The basic guide to trading on binance will help you understand some of the cryptocurrency trading terms and practices.. Read through this article, because the amount of knowledge in the article will help you better understand the binance exchange.
1 – Reasons to use the Binance exchange
Binance is currently considered the largest crypto exchange in the world due to the following advantages:
Supports over 1 million transactions per second, ensuring transaction speed.
Binance optimizes simple operations to help you easily buy and sell crypto.
With multi-cluster and multi-tier architectural infrastructure together with user property insurance fund (SAFU) to ensure reliability and safety.
At Binance, the liquidity of cryptocurrencies is at the highest level in the world.
Binance supports multiple languages to help investors from other countries around the world participate.
Binance supports many cryptocurrencies such as: BTC, ETH, LTC, NEO, BCH, BNB, …
For the above reasons, trading on binance will give you peace of mind.
2 – What is a trading order?
Trading orders are used for you to buy and sell a certain crypto on an exchange. These orders allow you to control take profit or stop loss. Binance exchange currently supports orders: Limit, Stop-Limit, Market, OCO.
3 – Functions of trading orders
Limit order is used to buy or sell crypto at the price you want.
Market order is used to buy or sell crypto instantly at market price.
Stop-Limit order is used to buy or sell crypto at the price you specify.
OCO orders are a combination of Limit and Stop-Limit orders, commonly used to take profits or stop losses.
4 – Trading orders to use in any case?
Limit: in case if you want to buy when the crypto price falls and sell when the crypto price increases at the price you want, you use this limit order.
Market: if you want to buy crypto immediately at the market price without waiting for long, then you use the market order as a reasonable choice.
Stop-Limit: If you want to buy when prices rise crypto in your desired price range or sell when the price fell crypto cut holes in order to avoid too much loss, you use stop-limit orders for trading on binance
OCO: This order is very special, allowing you to buy crypto at low price or buy when the price goes up within the level you want. But why the price increases and you still buy, it is because in order not to miss the opportunity for crypto to rise beyond the threshold. Likewise, you can also use an OCO order to sell crypto at a high price or stop loss at a price.
5 – What is a trading pair?
Trading pair means that you use one cryptocurrency to trade with another cryptocurrency.
For example, trading pair ETH / BTC, you use BTC to buy ETH or you sell ETH to get BTC.
6 – Instructions for trading on binance
To be able to start trading on binance, you first need to register for a Binance account.
If you do not know how to sign up for an account, you can check out this article >> How to create a Binance account and how to trade Bitcoin
6.1 – How to buy and sell bitcoin (BTC) on binance P2P
P2P is a form of direct peer-to-peer crypto transaction between sellers and buyers, binance P2P is the middle ground to ensure the benefit of safe transactions between the seller and the buyer.
Example for you to understand: When a bitcoin buyer executes a buy order in the form of P2P, the seller’s bitcoin number will be locked by binance, after the seller receives the money and confirms, binance will transfer the bitcoin to the buyer’s wallet .
To be able to buy BTC in the form of P2P, you click on “Buy Crypto” -> “P2P Transactions”.
Here you take the steps to buy the following:
1: Add your bank account information (note: the bank account must be registered with your own name, do not use a bank account borrowed from others).
2: choose the type of crypto you want to buy and enter the specific amount.
3: You transfer the money to the seller and confirm the money transfer (remember to take screen capture of the money transfer proof).
4: Wait for the seller to confirm and check the crypto you just bought.
Likewise, you can choose to “sell” in P2P to sell your BTC. These are the basic operations for trading on binance
6.2 – How to buy bitcoin (BTC) with visa / mastercard on binance
To be able to buy BTC with a visa / mastercard card, you need to register for a visa / mastercard with your own name. With this method you can buy BTC very simply.
You choose to go to “Buy Crypto” -> “debit credit card”.
Follow the steps below to buy BTC:
1: You choose the currency of the transaction.
2: choose the type of crypto you want to buy. Then press the “next” button.
3: Double check the amount and corresponding crypto number. Then you click the tick “I agree” -> “go to payment”.
4: Fill in your visa / mastercard information to complete the purchase of crypto.
7 – Detailed instructions articles
Above are the basic instructions. If you want more details, please see the tutorials below:
8 – Conclusion
Through this article we hope you will know how to trade on binance and be able to safely participate in the crypto market.