Getting started trading can be a daunting experience. Mistakes can cost you money and we all make mistakes from time to time. However, getting started trading on Binance is probably one of the best options for beginners for a variety of reasons. Not only is Binance the largest cryptocurrency exchange by trading volume, it is also one of the most trusted. So, let’s look at how to begin trading on the Binance cryptocurrency Exchange platform.
We will assume that you already have a Binance account. However, if you do not, then we have written a simple guide for how to join Binance which you can find on our site and follow the simple instructions.
When you log into Binance you will be met with a multitude of options, don’t get overwhelmed. Binance caters to traders of all levels, and some of the choices you will never need to use. Learn to navigate your way around the pages that you need and begin trading simply.
Firstly, find the tab at the top of the page for “Binance Academy”. Here you will find a wealth of resources on a wide variety of topics. There are nearly 300 different topics covered in a clear and simple manner to help you with your knowledge. Within the Binance Academy, there is a dedicated section to trading and we highly recommend that you spend some time here. Learn some of the basics of technical Analysis (TA) and how to red and understand candlestick charts. Both of these will help you to make better trading decisions.
You may also wish to visit the section titled “Learn & EArn” where you can earn crypto for completing quizzes that test your crypto knowledge. This is a great and fun way to encourage learning.
When you feel that you are ready, you will want to head to the “Exchange”. This is where the action takes place. By default, the exchange will open on the BTC/USDT trading pair as this is the largest market on the site – people trading Bitcion for $US Tether. In the centre of the page will be the candlestick chart for this trading pair.
If you look to the right of the screen, you will see a list of trading pairs arranged down the page. These will usually be organized from the largest percentage gain in the last twenty four hours going down. There is also a search box where you can input the coin or token that you wish to trade.
For the next part, we will assume that you have some USDT in your account already to trade with and you wish to buy some Bitcoin. This is the part where there will be many options, but at this stage, simplicity is the key.
Under the chart, you will see three options – spot, 3X, isolated 10x. We want to trade “Spot”. This means we are trading the current price of Bitcoin with no leverage added. Both 3x and isolated 10x should be left for advanced users.
So you are on “Spot” trading” You will see another three options – Limit, Market, Stop-limit. First let’s talk about a limit order to buy Bitcoin. To the left of the chart, you will see the current order book for Bitcoin with all of the bids (what people are willing to pay to buy) and asks (what people are willing to sell for), and this will determine the price when it meets in the middle. So, if you wish to place a “Limit” order, simply input the price you are willing to pay (this is the price for 1 whole BTC), then underneath that you may either enter the amount of Bitcoin you want or the total amount of $US that you wish to spend. When you enter two of the fields it will auto-fill the third one for you. Now, simply click “Buy BTC” and your order will be placed into the order book in the correct location. If there are people bidding higher than you, then their order will be filled first. You will be able to see your open orders at the bottom of the screen, and while the order is unfulfilled, those funds are locked and waiting to be converted to Bitcoin. As soon as your order fills you will see the BTC amount in your balance.
If you are impatient, or feel that the market may move and you just want to buy now, then you can simply create a “MARKET” buy. Under “Spot” instead of choosing “Limit” you will select “Market” and then select the amount of your $USDT that you wish to spend. Then click “Buy BTC”. This will execute an order immediately at the current market price and the Bitcoin will be in your wallet.
It’s that easy. Good luck and trade safely.
