Quote from: Oshosondy on Today at 12:35:58 PM

You are not getting it correctly. Look at the image below:

Thank you for attaching the picture. I haven't used Binance for a while, so I didn't know that there was a limit order and a time delay. The above explanation is according to OKX with have a simple convert order.

I searched for the working mechanism, and quoted the following:

https://www.binance.com/en/blog/otc/all-you-need-to-know-about-binance-convert-421499824684904009

It seems that it was set up to provide liquidity for those who want to execute a large order, as when you place an order in Spot Trading, the order may not be executed 100% because it may not find sufficient liquidity.

Binance Converter is an order to provide liquidity for those who want to execute large orders.
The only difference is the ease of executing the order, but in Spot Trading there are more options such as One Cancels the Other Order (OCO).

thanks for correcting me

Quote

Large order size
Imagine that someone is placing a large order in the order book, such as 100 BTC to be converted to ETH. Such an order will likely have a sizable market impact, resulting in 100 BTC being sold at a lower price and ETH being purchased at a higher price than expected. With Binance Convert, a fixed execution price is guaranteed, making the execution process more manageable and cost-efficient. Trading large amounts through Binance Convert can also help users achieve VIP-level upgrades.