Mon. Apr 15th, 2024
How to trade a binance

The world of cryptocurrencies can seem confusing to the uninitiated, but with a little research you can feel empowered and confident in your trading decisions.

Trading on Binance is particularly simple, as it allows users to easily trade with both crypto and fiat currencies through its intuitive interface and user-friendly features. Here’s how to trade on Binance!

Register on the website

The first thing you need to do is register on the website. If you have an account with Binance, then you can just log in and continue from there. Otherwise, click on Register in the top right corner of the screen and fill out your information.

Double check that everything is accurate, because once you submit it, it cannot be changed. After registering, set up 2FA by clicking on Two-Factor Authentication near the top of the page.

You will be prompted for your email address, your password (twice), and your mobile number. Once activated, there will be an icon next to your login ID showing that 2FA has been enabled for that account.

Choose the right asset

The first thing you want to do is choose the right asset. What is the goal of this trade? Are you looking for long-term, steady growth, or are you going for a quick buck?

It’s important to know what your goal is before you start trading so that you can make sure that your chosen asset will provide the returns you want.

For example, if you’re looking for short-term gains, then it’s best to go with an asset like Bitcoin Cash (BCH), which has been on a sharp decline in recent months but still offers potential for massive gains. If, on the other hand, your goal is long-term growth and stability then it would be best to go with something like Litecoin (LTC).

Decide on the amount to invest

When deciding on the amount to invest, it is necessary that you decide how much risk you can afford. This can be difficult for many people because there is always the fear of loss and regret.

But this must be done in order to have a realistic plan. Investing more than you can afford increases the chances of losing money. The downside of not investing at all is that you might miss out on making money, so determining what your limit will help you take steps forward in investing and trading without risking too much or compromising your future security.

Place your order

  1. Log into your Binance account.
  2. Once logged in, click on the Exchange link at the top of the page.
  3. In the order form that pops up, you will see an option for Market (MARK), Limit (LIMIT), and Stop-Limit (SL).
  4. Select MARK for example if you want to buy Bitcoin at market rate and enter how much Bitcoin you want to purchase in the Amount box below it.
  5. Once you have entered how much Bitcoin you want and clicked on Buy, then place your order by either buying or selling cryptocurrency at market price or set a limit or stop-limit price before clicking Sell.

Monitor your order

  1. Start by navigating to the Trade page and select New Order in the right-hand panel.
  2. Enter in the type of order you want (Limit, Market, or Stop) and set your price for buying or selling with an appropriate amount of coins and then click Buy for buying or Sell for selling.
  3. Monitor your order on this page by clicking on Open Orders.

You can cancel orders here as well as change prices if necessary.  It’s important that you do not forget to monitor your orders because they might be executed at different rates.

For example, say you place a Limit buy order but the market rate changes before it is executed so that it is no longer possible for it to be filled. If this happens, we will cancel the pending Limit buy order but allow any open stop or market buy orders execute at their original rates.

Close your position

After you’ve bought the currency of your choice, you can close your position. To do this, click on Orders and then select the Close Position button. You will then be asked to confirm that you want to close your position by entering your password and clicking OK. 

Binance does not charge any fees for closing an open position but does charge if you place a new one before the old one is closed. It also charges if you don’t have enough funds in the currency of your account when placing an order (they will ask for additional information).

If you only want to partially close your position, there is a slider where you can adjust the size. Once you close your position, the funds will go back into your wallet. From here, you can buy or sell more currencies with these same tokens or use them to trade with other cryptocurrencies or fiat money.

Curious about trading on Binance? Our simple guide covers the basics to help you get started. But why stop there? To provide an even clearer picture, we’ve included a video which takes you through the steps, making it easier than ever to navigate Binance’s trading platform.

Whether you’re new to trading or looking to enhance your skills, this video will be your companion in understanding the process. Remember, knowledge is key when it comes to successful trading, and we’re here to ensure you have all the tools you need.

Conclusion

It is recommended to hold your Binance tokens in your own wallet as it reduces the risks of losing your tokens. Many exchanges keep an eye on security breaches but still get breached due to third party service vulnerabilities or glitches, such as those that occurred in May this year.

In addition, you should use two-factor authentication wherever possible and make regular backups of all your private information so that if you need to transfer funds between wallets or services you will be able to do so with ease.

In conclusion, there are many measures that can be taken in order for one’s account and funds on the Binance Exchange platform not only be kept safe but stay secure for good.