By using BIT Convert, you can convert one cryptocurrency to another very fast. The steps are as follows:
1. Enter the Convert page
Website: Click [Trade] - [Convert] on the top left corner of the home page to enter the convert page
App: Click [More]-[Convert] on the home page to enter the convert page
2. Select a converting pair in the convert page
Scroll down to select the currency you want to sell and the currency you want to buy to form a converting pair
3. Get Quotes
Upon entering the amount you want to buy or want to sell, the system will provide you with an instant quote for the converting pair. The quote will refresh every 5 seconds.
4. Place an order
Click【Confirm】within 5 seconds of the quote validity period, an order will be successfully placed.
5. Transaction completed
A completed transaction pops up at the top of the page, signifying that the entire transaction is complete. Usually your order will only take a few seconds to complete.
You can view the flash order history by checking [Trade History], and you can also go to the assets page to view the assets after converting.
1) Is there any limit for the amount of assets to be converted?
Yes, you can view the minimum and maximum quantity of assets that can be converted in the box that appear upon initiating a trade.
2) How is the transaction settled?
The transaction is settled directly to your BIT UM account. The automatic settlement generally completes within seconds after submitting the order.
3) Are there any fees with the Convert service?
The Convert itself does not incur any transaction fees. However, please note that the convert price may be a little different to spot market prices on other exchanges.
4) Can a Sub-account use the Convert function?
Yes, Convert is accessible to subaccounts.
5) What is the difference between Convert and spot trading?
Convert adopts a much simpler trading interface that allows users to easily swap cryptocurrencies without understanding technical terms such as candlestick charts and orderbooks.
Convert is instant trade adopts the RFQ (request to quote) quoting method. It automatically selects the best price for the user according to the selected pair and amount. The price is held for a certain time period. There is no price slippage within this period.
6) Where can I find my trade history?
You can click the [Trade History] icon (top-right corner of the trading panel) to expand the trade history , or you can visit [Assets History] to view past Convert transactions.
7) What should I do when prompted "Insufficient Balance"?
Due to the Profit and Loss fluctuations to your positions (if any) denominated in the chosen currency, "Available" displayed on the trading panel may not update as frequent as your actual available. If you receive an "insufficient balance" prompt, it is recommended that you reduce the transaction amount or make a deposit.
8) What are the requirements to use Convert?
You need to log in to your account in order to place orders. Currently, the portal only supports unified accounts, and is not accessible to classical accounts. Please complete KYC Lv.2 verification before you can use Convert or other functions.