What is Spot Trading?
Spot trading means buying and selling financial instruments and assets such as cryptocurrencies, forex, stocks, or bonds on the spot. Investors engage in spot trading when they buy an asset at its current market price and receive payment and delivery of that security right away.
Making a spot trade on the Binance Website.
1. On your Binance WebPage, click Trade then clicks Classic.
2. Here you can find all the information you need to trade crypto.
On the right side, you can see all the currency pairs.
Search for the crypto you want to trade. For this example, we are going to trade BNB/USDT. Just click the currency pair you want to trade.
3. Scroll down below, and you will find the Spot Trade section. You can also see your available balance. And make sure the limit order section is selected.
What is limit order?
The Limit Order is the most common type of order. It defines the highest or lowest price you are willing to finish a transaction.
However, if you want to place an order immediately, you can switch it to the [Market] order.
What is Market order?
Market Orders allow investors to trade immediately at the current market price.
Note: If you are going to use USDT, you must have at least 10 USDT to trade.
4. Under your available balance, you can set your bid price. If you think the price will go down, you can bid on a lower price.
At the time of this writing, the price of BNB is $416 for 1 BNB. We will try to bid at a lower price.
5. Once you set all things up, click Buy BNB. It will also show how much BNB you will get. You can also scroll on how much percentage of your current balance you want to use.
6. Below you can see your Open Order/s. Once the price reaches your bid price, your order/s will be filled.
Note: If you bid higher than the current price, your order will be filled immediately based on the current price of the cryptocurrency.
The same goes with selling your crypto. If you have an available BNB or other crypto and think the price will go up, you can ASK for a higher price. If you ASK below the current market price, your order will be executed immediately based on the current price.
Thank you for visiting our site. We hope this tutorial helps you. Happy Trading!
