Home Cryptocurrency How to Trade on Binance: Step By Step Guide

How to Trade on Binance: Step By Step Guide

by Gordon James

Binance is the world’s largest cryptocurrency exchange by volume, with over $1.6 billion in daily trading volume and more than 2 million users worldwide. This guide will teach you how to trade on Binance using the basic features of the platform.

The how to trade on binance for beginners pdf is a step-by-step guide that explains how to trade cryptocurrency on Binance.

In the realm of cryptocurrency trading, Binance is the de facto leader. Their bitcoin trading platform is the most cost-effective and safe way to purchase and sell digital assets. Many crypto day traders have made this their home since there are over 300 different currencies accessible.

Their system is completely beginner-friendly, with a fantastic user interface. Unlike some other crypto exchanges, the entrance hurdle is not as high here (like Bitfinex or Bitmex). After reading this post, you will be completely confident in your abilities to trade on Binance.

  • BTC, ETH, XRP, LTC, and 120 more cryptos are available.

  • Only crypto is accepted as a deposit method.

  • Cryptocurrencies are the only ones that are accepted.

  • Support: Submit a ticket through email.

  • Fees are 0.10 percent of the total.

Binance Provides a Variety of Trading Options

To begin with, one of the reasons Binance is so beginner-friendly is because there aren’t many trading choices. You can buy and sell, as well as utilize basic features such as stop losses, but there are no advanced trading capabilities accessible.

What is the difference between the Basic and Advanced modes of Binance Exchange?

When you hover your mouse over the “Exchange” button, a drop-down menu will appear with two options: Basic and Advanced. Choosing either option has no effect on how you view the trading interface. So, what makes these two options so different?

  • Simple: A basic trading platform with basic graphs that allows you to obtain a broad sense of the coin’s technicals on a speculative level. By default, this option is selected.
  • Advanced: A trading platform with more comprehensive graphics that allows for mid- and long-term technical analysis of any currency.

Something to consider…

The desktop version of Binance’s trading interface suffers annoying latency problems from time to time. This issue usually occurs on individual trading pairs and only when a large number of orders are made at the same time.

While this isn’t usually a problem, it does imply that you may “lose your shirt.” Many newcomers make the mistake of chasing low market cap currencies that have a 20-100 percent increase in value. The (wrong) attitude is “I’ll ride the wave,” but you never know when the pump may stop and you’ll be left holding the bag.

How to Make a Binance Trade

BTC (Bitcoin), ETH (Ethereum), USDT (Tether), and BNB (Bitcoin) are all options for trading (Binance Coin). Depending on the currency you choose, the crypto pairings offered will change. The largest number of trading pairings (300+) is seen in Bitcoin. In addition, Ethereum and Binance Coin have a large number of altcoins paired against them. Tether, on the other hand, is mainly used to trade for larger currencies like as Ethereum, Litecoin, and Ripple.

Decide how you’ll finance your transactions…

Because most cryptos are priced in terms of Bitcoin or fiat currency, you’ll probably want to trade using BTC or USDT. BTC is likely to win since you want the largest amount of trading options accessible to you. Furthermore, since you cannot deposit USDT, positioning yourself to trade this manner would be more expensive. To counteract this, you may always sell for USDT while liquidating your initial position to avoid further costs.

Keep in mind that the value of Bitcoin varies, and the amount of your account balance will be determined by the current market price of BTC.

Buying/Selling Cryptocurrency on Binance: A Step-by-Step Guide

Let’s suppose you want to purchase Golem (GNT) after hearing John McAfee speak about a tenfold increase in value. To place an order, go to Binance’s GNT / BTC trading pair page.

Limit (default), Market, and Stop Limit are the three choices offered.

Using Binance to Place Limit Orders

How to Trade on Binance: Step By Step Guide

By default, the price will be set at the latest transaction price. You may manually change this number and choose anything you like. Choosing a price that is much higher than the closest sell orders in the order book will result in a “market purchase” up to that price (or as close to it as the amount your spending will afford you).

Binance also allows you to place limit orders with a single click of a button. You may split your purchase into 25 percent, 50 percent, 75 percent, or 100 percent of your total account amount (except for any balance currently held up in an open trade). There are also arrows adjacent to the order price that enable you to modify your bid by one — in a fast-paced market, this is ineffective.

Using Binance to Place Market OrdersHow to Trade on Binance: Step By Step Guide

It’s quite simple to place a market order. You just need to enter the amount you want to spend and submit your order, and you’re done. You may also divide your buy-in in this section. Simply choose between 25 percent, 50 percent, 75 percent, or 100 percent when placing your purchase.

Using Binance to Place Stop-Limit Orders

When you’re not watching the price movement in real time, a stop-limit order enables you to restrict your losses. The price at which your limit order becomes active on the order book is known as the stop. The price at which your position will be sold is known as the Limit.

The order will remain in the order books regardless of how much the price lowers if the market exceeds the Stop and does not return to the Limit price. However, regardless of how high the price returns, if the price recovers enough, the position will liquidate at the Limit price.

Binance Coin allows you to trade with lower fees.

Binance stands out for one reason in particular: its cheap costs.

Every transaction you make costs you just 0.1 percent!

This fee is reduced in half if you own Binance Coin (BNB), which means you will only pay 0.05 percent each transaction. Because BNB’s value does not vary significantly (and it has a market capitalization of $1 billion or more), owning it carries little risks.

Note that the discount will be applied automatically if you have BNB in your account. There is no need to trade any BNB crypto pairings, and there are no significant advantages to doing so.

How to Trade on Binance: Step By Step Guide

As a result, your aim is to have enough BNB to pay your trading costs at all times. If you trade a $10,000 position ten times a day, that’s $100,000 in transactions each day. You will save 0.1 percent by using BNB, which translates to $50 per day in trading costs.

Keep an eye on your BNB balance to ensure it doesn’t run out unexpectedly. When accepting fees, your account will automatically switch to the coin you’re holding, at a rate of 0.1 percent each transaction. Simply purchase additional BNB to return to the discounted pricing.

Reminder: The discount rate for using BNB will drop year after year, and the offer will end after five years. Every year, the discount is cut in half, resulting in the following rates: Year 1 has a 50% discount, Year 2 has a 25% discount, Year 3 has a 12.5% discount, and Year 4 has a 6.75 percent discount.

How to Take Advantage of the BNB Discount

How to Trade on Binance: Step By Step Guide

Hover your mouse over the person symbol in the upper menu bar’s right-hand corner. Select “Account (your email),” which will take you to a page with account information and options. You’ll find “Using BNB to pay for fees (50 percent discount)” under your email and last login time, with a little circle next to “ON” or “OFF” next to it. Make sure this is turned on so that your BNB balance, rather than your other account balances, is used to pay your trading costs.

When you turn this on, you’ll see that the advertised charge drops to 0.05 percent. Before you place your transaction, check above the sell order box to be sure it’s still live. The 0.10 percent should be cut and faded, followed by 0.050 percent in regular font.

Binance is the place to go if you want to day trade alt coins.

Binance, as a low-fee cryptocurrency exchange, allows altcoin day traders to purchase and sell cryptos several times each day. As a crypto day trader, this component is critical to your potential to earn significant gains. Many individuals attain tremendous success, but it requires a methodical approach. Thankfully, Binance’s 0.1 percent trading cost (0.05 percent with BNB) is so low that even a novice trader may earn handsomely on 1-2 percent market swings scalping.

When attempting to day trade cryptocurrency, we suggest treating Binance as your home. Unlike when you purchase on a CFD site like eToro, you may withdraw your money. Because you’re paying for real market rates, there’s no spread (although they will differ from other exchanges). Furthermore, the cost of entering and leaving a position (buying and selling) is so cheap that you may avoid being trapped in a losing position due to closure fees.

How to Trade on Binance: Step By Step Guide

On Binance, you may join the ranks of professional cryptocurrency day traders. The finest cryptocurrency exchange on the planet.

Do you need assistance setting up your Binance account? Our Binance guide will teach you all you need to know about the cryptocurrency.

Binance has launched a service that allows you to convert your “dust” into BNB. It enables you to change whatever currencies you have in modest amounts into Binance Coin. When you day trade and start and exit several positions each day, the value may build up quickly.

Are you interested in making money as a cryptocurrency day trader?

We’ll teach you the fundamental skills you’ll need to succeed!

Read ‘Day Trading Cryptocurrency 101‘ to discover how to become a more successful cryptocurrency trader. This is our beginner’s approach to getting some skin in the game and increasing your trading profits.

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DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.

The how to buy crypto on binance is a step-by-step guide that will teach you how to trade on Binance.

Frequently Asked Questions

How do you trade in Binance step by step?

Binance is a cryptocurrency exchange that allows users to trade in cryptocurrencies for other cryptocurrencies or fiat currencies. To trade on Binance, you first need to create an account by clicking the Register button at the top of the page. After creating your account, you will be asked to enter your email address and password. Once you have entered these details, click the Login button at the top of the page. From there, simply click Deposit under any coin that you want to deposit into your account.

How do you trade on Binance and make money?

You can trade on Binance and make money, but its not as easy as you think. It takes a lot of time and effort to learn how to trade on Binance and make money.

How do you trade Bitcoins in Binance?

Binance offers a wide array of trading pairs, including BTC/ETH. You can trade BTC for ETH on the platform.

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