You are in the spot
When you are exchanging one currency for another on Binance, you have three options:
1. _Market_: You exchange the currency at the current market price.
2. _Limit_: You set a limit price to exchange the currency. The operation is executed when the market price reaches that limit.
3. _Recurring_: You schedule the purchase of the new currency at regular intervals (daily, weekly, monthly, etc.).
It is important to note that, in market, the default option tells you that there is no commission.... but after making the exchange, there may be a significant difference between the purchase price and the average price of the currency. This is due to the commissions and the spread (the difference between the buying and selling price) that the platform applies.
For example, if you exchanged a currency when its price was 3.60, the average purchase could be 4.00 or more. This difference can be significant, especially if you are trading large amounts or small ones since perhaps that currency goes up 30% and you will never get your calculations right.
It is important to remember that exchange platforms, like Binance, need to generate revenue to maintain their operation. Commissions and spreads are a way to cover the costs of the platform.
I hope this information is useful to you. Research on your own, see if I'm lying or mistaken 😉 then don't go crying saying I buy and it goes down... I sell and it goes down and feel like the market is against you. That’s why it’s good to study, learn, and be able to trade at a higher level so you can trade like a successful professional. P.S. I still haven't achieved it 🤣🤣🤣🤣