Beginner’s Guide to Trading on Binance
Starting a trading career can be intimidating. We all make mistakes occasionally, and mistakes can cost you money. But for a number of reasons, learning to trade on Binance is perhaps one of the finest options for novices. In terms of trading volume, Binance is not only the biggest cryptocurrency exchange, but it is also one of the most reputable. Let’s examine the procedure for starting a trade on the Binance cryptocurrency exchange platform.
You must already have a Binance account, as we’ll presume. If not, you can find a straightforward guide about how to sign up for Binance and follow the easy instructions at https://www.comparebitcoinexchange.com/how-to-join-binance-exchange/.
First, locate the “Binance Academy” tab at the top of the page. There are a ton of resources available here covering a wide range of subjects. To aid you in expanding your knowledge, approximately 300 distinct topics are handled in an basic and straightforward manner. It is highly recommended that you spend some time in the Binance Academy’s trading-specific area. Discover the fundamentals of technical analysis (TA), as well as how to read and comprehend candlestick charts. These two things will aid you in making wiser trading choices.
You might also want to check out the “Learn & Earn” section, where you can earn cryptocurrency for passing knowledge-testing quizzes about cryptocurrencies. It’s a great resource for beginners.
You should go to the “Exchange” when you believe that you are ready. Here is where the action happens. The BTC/USDT trading pair will open the exchange by default because it is the most active market on the platform, where users area able to swap Bitcoin for USDT. The candlestick chart for this trading pair will be located in the middle of the page.
A list of trading pairs is displayed along the page if you glance to the right of the screen. These will typically be arranged from the last twenty-four-hour increase with the highest percentage moving change. You can enter the coin or token you want to trade in the search box that is also present.
We’ll assume for the purposes of the next section that you already have some USDT in your account and want to purchase some bitcoin. There will be a lot more possibilities at this point, but for now, simplicity is the key.
You will find three choices behind the chart: spot, 3X, and isolated 10x. “Spot” is up for trade. This indicates that we are trading Bitcoin at its present price without using any leverage. Advanced users should only utilize 3x and isolated 10x. Let’s stick to “SPOT”.
You are trading “spot” then. There are three more choices available: Limit, Market, and Stop-limit. Let’s first discuss a limit order to purchase bitcoin. The order book for the current time is displayed to the left of the chart.
The price of Bitcoin will be decided by the sum of all the bids (the price buyers are prepared to pay) and asks (the price sellers are willing to accept) when they meet in the middle.
Therefore, if you want to place a “Limit” order, just enter the price you are prepared to pay (this is the price for 1 entire BTC), and then either enter how many Bitcoins you want or how much US money you want to spend underneath that. When you complete out two of the fields, the third one is automatically filled in for you. Simply click “Buy BTC” at this point, and your purchase will be added to the order book in the proper position. In the event that better bids are made the order will be filled.
If you don’t want to wait for the market to move and fill your oder, then simply select a “MARKET” order and this will fill your bid instantly at the lowest sale price currently in the order book. Enter the amount of USDT that you wish to spend and the order will be filled.
It’s that easy to start trading, but always trade safely.