How to Spot Trade on Binance App?

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Spot trading involves buying or selling assets, such as cryptocurrencies, at the current market price (spot price). The asset delivery often takes place immediately once the order is fulfilled. Spot traders can also set a specific spot price for their order to be executed using limit orders.

Spot trading on the Binance app: A step-by-step guide

You can use different types of order to spot trade on the Binance app, such as a market order or a limit order. In this example, we’ll use a limit order to buy BTC.

1. Log in to the Binance app and go to [Trade] - [Spot]. Select a trading pair, e.g., BTC/USDC.

What are trading pairs?

Trading pairs are assets that can be traded for each other on an exchange. A trading pair consists of a base asset and a quote asset. The base asset refers to the first cryptocurrency in the pair, the one you're buying or selling. The quote asset refers to the second cryptocurrency, in which prices are quoted. Taking the BNB/BTC trading pair as an example, BNB is the base asset and BTC is the quote asset.

2. Go to the [Buy] tab and choose [Limit].

3. Enter the price you wish to purchase BTC and enter the order amount. You can also use the percentage bar underneath to choose how much of your balance you want to use for the order. Tap [Buy BTC] and your order will be placed.

4. You’ll see your limit order under [Open Orders].

Note:

• The default order type is a limit order. If you want to trade instantly at the current market price, choose [Market].