Learn to Use the Binance Trading Interface – A Beginner’s Guide

There are many types of crypto trading. All of them, however, take advantage of market volatility. Often, the returns from each trade are relatively smaller than investing in crypto.

However, it’s still a common practice with different types of crypto, and Binance is one crypto exchange where users can do their trading.

There are different settings that users can use for trading Binance, and in either case, they must understand how to use the trading interface well. With that said, here’s a beginner’s guide on this crypto exchange so that you know how to use the Binance trading interface.

How to Trade on Binance

You can select two different settings for Binance trading. This includes the Basic settings and the Advanced settings. Considering this guide is designed for beginners, we’ll focus on the Basic trading setting because that’s what new users should choose. That said, you should understand a bit about both of them.

What Is the Basic Trade Setting

The Basic trade setting provides a relatively simple layout that new crypto users can understand easily. Therefore, the layout only displays crucial information needed for trading.

That said, it’s important to note that Binance is a professional trading platform. Therefore, the Basic trade setting on Binance can be a bit complex for people who have no idea of how to perform crypto trading.

Some practice and instructions from this Binance guide will help steer you in the right direction.

What Is the Advanced Trade Setting

The Advanced trade setting is designed for expert traders, providing them with access to all market data and price charts necessary for making s complex trades. It won’t benefit you for us to delve into the intricacies of this setting because of how complicated it is.

Therefore, you can learn more about this setting in another article.

How to Use the Binance Trading Interface on the Basic Trade Setting

Here are some steps that you must follow to use and understand the Binance trading interface on the Basic trade settings.

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1. Log In to Your Binance Account

If you haven’t already created an account, it’s a relatively simple process. Here’s what you have to do.

• Register yourself on the Binance website by entering an email address and a password
• Read and accept the Terms of Use by Binance
• Solve a captcha to prove that you’re a human (not a robot)
• Open up your email, and click the account verification link in the email sent to you by Binance
• After verifying your account, you must secure your account. You can do so by setting up 2FA, which is multi-factor authentication. Make sure to set up 2FA because it can prevent your crypto investment from getting stolen

2. Select the Basic Setting

You can find the Basic trade setting on the Binance website’s taskbar situated at the top of the page. When you hover over the Exchange option or click it, you’ll see two options: Basic and Advanced. Click the Basic option.

Selecting this option will open up a page with a complex-looking layout. You’ll see graphs at the center of the page and other figures on the sides of it. Now, this may seem intimidating to a new user, but you don’t have to try and understand everything right away.

So, all you need to focus on now is the next step of this Binance guide.

3. Select a Trading Pair

Binance has hundreds of trading pairs on its list. These are pairs of crypto coins for which Binance provides an exchange rate. For example, you can trade Bitcoin with 143 different coins. Thus, you would say that Bitcoin has 143 trading pairs on Binance.

Moreover, consider that in this example that your account is funded with Ethereum. In that case, you can trade with Ethereum only.

So, you must learn which cryptocurrencies are provided on Binance if you want to trade with Ethereum. You can determine this by selecting the option ETH present at the top right corner of the Binance trading interface.

After you select that, you’ll learn that on Binance, Ethereum has 140 different trading pairs. Now, you must pick the coin that you wish to trade Ethereum for. An example of the type of coin that you could select is Ripple (XRP).

4. Select the Type of Trade You Wish to Make

There are three different types of trade that you can make on Binance. You must select one of them. Thus, this Binance guide explains each of them below.

Market orders

Market orders are the least complex and fastest type of trading that you can make out of the three.  This method enables you to trade coins at the current market price for each type of coin.

Limit Orders

With a limit order, you can set the maximum price you’re willing to pay to purchase certain coins, or you could set the minimum price you’re willing to sell your coins for.

You must wait until a seller or buyer accepts the price you’ve set for the coins. The trading can take place after that.

Stop-Limit Orders

With a stop-limit order, you can buy or sell a coin after it reaches a specific price. Typically, professional traders or experienced trades rely on this type of trading. As a beginner, you want to consider one of the other two methods mentioned above.

5. Buy Coins on Binance Using a Market Order

Considering market orders are the simplest method, this beginner’s guide will focus on buying coins on Binance through a market order.

Select the Amount You Want to Trade

You must select the Market option on your Binance trading interface if you’re satisfied with the current market price of your chosen coin (let’s assume it’s Ripple for the purposes of this guide). Insert the amount of Ripple coins that you want to purchase. There are two ways to include this amount, and they include:

• The exact amount of coins you want to purchase
• A percentage of the Ethereum you have in your account

Make the Purchase

At the bottom of the Amount tab, you’ll see a green button that says Buy XRP in this case. All you have to do now is click on that button, and the purchase will be made. With that, you’ll have made your first crypto trade.

What You Must Know About the Trading Fees on Binance

You’ll be happy to learn that the trading fees on Binance are some of the lowest among crypto exchanges. Thus, the trading fees are set to a maximum of 0.1% of every sale or purchase a user makes. The feeds can be reduced by half if you choose to use Binance Coin to pay the fees.

In that case, you’ll have a trading fee of only 0.05% per trade.

The low trading fees are also one of the reasons why Binance is so popular among its competitors. Bitstamp and Bittrex are two crypto exchanges that are known for providing low trading fees to their users.

However, the trading fees on both platforms are 0.25% per trade, which is 2.5 or 5 times greater than what Binance offers.

No Charges for Making Deposits

In addition to low trading fees, Binance doesn’t charge traders anything when they make deposits. The reason for that is that the exchange is made in crypto only. This makes the trading costs much lower compared to what exchanges that deal with fiat trading charge.

Binance Has Varying Withdrawal Fees

The withdrawal fees on Binance vary from one cryptocurrency to the other. However, the amount for each one is fairly low. For example, it will charge you 0.25 XRP if you withdraw Ripple and 0.01 ETH if you withdraw Ethereum.

Last Few Words

Now that you know how to use the Binance trading interface, you should also know how to use it safely. When you make a crypto investment, you must take all necessary measures to keep it safe from hackers and thieves.

Therefore, you must set up 2FA or two-factor authentication. This safety precaution notifies you when someone is attempting to sign in, and you’ll need to approve that request on another device. It’s easy to set up and can be extremely beneficial.

In addition to 2FA, you must also never provide your passwords or 2FA codes to any party claiming to be part of a Binance team. Binance will never ask you for this information. At the same time, never send your coins to a safe account at another party’s instruction.

Lastly, make sure you have strong anti-virus software installed on your computer or other devices. This software will prevent hackers from accessing your device and your crypto savings.

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