How to sell crypto on Binance to be the fastest and most effective?

TutorialsJanuary 14, 2022

Udemy.com – Top Online Cryptocurrency Courses from $9.99 Get now!

Trade coin on Binance Spot has two orders Buy (Buy) and Sell (Sell). After a while, the user successfully bought the coin on Binance and wants to sell the coin to take profit on the transaction. You need to close the order with average brokers after opening a BUY order to take profit. However, on Binance, users need to execute a Sell order to take profits and get another cryptocurrency (or stablecoin). How to sell crypto on Binance to be the fastest and most effective? The following article guides four ways to sell coins on Binance for users to use in each specific situation.

What is a Sell order on Binance exchange?

A Sell order on Binance Spot is used to close a previous purchase. A user who has bought a certain amount of coins before and sees that the trend is about to reverse needs to complete the trade to take profits. That’s when the user needs to use the Sell order.

On Binance Spot, coin trading is usually a pair, and users can sell their coins to get another coin or a certain stablecoin. The choice of which coin or stable coin to collect may depend on the user analyzing the price trend of that coin pair. To do this, users need to find the corresponding coin pair, use technical analysis to find the right time to sell the coin, and choose the SELL order to execute.

For example, a user has BTC on Binance Spot wallet and wants to sell this BTC to earn USDT, and the user SELL BTC/USDT pair on Trade feature on Binance.

How to sell crypto with Market order on Binance Spot?

To sell coins on Binance through Spot trading, users need to log in to their Binance account.

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

On the Trade tab, select Classic or Advanced to access the Binance Spot trading feature. Classic and Advanced modes are just two different skins on this feature and differ in functionality. The following article illustrates the Classic interface.

Sell ​​Market order is used to close a buy order (sell previously purchased coin) immediately at a price displayed on the market. Order matching price is the price of the nearest pending order in the order book list.

Select the appropriate trading pair in the search bar on the order window.

How to sell crypto with Market order on Binance Spot?

Click on the Market tab, enter the volume of coins you want to sell in the SELL window, click SELL to confirm. The user can select the volume of coins they want to trade BTC or USDT. Users can fill in the amount in the blank box or drag the horizontal bar below to choose the desired weight percentage.

Click on the Market tab, enter the volume of coins you want to sell in the SELL window, click SELL to confirm

Immediately the Sell order is executed. Selected coins are sold at the most recent purchase price. Transaction fees are made at Maker rates.

How to sell crypto with Limit order on Binance exchange?

Limit order to place a pending order to sell a coin when the price reaches a better price than the current price.

  • Click on the Limit tab on the trading window.
  • Enter the price you want to sell the coin in the Price box. This price is higher than the current price in the market but needs to be reasonable for the transaction. If a Limit sell order is placed at a price lower than the current price, the trade is executed immediately.
  • Enter the volume you want to sell the coin in the Amount box. Users can also drag the bottom horizontal bar to choose the appropriate volume ratio to sell coins.
  • Press SELL to confirm the Limit order.
How to sell crypto with Limit order on Binance exchange?

The list of unexecuted Sell Limit orders is displayed in the Open Orders list. Executed Sell Limit orders are shown in the Order History list.

How to use Stop-Limit order to sell crypto on Binance?

A stop-Limit order is used as a stop-loss or take-profit order. When the coin price rises or falls to a specific price, the pending order is activated. When the price hits the limit price, the sell order is executed.

  • Click the Stop-Limit tab.
  • The Stop box fills in the price level to activate the pending order to stop loss.
  • In the Limit box, enter the pending price.
  • In the Amount box, enter the number of coins you want to sell
  • The Total box displays the amount received when selling the coin at the above price and volume.
  • Click Sell to place an order.
How to use Stop-Limit order on Binance?

The Stop price is usually lower than the Limit price but not too far apart because if placed too far, the user may not execute the stop-loss order. If the Stop price is set higher than the Limit price, the sell order is completed immediately at the Limit price as soon as the price hits the Stop level.

The most effective way to use OCO orders on Binance

An OCO order is a combined stop loss and takes a profit order. In other words, this is a combination of Limit and Stop-Limit orders. When the transaction executes one order, the different order is automatically canceled.

  • Click on the small triangle next to the word Stop-limit, select OCO.
  • In the Price box, enter the Limit pending order execution price, which is higher than the current price. When the price rises to this level, the order is taken profit.
  • The Stop box fills in the price to activate the Stop-limit order. This is the price lower than the current price. When the price hits this level, a pending sell order is triggered.
  • The Limit box fills in the execution price of the pending order to sell. This is the price higher than the price entered in the Stop box. When the price hits this level, a sell order is executed. If the price in the Limit box is lower than the Stop box, when the price hits the fill level in the Stop box, the sell order is executed immediately.
  • The Amount box enters the number of coins you want to sell. Users can drag the horizontal bar below to choose the volume ratio they want to sell or join cash when selling coins.
  • Click Sell to confirm the OCO order.
The most effective way to use OCO orders to sell coins on Binance

Conclusion

Above are four ways to sell coins on the Binance exchange. Users should carefully learn the function of each command to choose the type of command that suits their needs. In particular, users should choose reasonable pending order prices so that the transaction can be executed but still ensure the safety of investment capital and still achieve trading efficiency.

Investiki.com

Read more: Binance

guest
0 Comments
Inline Feedbacks
View all comments