#Lesson 3.1: Order Types on Binance
When trading on Binance, you can choose from several order types:
1. Market order: Buy or sell cryptocurrency at the current market price. Fast, but may be less favorable in volatile markets.
2. Limit Order: Set a specific price to buy or sell. It is executed only if the market price reaches or exceeds your limit price.
3. Stop-loss order: Limits your losses. It is executed automatically when the market price reaches or exceeds the stop price.
4. Stop-limit order: Combines features of stop and limit orders. It is triggered when the market price reaches the stop price and becomes a limit order.
5. OCO (One Cancels the Other) order: Places buy and sell orders simultaneously at different prices. If one is executed, the other is automatically cancelled.
Lesson 3.2: How to buy cryptocurrencies on Binance
1. Log in to your Binance account.
2. Select the trading pair (e.g. BTC/USDT).
3. Choose the type of order (market, limit, stop-loss, stop-limit or OCO).
4. Enter the quantity and price.
5. Confirm the order: Review the details and click "Buy".