Spot trading involves buying or selling assets such as cryptocurrencies at the current market rate (spot price). The asset delivery often takes place immediately once the order is fulfilled. Spot traders can also prepare trades to trigger when a specific spot price is reached. You can make spot trades with Binance on the Binance App.
How to make a spot trade on the Binance App
1. Log in to the Binance App and go to [Trade] - [Spot].
2. You’ll now find yourself on the trading page interface.
(1) Market and trading pairs
(2) Technical indicators, Spot Grid, and settings
(3) Order Book
(4) Switch order type
(5) Buy/Sell Cryptocurrency
(6) Announcements and promotions
(7) Open Orders
(8) Order History
3. Let's use a limit order trade to buy BNB as an example. Select the [Limit] tab and input the spot price you wish to purchase your BNB for, and that will trigger the limit order. We've set this as 0.002 BTC per BNB.
4. In the [Amount] field, enter the amount of BNB you wish to purchase. Alternatively, you can select the percentages underneath to choose how much of your held BTC you want to use for your order.
5. Once the market price of BNB reaches 0.002 BTC, the limit order will be triggered and executed. 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 you want to place an order as soon as possible, you can switch to the [Market] tab. You can trade instantly at the current market price by choosing a market order.
- If the market price of BNB/BTC is at 0.002 BTC, but you want to buy at a specific price, for example, 0.001BTC, you can place a limit order. Your order will be placed when the market price reaches your set price.