Nov 10, · Another way to deposit funds on the platform is through the Wallet option, right next to Dashboard, within Wallet all the cryptocurrencies available to trade on the platform will be shown, we just have to choose the desired cryptocurrency (in this example we will choose Bitcoin . Coinbase has speculated about introducing XRP, but for now it’s not on there, and it might never be, for what we know. So, that is not an option. When it comes to these layered conversions, I would advice . Oct 26, · Binance is currently the number one exchange in terms of liquidity of most popular cryptocurrencies and also in the top three for providing liquidity for BTC/LTC pair. Binance also has the lowest trading .
How to trade ltc to btc binanceHow To Convert Litecoin (LTC) To Bitcoin (BTC)
On the dialog box that pops up, enter the amount of crypto you wish to purchase by entering its fiat equivalent. Note that you can only buy one crypto coin at a time. Here, see the order amount in fiat, deposit account, and total fees charged. Since Binance offers this service in partnership with Simplex, proceed to Simplex.
Fill up the required details. First-timers must verify their email address, phone number, and identity by uploading an identity document like a passport or a government-issued ID. If this process is successful, y purchase confirmation email, and your cryptocurrency will arrive in your wallet within minutes. The crypto amount quoted is based on the current rate and is not final. Earlier, this option supported two fiat currencies; euro and USD.
A successful purchase of cryptocurrency using a credit card is manifested by the crediting of the particular cryptocurrency into your wallet. Another basic method of purchasing cryptocurrency on Binance is by first sending virtual currencies from another wallet.
It can be from a hot wallet or a cold wallet. A hot wallet can be a wallet on another cryptocurrency exchange, while a cold wallet represents a hardware cryptocurrency wallet. Next, enter the wallet address or scan a QR code. The coins should be credited into the Binance account within seconds or minutes, depending on the crypto.
Note that a cryptocurrency should be deposited to its corresponding wallet. For example, you should never deposit Ethereum into a Bitcoin address and vice versa.
This will open up a dialog box requiring you to confirm whether you want to send or receive Bitcoin. Confirm you want to send and provide the destination Bitcoin wallet address. The next step is crucial since a mistake means you may lose your crypto wealth forever. The window that pops up will indicate your total BTC balance, In order, and available balance.
The exchange allows you to use the address either by copying or showing a QR code. After copying the address, head back to Coinbase and paste it on the recipient wallet address box. Determine the amount of BTC to deposit on Binance and hit send. The funds will then reflect on your Binance account. In most cases, it takes approximately 10 minutes to get to your wallet..
The process of funding a Binance account from a ld wallet is largely similar to funding from a hot wallet. The trading journey begins on the main page of your account. This page provides a visual display of all the cryptocurrency pairs that can be used to make trades on the exchange.
Also, it shows all the cryptocurrency markets available. Simply put, a market involves two pairs of crypto. Each market specifies the cryptocurrencies involved.
Each market has the price of the assets involved and trades involve coins in a specific market. With so many coins associated with BTC markets on Binance, you can use the search bar to make it less of a hustle.
This can also be done when conducting other trades non the exchange. In the search box type LTC coin. However, a closer look indicates you have nothing to worry about. Interestingly, many other virtual currency exchanges have a similar interface welcoming you into the world of cryptocurrency trading. On this page, you see the order book.
An order book keeps track of all buy and sell orders so that traders can have easy access. However, only those orders with user designated prices are placed on the order.
In the crypto world, these are called limit orders. For example, what if you want to exchange 0. Your 0. If you cancel the trade, the subtracted Bitcoin is credited back to your account.
The order book has two basic sections. On the upper part, it shows active limit sell orders while limit buy orders are indicated on the bottom part. The two sections are differentiated by red and green colors, respectively. And what are the graphs in the middle section used for? Here, the chart shows all price changes as they happen and technical analysis. Before conducting your first trade, there are two basic terms you need to a complete grasp; stop-limit order and market order.
This trade allows users to set the maximum price they are willing to pay for coins or the minimum price they are willing to sell them for. Traders then have to wait until a buyer or seller accepts their price. This was our sample earlier where orders allow a trade to be fulfilled once the set price is reached.
At a basic level, a stop-limit order, on the other hand, goes a step further to enable a trade to happen at or above the set price. However, the stop price must first be reached. Binance has simplified how to place an order by allowing you to choose what percentage of your BTC holding should be used in a trade. On the dialog box that appears, you can either manually input the amount of LTC you want to buy or enter a percentage of your Bitcoin holding you wish to trade for Binance Coin BNB.
However, sometimes the order is not instantly executed. As with buying, selling follows the same process. The above trade scenario applies to basic cryptocurrency trading on Binance. However, there are more trading opportunities for the exchange. For instance, you can trade futures on Binance. Additionally, the exchange also supports margin. Although this takes you to a whole new level of trading on the exchange and may sound complicated, this is not the time to abandon your Binance trading journey.
These additional trading opportunities have a simple process. Think of futures as buy or sell orders that have a predetermined future date and price. Interestingly, Binance futures allows traders to make a profit whether the price of a cryptocurrency, e. However, this depends on the position they have taken. In futures trading, you must either take a long or a short position. To trade futures on Binance, you need an account and use your available cryptocurrency deposits.
On the other hand, when the trader takes a short position, they can sell the Bitcoin at a high price and buys back when the price falls. You may ask why not do the same with regular trading. The Limit is the price where your position will be sold. However, if the price recovers enough the position will liquidate at the Limit price regardless of how high it return.
Note: You are only required to hold BNB in your account to have the discount automatically applied. You do not need to trade any BNB crypto pairs and there are no notable benefits of doing so.
So, your goal is to always have enough BNB to cover your trading fees. Using BNB will save you 0. Your account will automatically turn to whichever crypto you are holding when taking fees, at the rate of 0.
Reminder: The discount rate for using BNB will decrease year-over-year and after five years this promotion will no longer be active. Hover over the person icon in the right-hand side of the top menu bar. You will notice that the stated fee changes to 0. You should see the 0.
As a low-fee cryptocurrency exchange, Binance gives altcoin day traders the chance to buy and sell cryptos many times a day. This component is crucial for your ability to make worthwhile profits as a crypto day trader. Many people achieve great success, but it takes having a calculated approach. We recommend that you treat Binance as your home when trying to day trade cryptocurrencies. You can withdraw your coins, unlike when you buy at a CFD platform like eToro. Furthermore, the cost of buying and selling entering and exiting a position is so low that you can avoid getting stuck holding a losing play over closing costs.
Join serious cryptocurrency day traders on Binance. This is why we are going to give some advice for the most inexperienced users in the sector and try to make their choice as successful as possible:.
Another fact to keep in mind is that not all cryptocurrencies can be exchanged with each other, the available pairs must be taken into account. The pairs available for trading in binance can be seen in the box to the right of the exchange. After choosing the cryptocurrency you want, check if you have the available trading pair, otherwise you will need to do the exchange in 2 steps. We already have funds on the platform, we have decided what currency we want to acquire, now we will see the final step, place a purchase or sale order on the exchange.
There are 2 possibilities when trading to acquire a cryptocurrency, at market price or at a lower market price. At market price: In the Price box , the market price appears if it takes a long time to do the operation this price may vary , you just have to put the amount of ADA you want to acquire in Amount box and press Buy ADA.
The purchase will be made on the spot. Congratulations, you just traded in Binance! At a lower price: Sometimes you do not want to buy at market price and you want to place an order at a lower price, in this case, in the Price box you must decide the price at which you want to acquire the cryptocurrency, put the amount and press Buy ADA. In this case the purchase will be made when another user sells at the value that has been set in the transaction.
In the case of sale the operation is exactly the same as in the purchase. When we have placed a purchase or sale order at a different market price, we can see if it has been executed from the Open Orders box, located at the bottom of the exchange. If after a while we see that it has not been executed and we want to adjust the purchase or sale price, we can cancel the order and recreate it again.
Binance allows you to exchange without having to verify your data, in unverified accounts it will only allow withdrawals worth 2BTC every 24 hours, an amount more than enough for most users who start trading in Binance. There are many exchanges present in the cryptocurrency sector, each one has its strengths and weaknesses. To choose the one that best suits your needs, check the security level of the exchange, the supported currencies, the available rates, the wallet support and perform a thorough background check before committing to an exchange.
To trade, Binance offers the necessary features so that cryptocurrency traders have a reliable platform to exchange easily and securely.
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