How to trade coins on Binance DEX to save the most money for traders
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Binance DEX is a more cost-effective platform than a traditional cryptocurrency exchange. The following article looks at the costs of using Binance DEX and instructions on how to trade coins on Binance.
Fees when using Binance DEX
When using Binance DEX, there are only two main fees, including Deposit/withdrawal fee and transaction fee. When sending coins from another platform to Binance DEX or vice versa, users only need to pay the fee to the person who makes the transaction confirmation on the Blockchain. This fee is relatively low, and users do not need to pay fees to the exchange as they do on other centralized exchanges.
In addition, when making a transaction, users also need to pay a small fee in BNB or some other coin. However, this is also a reasonably small fee made public in each transaction. And users do not have to worry much about this fee at all.
Learn the interface of the trading coin window on Binance DEX
- The upper left corner of the screen is the area for users to choose trading pairs
- The bottom window is an area to track the real-time price and volume history on the exchange
- The following window is an area that displays detailed information of the selected trading pair, including information about price, trading volume, and time frame corresponding to each chart.
- Below these windows is an area for tracking pending orders and transaction history and balance in the user’s account.
- The window area to the right of the screen is a list of pending orders on the exchange. Users can choose to view sell orders, buy orders separately, or view both buy and sell orders in this window.
- Red pending orders are pending sell orders. Users who want to buy at any price click on that order and enter the transaction amount in the BUY transaction window.
- The green pending orders are buy pending orders, similar to those in the sell order book. Users who want to sell on any pending order need to click on the corresponding blue order and fill in the quantity in the SELL transaction window below.
- The lower right window of the screen is the area for placing BUY or SELL orders.
How to place a Buy order on Binance DEX?
To trade a coin pair on Binance DEX, a user needs to have a coin in the pair available. For example, if you have BNB, you can choose one of the coin pairs that have BNB. The currency in front is the currency to be bought or sold, and the coin behind is the transaction unit. For example, choose the BNB/USDT pair. Users need to use USDT to buy BNB and sell BNB to earn USDT.
The steps to order to buy BNB with the BNB/USDT pair are as follows. Other coin pairs do the same.
* See more: The complete guide Binance from a to z
- Log in to your Binance DEX account and deposit a coin into the account.
- Select a coin pair to trade (1), there should be a coin in the pair in the account.
- Follow chart (3) to choose the right time to buy or sell.
- Follow the order book (5) to know the market order price and choose the price that suits the demand.
- In the order box (6), fill in the pending price information in the Price box, enter the amount you want to buy in the Amount box, see the amount of USDT required to make the transaction in the Total box.
- Click Buy BNB to complete the pending order entry into the order book (5).
- Pending orders are displayed in the Open Orders tab (4)
- When the market has a SELL BNB order at the same price as the set price, the order is executed, the transaction information is displayed in Trade History (4).
How to sell a coin for profit on Binance DEX?
After buying BNB for a while, BNB has increased its price, and users want to sell BNB for profit. If BNB drops in price, users need to sell BNB to limit losses. We perform the same steps to select the BNB/USDT coin pair when placing a buy order. In the sell order window, fill in the price and quantity information and click SELL BNB. If you want to execute the order right away, click on Best Bid.
Conclusion: Trade coins on Binance DEX
To be matched and complete the transaction as quickly as possible, the user should enter the price in the Price box as the available prices on the order book. Or the price must match the reality of the market. If you set a price that doesn’t match the market, the transaction may never go through.
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