If you’re on this blog, then you already know about Binance.
Binance is the most renowned trading platform for cryptocurrency. If you read this article, you’ll have a clear understanding of how you can trade on Binance.
This is the first screen you’ll see when you log into. To take advantage of all Binance features, we change from Binance Lite to Pro. Select the icon for your profile, then select”Binance Lite” and then click on the Lite to toggle the feature.
This is the home screen for Binance Professional. We first see various banners that show all active events taking place, clicking on them will lead you to a separate screen that provides more information regarding the occasion.
Binance offers a variety of other services apart from trading. Below the banners, we can see various icons, such as deposits, referrals , grid trading, and more.
Below these icons, we can see P2P trading options as well as an option for credit/debit cards. P2P trading is the act of buying or selling to another person, and the credit or debit card allows the purchase of goods and services using credit or debit cards. Refer https://p2p.binance.com/en to know more about p2p trading.
We then see the price of the top three cryptocurrencies with their fluctuation in percentages. (%). Below that we can see the list of top gainers , top losers and the most popular cryptocurrency.
- Green color signifies a rise in price. Red Color indicates a decrease in the cost.
- Each cryptocurrency comes with the symbol name .For an example, the symbol name for Cardano is ADA , Bitcoin is BTC, Ethereum is ETH.
- When we buy and sell, you will notice various currencies separated by the letter “BTC/USDT”. “/”. For example , buying BTC/USDT signifies that you wish to convert your USDT into BTC( BTC equivalent to USDT) BTC) while BTC/USDT when selling indicates that you wish to swap your BTC for USDT( BTC equivalent BTC). Exchange BTC using the BTC/USDT pair USDT. It is advised to trade using a stable crypto currency such as UDST, BUSD , USDC and others. Although Binance is able to trade using ETH , BTC ,BNB, stable coins .
Understanding the candle in the graph
In the graph, you can find green and red candles. It is essential to know the candle’s location that are visible in this graph.
In the above picture, you will see the high price , closing price opening price, and the low cost of one candle. Binance lets you choose the duration of your candles from one minute to one month. Here is an example of a the 15-minute candle time graph.
The graph below shows the Polka dot(DOT) cryptocurrency that has a candle duration which is fifteen minutes. On the graph, you will observe an intersection point between two white lines that depict the candle that I tapped as well on the other there is a table with some data. The table shows that on the 2021/09/14, from 18:00 until 18:15 , the price of the candle was 35.79dollars, closing price was 36.71$ , and the top value was 36.97$ while the lowest was 35.77 $.
Before purchasing, you should make sure there is enough balance in the cryptocurrency with which you’ll be trading.
When you are buying or selling, you will have four options
- Stop limit
Each of these options has distinct functions and are essential to comprehend in order to benefit from all the features offered by Binance.
Limit implies that you perform the desired action (buy/sell) once the price reaches the limit specified for the buyer by the seller . If the user puts in an order with a limit, that order is completed completely without user intervention. Therefore, the user won’t have to keep track of the price.
If you are looking to purchase or sell for the market’s current rate choose the Market option. The order will be placed in a matter of minutes because the prices reflect actual time prices.
3. Stop the limit
You can set a stop limit in order to limit your losses. If you choose the option to limit your losses , you will need to input numbers, one for the stop , and then the limit. If, for instance, I purchased an crypto currency for 10$, and I am unable to take a loss of more than 20%, then when I enter the stop option, I’ll enter 9$, and on the limitation field I’ll enter 8$. If the price falls below 8$ , then your order is processed immediately, but should the price fall lower than 9$, and then starts increasing after reaching 8.5$ , then the order won’t be completed.
Let’s think about a situation that you aren’t certain in the event that market prices either pump or devalue. But you’d like to be sure . In this situation could put in an order with a limit on the stop limit(mentioned in the point 3)and the one sale limit(mentioned at point 1),but it isn’t possible to make two separate orders. This is why we have Oco is for One Cancels The Other . In Oco, you can place the stop limit and limit order together , but in the event that one is executed the other order will be cancelled , which means that if a stop limit order is executed, the limit order will be cancelled, and vice versa.
You can also check your order history by clicking on the order icon.