Binance Trading Methods #2 | Trading SPOT

In my previous publication about Binance's trading methods, which you can check out by clicking HERE, I detailed the 3 trading methods that this platform has, as well as defined each one of them and highlighted the most important aspects and their differences.

In this opportunity I will talk about SPOT Trading only, as the first method in the Binance platform and the one that every trader should know in his training, because it is the most recommended and easy to use, also this post will be a tutorial, so, without further delay I will start.

SPOT Trading

I'll start with a little definition of this method. SPOT trading is the most recommended method to use when starting out in the world of investments and cryptomoney trading, this method is quite understandable once it is studied and has many trading pairs and many tools that help the trader control his risk and not expose too much of his capital.

Where do we find SPOT Trading?

In order to access SPOT trading, the first thing to do is of course to look in the "Spot Wallet" section, find the crypt-currency of your preference or the deposit method that is not easier and transfer funds to the platform, taking special care with the deposit address. After that, to access directly to the trading we have a couple of ways that I will show below in the following Gif images.

First form:

Second form:

What tools do we have for TRADING in the SPOT market?

To trade in SPOT, we have 6 useful tools that will help us to make an adequate investment in the crypt currencies of our preference. In the following image I will point out each one, highlighting them in a red box and yellow numbers:

1. In this first tool that is located at the top of our trading panel, we can find first the trading pair of our chosen currency, for this example I chose the pair BTC/USDT, then we see the current price in which the Bitcoin is according to the supply and demand, then we see the percentage change that the Bitcoin has had in the last 24 hours, as well as the maximum price reached in the last 24 hours, also the minimum price and finally the investment volume expressed in USDT the last 24 hours. Excellent information to take into account, since we will be able to know in which price range the Bitcoin was found in the last day, for example.

2. On the left side of the screen we can see the order book for both buying and selling. The order book is expressed in fuchsia and the order book in green. In the middle of the order book you can see the current price of Bitcoin. It is very important to be aware of the order book to determine in an analytical way which side is stronger, if the bulls (bullish) or the bears (bearish), all in order to look for the investment probabilities to be in our favor.

3. In the upper middle of our screen, we can see our trading graph, see the price of any asset in relation to its supply and demand, where we can place different technical indicators or studies that will help us greatly to manage our position in the market. As additional data in this part, we always choose the graph by "Tradingview", this is much more dynamic and easy to use.

4. In the lower middle part of our screen, we can see our order panel to enter the market. In the upper part of the screen we can see that there are three options for this tutorial, in which we only need to know that for SPOT trading we must always be in the "Exchange", we also see the "Trading Rules", of which we must be very aware, as it reflects the minimum amount of money we need to trade a certain trading pair. Then we can see below the types of orders that we can place to manage our investment or position, first there is the "Limit", then the "Market" and finally we see the one that says "Stop Limit", however, when we click on the arrow next to it, we will see another type of order called "OCO". In total there are 4 types of orders which are more than enough to control our risk.

5. In our panel on the top right are all the trading pairs that we can access for trading on SPOT, so we can see that there are filters to improve our search, depending on our requirements. For example, if we want to look at a certain trading pair compared to "USDT", we only have to go to "FIAT", select USDT and we can look for the currency of our preference that compares with this Stablecoin.

6. Last but not least, you can see in the lower right part of your screen, the global trading history of the trading pair you are investing in, as well as select "Yours", in order to see your trading history with that crypto currency.

Conclusions

Many may still have many doubts about how to use for example the market order types, however, I did not want to make this post so extensive, so I just focused on them learning every aspect of the trading panel and what each thing meant. In future posts I will explain the types of orders and how to use them, as well as how to analyze the other tools for optimal and easy trading.

To conclude I would like to see your comments and what you thought of this explanation of the SPOT trading method on the Binance platform, I will continue publishing the other parts to complement this series of Binance posts regarding your platform.