If you are interested in buying or selling a cryptocurrency, there are few better places to look than one of the world’s largest cryptocurrency exchange by trade volume, Binance. First thing’s first, you’ll need to create an account. Anyone is able to sign up since Binance does not require customer information.
After you fill in the required fields, click “Register” and complete the captcha, a confirmation link will be sent to your email address.
Once the link is clicked, your Binance account is ready to be used.
Now that your account is activated, but before exploring the rest of the exchange, you’ll need to add funds to your account if you wish to buy or sell any cryptocurrencies. Binance has a feature that allows users to purchase certain cryptocurrencies directly with their Visa or Mastercard credit card. If you are a qualified candidate, navigate to the “Funds” tab and select “Buy With Credit Card.”
You will then be required to enter the purchase amount of the desired cryptocurrency and whether you will be paying with the US dollar or euro. Cryptocurrency purchases by credit card are limited to BTC, ETH, and LTC at this time.
Once that’s complete, wait for the transaction to process and you’ll be ready for trading.
Placing a trade
Let’s go back to the home page now that your funds are ready to be used.
Here, you will again see all the cryptocurrencies that are tradable on Binance and their respective markets.
For this example, let’s say you previously deposited 0.0024 BTC (~$10) into your account and now wish to trade it for NEO.
First, you’ll need to find the right NEO market.
Since you want to spend BTC in order to get NEO, click the “BTC Markets” tab and then type NEO into the search bar.
Click the appropriate row and the page where trading takes place will open.
This page may look intimidating, but you can easily get the hang of it with a bit of practice.
Plus, most cryptocurrency exchanges have a similar trading interface so what you remember here, in all likelihood, will be relevant elsewhere.
The left section of the screen is known as an order book.
Here, you will see all active buy and sell limit orders. A limit order is simply an order that will only be placed at the user’s desired price, given there are buyers or sellers interested at that level.
he right side of the page is more simple – the above section shows the other cryptocurrencies that can be traded and the lower section shows the public trade history of the market currently being viewed.
Trade example: Buying NEO
The center of the page is where the real magic happens.
Here lays a chart feature that shows real-time price action and technical analysis indicators. Just below the chart is where you will actually execute the trade, so let’s buy some NEO.
If certainty of execution is your priority, select market order. If you are interested in only buying at a specific price level, select either limit or stop-limit order.
For the purposes of this example, let’s place a market order, which will be placed immediately at current market prices.
Now, just enter the amount of BTC desired to be spent and how much NEO you want to purchase. Binance has a useful shortcut for entering the purchase amount and it is based on a percentage of your bitcoin balance (or any other appropriate trading pair).
Let’s spend 50 percent of the BTC balance so there is some left over, perhaps for another trade.
The last step is to click the big green button “Buy NEO.” Since this is a market order, the trade for 0.58 NEO should have completed instantly, but that is most likely not the case if you selected limit or stop-limit order.
To check on the status of your order, look towards the bottom of the page where it says “Open order.” As the title would suggest, if your order has not yet executed, in other words, is still “open,” it will appear in this box until it has either been canceled or filled.
When it has been filled, it will show up in the lower box highlighting your 24-hour order history, just as how this order has below.
In order to sell, simply follow this same process but execute a market or limit sell order.
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