07-23-2022, 12:30 PM
PRO-TIP: Do not trust the CONVERT feature on exchanges. Using the BINANCE COVERT fun
<!-- SC_OFF --><div class="md"><p>I've been using the Binance convert function to buy QNT using BUSD. For the past 6 weeks, once per week, I used the convert to buy some sweet sweet QNT, as I thought it simply works the same as If I went on the pair and market bought - makes sense to me. Today, I found that when I compared the market buy order price vs convert I was actually buying QNT at ~1% more than the ask price (taking into account order size)... I'm pretty cheesed to not have checked earlier on, but happy to know this now.</p> <p>​</p> <p>QUESTION EVERYTHING</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Tkldsphincter"> /u/Tkldsphincter </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/w5f09v/protip_do_not_trust_the_convert_feature_on/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/w5f09v/protip_do_not_trust_the_convert_feature_on/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>I've been using the Binance convert function to buy QNT using BUSD. For the past 6 weeks, once per week, I used the convert to buy some sweet sweet QNT, as I thought it simply works the same as If I went on the pair and market bought - makes sense to me. Today, I found that when I compared the market buy order price vs convert I was actually buying QNT at ~1% more than the ask price (taking into account order size)... I'm pretty cheesed to not have checked earlier on, but happy to know this now.</p> <p>​</p> <p>QUESTION EVERYTHING</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Tkldsphincter"> /u/Tkldsphincter </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/w5f09v/protip_do_not_trust_the_convert_feature_on/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/w5f09v/protip_do_not_trust_the_convert_feature_on/">[comments]</a></span>