Before we start to make a trade on Binance, log in to your account. If you are new to this and don’t have an account on this platform, make sure you check my other article by pressing the button below and start things up.
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After you have logged in, go to Trade and select Convert from the drop-down.
Then you will be redirected to the Convert & OTC Portal. Where you can choose the crypto that you want to convert and type the amount you want to swap. After you have done that, press ‘Preview Conversion’. You will see a quoted price and will have some seconds to accept that price. And with that, your trade is complete, easy as that.
The downside of this method is that are limited numbers of trading pairs and only support market orders. This means that you will have to take the current market price.
If you want more options and flexibility you can have that in the classic trading panel.
You can do that by going to Trade from the top navigation bar and select ‘Classic’ from the drop-down. Then you will be redirected to the trading page.
You will see a lot of stuff going on there, but isn’t that complicated as it might look from the first impression. The features in this method will allow you to place more advanced order types, which can help you save money and time into the bargain.
The Order Book
On the right of the screen is the order book. The red numbers on the top of the order book are orders to sell a cryptocurrency and the green numbers below are orders to buy a cryptocurrency. All the orders have different prices.
The order book is made from three columns. In the left-handed column are listed the prices that people have placed sell or by orders. In the middle column are listed the amount of crypto available at a certain price point. And in the right-handed column are listed the dollar value available at different price points.
The Price Graph
Next to the order book is the price graph. Can be used to filter different time periods. You can also use the tab to bring up charting tools.
Below is the section where all the trades are made, and where you can place your orders. By default, this order will be set to limit orders.
For example, if you don’t like the current price of bitcoin which is more than 33k at the time this article was written. I can place my price at 30k, add the amount I want to buy, and press the button Buy BTC. Now my order is added to the order book. When the BTC price dropdown at 30k on Binance my order will automatically trigger, I will get my bitcoin at the limit price.
The limit order works the same on the sell-side. For example, you can put the limit order for 1 BTC when it reaches 50k. This order will be added to the book and will do nothing until this price is reached.
You can cancel the order at any time. Or you can make them valid only for a certain period of time.
Market orders are much easier. You can just buy or sell at the current market price.
The Trading Panel
On the top right of the screen is the trading panel. Which displays all the different trading pairs available on this platform. The search function can help find the cryptocurrency you want to trade.
For example, I search the ‘doge’, an abbreviated version of the cryptocurrency Dogecoin called ticker. If you notice, there are some 5x or 3x next to the doge trading pairs. This means that you can trade five or three times leverage via margin leverage, which will amplify gain or losses. Wouldn’t be recommended to use this feature until you gain some experience and fully understand the risks.
To find the ticker of the cryptocurrency you want to trade by visiting the CoinMarketCap site searching for it. The ticker will be displayed next to the cryptocurrency name.
Market Trades is located in the bottom right corner below the Trading Panel. Here are displayed the most recent trades that have been executed.
By now if you have read the article carefully, you should the basics of how to buy or sell cryptocurrencies by using the market of the limit orders.
As mentioned earlier we wouldn’t recommend the margin leverage or the ‘Future’ features located at the ‘Derivates’ main menu, unless they are used responsibly by professional traders. Another thing that you might take into consideration here is using leveraged tokens. These tokens will give you moderate leverage and will eliminate the risk of getting liquidated.
If you are new to this and want to try it out, I will leave a button below where you can Get a 20% Fee Discount On Binance, this offer is limited though.