Binance DEX is a cheaper platform than a traditional cryptocurrency exchange. The following article reviews the costs of using Binance DEX and instructions on how to trade coins on Binance.
Table of Contents:
Fees when using Binance DEX
When using Binance DEX, there are only two main fees, including the deposit/withdrawal fee and the transaction fee. When sending coins from another platform to Binance DEX or vice versa, users only need to pay the commission to the person who makes the transaction confirmation on the Blockchain.
This fee is relatively low and users don’t have to pay fees at the exchange as they do on other centralized exchanges.
In addition, when making a transaction, users also have to pay a small fee in BNB or some other coin. However, this is also a reasonably small fee made public in every transaction. And users don’t have to worry much about this fee.
Learn the interface of the trading coin window on Binance DEX
- The upper left corner of the screen is the area where users can choose trading pairs
- The bottom window is an area to track real-time price and volume history on the exchange
- The following window is an area that displays detailed information about the selected trading pair, including information about the price, trading volume and time interval 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 sales orders, purchase orders separately, or view both buy and sell orders in this window.
- Pending red 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.
- Pending green orders are pending purchase orders, similar to those in the sell order book. Users who wish to sell on any pending order should click on the corresponding blue order and fill in the quantity in the SELL transaction window below.
- The window at the bottom right of the screen is the area to place BUY or SELL orders.
How to place a purchase order on Binance DEX?
To trade a pair of coins on Binance DEX, a user must 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 buy or sell, and the currency behind is the unit of transaction. For example, choose the BNB/USDT pair. Users must use USDT to buy BNB and sell BNB to earn USDT.
The steps to order to buy BNB with BNB/USDT pair are as follows. Other coin pairs do the same.
- Log in to your Binance DEX account and deposit a coin into your account.
- Select a pair of coins to trade (1), there should be a coin in the pair in the account.
- Follow the chart (3) to choose the right time to buy or sell.
- Follow the order book (5) to know the price of the market order and choose the price that best suits your demand.
- In the order box (6), enter 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 entry of the pending order in the order book (5).
- Pending orders appear on 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 the 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 must sell BNB to limit losses. We perform the same steps to select the BNB/USDT coin pair when we place a purchase order. In the sales order window, enter your price and quantity information and click SELL BNB. If you want to place your order immediately, click on Best Bid.
Conclusion: Trade coins on Binance DEX
To be matched and complete the transaction as quickly as possible, the user must enter the price in the Prices box as the prices available on the order book. Or the price must correspond to the reality of the market. If you set a price that doesn’t match the market, the transaction may never go through.
