A spot trade is a simple transaction between a buyer and a seller to trade at the current market rate, known as the spot price. The trade takes place immediately when the order is fulfilled.
Users can prepare spot trades in advance to trigger when a specific spot price is reached, known as a limit order. You can make spot trades with Binance on the Binance App.
Making a spot trade on the Binance App
1. Log in to the Binance App and click on [Trade] to go to the spot trading page.
2. You’ll now find yourself on the trading page interface.
(1). Market and Trading pairs
(2). Real-time market candlestick chart supported cryptocurrency trading pairs, and the “Buy Crypto” section
(3). Sell/Buy order book
(4). Buy/Sell Cryptocurrency
(5). Open orders
As an example, we will make a "Limit order" trade to buy BNB
(1). Input the spot price you wish to buy your BNB for and that will trigger the limit order. We have set this as 0.002 BTC per BNB.
(2). In the [Amount] field, input the amount of BNB you wish to purchase. You may also use the percentages underneath to select how much of your held BTC you want to use to buy BNB.
(3). Once the market price of BNB reaches 0.002 BTC, the limit order will trigger and complete. 1 BNB will be sent to your spot wallet.
You can follow the same steps to sell BNB or any other chosen cryptocurrency by selecting the [Sell] tab.
- The default order type is a limit order. If traders want to place an order as soon as possible, they may switch to [Market] Order. By choosing a market order, users can trade instantly at the current market price.
- If the market price of BNB/BTC is at 0.002, but you want to buy at a specific price, for example, 0.001, you can place a [Limit] order. When the market price reaches your set price, your placed order will be executed.
- The percentages shown below the BNB [Amount] field refer to the percentage amount of your held BTC you wish to trade for BNB. Pull the slider across to change the desired amount.