the evil hands of scammers and online hackers.
Step Three
- After you have set up the Two Factor Authentication, you will need to verify your account if you want to withdraw some coins in the future.
- To verify, you will be required to submit a time-stamped photo of your full face with extra documents to verify your identity.
- You can enable the Two Factor Authentication on the mobile app version of the Binance system. However, if you don’t want to download the app, another option is to receive the SMS authentication code.
Step Four
- The next step involves depositing coins into your Binance account.
Step Five (Conversion)
- This step involves the exchange and conversion process. This is how to convert coins on binance. You will need to gain access to your account’s Asset Conversion Function. There are different ways to access this function. Here is a couple of those:The first way to gain access is through the web. Go to your account’s trading page and navigate to the “Asset” module. Once you are there, click the button that says “Convert.”
- In the mobile Binance app, you can access the conversion feature by clicking the “Convert” button located on the Future wallets.
- On how to convert crypto on Binance, below are the simple steps that you can follow to convert your coins on the Binance system:The first step is to choose to convert coin A into coin B.
- You also need to input the amount of coin A that needs to be converted. Remember that your available coin balance is equal to the maximum amount that can be converted.
- After you are done with the input, you have to check the current exchange rate set by the Binance system and the amount of converted coin you are going to get.
- You need to remember that the system’s exchange rate refreshes automatically every ten seconds.
Conclusion
Binance is building a great future ahead of the cryptocurrency business. The exchange process in this system is so fast, based on what you have learned how to convert coins on Binance. This is a very competent and excellent company to have fewer worries in terms of your financial security. Discover more about cryptocurrencies here!