Best Way to Convert Local Currency to USDT on Binance? (Newbie Seeking Advice)
Hey everyone! So, I'm just starting to get the hang of Binance, and I'm trying to figure out the best way to get my local currency turned into USDT (Tether) so I can start trading. Right now, the way I'm doing it feels a little… roundabout, and maybe a bit expensive in terms of fees.
Basically, what I've been doing is converting my local currency (let's say it's Rupees, Euros, or whatever your country uses!) into US dollars first. Then, with those US dollars, I buy Binance Coin (BNB), which is Binance's own cryptocurrency. Finally, I take that BNB and convert it into USDT.
It feels a bit like taking the long way around, right? The problem I'm running into is that each of those conversions costs a little bit in fees. Those fees might seem small on their own, but they definitely add up, and over time, they can eat into your profits (or even increase your losses!). I've noticed I've lost a noticeable amount due to these fees, which isn't ideal when you're just starting out.
I've been trying to research other ways to do this, and I've seen a couple of alternatives mentioned, like using Litecoin (LTC) or Solana (SOL). But honestly, the whole process still feels a little confusing, and I'm not really sure which way is the best way, or even if those alternatives are actually cheaper in the long run, especially when you factor in transfer times which could lead to price fluctuations.
So, I was hoping that some of you more experienced crypto folks could give me some suggestions. I'm really open to any advice you have!
submitted by /u/ppaaul_
[link] [comments]