Right-click the new volume and select "Format".
If the volume size is larger than 32GB, FAT32 option can't be seen in the list. In such cases, you need to create multiple partitions below 32GB each to format it to FAT32.
Why would you want to convert NTFS to fat?. FAT is dead , NTFS is the future for few years. If you convert it to FAT. Prepare for lot of error messages.
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