Know More About Spot Trading in Binance

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Hello great minds welcome to this session of crypto write up. In my last post i drilled you how to make your cryptos work for you through mining and staking . It was a great strategy where people make passive income without stressing themselves. This falls in line with an ideology i always have in mind which says work rather smart instead of hard. Things have really changed and let's move with times .

Have you ever blown an account on a live trade ???

Have you ever wondered how to trade but not loosing all your capital????

If yes this post is for you !!

Most people have Always preferred spot trading to future trading and other forms of trading.

Spot trading allows you buy crypto at a cheeper price and hold for its price to appreciate then you sell. For example if you anticipate that the price of steem may rise in the days ahead,you buy it now and when the price rises you sell.

Most Spot traders always prefer to go for long term trading rather than scalping.

How do you carryout spot trading effectively in binance ??it is quite simple.

I will show you this in two parts,part a will how to buy and part B will how to take your profits

Part A

Just follow the steps and you will become a pro.

• Login into your Binance wallet that is if you have downloaded already .

• When you are in your wallet search for the select SPOT on the top part of your screen

• Select the crypto or coin you want to buy and hold

• In my case i will want to buy steem,i told you in the last post that steem is paired with BTC and Ethereum only in the Binance platform but you can always swap with any coin through BTC or Ethereum to any coin you want in the platform.

• Search for steem and choose your desired pair.
  I will choose STEEM/BTC for the sake of this lesson.once you click on the pair it will take you straight to the spot market.

• choose the buy option
• Change the limit to market price
• Input the amount of BTC you want to trade for steem or simply choose from the percentage bar

Once you are sure of the amount you click on buy steem..
Congratulations you have successfully bought STEEM

Part B

Once you have held steem and realised it's price has increased . you will then have to swap it immediately with a stable coin whose value does not fluctuate much.
The best coin here is USDT.

if Steem were to be paired with USDT you have done the same procedure and taje the sell option but since it is not you will have to purchase BTC with steem the Choose USDT /BTC pair and buy USDT. The steps you will follow are pretty much the same as i have shown you above.

Once you have your assets in USDT ,they will be almost stable for a long as you want .

That is that my people ,ask me questions in the comment section if you have any ...

NB: ⛔⛔⛔⛔Crypto assets are very volatile never invest what you can afford to loose

Original post by @breeze.com
All screenshots are taken from Binance app.