How to trade your crypto on Binance
Step by Step Guide to Binance Options Trading
key points:
In minutes, you’ll learn how to buy call and put options to build your own options trading strategy.
Options trading is often misconstrued as complicated or “for professionals only.” Binance strives to simplify options trading to lower the entry barrier for traders regardless of experience.
Binance has put a lot of effort into making crypto derivatives trading widely accessible over the past few years. The Binance app and desktop client allow users to trade anytime and anywhere. With an integrated interface, traders can track price movements across multiple markets, including spot, futures, and now options.
Our new Options Trading Platform enables traders to take a directional view of the market or hedge their portfolios against volatility knowing that their maximum downside is limited to the Options Premium paid. .
How to Trade Binance Options
Step 1 – Go to Binance and click [Login], or click [Register] if you don’t have an account yet.
Step 2 – After logging in, click on [Derivatives]
Step 5 – Choose from the various [Call] and [Put] options available to open a position. Note that call options give the holder the right, but not the obligation, to buy the underlying asset at an agreed date and time, while put options give the right to sell the underlying asset.
Step 6 – Once you have selected the Call or Put option, the [Trading Panel] will be activated. You can also click the arrow to check more details of the market or click the candlestick symbol to change the trading interface.
Step 7 – Select [Order Type], input [Price] and [Amount], and click [Buy] to open the position.
Step 8 – To close the position, you have the following options:
Hold until expiration;
Go to [Close] mode in the trading panel, select [Order Type], input [Price] and [Amount], and click [Sell].
Or click [Close] directly under [Positions]. Abstract
Now that we’ve explained how to trade Binance Options, why not give it a try?
Binance options give you the right, but not the obligation, to buy or sell an underlying cryptocurrency at an agreed price and on a predetermined date. By paying only the required options premium, you get the same exposure as an equivalent futures or spot position. With low capital requirement, default losses limited to options premium, Binance Options are a great alternative for you to increase your trading results and expand your portfolio.
How to Trade Crypto on Binance
Binance has two trading settings Advanced and Basic. For beginners, we recommend to start trading basically.
Basic has a trading layout with a simple layout that anyone can easily understand as it displays only the important information to trade. However, since Binance is a professional trading platform, the basic trading setup can seem overwhelming to any newbie. However, it won’t take long for someone to catch on.
Due to the advanced trading configuration, expert traders have access to every market data and price chart whenever they go through complex trades. Since this is a great tutorial for beginners, we will only show you how to buy on Binance Basics. We can discuss the complexities another day.
Let’s learn about how you can use Binance for basic trading.
Benefits
Extremely safe
Supports more than 1500 cryptocurrencies.
Available on mobile devices.
It comes with a touchscreen interface that any user will appreciate.
It can be set up quickly.
Provides essential protection against any physical damage.
How you can use Binance for any basic trading.
- Log in to your account in Binance.
- On the taskbar, click Exchange and select Basic.
- You’ll find that basic doesn’t look basic at all!
- Select a trading pair. There are many trading pairs listed on Binance. The exchange rate is what Binance offers for these coin pairs. You can trade Bitcoin in 143 different currencies on Binance. If you have Ethereum in your account funds, you can only transact with Ethereum.
Search for cryptocurrencies that offer trading with Ethereum by selecting ETH in the upper right corner. Here, you will see that there are 140 different trading pairs for Ethereum on Binance. Select the coin you want to exchange for Ethereum. For example, you XRP or Ripple can choose.
- Select the type of trade you want to make. There are three types of trading that Binance offers:
Market Orders – This allows users to add their coins at the current market price. This is the easiest and fastest type of trading.
Stop Limit Orders – Here, traders can sell or buy a coin whenever it reaches a certain price. This is a type of order that pro traders often use.
Limit Orders – Limit orders enable customers to get the maximum price they want to sell a set.
You can buy on Binance using market orders which are very easy and quick for any beginner.
- Select the amount you want to trade. If you’re happy with the current market price, click Market and enter the amount of coins you want to buy. You can enter this as a percentage of your account’s Ethereum or as an amount.
Click Buy XRP to become a Binance Crypto Trader now.
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