When trading cryptocurrency, you may require the conversion of one coin to another to complete transactions. While there are various methods of doing this, some methods may be more convenient than others. For instance, some exchanges provide conversion services that let users deposit local digital fiat currency and instantly convert it to any cryptocurrency of their choosing – saving time transferring between exchanges! In addition, some exchanges provide conversion services for other currencies as well.
Use an exchange’s wallet system to convert crypto to fiat currency. To do this, log into your account and click “Wallet”, followed by “Fiat and Spot”, before selecting your currency of withdrawal and following prompts for withdrawing it. A page should display your converted amount; additionally you can view your history by clicking the icon at the top-right corner.
Binance provides one of the easiest and simplest ways to convert cryptocurrency via USDT, the stablecoin pegged to the US dollar. USDT currently boasts a market cap of over $51.9 billion and can be traded against other cryptocurrencies on Binance or purchased directly with either credit card or wire transfer.
Binance makes converting crypto easier. First, deposit USD into your account by selecting USD as the deposit method in the fiat and spot tab of your account. Next, go to the converter page and choose USDT as your destination currency before selecting an amount to convert and clicking “Preview Conversion.” When your conversion has completed, it can be seen on this page.
If your wallet doesn’t contain enough USDT to cover the conversion amount, or other stablecoins haven’t sold for USD, the Binance Earn feature enables you to generate interest on them and make use of idle funds without risk of value loss.
Binance Loans offers another great way to diversify your crypto portfolio without incurring taxes through selling existing crypto. They’re secured by popular tokens such as BTC, ETH and ADA so you’ll enjoy competitive interest rates based on live market prices for these assets – although only available on its US exchange due to compliance concerns; currently in beta phase and set for full launch soon thereafter – always with compliance being of top priority at Binance!