Jun 20, · How to Place a Trade on Binance You can trade with BTC (Bitcoin), ETH (Ethereum), USDT (Tether) or BNB (Binance Coin). The crypto pairs available will vary depending on which coin . Jul 09, · The only difference is that if you need to sell BTC on Binance, make a deposit with BTC you want to sell on the Binance wallet. When the transaction is completed (no Binance fee enforced), enter the Exchange. Choose the BTC as the traded Author: Mikhail Goryunov. Nov 10, · To facilitate trade on its platform, the Binance cryptocurrency exchange has been built with users in mind. The platform has two commercial interfaces, one for basic users, while the other is for advanced users. However, both come with easy-to-use features so that anyone can trade in Binance .
Trade ltc for btc on binanceHow to Trade on Binance | Cryptopolitan
You can use our guide on Binance , where we explain step by step how to create an account on the platform. After the creation of the account, the next step to be able to trade would be to deposit funds. To make a deposit in Binance there are several options, one of them is in the upper right of our Dashboard.
Another way to deposit funds on the platform is through the Wallet option, right next to Dashboard, within Wallet all the cryptocurrencies available to trade on the platform will be shown, we just have to choose the desired cryptocurrency in this example we will choose Bitcoin [BTC] and click on Deposit.
Once inside the deposits in the BTC wallet, we will have access to the address to send funds to the platform. On some occasions, the user already knows what cryptocurrency he wants to trade before even having funds on the platform, however, others users do not know which cryptocurrency to opt for when making an investment or an exchange. This is why we are going to give some advice for the most inexperienced users in the sector and try to make their choice as successful as possible:.
Another fact to keep in mind is that not all cryptocurrencies can be exchanged with each other, the available pairs must be taken into account. The pairs available for trading in binance can be seen in the box to the right of the exchange.
After choosing the cryptocurrency you want, check if you have the available trading pair, otherwise you will need to do the exchange in 2 steps. We already have funds on the platform, we have decided what currency we want to acquire, now we will see the final step, place a purchase or sale order on the exchange. There are 2 possibilities when trading to acquire a cryptocurrency, at market price or at a lower market price.
At market price: In the Price box , the market price appears if it takes a long time to do the operation this price may vary , you just have to put the amount of ADA you want to acquire in Amount box and press Buy ADA. The purchase will be made on the spot.
Congratulations, you just traded in Binance! At a lower price: Sometimes you do not want to buy at market price and you want to place an order at a lower price, in this case, in the Price box you must decide the price at which you want to acquire the cryptocurrency, put the amount and press Buy ADA.
In this case the purchase will be made when another user sells at the value that has been set in the transaction. In the case of sale the operation is exactly the same as in the purchase. When we have placed a purchase or sale order at a different market price, we can see if it has been executed from the Open Orders box, located at the bottom of the exchange.
If after a while we see that it has not been executed and we want to adjust the purchase or sale price, we can cancel the order and recreate it again. Binance allows you to exchange without having to verify your data, in unverified accounts it will only allow withdrawals worth 2BTC every 24 hours, an amount more than enough for most users who start trading in Binance.
There are many exchanges present in the cryptocurrency sector, each one has its strengths and weaknesses. To choose the one that best suits your needs, check the security level of the exchange, the supported currencies, the available rates, the wallet support and perform a thorough background check before committing to an exchange.
To trade, Binance offers the necessary features so that cryptocurrency traders have a reliable platform to exchange easily and securely. Sign in. Log into your account. Password recovery. Friday, December 25, Forgot your password? Get help. Crypto Economy. What is Filecoin FIL? A Complete Guide. What is Corda Blockchain? How It Helps Businesses? Step By Step Guide. Interestingly, Binance futures allows traders to make a profit whether the price of a cryptocurrency, e.
However, this depends on the position they have taken. In futures trading, you must either take a long or a short position. To trade futures on Binance, you need an account and use your available cryptocurrency deposits. On the other hand, when the trader takes a short position, they can sell the Bitcoin at a high price and buys back when the price falls. You may ask why not do the same with regular trading. Well, futures are advantageous since they allow a trader to participate in contracts that have higher values than what they have in their wallets.
This is referred to as leverage. For example, John may want to enter a short position and trade using a full 1 Bitcoin. Unfortunately, they only want to spend 0. With leverage, John can borrow the remaining 0. So trading futures is loss-free? In fact, it has one of the highest risks of losing. You may ask how. Follow through. Whether you make a loss or a profit on your position, the borrowed funds must be returned. At a basic level, margin trading differs from futures trading in that it allows you to borrow assets to increase your trading power.
To conduct margin trading on Binance, you need to transfer funds from the standard wallet to a special margin trading wallet. To increase your trading power, the exchange allows you to borrow up to five times 5X of the amount you wish to trade with.
The borrowed amount comes from lenders who earn an hourly interest on the funds. As such, you must make enough profit to pay the interest and still have a profit. To calculate a basic margin level, you divide the total asset value with the amount borrowed and the interest incurred. Unfortunately, even with a high margin level translating to higher profits, there are enormous risks involved in margin trading.
This message requires you to either settle part of the debt or pump your collateral. If you ignore the warning and the margin level reaches 1. The exchange also recoups its commission and credits the remaining into your account. In such a scenario, the remaining amount will be less than your own deposit.
Coins available for margin trading on the exchange include NEO and Monero. Just as with depositing and trading on Binance, the withdrawal process should be accorded the same accuracy. A mistake in withdrawing means it was of no use trading and making profits since everything can quickly rise in smoke. The withdrawal process on b i n a n c e starts on the balances section. However, if you need to access your futures wallet or margin wallet, select the same on the drop-down menu.
The page presents columns depicting basic information like total balance and available balance. To locate the cryptocurrency you want to withdraw, Binance presents two options. Binance will send you an email for you to confirm the withdrawal request. Important note. Withdrawing is the opposite of depositing.
To improve security during withdrawal, Binance provides a basic way to whitelist a withdrawal address. Note that when an address is whitelisted, only that address can be used to withdraw funds from Binance. To Whitelist a withdrawal address on Binance, use the security panel by hovering your mouse on your profile avatar. The next step is to add the withdrawal address you need to be whitelisted. This minimizes the chances of error arising from copying wallet addresses. To improve on the security of funds in the wallet, Binance suspends the withdrawal function if:.
The amount of time the withdrawal function remains suspended varies from hours. A suspension due to a change in email address takes the longest at hours, followed by a reset of 2FA at 48 hours and a password change at 24 hours. In addition to the three scenarios, Binance suspends the withdrawal function when it detects unusual activity in your account, like an abnormal withdrawal. In such a case, Binance will display an error message which when clicked reads:.
Please check your withdrawal history to confirm that you did initiate the withdrawal s in question before verifying your identity. If you find any withdrawals that did not initiate, please immediately cancel them and contact customer support.
Binance will send an email indicating whether the process was a success. Apart from placing a trade on Binance, there are other cool things you can do on the platform. Binance makes use of the platform to fundraise for new tokens every month. The platform is a basic revolution of the initial coin offering plan that has left many reeling from losses originating from being scammed. Through the Launchpad, Binance powers the initial exchange offering plan.
The first projects to makes use of the platform were BitTorrent and Fetch. For a token to make it on the Launchpad, it has to, among other things, be backed by a reputable team, portray a clear adoption path, be able to scale, and portray its positive impact in the broader cryptocurrency ecosystem.
The advantage of the Binance Launchpad is that the exchange conducts all the background checks for both the investors and the project before they are allowed to sell tokens. To use the Launchpad, you only need a Binance account. The window that opens shows both past and active token sales on the platform. Also, tokens that will enter the sale phase at a later date are clearly shown together with their start date and token supply.
To participate in a given active token sale, click on the project on the page. The project page will contain a short description of the project, price, session supply, and the allocation per winning ticket. However, this option is not available when the token sale is either complete or has not started yet. The next step is to indicate the amount of the new token you wish to buy.
Provide your verification code and submit your request. Your request is placed in a queue containing other buyers. If you are lucky to get part of the tokens, your BNB balance will decrease while the new tokens are displayed. Note that you should not reload the page as this is where the details will be provided. Therefore, before participating in any token sale, conduct thorough research to avoid ending up with making losses in the long run or holding on to coins with a price that continues to plummet instead of skyrocket.
At a time when hackers are on the lookout for the next victim to devour, the security of a crypto exchange should come before trades regardless of the promises made. From the look of things, Binance takes security very seriously. The crypto exchange enhances security by using a two-factor authentication method and temporarily disabling the withdrawal option when there is suspicious use of your account.
Whitelisting of withdrawal addresses is also another way of bolstering security on the exchange. As always, everything has to be accessed from the Binance account home page. Binance supports two-factor authentication through Google Authenticator, short messages SMS , or hardware keys. However, with SIM swapping cases on the rise, make use of a Google Authenticator to provide a more robust extra safety layer.
To connect it with the exchange, open the app and scan the QR code provided by the exchange. The recovery phrase should be stored separately from the phone. The phrase helps in case you lose your mobile phone and install the application on another phone. To get the Binance 2FA authentication using Google Authenticator running, provide the email and password you use to login to your Binance account, provide the six-digit code from the authenticator app, and you are done. In , Binance provided a new way to heighten safety by allowing 2FA to be conducted using hardware keys.
The hardware keys have a somewhat different way of operation. You use the hardware dongle for verification. According to Binance:.
The keys can be used during a withdrawal where inserting the key legitimizes the withdrawal. The strength provided by a hardware key is way more superior than the one realized when using SMS or Google Authenticator. Also, a secure internet connection, using trusted antivirus programs, a secure password manager, and carefully managing access to APIs application programming interfaces can make a huge difference in securing your account.
Many, if not all, cryptocurrency exchanges make their profits from the trading fees paid by traders, and Binance is not an exception. An example of a taker is a market order while limit orders form maker orders. Each trading level has a limit on the withdrawal amount. About Advertise Contact. Home Guides. June 26, Share on Facebook Share on Twitter. What is DeFi? Why FinTech should love Content Marketing.
Navigating through the challenges of Blockchain Tech to fast track development of the FinTech Market. Two types of Binance exchange 6. Creating an account. Depositing funds 6. Visa or MasterCard. Another crypto wallet. How to trade on Binance 7. Step 1 — Log in to your account. Step 2 — click on Exchange on the bar and select Basic.
Step 3 — Choose a trading pair. Step 4. Choose the type of trade you wish to make. Limit order. Stop-limit order.