The trading coin on Binance Spot has two orders Buy (Buy) and Sell (Sell). After a while, the user has successfully purchased the coin on Binance and wants to sell the coin to profit from the transaction. You need to close the order with average brokers after opening a BUY order to profit. However, on Binance, users must execute a sell order to make profits and get another cryptocurrency (or stablecoin).
How to sell cryptocurrencies 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 the 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 must complete the trade to take profits. This is when the user needs to use the sales 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 the Binance Spot wallet and wants to sell this BTC to earn USDT and the user SELLS BTC/USDT pair on the Trade feature on Binance.
How to sell cryptocurrencies with market order on Binance Spot?
To sell coins on Binance via spot trading, users must log in to their Binance account.
On the Trade tab, select Classic or Advanced to access Binance’s Spot trading feature. Classic and Advanced modes are just two different skins on this feature and differ in functionality. The following article discusses the classic interface.
The Sell Market order is used to immediately close a buy order (sell previously purchased coins) at a price displayed on the market. The price corresponding to the order is the closest pending order price in the order book list.
Select the appropriate trading pair in the search bar in the order window.
Click 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 he wants to trade BTC or USDT. Users can enter the amount in the empty box or drag the horizontal bar below to choose the desired weight percentage.
Immediately the sales order is executed. The selected coins are sold at the most recent purchase price. Transaction fees are made at Maker rates.
How to sell cryptocurrencies with Limit order on Binance exchange?
Limit of the order to place a pending order to sell a coin when the price reaches a better price than the current price.
- Click the Limit tab in the trading window.
- Enter the price you want to sell the coin in the Price box. This price is higher than the current price on the market, but must 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.
The list of unexecuted Sell Limit orders appears in the Open Orders list. Executed Sell Limit orders are shown in the Order History list.
How to use stop-limit order to sell cryptocurrencies on Binance?
A stop-limit order is used as a stop-loss or take-profit order. When the price of the coin rises or falls to a specific price, the pending order is triggered. When the price reaches 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 the 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 you sell the coin at the above price and volume.
- Click Sell to place an order.
The Stop price is usually lower than the Limit price but not too far away because if placed too far away, the user may not execute the stop-loss order. If the Stop price is set to a value above the Limit price, the sell order is completed immediately at the Limit Price as soon as the price reaches 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 an order, the different order is automatically canceled.
- Click the small triangle next to the word Stop-limit, select OCO.
- In the Price box, enter the Execution Limit Price of the pending order, 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 lower price than the current price. When the price reaches this level, a pending sell order is triggered.
- The Limit box enters the execution price of the pending sell order. This is the price higher than the price entered in the Stop box. When the price reaches this level, a sell order is executed. If the price in the Limit box is lower than the Stop box, when the price reaches 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 the money when selling coins.
- Click Sell to confirm your OCO order.
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 prices of pending orders so that the transaction can be executed, while ensuring the security of the investment capital and while achieving commercial efficiency.