I want also add to the above, that converting between cryptocurrencies eats up little bit more commissions, than just buying a cryptocurrency in an order book on Binance exchange. So I always use the second option.
are you sure about this?
last time i checked the convert method was there to only let users buy or sell at market price instead of placing a buy or sell order at their desired price and wait for it to be filled. that means the commissions should also be the same.
As far as I know, the "convert" method having higher fees than the typical orderbook method only applies to Coinbase("convert", higher fees) and CoinbasePro(orderbook, lower fees), but not with Binance. Feel free to correct me if I'm wrong though.
It doesn't look like there is any real difference in fees. Binance is very transparent in their fee policy, and we cannot see any difference here:
https://www.binance.com/en/fee/schedule
I think it is just the same as trading fee. You will pay the Taker Fee, AFAIK.
If there was any difference it would be explicit mentioned. Otherwise it would be a very dishonest practice.
Even when you convert to BNB (in that button , to convert dust) the fee is very transparent:
Quote
https://www.binance.com/en/support/faq/360003012371
Please note that the conversion value suggested by the system is an estimation. The selected amount is converted to BNB according to the market price at the time of the click that confirms the conversion.
Please note that the conversion value suggested by the system is an estimation. The selected amount is converted to BNB according to the market price at the time of the click that confirms the conversion.