How to Convert Crypto Assets Using Bybit Convert (No Fees)

Crypto traders often need to convert assets to take advantage of market opportunities, diversify portfolios or manage risk exposures. A quick, easy and cost-effective way to convert crypto assets is crucial to staying agile and responsive to the ever-changing market conditions.

Cryptocurrency trading platforms have significantly simplified the process of exchanging one digital asset for another. Bybit Convert is one such feature, offered by the popular cryptocurrency exchange. It allows users to convert their assets between different cryptocurrencies seamlessly and without fees. 

This article will discuss its unique features, answer some frequently asked questions and provide an in-depth guide to using Bybit Convert to swap your crypto assets.

Key Takeaways:

• Bybit Convert is a new, easy-to-use feature on the Bybit exchange that enables users to convert their crypto assets without incurring fees or slippage.

• The feature differs from P2P trading, as it doesn’t involve direct transactions between individuals, but rather leverages Bybit's order books and market makers to facilitate conversions.

• Bybit Convert is accessible to all users, including those who wish to convert small amounts of crypto dust (trace amounts of crypto remaining in a user's wallet after trading) into more liquid assets.

What Is Bybit Convert?

Bybit Convert is an exciting new feature that allows users to seamlessly convert different cryptocurrency assets. It facilitates quick and slippage-free conversions for users looking to diversify their portfolios or trade various digital assets without having to go through the tedious process of placing multiple orders.

Using Bybit Convert, you can easily swap between different coins without leaving the platform or using a third-party service. Bybit Convert supports virtually all major cryptocurrencies, including BTC, ETH, EOS, XRP, USDT and more. The service is fast, convenient and secure — and as an added perk, it’s totally free.

How Is Bybit Convert Different Than P2P?

Bybit Convert and P2P (peer-to-peer) trading are two different mechanisms for exchanging or converting cryptocurrencies on the Bybit platform.

Here are the main differences between the two.

Trading Method

Bybit Convert allows users to instantly exchange or convert one cryptocurrency to another by leveraging the exchange's order books. Bybit matches the user's request with an appropriate order, enabling a quick and seamless conversion without slippage.

Meanwhile, P2P trading entails users directly exchanging fiat currency for cryptocurrency by placing buy or sell orders and finding willing counterparties within the platform. The exchange essentially serves as a marketplace for buyers and sellers to meet and trade without the intervention of a centralized order book.

Pricing

When you exchange assets with Bybit Convert, the exchange rates for conversions are based on the best quote prices from several market makers, according to the current index price for the assets involved. Bybit Convert provides competitive rates, ensuring that users get the best possible price for their transactions.

On the other hand, prices in P2P trading are set by individual users. They can offer their preferred prices for buying or selling cryptocurrencies, and other users can choose to accept, negotiate or reject those rates.

Speed

As the conversion process on Bybit Convert is automated, and leverages the exchange's order book, transactions are usually completed instantly.

For P2P transactions, the transaction speed depends on how quickly you can find a counterparty willing to trade at your desired price, the negotiation process and the time taken to verify the transaction on the blockchain.

Ease of Use

Converting cryptocurrencies with Bybit Convert is user-friendly and relatively straightforward You only need to specify the cryptocurrency you want to convert and the desired amount, and the exchange completes the transaction without any further input.

P2P trading can be somewhat more complicated, as it requires you to find suitable counterparties, negotiate prices and manage transactions manually.

How to Use Bybit Convert

Before you use Bybit Convert, please note that the service is currently available only through Bybit’s Spot, Funding, Derivatives, Inverse Derivatives and Unified Trading Accounts. Therefore, you must move your funds to any of these accounts before you start the conversion process.

Transaction limits for conversion vary, depending on the crypto. Once you choose a coin to convert, the minimum and maximum limits will be displayed below the field for the destination asset. However, you can find a complete list of all supported assets for conversion and their transaction limits here.

Here are the easy-to-follow steps to use Bybit Convert.

Using Desktop

To use Bybit Convert on desktop, visit the Bybit official website and log in to your account.

Step 1: In the navigation bar, select Trade and click on Convert. You can also click on Convert from the Funding Account, Unified Trading Account or Derivatives Account (or Inverse Derivatives Account) page.

Alternatively, you can go to the Assets column on the right side of the Derivatives trading page and click on Convert.

Step 2: The interface will redirect you to the Convert page. Follow the steps listed below:

• Choose the account for which you'd like to carry out the conversion. Selecting Funding Account indicates that only the existing balance in your Funding Account will be used for the conversion process. After the conversion is complete, the resulting amount will be deposited into your Funding Account as well.

• Select the asset that you want to convert.

• Enter the amount you want to convert and click on Convert.

• Double-check that the details are correct and click on Confirm.

• Your assets have now been successfully converted.

Using Mobile App

To use Bybit Convert on the app, log in and follow these steps.

Step 1: Click on the Assets button located at the bottom right-hand corner of the page. Then click on Convert.

Step 2: On the Convert page, perform the following steps:

• Select the account holding the assets you want to convert. Selecting Funding Account means only the available balance in your Funding Account will be used for the conversion. The converted amount will also be credited to your Funding Account.

• Select the asset you want to convert.

• Enter the amount you want to convert.

• View the information on exchange rates.

• Click on Convert.

• Your asset conversion is now complete.

While the novel Bybit Convert feature is straightforward and easy to use, please take note of the following:

• The exchange rate is refreshed every 15 seconds.

• Under Cross Margin, your action may affect your liquidation price.

If you’re performing your conversion from the Derivatives trading page, please note that you must click on Request Quote to view the exchange rate before converting. If the real-time exchange rate and quoted rate differ by more than 0.5%, your order will automatically be canceled, and you’ll have to retry.

Is Bybit Convert Free?

Yes, Bybit Convert is a free service that doesn’t charge any fees for asset conversions. 

Who Can Use Bybit Convert?

Bybit Convert is available to all Bybit users, including those who wish to exploit market opportunities, diversify portfolios or convert small amounts of crypto dust (tiny amounts of crypto left in a user's wallet after trading) into more liquid assets. The service aims to provide a hassle-free and cost-effective solution for users looking to efficiently manage their crypto holdings.

Does Slippage Affect Conversion?

Slippage doesn’t impact the final conversion rate, even in periods of high market volatility. Bybit Convert uses the exchange's order books to find the best conversion rate, and the conversion executes the instant you initiate it, eliminating time lag that could change prices.

Can I Convert My Crypto Dust Using Bybit Convert?

Yes, Bybit Convert allows users to convert their crypto dust in to MNT. This feature is particularly beneficial for those who have insignificant amounts of multiple cryptocurrencies, and wish to consolidate them into a single, more tradeable asset.

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