Spot trading involves buying or selling assets, such as cryptocurrencies, at the current market price (spot price). The asset delivery often takes place immediately once the order is fulfilled. Spot traders can also set a specific spot price for their order to be executed using limit orders.
You can use different types of order to spot trade on the Binance app, such as a market order or a limit order. In this example, we’ll use a limit order to buy BNB with JPY.
1. Log in to the Binance App and go to [Trade] - [Spot]. Select a trading pair: BNB/JPY.
What are trading pairs?
Trading pairs are assets that can be traded for each other on an exchange. A trading pair consists of a base asset and a quote asset. The base asset refers to the first cryptocurrency in the pair, the one you're buying or selling. The quote asset refers to the second cryptocurrency, in which prices are quoted. Taking the BNB/JPY trading pair as an example, BNB is the base asset and JPY is the quoted asset.
2. Go to the [Buy] tab and choose [Limit].
3. Enter the price you wish to purchase BNB and enter the order amount. You can also use the percentage bar underneath to choose how much of your balance you want to use for the order. Tap [Buy BNB] and your order will be placed.
4. You’ll see your limit order under [Open Orders].
Note:
The default order type is a Limit order. If you want to trade instantly at the current market price, choose [Market] in step 2.
