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Main TakeawaysBinance's comprehensive training sessions equip law enforcement with the necessary skills and knowledge to handle complex cryptocurrency investigations, bridging the significant expertise gap in this constantly evolving field.With a team of experienced ex-law enforcement and financial investigators, Binance offers hands-on assistance, case advisory services, and operational support, setting us apart from other exchanges and companies in the industry.Binance's proactive approach and significant contributions to combating crypto-related crime have been recognized globally, evidenced by accolades such as the Cyber Security Professional Award (CSPA) in Hong Kong and various other forms of acknowledgement by major law enforcement agencies.While data show that only a small share of crypto transactions is tied to illicit activity, the increasing cryptocurrency adoption inevitably grows hand in hand with an interest from criminal actors looking to abuse the ecosystem. Therefore, mastering crypto investigations becomes increasingly important for those whose job is to combat cybercrime and financial crime. From crypto-specific crimes like hacks and rugpulls to scenarios where digital-asset infrastructure is abused for moving funds unlawfully obtained in unrelated crimes, leveraging blockchain expertise is often necessary to identify the offenders.As the crypto industry matures and adoption increases globally, the need for specialized training in cryptocurrency investigations for law enforcement officials worldwide is becoming evident. With its industry-leading Law Enforcement Training Program, Binance is committed to supporting crime fighters by providing crucial training and resources to combat crypto-related crimes effectively, bridging the expertise gap that inevitably opens as new types of crime emerge and evolve in the digital finance space.Why Crime Fighters Need Our HelpLaw enforcement is a field that, for good reasons, is reactive and doesn’t evolve overnight. Training personnel to effectively address novel crimes using new investigation techniques takes time and tremendous resources. Increasingly, agencies responsible for financial and cybercrimes around the globe dedicate more resources to cryptocurrency-related investigations. However, the pace of digital-asset adoption in both legitimate and criminal activities is much faster.The result is a significant shortage of blockchain and cryptocurrency experts within law enforcement who can address operational needs and educate investigators and prosecutors on unique aspects of crypto-related crimes.For example, one major difficulty lies in the pseudonymous nature of cryptocurrency transactions. While public blockchains provide transaction data transparently, law enforcement needs commercial tools to cluster and attribute addresses to different cryptocurrency services. Many agencies lack access to these tools and the proficiency to use them, which requires both training and hands-on experience.Furthermore, cooperation between the private and public sectors on this front often poses challenges. Law enforcement needs timely access to relevant data held by cryptocurrency firms, but many services, including exchanges, do not respond in a manner that aids investigations efficiently.Many agencies, particularly in developing nations, struggle to secure access to high-quality, up-to-the-minute training resources focused on cryptocurrency investigations. This often leads to complications as officers without proper training may conduct incorrect fund flow analysis and freeze an unrelated account in a crypto exchange or service. These missteps can have serious repercussions for exchanges and their clients.Forms of AssistanceTo bridge these gaps, Binance offers comprehensive training and sharing sessions to law enforcement partners. These sessions cover a wide range of topics from basic cryptocurrency fundamentals and user experience with wallets and cryptocurrency exchanges to advanced subjects including crypto mixers and cross-chain transactions. For longer onsite sessions, we provide hands-on training focused on real-world crimes we've encountered over the years. A particularly popular topic is the details of our assistance to law enforcement and how to interpret the often complex data we provide to support investigations. However, the content of each particular section is dictated by the needs of law enforcement. A Binance training session at Thailand’s Royal Police Cadet Academy Additionally, Binance’s expert Law Enforcement Training Team provides insights on recent crypto crime trends, typology and modus operandi analysis and demonstrates case studies using commercial blockchain analytics tools as well as open-source crypto intelligence tools.Through these collaborative efforts, Binance aims to equip more law enforcement officers with the necessary knowledge and expertise to handle crypto-related cases. This proactive approach helps combat crime more effectively, ensuring a safer digital environment.Industry-Leading TeamBinance stands out in the cryptocurrency industry with a team of approximately 30 ex-law enforcement investigators, each bringing extensive crypto or cybercrime experience. This expertise allows us to provide practical support to law enforcement agencies. When presented with a legitimate request, we provide data that often leads to the identification of suspects or significantly advances investigations.Jarek Jakubcek, the Head of Law Enforcement Training at Binance, explains, "Most investigations of cryptocurrencies combine both traditional investigation techniques including IP tracing and open-source investigations with the information derived from following fund flows in the blockchain. For the most serious offenses, we often provide hands-on investigation assistance – something that smaller exchanges would not be able to afford."A 2-day workshop for Brazilian law enforcement led by the Law Enforcement Training program Head Jarek Jakubcek and Renato Bastos from Binance’s Special Investigations teamThe depth of our team’s experience and the resources we allocate to this cause enable Binance to offer assistance ranging from basic investigation support and case advisory to facilitating cooperation among cross-border law enforcement agencies.Carlos Mak, a specialist from the Binance Investigations team, highlights the proactive nature of this support: "At Binance, many of us are former law enforcement officers, so we fully understand the needs of the agencies. This background informs our approach, prompting us to be proactive and efficient in assisting their case investigations. We greatly value the trust of our law enforcement partners and work closely with them in developing their cases."Results and RecognitionBinance’s commitment to supporting law enforcement has yielded considerable and tangible results. We've assisted in large-scale investigations, leading to the dismantling of international criminal networks and the confiscation of hundreds of millions of dollars worth of funds. Our efforts have been recognized globally, with accolades such as the Cyber Security Professional Award (CSPA) from the Hong Kong Police Force, Korean Police Commissioner’s award for the Head of our LE Training, and invitations to joint press conferences with authorities like the Royal Thai Police.Binance’s crime-fighting training with the officers of the Macao Judiciary PoliceOver the last few years, Binance investigators supported law enforcement officials in a wide range of scenarios where cryptocurrencies were abused, including different versions of scams and investment fraud, darkweb platforms facilitating cybercrime services, ransomware incidents as well as extremely serious criminal activities involving creation and distribution of child abuse materials, terrorism, and kidnappings. In all these cases, blockchain evidence was key to detecting the suspects.The training we provide ultimately allows law enforcement to do such investigations on their own. This empowerment is critical: naturally, a lot of the facts are too sensitive to be shared with private parties, no matter how close the cooperation is. For us, it is important to contribute to such capacity building, because skilled investigators remove bad actors from the crypto ecosystem more efficiently, benefitting the entire industry and its participants. Additionally, skilled investigators are less likely to identify wrong suspects, which also contributes to the security of our users.A Safer Digital World For EveryoneAnother user-focused component of this work is that more efficient policing and investigations can help identify suspects and aid victims in regaining lost funds. We are committed to working closely with our law enforcement partners to facilitate the recovery of users’ money.In addition to operational assistance, Binance's Law Enforcement Training Program delivered over 120 onsite and online training sessions in 2023, focusing on a practical approach to investigations. Our training and support have received overwhelmingly positive feedback from the law enforcement community.Binance’s Law Enforcement Training Program is the backbone of our efforts to promote collaborative security in the digital-asset space. By providing essential training and resources, we empower law enforcement agencies to navigate the complexities of crypto investigations effectively. The proactive approach of our strong and well-resourced team ensures a safer digital world for everyone.Further ReadingBinance Law Enforcement Training Day Brought Together Investigators From 86 CountriesBinance’s Head of Law Enforcement Training Receives the Certificate of Appreciation from Korean National Police AgencyBinance Partners With Macao Judiciary Police For First In-Person Law Enforcement TrainingBinance Assists India’s Enforcement Directorate in Dismantling a Major Online Fraud OperationBinance Assists Taiwan Law Enforcement in Cracking Major Virtual Asset-Related Case Involving Nearly NT$200 MillionBinance Receives Cyber Security Professional Award From Hong Kong Authorities

Key Takeaways

Spot trading is among the simplest and most traditional ways of buying and selling financial assets.

Binance Spot trading platform offers a user-friendly interface with low fees and high liquidity. It’s suitable for all kinds of traders.

The guide covers the basics of spot trading and shows you how to use Binance Spot so you can easily buy or sell cryptocurrencies anytime.

Introduction

When people first begin their journey into cryptocurrency trading and investing, they often start with spot trading, which is among the simplest ways of buying and selling financial assets. 

Binance Spot is a spot trading platform that offers a user-friendly interface, allowing users to easily buy and sell assets with low fees and high liquidity, making it ideal for both beginners and experienced traders.

In this article, we will cover the basics of spot trading, how it differs from other forms of trading, and some of its advantages. After that, we will learn how to do spot trading on Binance.

What Is Spot Trading?

Spot trading is a direct and immediate form of trading, with transactions settling instantly and without any kind of leverage. It’s one of the most basic forms of trading and can be done with a variety of asset classes, such as cryptocurrencies, stocks, commodities, forex, bonds, and more.

Although spot trading may occur directly between traders, transactions are usually facilitated by an exchange like Binance.

What’s the Difference Between Spot Markets and Futures Markets?

Spot markets execute instant or short-term trades with immediate delivery, while futures markets involve contracts that set delivery for a future date. Spot trading relies on the current market price based on supply and demand. Futures contracts, on the other hand, are based on agreements between buyers and sellers.

What’s the Difference Between Spot Trading and Margin Trading?

Spot trading requires full asset purchase and immediate delivery, while margin trading allows borrowing funds to enter larger positions. Margin trading amplifies both potential profits and losses, offering increased risk and reward.

Advantages of Spot Trading

Lower risk: Spot markets rely solely on buy and sell orders without concerns of liquidation or margin calls. It’s ideal for users who want to buy and hold.

Simplicity: Spot trading is straightforward, making it accessible for everyone and ideal for beginners.

Immediate entry and exit: Traders can enter or exit a trade at any time.

How to Spot Trade on Binance?

In this example, we will go through the Binance Spot interface. Then, we will illustrate how to buy BTC with USDT using a limit order, followed by an example of how to sell BTC for USDT using a market order.

How to access the Binance Spot interface

1. Log in to your Binance account and find [Trade] → [Spot].

2. You will be redirected to the Binance trading interface.

3. On the left side is the order book. Sell orders (asks) are in red, while buy orders (bids) are in green.

4. The trading chart at the center is an interactive chart of the selected trading pair. In this example, BTC/USDT.

5. The trading pair list is on the right side. It contains all available trading pairs on Binance. You can use the Search function to find specific pairs.

6. Below the chart is where you can create buying and selling orders. But to do so, you need to fund your Spot Wallet.

7. For example, if you are buying BTC with USDT, you need to first add USDT to your Spot Wallet. Click the [+] icon to fund your account and choose your preferred method.

How to buy BTC with USDT

1. The first step is to choose an order type. A limit order allows you to set a specific price for your order (not necessarily the current price). A market order will try to fulfill your order as soon as possible at the current available price.

2. If you are using a limit order, specify the price and amount you want to buy and click [Buy BTC] to create the order.

3. You will get a notification at the top right corner of your screen. 

Note that you can track your open orders at the bottom of your trading interface.

4. If BTC reaches your order price, your order will be filled.

How to sell BTC for USDT

The process for creating selling orders is very similar. Let’s see how you can sell your BTC for USDT. In this example, we will use a market order.

1. Choose your order type, set the amount, and click [Sell BTC].

2. Since we are using a market order, the selling order will be created and filled immediately at market price.

How to view my order details

You can view your order history, trade history, and other details at the bottom of your trading interface.

You can also edit open orders by clicking the edit button near Price and Amount.

On the right side, you can click the bin icon to cancel orders individually or the [Cancel All] button to cancel all open orders.

Closing Thoughts

Embarking on the exciting journey of cryptocurrency trading often starts with the simplicity and accessibility of spot trading. Binance Spot, with its user-friendly interface, low fees, and high liquidity, is the ideal platform for both novice and seasoned traders.

Further Reading

Your Guide to Binance Launchpad and Launchpool

An Introduction to BNB Smart Chain (BSC)

What Are Bitcoin Layer 2 Networks?

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