If you haven’t heard of it before, Binance is a cryptocurrency exchange, which operates the world’s biggest bitcoin exchange and altcoin crypto exchange in the world by volume.
As in the most online platforms, the first step is to set up an account. With Binance is just few a clicks, if you have an email account, which everybody does. And after you have logged in into your, we can start and try the first method.
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On your dashboard, 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 first trade is complete, easy as that.
The downside of this method is that the numbers of trading pairs are limited 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 in 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 to sell or buy 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. It can 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, it will set this order to limit orders.
For example, if you don’t like the current price of bitcoin, which is more than 33k when 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 drop-down to 30k on Binance, my order will automatically trigger, and 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 it reaches the price.
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 searched for the ‘doge’ crypto, 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. It will display the ticker 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.
As you might have noticed, trading with Binance is really easy. But we would recommend taking it slowly at the beginning and gaining some experience.
As mentioned earlier, we wouldn’t recommend the margin leverage or the ‘Future’ features 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.