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How to Start Spot Trading on Binance

Updated: 1 hour ago

Spot trading on Binance is a simple process, available as soon as you register your account on Binance. Let's take a look at the Binance exchange interface and learn how to engage in spot trading. The Spot trading platform can be found by hovering over the "Trade" section and clicking on "Spot" on the main Binance page.

Next, you will see the trading interface with several sections.

  1. At the top, you can see the cryptocurrency trading pair and other market information such as daily price change and volume.

  2. The order book lists all open orders to buy and sell the asset, ordered by price. Green orders are buy orders, and red ones are sell orders. When placing a market order to buy the asset, you take the lowest price offered. If more volume is needed to execute your order, the queue moves to the next lowest asking price.

  3. Next is a chart with customizable historical price data. Integration with TradingView allows for the use of a wide range of technical analysis tools.

  4. In the top right corner, you can search for various trading pairs. Here, you can select the cryptocurrency pair you want to trade on the spot market and bookmark favorite pairs by clicking on the small stars. Note that you don't necessarily have to buy cryptocurrencies with fiat money. If you have other cryptocurrencies, you can also exchange them for different coins and tokens on the spot market.

  5. In this section, you will create your buy or sell orders. You can see that it is currently in the [Spot] section. Below it, you can choose between [Limit], [Market], and [Stop-limit] orders.

Let's consider the simplest spot trading you can do: a market order. In our example, you want to buy Bitcoin (BTC) worth $1,000 (BUSD). To do this, simply enter 1,000 in the [Total] field and click [Buy BTC]. The exchange will immediately transfer BUSD to the seller, and you will receive BTC worth $1,000 (BUSD).

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