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Spot Trading on Binance

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Avatar for Jane
Written by Β Β 2009
1 year ago

December 22, 2020

I decided to make this article to show to @bmjc98 @Ruffa @Laurenceuuu the Spot Trading on Binance, especially to @Ruffa because she is hesitating to spot trade maybe because she thought she will gonna lose her money.

Spot trading is simply buying and selling crypto. It is NOT THE SAME as Future trading where you can earn a commission, but too risky, and might gonna lose your money once the market goes against your prediction.

In spot trading, you will simply buy when the price is low, and sell when the price is high. The reason why I advised @Ruffa to do spot trading on Binance rather than swapping on Bitcoin.com wallet, is because we don't know when the price will go up and when it will go down. On Binance you can set the desired amount you want to buy or sell certain crypto and just WAIT until it reaches your target price (I will gonna explain it later). However, if you just swap on Bitcoin.com wallet, you need to monitor the market price from time to time and you also need to be fast to do the swapping because the price will change in just a matter of seconds.

You might ask why I trade on Binance, not on Bityard where I did my demo trading? That is because Binance is the most trusted crypto exchange platform. It has the highest volume among all the crypto exchanges and with 9.8 Exchange Score on coinmarketcap.

And on Bityard, you can't do Spot Trading because they only have Margin Trading. And their chart is so simple as their system, so you won't be able to learn more about the indicators and more technicalities of the market.

Why choose an exchange with the highest volume?

The higher the trading volume of a crypto exchange, the more users it has and those users think that the platform is trustworthy to send their money and safe to trade. Most traders are checking the volume of a certain platform before they trade in there. But be careful, volume can be manipulated, so do not just rely on the data provided by the exchange. You can check the volume of a certain exchange on Coin Market Cap. https://coinmarketcap.com/rankings/exchanges/. Those who placed large orders are choosing an exchange with the highest volume.

The Binance trading system is quite complicated at first, but once you have tried it, it is just so easy to operate. But take note, to gain a good amount of profit in Spot Trading, you also need to learn the basic indicators and chart reading. Most traders in Spot are basing on the Support and Resistance, RSI, and EMA. (In case I am wrong, you can correct it in the comment section). You can visit @Eybyoung article about the Trading Indicators to know more about RSI, EMA, and other indicators.

But I will show here why Support and Resistance are important in Spot Trading.

Support means the area where the asset's falling price will find, and Resistance is where the asset's rising price will run into.

And to use Support and Resistance effectively in Spot Trading, you need to understand how the asset's price move.

For example, you want to buy and sell BCH (Refer to the picture below). As you can see, the lowest price ($300.90) is the support and the highest price ($380.47) is the resistance.

That means you can buy BCH at $300.90 and sell it at $380.47 which gives you a $79.57 profit, once the BCH price reaches those support and resistance level.

The current price is just an example

The reason why you need to base it on Support and Resistance is that there is a possibility that those prices will be reached again. By the way, you can cancel your order anytime as long as it didn't reached the order price yet. If you want to buy and you think the price will still go lower than the Support level, then you can cancel your order and set a lower price. The same thing if you want to sell and you think the price will still go higher than the Resistance level.

You will not lose your money in Spot trading, in fact, it is the safest type of trading. Not unless you buy at a low price but the market drastically drops lower than the Support level. BUT in that case, you just need to WAIT until the price goes up again, you can then sell your asset. Just always remember, BUY WHEN IT'S DOWNTREND, AND SELL WHEN IT'S UPTREND.

That is just a simple explanation of Spot trading based on Support and Resistance. If you think it is complicated, you can write your questions in the comment section.

Now that you know when to buy and when to sell based on the Support and Resistance, let's go to the steps on how to do Spot Trading on Binance. (Open your Binance app and follow these steps)

  • Open your Binance app and click 'Trades'.

  1. Choose the name of the crypto you want to buy or sell.

  2. On the section below the 'limit' order, it is where you will enter your target price or order price. For example, you want to buy BCH at $300, then simply enter $300 there, or you want to sell BCH at $380, then simply enter $380.

  3. Below the order price is the amount of BCH you want to buy or sell. For example, you wish to buy 1 BCH or simply adjust the percentage you can see just below it.

  • And just below it is the total amount you will receive. The available balance of your BCH or USDT is also shown just below the total receiving amount.

  1. Lastly, click the buy or sell button.

Once you have placed your order, it will appear in the 'Open Orders' section below. If you want to cancel, simply click the 'Cancel' button and click 'Confirm'. You can also check your order history by just clicking the button shown in the photo.

And once the market reaches your target price, your placed order will then be executed. As simple as that, it is not as complicated as you guys think it is.

Spot trading is just so easy to execute, what you need to learn more is Technical Analysis of the market. I advise you to watch the tutorial videos on youtube and read articles about trading.


NOTE:

  • Choose FIAT in Spot trading. That means when you buy crypto you need USDT, and when you sell crypto you will receive USDT.

  • The default order is 'LIMIT ORDER'. But if you want to place an order as soon as possible, you can choose 'MARKET ORDER'. By choosing the Market Order, you can instantly make a transaction at the current market price.


Don't hesitate to ask questions below in case you didn't understand it. The market is going down, I guess it's a good time to buy crypto. πŸ˜‰

Thanks for reading @Jane

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Avatar for Jane
Written by Β Β 2009
1 year ago
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Comments

Ah so kapag diba po mag deposit ako ng $100 usd. Tapos limit order ko eh 150 usd bale po ba pag tumama sa exact amount ng nilagay ko na 150, papasok 150 usd sa wallet ko?

$ 0.00
11 months ago

That was a very informative article, thank you. I would be happy to use your affiliate link to binance if you have it.

$ 0.00
1 year ago

Very nice explanation and it is simple and easy to follow. Thanks

$ 0.00
1 year ago

So mas maganda siya pagnereread. May pinafollow kase akong vlogger na nagspot trading din. Hehe mejo hindi ko sya nagets nung una tapos yung napanuod ko eth/usdt hehe mas maganda siya kumpara sa detoken hehe. Kaso nahihirapan pa ko aralin sa phone lang kase hehe

$ 0.03
1 year ago

Ooas mganda sa trading app tlga.. Iba ang detoken.. Hndi mo magegets unless hndi mo itry . dun ako natuto tlga 😁

$ 0.00
1 year ago

Yung high and low po ba na naka-indicate dito is same lang ng support and resistance?

$ 0.00
1 year ago

Yup

$ 0.00
1 year ago

Thank you!

$ 0.00
1 year ago

Nagpapa ride in ka ba sa trading Miss Jane? Meron kasi akong nira. Ride in nan na trade sa Binance din pero 5% per week ang bigay nya. Example ng invest ako ng 10k, may makukuha akong 500 per week. Kya lang palagi syang delay magbigay. Nahihirapan kasi ako sa trading. Hahaha. Kaya invest2 nlng muna.

$ 0.00
1 year ago

not safe ang ganyan.. Possible itakbo ang pera

$ 0.00
1 year ago

Actually, you do have a point. May mga time, well palaging delayed ang release ng payout nya sa amin. Ngpapa short term sya, minsan in a week, 15% offer nya. Ung 10k magiging 11500. Nkaka tempt. Nka 3 times n kmi. So far okay naman.. un nga lng minsan nkakakaba kasi baka itakbo pera. Though kilala ko naman personally yung nira. Ride inan namin.. pero un nga, daming delays sa release ng profit..

$ 0.00
1 year ago

Yung delay ang bigay meaning hndi sya nkakaprofit nun.. What if maliquidate lahat position nya? Or goodbye dn sa pera nyo

$ 0.00
1 year ago

I really dont know how it works or pano sya ngtatrade.. pero sabi nya, full nmn daw ibibigay yung ininvest namin no matter what. Sabi nya na dedelay kasi ung pg withdraw nya daw sa coins.ph nka receiving plang.. mejo nkaka worry pero sana hindi nmn scam.. hahaha

$ 0.00
1 year ago

Kakilala nyo in person.?

$ 0.00
1 year ago

Well, kakilala sya ng pinsan ko. Dun sya nkatira sa pinsan ko. Same din kmi alma mater nung college. Mejo kampante nmn kami. Pero syempre kada invest iniisip ko pdin ung risk.. hehehe

$ 0.00
1 year ago

Ah ok kung ganun wag lng sa iba

$ 0.00
1 year ago

Same ba ng interface ng app sa website? Yung app ko kasi hanggang verification lang, nakagrade out yung submit button kaya hindi ako makapagproceed, triny ko sa website kaso iba nagpapakita sa trade, πŸ˜”πŸ˜”πŸ˜”

$ 0.00
1 year ago

D ko alam...app kc gamit ko

$ 0.00
1 year ago

Ngayon ko lang to nabasa, mejo diko pa rin gets need ko pa basahin ulit. Pero nasa bch kasi money ko so pano yorn, πŸ˜±πŸ˜†

$ 0.03
1 year ago

Sell mo kpg tumaas. .. Buy kpg bumaba 😁

$ 0.00
1 year ago

Okie dokie yo' nag try naman ako mag buy ahaha

$ 0.00
1 year ago

So this is what spot trading is.. I think they also have a feature like this in stormgain.. They call it the signal.. Although I haven't tried it before it's quite similar, except that you can't input anything.. The feature does all the work.. This means it buys when the price hits the lowest price and sells once it reaches the target..

Anyway, thank you for the Binance tour.. I might try this one day.. πŸ˜‰

$ 0.03
1 year ago

Ngayon ko lng nabasa comment mo 🀣🀣 sorry naman

$ 0.00
1 year ago

HALA.. 22 days later.. 🀣🀣🀣 Pero okay lang naman.. okay na, na settle ko na si Spot Trading.. nasakto rin sa wakas. HAHAHAHHA.. salamat kay @Laurenceuuu for being so masigasig sumagot ng questions ko. Wait, tama ba term ko, masigasig? hehehe.

$ 0.00
1 year ago

Minsan kc busy ako sa work so pasensya kung hndi ko nasasagot agad tanong mo 😁

$ 0.00
1 year ago

Ano ka ba.. Okay lang yun.😁😁 Joke lang naman.. Happy naman ako kasi nag rereply ka.

$ 0.00
1 year ago

Ay namention ako hahahaha okay lang po 'yun d'yan ko lang din naman natutunan sa article ni Ate Jane 'yunπŸ˜†

$ 0.00
1 year ago

Ako inaral ko naman talaga nalito lang ako. πŸ˜…πŸ˜…πŸ˜…

$ 0.00
1 year ago

You might ask why I trade in Binance, not on Bityard where I did my demo trading? That is because Binance is the most trusted crypto exchange platform. It has the highest volume among all the crypto exchanges and with 9.8 Exchange Score on coinmarketcap.

Dear, Coinmarketcap is owned by Binance 😌 I do not think it can be a reliable source but it is a fact that Binance has been doing nice and I also use Binance 😌😌

$ 0.00
1 year ago

I tried to use bityard for trading at first but i guess it is not available in my country. So I decided to make an account and trade on Binance, and I was confused which type of trading should I do. Is there much profit in spot trading like future trading?

$ 0.02
1 year ago

You can gain profit in spot trading once you sell the crypto you have bought at a higher price.. In future trading , what you gain is a commission

$ 0.00
1 year ago

I am trading at Binance without verifying my account. You can trade but there are limits on your deposits and withdrawal. Aslo you cannot trade on a P2P platform but you can trade on the spot and future without verifying your account as long as you are using other cryptos as your deposit.

$ 0.02
1 year ago

Makakapagwithdraw po ba kahit di verified? If yes, what's the minimum?

$ 0.00
1 year ago

Pag crypto ata wla nmn minimum. Or dependi tingnan mo kung anong coin ang e send mo may nakalagay yan don.

$ 0.00
1 year ago

Okay po salamat po

$ 0.00
1 year ago

Welcome 😊

$ 0.00
1 year ago

Really? But Laurencuu said she can't trade beacause her acct is not verified...

$ 0.00
1 year ago

Welp, I'm just asking if we need to verify our account when we are trading but I haven't tried it yet.

$ 0.00
1 year ago

Oh sorrym. I though you have tried πŸ˜…

$ 0.01
1 year ago

Maybe he does not bind email and phone #. That's the only thing I did. I didn't upload ID on Binance yet..

$ 0.00
1 year ago

Yaaaay salamat po dito ito talaga kailangan ko, sa dami kasi ng pindutan nalilito ako. Tanong lang po, diba sa hodling profit lang sinaswap? Eh dito po sa spot? Kasama na capital or profit lang din?

$ 0.02
1 year ago

Sa spot prang ibebenta mo lahatcng binili mo pra maka gain ng profit. Pro nsa sayo lng yan kung ibebenta mo lahat or yung profit lng. . mas malaki kc profit kpg lahat. Tas pwd ka naman bili ulit kpg bumaba yung price. .. Ang gagawin ko kpg mag 400 price ng bch, benta ko 50% lng muna. .kc d natn alam bka mas tumaas pa . kpg mangyari yun dun ko ibebenta yung other 50%

$ 0.00
1 year ago

Okay po gets ko na, pwede naman po magset ng parang "auto-buy" and "auto-sell" diba? Yung automatic na kapag nareach yung ganun magbuy and sell na automatically?

$ 0.00
1 year ago

Yan yung spot trading na sinasabi ko sa article ko πŸ˜… d mo binasa noh? 🀣

$ 0.00
1 year ago

Binasa ko po hahahaha binabasa ko talaga mga articles nyo lalo na kapag tutorialπŸ˜† gusto ko lang po maclear para sure hahaha

$ 0.00
1 year ago

Oh. Sabagay mganda ang nagtatanong haha. Grats pla may badge kna 😁

$ 0.00
1 year ago

Thankyou po hehe nasa 40+ lang ako nung nagpacontest ako goal ko din kasi magkabadge tapos nagsponsor ka po ng $2.50 kaya naging top 28 salamat din po sa inyo😁

$ 0.00
1 year ago

Walang anuman 😁

$ 0.00
1 year ago

I do have binance i love to try trading but It needs a strong internet connectionπŸ˜₯ so that you can monitor the rising and going down of the market price.

$ 0.02
1 year ago

Yes need mo strong net pra mka trade dun.. Try mo sa my wifi 🀣🀣

$ 0.00
1 year ago

Can you do one for future trading? I reallly want to try it na. :> thank youu

$ 0.00
1 year ago

I hve. Check my article bout 'My first future trading in binance'

$ 0.00
1 year ago

Nicely explained and straight to the point with a lot of heart in it! Good read. I love Support and resistance too. It's like magic, with bitcoin it's a bit different but it's not too hard

Good read!

$ 0.00
1 year ago

Thank you.. So when will you do trading? 🀣

$ 0.00
1 year ago

article

I'm already trading actually, I had a streak of blown accounts in the years gone, I had to take a break. Then coming back starting from absolutely 0.00 around October when I joined publish0x and read.cash. I collected the cents and traded. Now I'm up +$200 in two months from nothing. Theres something blocks but they fall off anyway and my mind is changed. Will be targeting some 10K~ 100K from the blessings Jupiter, Saturn and Pluto in Aquarius β™’, my house. Will be calling the shots from here.

$ 0.00
1 year ago

Can you teach me some trading skills? πŸ˜… inbox me at telegram, look for @Jane1289 thanks

$ 0.00
1 year ago