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Spot Trading Terms of Use

Last updated: 4 January 2023

1. Spot Trading

1.1. By participating in Spot Trading you acknowledge that you have read, understood and accepted all of the terms and conditions in these spot trading terms (the “Spot Trading Terms”), and you acknowledge and agree that you will be bound by and will comply with these Spot Trading Terms. If you do not understand and accept these Spot Trading Terms in their entirety, you should not participate. 

1.2. Spot Trading allows you to submit buy or sell Orders via the Platform in respect of certain Trading Pairs. 

2. Availability of the Exchange

2.1. The Exchange is available during such times as notified by Binance on the Sites, Platform or as otherwise notified in writing by Binance.

2.2. We may periodically shut down the Exchange or access to the Exchange via the Sites or Platform, and interrupt any automatic functions for the following reasons: 

2.2.1. emergency maintenance (including unscheduled maintenance);

2.2.2. planned or unplanned system and software updates; and 

2.2.3. due to any other event or occurrence that Binance considers, in its sole discretion, to be a reason to suspend or shut down the Exchange.

2.3. You acknowledge and agree that Binance reserves the right (without any liability resulting of Binance or any Binance Affiliates involved in the provision of the Binance Services) to disable, update, cancel, restrict or otherwise modify any content, components or features of Spot Trading and/or the Exchange. 

3. Placing an Order and Fees

3.1. You may submit Orders by an Instruction on the Platform. You must, at a minimum, specify the following information when placing an Order:

3.1.1. the Trading Pair; 

3.1.2. whether you wish to buy or sell the Base Asset;

3.1.3. the Order Type; 

3.1.4. the Order value (denominated in Base Asset or Quote Asset); and 

3.1.5. any additional parameters required for the relevant Order Type or specified by Binance from time to time.

3.2. An Order must comply with:

3.2.1. any Transaction limits (see the Terms); 

3.2.2. the Trading Rules; and

3.2.3. any other requirements, filters or limits specified by Binance or included in the Terms, whether such requirements, filters or limits apply at the level of individual users, certain Digital Assets or at the level of the Exchange as a whole. 

3.3. To submit an Order you must have available a balance in your Binance Account sufficient to cover the total value of the Order and any applicable Fees (as set out on the Fee Structure page on the Website). If you do not have a sufficient balance in your Binance account, your Order will be rejected.

3.4. Any Transaction may incur a trading fee, as set out on the Fee Structure page on the Website, as amended from time to time (“Fees”). You authorise Binane to deduct any Fees directly from your Binance Account without further notice to you. 

3.5. When you submit your Order, the relevant quantity of the relevant Tradeable Asset will be locked in your Binance Account until the Order is Matched, is cancelled or expires.

4. Market Orders

4.1. Market Orders are Taker Orders.

4.2. A Market Order is not guaranteed to execute at a particular price. 

4.3. To submit a Market Order, you must specify the relevant Trading Pair and either the quantity of the Base Asset to be bought or sold or the quantity of the Quote Asset you want to spend or receive. Once a Market Order is Placed, it will be Matched, in whole or in part, with the best available Bid or Ask on the Order Book at the time. If the Size of the Bid or Ask at the top of the Order Book is not sufficient to Match the whole quantity of the Market Order, the remaining portion of the Market Order will be Matched successively with the next best Bid or Ask on the Order Book, until either (i) the whole Market Order has been filled, or (ii) there are no Bids or Asks available to Match with the remaining unfilled quantity of the Market Order and it expires. Therefore, the price at which a Market Order is filled depends on a number of factors, including in particular the liquidity and market depth of the Order Book at the time the Market Order is Placed.

5. Limit Orders

5.1. A Limit Order can be a Maker Order or a Taker Order. 

5.2. To submit a Limit Order, you must specify the relevant Trading Pair and the quantity of the Base Asset to be bought or sold, as well as the least favourable price at which you are willing to trade (the “Limit Price”). 

5.3. A Limit Order may only execute at the Limit Price or at a better price (the “Limit Condition”). Limit Orders are not assured to be filled.

5.4. When submitting a Limit Order, you may also have the option to specify the “time in force” (“TIF”) of the Limit Order, which may be “Good Till Cancelled” (“GTC”), “Immediate or Cancel” (“IOC”) or “Fill Or Kill” (“FOK”). The default setting is GTC, which will apply unless you specify a different TIF.

5.5. Once a GTC Limit Order is Placed, it will be Matched, in whole or in part, with the best available Bid or Ask on the Order Book that satisfies the Limit Condition, if any. If the Size of the best Bid or Ask that satisfies the Limit Condition is not sufficient to Match the whole quantity of the GTC Limit Order, the remaining portion of the GTC Limit Order will be Matched successively with the next best Bid or Ask on the Order Book that satisfies the Limit Condition (if any) until the whole quantity of the GTC Limit Order has been filled or no further Bids or Asks are available that satisfy the Limit Condition. Any portion of the GTC Limit Order that remains unfilled at this stage (the “End of the Taker Phase”) will be added to the Order Book as a Bid or Ask at the Limit Price and will become a Maker Order.

5.6. An IOC Limit Order operates like a GTC Limit Order, except that any portion of the IOC Limit Order that remains unfilled at the End of the Taker Phase shall be deemed expired and will not be added to the Order Book. 

5.7. If an FOK Limit Order is Placed, it will only execute if there are Bids or Asks available that (i) satisfy the Limit Condition, and (ii) have a Size equal to or greater than the quantity of the FOK Limit Order. If no such Bids or Asks are available, the whole FOK Limit Order shall be deemed expired and will not be added to the Order Book. 

6. Custom Orders

6.1. We may, at our discretion, make available on the Platform, and specify the exact requirements, parameters, restrictions, terms or conditions in regard to Custom Orders. 

6.2. A Custom Order can be a Maker Order or a Taker Order.

6.3. To submit a Stop Limit Order, you must specify all the parameters relevant to a Limit Order, as well as the price that must be Reached to trigger the submission of the Limit Order (the “Stop Price”). 

6.4. To submit a Trailing Stop Order, you must specify all the parameters relevant to a Limit Order, as well as the relative price movement in percentage terms from the maximum or minimum price Reached after the Trailing Stop Order is Activated that shall trigger the submission of the Limit Order (the “Trailing Delta”). You may also specify a price that must be Reached for the Trailing Stop Order to be Activated (the “Activation Price”).

6.5. To submit an OCO Order, you must specify all the parameters relevant to a Limit Order, as well as all the parameters relevant to a Stop Limit Order. Both the Limit Order and the related Stop Limit Order constituting the OCO Order will be submitted together. If either the Limit Order or the Stop Limit Order is Matched or cancelled or expires, the other Order will be automatically cancelled.

7. Matching and cancellation

7.1. The Exchange automatically Matches Taker Orders with Maker Orders on an Order Book based on a predetermined set of rules.

7.2. A Taker Order will be Matched with the Maker Order with the best price on the relevant Order Book with Priority, if applicable, and,if only partially Matched with a Maker Order, will then be Matched with the next best Maker Order with Priority, if applicable. These steps will be repeated until the Taker Order is fully filled, expires or, in accordance with the rules for the relevant Order Type, the remaining unfilled portion of the Taker Order is added to the Order Book and becomes a Maker Order.

7.3. You may only cancel an Order before it has been Matched. Once your Order has been Matched, you may not change, revoke or cancel our authorization to complete the Matched portion of the Order. For any partially Matched Order, you may cancel the non-Matched part of the Order. Binance reserves the right to reject any cancellation request related to an Order you have submitted.

8. Settlement

8.1. Once an Order is Matched, it will be Settled as soon as reasonably and commercially practicable. 

8.2. Settlement is final and we will not reverse a Transaction unless:

8.2.1. Binance is required to do so by Applicable Law;

8.2.2. we are entitled to reverse the Transaction under these Spot Trading Terms or the Terms;

8.2.3. the Order, Matching or Settlement, or any parameter relevant to the foregoing, was affected by Manifest Error; or 

8.2.4. you have not complied with these Spot Trading Terms or the Terms. 

8.3. Acting at our own discretion, in any event, we are only under an obligation to take reasonable and commercially practicable steps to return you to the position you were in prior to Settlement, in the event of a reversal of a Settlement. For the avoidance of doubt, in no circumstances shall Binance be liable for any indirect losses (including loss of profits, business or opportunities).

9. Order controls

9.1. We may, in our sole discretion, impose trading and position limits and position management controls, including limits set out in the Trading Rules and other controls to mitigate and manage our own liquidity, operational and other risks, at any time, without prior notice and without giving reasons. As a result, you acknowledge and agree that you may be prevented from submitting an Order or undertaking other steps at certain times if such actions would cause you to exceed an applicable limit, and that we may apply filters to reject an Instruction submitted by you that does not comply with any relevant limits or controls. 

9.2. We may monitor your positions against the limits or controls imposed by us. Any such limits imposed by us are solely for our protection and the protection of other users and we will have no responsibility for monitoring or ensuring your compliance with any limits imposed on your trading activities by you or by Applicable Law.

9.3. You agree to comply with any limits or controls imposed by us under clause 9.1 and not to take any actions that will cause you to violate any such limits or controls. 

9.4. To ensure compliance with Applicable Law or any limits or controls set by us under clause 9.1, we may decline to act on Instructions and/or execute an Order. We may also suspend your use of the Platform, require you to take certain  steps, or take any other action that we consider appropriate in the  circumstances.

10. Spot Strategy Trading 

10.1. Binance may offer access to certain strategy trading tools, which enable Users to place Orders for the execution of Transactions by way of a predetermined execution methodology, using parameters selected by you and/or preset by Binance (“Spot Strategy Trading Tools”). The Spot Strategy Trading Tools that Binance may make available include (but shall not be limited to) “Spot Grid Trading” and “Rebalancing Bot”. Subject to these Spot Trading Terms and the Terms, any Spot Strategy Trading Tools will continue to operate in accordance with your Instructions until they are cancelled, amended or expire. You may be able to make elections on the Platform about what should happen to the Digital Assets deployed in a Spot Strategy Trading Tool when that strategy ceases to operate.

10.2. You acknowledge and agree that you shall be solely responsible for determining whether or not you wish to make use of any Spot Strategy Trading Tool and for selecting an appropriate Spot Strategy Trading Tool in light of your investment objectives. You shall also be responsible for setting and/or confirming any parameters and/or applicable execution methodology to be applied by any Spot Strategy Trading Tool you have chosen and you acknowledge that the choice of these parameters can have a significant impact on the Fees you may incur. You acknowledge and agree that Transactions entered into via Spot Strategy Trading Tools may incur Fees and that you have considered the impact of Fees on the performance of the relevant Spot Strategy Trading Tool and have taken Fees into account when deciding to make use of that Spot Strategy Trading Tool and setting any relevant parameters.

10.3. Binance is not responsible for your choice of any Spot Strategy Trading Tool or for any selected parameters and/or execution methodology, whether or not such parameters were recommended or pre-populated on the Platform, and shall not be responsible for evaluating your goals in selecting any Spot Strategy Trading Tool. Use of any Spot Strategy Trading Tool is at your own discretion and at your own risk. Binance does not guarantee the results of any Spot Strategy Trading Tool and will not be liable to you for any loss that might arise from your use of any Spot Strategy Trading Tool. The output and offering of any Strategy Trading Tool and any recommended or default parameters set in connection therewith are not investment advice or any recommendation as to the use, appropriateness or suitability of any Transaction to be executed or the applicable execution methodology. You acknowledge that your use of any Spot Strategy Trading Tool may be limited by Applicable Law and that you shall not provide any Order to Binance pursuant to the use of any Spot Strategy Trading Tool (or otherwise) unless you have determined that it is consistent with Applicable Law.

10.4. If Binance determines that the use of a Spot Strategy Trading Tool could have an impact on the market and/or adversely impact availability of liquidity across the relevant product and/or to ensure compliance with Applicable Law (including in response to any regulatory request or restriction), you acknowledge and agree that Binance may implement certain controls within its discretion, which may include cancellation of Orders and/or Transactions resulting from the use of a Spot Strategy Trading Tool and/or restricting the use and/or availability of any Spot Strategy Trading Tool for the execution of any Orders and/or Transactions.

10.5. Where a Spot Strategy Trading Tool involves preset portfolios based on token categories, Binance makes no representation as to the accuracy of the allocation of categories to tokens, the suitability of the method of selecting the tokens in the preset portfolio or the representativeness of any category portfolio of the associated sector. 

10.6. By using any Spot Strategy Trading Tool, you acknowledge and agree to the risks as set out in Binance’s Strategy Trading Disclaimers. Before using any Spot Strategy Trading Tool you should ensure that you have read and fully understood these risks.

11. Discretion

11.1. Without limiting any other clause in these Spot Trading Terms or the Terms generally, we reserve the right, and without liability to you, to process an Order, decline to process an Order, suspend, cancel, reverse, void or partially execute your Orders on the Exchange at our discretion. 

11.2. Binance has the exclusive authority to determine which Digital Assets are listed on the Platform and may add or remove Digital Assets from the Platform in its sole discretion, from time to time. Binance may also change rules in respect of order parameters, including the order size and tick size available, for each Digital Asset. In respect of such additions, removals, or amendments, Binance may, but is not obliged to, notify users in advance and Binance shall have no liability to users in connection with such additions, removals or amendments.

12. General terms

12.1. All terms and references used in these Spot Trading Terms and which are defined and construed in the Binance Terms of Use (the “Terms”), but are not defined or construed in these Spot Trading Terms, shall have the same meaning and construction in these Spot Trading Terms.

12.2. These Spot Trading Terms are to be read together with the Terms. In the event of any conflict or inconsistency between these Spot Trading Terms and the Terms, the order of precedence in which the documents are to be read is first the Spot Trading Terms and then the Terms.

12.3. For the avoidance of doubt, any Transactions involving any Fiat Currency remain subject to the provisions of the “Fiat Services” section of the Terms.

13. Definitions

Activated means, in respect of Trailing Stop Order, the time from which the minimum or maximum price on the Order Book is observed to determine whether a movement equal to, or greater than, the Trailing Delta has occurred, which is (i) if no Activation Price is specified, the time at which the Trailing Stop Order is Placed, or (ii) if an Activation Price is specified, the time that such Activation Price is Reached on the Order Book.

Activation Price has the meaning given to that term in clause 6.4.

Ask means an Order on the Order Book to sell a certain quantity of the Base Asset for a specified price denominated in the Quote Asset.

Base Asset means the first Tradeable Asset stated in a Trading Pair; that being the Tradeable Asset  being traded on the Order Book.

Bid means an Order on the Order Book to buy a certain quantity of the Base Asset for a specified price denominated in the Quote Asset.

Custom Order means any Order Type made available on the Platform from time to time that includes additional features or parameters compared to a Market Order or a Limit Order or that embeds an element of conditionality in the placing of Orders, including OCO Orders, Stop Limit Orders and Trailing Stop Orders. 

End of the Taker Phase has the meaning given to that term in clause 5.5.

Exchange means the exchange that is operated by Binance and accessible through the Platform.

Fees has the meaning given to that term in clause 3.4.

Fiat Currency means any government or central bank issued national, or supra-national, currency, or other monetary obligation denominated in such currency and which is not a Digital Asset.

FOK has the meaning given to that term in clause 5.4.

GTC has the meaning given to that term in clause 5.4.

Instruction means any instruction, request, or order given to Binance by you in relation to the operation of your Binance Account or to execute any Transaction, through such medium and in such form and manner as Binance may require.

IOC has the meaning given to that term in clause 5.4.

Limit Condition has the meaning given to that term in clause 5.3.

Limit Order means an Order to buy or sell a specified quantity of a Tradeable Asset at a price better than or equal to the price specified in that Limit Order. 

Limit Price has the meaning given to that term in clause 5.2.

Maker Order means an Order on the Order Book available to be Matched with a Taker Order. 

Market Order means an Order to buy or sell a specified quantity of a Tradeable Asset at the best price that is currently available for the relevant Trading Pair on the Exchange, as further described in Section 4. 

Matching means the Exchange matching a Maker Order and a Taker Order for the execution of a Transaction as further described in clause 7 and “Matched” is to be interpreted accordingly.

OCO Order means a combination of a Limit Order and a Stop Limit Order, in respect of the same quantity of the same Digital Asset, where both Orders are submitted together and the Matching or cancellation or expiry of one of the Orders will automatically trigger the cancellation of the other Order. 

Order means an offer to buy or sell a Tradeable Asset on the Exchange, including all the parameters available or required to be specified for the relevant Order Type. 

Order Book means the order book in respect of a particular Trading Pair maintained by the Exchange. 

Order Type means, in respect of an Order, the parameters determining the rules governing how this Order will interact with the Order Book, including, but not limited to, whether such Order is a Market Order or a Limit Order, the “time in force” in respect of Limit Orders, and any other relevant parameters.

Quote Asset means the second Tradeable Asset stated in a Trading Pair; that being the Tradeable Asset in which trading is denominated on the Order Book.

Placed means, in respect of an Order, that such Order has been received by the Exchange, complies with all relevant limits, filters and controls, as determined by the Exchange, and is accepted by the Exchange for Matching in accordance with the rules of the Exchange and the relevant Order Type, and “Place” or “Placing” is to be interpreted accordingly.

Platform means the digital platform that Binance or its affiliates may make accessible to you via websites, a mobile app, an API connection or by such other means as Binance or its affiliates may prescribe from time to time for the use of Binance Services.

Priority means, in respect of two or more Maker Orders in the same direction (buy or sell) with the same price, the attribute of the Maker Order that was first added to the Order Book. 

Reached means, in respect of a price, that the most recent Matched Orders on the relevant Order Book were Matched at that price.

Settlement means reflecting the Transactions resulting from the Matching of Orders in the relevant users’ Binance Accounts by updating their balances accordingly, and “Settle” is to be interpreted accordingly.

Size means, in respect of a Bid or Ask, the quantity of the Base Asset to be bought or sold. 

Spot Strategy Trading Tools has the meaning given to that term in clause 10.1.

Spot Trading means buying or selling Tradeable Assets on the Exchange for immediate Settlement, as further detailed in these Spot Trading Terms.

Spot Trading Terms has the meaning given to that term in clause 1.1.

Stop Limit Order means an Instruction to submit a Limit Order only when and if the specified Stop Price specified in respect of the Stop Limit Order is Reached. 

Stop Price has the meaning given to that term in clause 6.3.

Supported Digital Assets means those Digital Assets that are available in connection with your use of the Binance Services.

Taker Order means an Order that will be immediately Matched with another Order upon submission to the Exchange. 

Terms has the meaning given to that term in clause 12.1.

TIF has the meaning given to that term in clause 5.4.

Tradeable Asset means any Supported Digital Assets and/or any supported Fiat Currency made available in a Trading Pair.

Trading Pair means the combination of a Base Asset and a Quote Asset that is offered for trading on the Exchange.

Trading Rules means the trading rules available at https://www.binance.com/en/trade-rule, or such other address as Binance may specify from time to time.

Trailing Delta has the meaning given to that term in clause 6.4.

Trailing Stop Order means a Limit Order that will be submitted only once the price of the relevant Digital Asset has moved by an amount equal to, or greater than, the Trailing Delta from the maximum or minimum price Reached after the Trailing Stop Order is Activated.

Transaction means selling, purchasing, or entering into other transactions, or agreeing to sell, purchase or enter into other transactions, in Digital Asset(s), their derivatives, other asset(s) or product(s) as Binance may from time to time permit to be carried out on the Platform, and depositing or withdrawing Digital Assets into or out of your Binance Account.

Website means the website located at www.binance.com.