The standard way to buy/sell coins via 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 price of the transaction. Also, what will you do if, after a night of awakening, the cost of the coin has fallen too sharply and you have not yet sold to profit from 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.
Table of Contents:
Are you preparing to buy coins on Binance Spot?
When you want to buy coins but not in the Binance P2P list, you need to buy that coin through Spot Binance.
Spot Binance allows you to use an A coin to buy a B coin and vice versa.
Example 1: If you have USDT available (purchased through P2P) and need to buy ADA, make a Spot trade of the ADA/USDT pair and choose to BUY ADA:
- Buy USDT via Binance P2P
- 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 the 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 “Buy XRP” command
- Choose the TRX/XRP coin pair and trade according to your strategy.
With other coin pairs, 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 multiple trading tools.
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 ADA/USDT pair
How to place a market order on Binance
If you want to buy coins and get immediate execution, you use the market order.
With instructions to place market orders on Binance, Invest ki.com choose the DOGE/BTC pair, buy DOGE as an example:
- Click the Market tab.
- Enter the amount of DOGE you wish to trade.
- If you choose Total, enter the amount of BTC you want to buy DOGE in this article.
- Slider to choose the amount of BTC you have in your account to use in this transaction (In %).
- Click on “Buy DOGE”
Do the same in the sales 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 the placement of limit orders on Binance, use the ADA/USDT pair, making the purchase of ADA as a specific example.
- Click on the “Limit” (or Limit) tab.
- Fill out the price box: the USDT price you will pay to buy/or sell ADA
- Quantity: The amount of ADA you want to buy/or sell
- Click Buy ADA.
If you have ADA and want to earn USDT, enter the same parameters as above in the Sell ADA column.
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 at Sell ADA, you must have ADA in your Fiat and Spot portfolio.
After you have successfully placed a Limit order, a message will appear on the screen and the order you just placed will appear in the list of pending orders.
If you want to cancel the limit order you just placed, click Cancel.
How to Place Stop-limit Orders on Binance
The Stop-limit order makes sense: a buy or sell order will be placed at the Limit level when the price reaches the Stop level. Use the BTC/USDT coin pair as an example:
- Stop price: Here the Limit order will be activated.
- Limit Price: Here the Buy BTC order will be activated.
- Amount of BTC to buy or total USDT to buy BTC
- Click the “Buy BTC” button
Click “Confirm” the Stop-limit order you have set.
In the pending order window, if a pending order appears, it means that you have entered it correctly.
When the price moves to the set prices, Binance will fill the Buy BTC order.
With Sell Orders Using the Stop-Limit Feature, you do the same.
How OCO orders on Binance
OCO order means that you place a Limit order and a Stop Limit order at the same time. In the event that 1 order is matched, Binance will cancel the rest. Or, in the event that 1 order is cancelled, the other order is also cancelled.
- Price: This is the price of the Limit order. If the price reaches this price, the BTC purchase order is immediately filled, Binance will cancel the remaining Stop-limit order.
- Stop: The pending Buy BTC order will be triggered when the price reaches this level.
- Limit: Binance will fill an immediate BTC buy order when the price reaches this level.
- Amount: Amount of BTC to buy or total USDT used for purchase.
- Click Buy BTC to place an OCO order.
After placing an order, there are 2 purchase orders at once in the order matching window, which means that you have successfully placed an OCO order. The rest is that you wait for one of the two orders to be executed automatically. Buy BTC or automatically cancel both orders.
With a sell order using the OCO feature, you do the same thing as above.
