Spot Trading on Binance
Spot trading means buying and selling cryptocurrencies directly at market price or at specific prices. The following steps explain how to spot trade on Binance:
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1. Log in to your account
Log in to Binance using your email and password.
Make sure to enable 2FA for account security.
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2. Go to the spot trading section
From the main menu, select “Trade” and then “Spot”.
The instant trading interface will open in front of you, which includes:
Price chart.
List of buy and sell orders.
Command entry fields.
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3. Choosing a trading pair
In the upper left corner, choose the trading pair you want (e.g. BTC/USDT).
Pairs are in the form of "currency you want to buy / currency you own".
You can search using the search box to quickly find the desired pair.
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4. Types of orders in spot trading
1. Market Order
Description: The trade is executed instantly at the current market price.
Usage: If you want to execute the trade quickly without specifying a specific price.
Steps:
1. Select “Market”.
2. Enter the quantity you want to buy/sell.
3. Click “Buy” to buy or “Sell” to sell.
2. Limit Order
Description: Allows you to specify a specific price to buy or sell. The order is executed only if the market reaches this price.
Usage: When you expect a change in price and want to buy or sell at a certain price.
Steps:
1. Akhtar "Limit".
2. Enter the price at which you want to buy/sell.
3. Specify the quantity.
4. Click “Buy” or “Sell”.
3. Stop-Limit Order
Description: Used to set the stop price and strike price for a buy or sell.
Use: To protect yourself from large losses or to make profits when certain targets are reached.
Steps:
1. Akhtar "Stop-Limit".
2. Enter the stop price and strike price.
3. Enter the quantity.
4. Click “Buy” or “Sell”.
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5. Execute the transaction
Once the order entry is confirmed, the trade will appear in the “Open Orders” section if it is not executed immediately (in case of Limit or Stop-Limit).
After executing the trade, you can see the assets in your wallet under the “Wallet” > “Fiat and Spot” section.
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6. Tips for Instant Trading
1. Start with small amounts to learn the market.
2. Use chart analysis to understand market trend.
3. Follow the news to anticipate price fluctuations.
4. Don't forget to use tools like Stop-Loss to reduce losses.