How to buy coins via Spot Binance

TutorialsOctober 15, 2021

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The standard way to buy/sell coins through P2P Binance is limited to a few popular coins. It has many restrictions on order matching time, depending on the trader, and restrictions on the transaction price. In addition, what will you do if, after one night of waking up, the cost of the coin has dropped too sharply and you have not yet sold to take profit of the coins you are holding? If you are worried about this, buy coins on the spot Binance will have the correct orders to help you.

* See more: The complete guide Binance from a to z

Preparing to buy coins on Binance Spot?

When you want to buy coins but not on the list of Binance P2P, you need to buy that coin via Spot Binance.
Spot Binance allows you to use one coin A to buy one coin B and vice versa.

Example 1: If you have USDT available (bought via P2P) and need to buy ADA, you perform a Spot trade of the ADA/USDT pair and choose to BUY ADA:

  • Buy USDT via P2P by Binance
  • Transfer USDT from P2P wallet to “Fiat and Spot” wallet
  • Select the ADA/USDT coin pair and place an order BUY ADA

Example2: You want to trade TRX/XRP pair, but P2P doesn’t have both. You need to perform the conversion steps as follows:

  • Buy USDT via P2P Binance.
  • Transfer USDT from P2P wallet to “Fiat and Spot” wallet
  • Select XRP/USDT coin pair, select the “Buy XRP” command
  • Choose TRX/XRP coin pair and trade according to your strategy.

With other coin pairs, you follow the same steps.

Instructions for trading coins on Spot Binance

Step 1: To access the trading interface on Binance, click on the Trade tab on the toolbar and select Classic.

If you are familiar with professional trading, you can choose Advanced to use more trading tools.

SPOT BINANCE

Step 2: Choose the coin pair you want to trade

For example, you are looking to trade the ADA/USDT pair:

  • Click search ADA to get a list of trading pairs with ADA coin
  • Select the ADA/USDT pair
SPOT BINANCE2

How to place a Market order on Binance

If you want to buy coins and get instant execution, you use the Market order.

With the instructions for placing market orders on Binance, Investi ki.com will choose the DOGE/BTC pair, buy DOGE as an example:

  1. Click the Market tab.
  2. Enter the amount of DOGE you want to trade.
  3. If you choose Total, you enter the amount of BTC you want to buy DOGE in this item.
  4. Slider to choose the amount of BTC you have in your account to use in this transaction (In %).
  5. Click “Buy DOGE”

You do the same on the sell column if you want to sell DOGE.

How to place a limit order on Binance

If you want to place a pending order to buy coins at a better price than the current price, you use the Limit order.

To guide placing limit orders on Binance, Investiki.com uses the ADA/USDT pair, doing ADA buying as a specific example.

  1. Click on the “Limit” tab (Or Limit).
  2. Fill in the price box: The price USDT you will pay to buy/or sell ADA
  3. Quantity: The amount of ADA you want to buy/or sell
  4. Click on Buy ADA.

If you have ADA and want to earn USDT, enter the same parameters as above in the column Sell ADA.

Note:

  • If you want to place a Buy ADA order, you need USDT available in your Fiat and Spot wallets.
  • And vice versa, to place an order to Sell ADA, you must have ADA in your Fiat and Spot wallet.

After placing a Limit order successfully, the screen will display a message, and the order you have just placed will be displayed in the pending order list.

If you want to cancel the limit order you just placed, click on Cancel.

How to place Stop-limit orders on Binance

Stop-limit order makes sense: A Buy or Sell order will be placed at the Limit level when the price reaches the Stop level. Investiki.com will use the BTC/USDT coin pair as an example:

  1. Stop price: At here, the Limit order will be activated.
  2. Limit Price: At here, the Buy BTC order will be activated.
  3. Amount of BTC to buy or total USDT to buy BTC
  4. Click the “Buy BTC” button

Click “Confirm” the Stop-limit order you have set up.

At the pending order window, if a pending order appears, it means that you have placed it successfully.

When the price moves into the prices you set, Binance will fill the Buy BTC order.

With Sell orders using the stop-limit feature, you do the same.

How to OCO orders on Binance

OCO order means you place a Limit order and Stop Limit order simultaneously. In case 1 order is matched, Binance will cancel the rest. Or, in case 1 order is canceled, the other order is also canceled.

  1. Price: This is the price of the Limit order. If the price reaches this price, the BTC buy order is immediately filled, Binance will cancel the remaining Stop-limit order.
  2. Stop: The Buy BTC pending order will be activated when the price reaches this level.
  3. Limit: Binance will fill an immediate Buy BTC order when the price reaches this level.
  4. Amount: Amount of BTC to be purchased or total USDT used to purchase.
  5. Click Buy BTC to place an OCO order.

After placing an order, there are 2 Buy orders at the same time in the order-matching window, which means you have successfully placed an OCO order. The rest is that you wait for one of the two orders to be automatically executed. Buy BTC or automatically cancel both orders.

With a Sell order using the OCO feature, you do the same thing as above.

Conclusion

So Investiki.com has guided you to trade coins with four different order types on Spot Binance. With these four order types, you can apply many different trading strategies to increase your profits in the cryptocurrency market. However, to understand and know how to use these types of commands effectively, you need to practice practically in each case. In addition, to trade effectively, you also need to learn specific trading strategies.

Investiki.com

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