What is a spot trade ?
Spot trade is the most simple transaction between buyer and seller at the current market price also called spot price. Users can also prepare for a better price when the market price is reached by using the limit order option. Spot trades are available on Binance trading interface.
How to make a spot trade on the Binance Website ?
Step 1: Go to the Binance Spot Trade interface
Go to the Binance website and press “Log in” at the top right corner.
Choose a random cryptocurrency on the home page interface and you will be led directly to the trading page.
Here is the trading interface.
- Binance Announcements
- Trading volume of trading pair in 24 hours
- Sell order book
- Buy order book
- Candlestick chart and Market Depth
- Trading Type: Spot/Cross Margin/Isolated Margin
- Type of order: Limit/Market/Stop-limit/OCO(One-Cancels-the-Other)
- Buy Cryptocurrency
- Sell Cryptocurrency
- Market and Trading pairs.
- Your latest completed transaction
- Market Activities: large fluctuation/activities in market trading
- Open orders
- Your 24h order history
- Binance customer service
Step 2: Make your first spot order
To buy example the BNB token, first click “Trade” option at the top of the Binance home page interface and select “Classic” or “Advanced” (“Classic” option is more suitable for new users and “Advanced” option is more suitable for experienced traders and investors)
Go to the buying section (8) to buy BNB and choose the price where you want to buy BNB token and type the amount of BNB you want to buy. Finally click on “Buy BNB” to finish your transaction.
If you want to sell BNB follow those same steps.
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