Topic of this post:
- Spot trading on the Bynance exchange;
- How to buy or sell this or that coin;
- What is an order;
- What types of orders are there and how to use them.
On the main page of the exchange there is a tab "Trading - Spot".
What is a spot? From English spot "on the spot". Those. This is a form of transactions that are carried out here and now, in contrast to futures contracts, in which settlement is carried out after a pre-agreed period.
Now, what is an Order? This is an order to a broker to buy or sell a certain number of financial instruments. It is also called an application or order. There are three types of orders - market, limit, stop-limit order.
Market (Market Order) - Immediately matched to the best market price available at the time. The execution of such an order is almost instantaneous.
A limit order is an order to buy or sell an asset at a given or more attractive price. When such an order is created, it immediately goes into the order book and is visible to all market participants.
Stop Limit is an order to buy or sell a coin, executed when the price reaches a specified threshold. Those. This is an order with a limit and a stop price. When the price reaches the stop price, a limit order is placed in the order book (the limit order is activated). When the price reaches the limit, the limit order is executed. Between them it is better to make an interval for price security between the activation of the order and its execution.
In this video you will learn how to create such orders on the Binance exchange.
