Explaining binance advanced trading interface
In the last year Binance has become one of the leading exchanges and a way to get your latest coins of the day/week month ;)
I want to give a small introduction on how to use the trading interface.
At the top of the page, you can see the Exchange link. Select the Advanced option
This will open the trading interface and in the top right corner you can then find the selection of trading pairs:
First, you have the base currency against which you want to trade. You can choose from either BTC/ETC/BnB or USDT.
To not always have to search in the lists you can also "start" your favourite currency pairs for later access.
When selecting a par the main trading view will be active.
On the left we have the chart:
- At the top, you can select different timeframes.
- the indicator symbol allows you to active some assisting data in the chart like RSI, Moving-Averages
But now to the meat of the market
*** the order book ***
This part might look as pretty as the chart but actually should be your main focus, especially when you want to do some trades quickly.
To go through the lists, first, we have the red offers. Those are people who want to sell the currency. In our example, its peoples offers to sell some ETH for BTC.
Why is this interesting to me, you might ask? In most cases, you can see here that some bigger offers exist in the market. So it might be a good idea to place your offers not behind those "walls" since the price will need a lot of momentum to break through those.
On the other side if you are pretty sure that the price will indeed move in a certain direction you might want to wait for it to pass such a wall first instead of placing your order just below it only to see it bounce right of the resistance/support.
On the right, you can see the last orders which were executed. There you can gather useful information whether the market is currently moving up or down, how big are the orders how frequently is it being traded.
But enough for that this is no trading advice or financial advice so please do more research in what you are buying and why... and of course.... never invest more than you are willing to lose ;)
Now we have a look at the way to place orders:
This is the form to place your orders. You have to:
- set a price
** this can conveniently be done by clicking on the order book, then you can also change it quickly by clicking the arrows beside the price
- next thing is the amount you want to buy or sell
** also here you can get some assistance by sliding the slider to a percentage value of your current holding
- click on either buy or sell to execute your order
What happens now
Well, this depends on where you have placed your order.
If you entered a value which can be matched to another order( so either sell to a price low enough someone wants to buy I or buy for a price where someone wants to buy it ) your order will be matched instantly.
If it can't be filled then it will enter the order book alongside the other orders. Now its time to wait. Once someone else enters an order that matches yours it will execute your order.
If this helped you please consider upvoting or sharing this post ;)