Explanation of the Most Important Trading Terms in Binance for Beginners

If you are new to the world of cryptocurrencies and Binance, you may find some terms vague in the application. Here is a clarification of the most common ones:

Order

A request to buy or sell a cryptocurrency.

Market Order

Buy or sell at the current market price immediately.

Limit Order

You specify a certain price at which you want to buy or sell, and the transaction only occurs if the price reaches that level.

Stop-Limit Order

An order that consists of a "stop" price and a "limit" price. Once the price reaches the stop price, a limit order is triggered at the price you specified.

Buy

A request to purchase the currency.

Sell

A request to sell the currency.

Balance

The amount you have of a certain currency in your account.

Profit

The gain achieved from the transaction.

Loss

The amount you lost in the transaction.

Leverage

The ability to trade with an amount larger than your actual balance (used in margin trading, and caution is strongly advised).