Hi Home mates, on our last video, many viewers requested for this, Binance Tutorial for Beginners. So here's a ver important warning before we start this tutorial. The price of these cryptocurrencies are super volatile. You can either earn from here or suffer a loss. For now, the price trend of cryptocurrency especially the bitcoin are rising. But is is not guaranteed that it will continuously rise.
Say that for the following months or in a year, it will continue to rise, it's not like that. So in case that you decide to enter this, make sure that you study it thoroughly first and do some research. Because bitcoin trading is super risky. So let us go to the computer and teach basic trading in Binance. Here in Binance, we will trade, buy and sell bitcoins and other cryptocurrencies.
The good thing here is that our purchase is not limited to bitcoins only. So, here is the home page of our trading platform. There's a lot of info here but don't worry home mates, I will discuss them later This is easy to understand. It just seems intimidating because there's a lot of movements and numbers on the screen. Later I will explain all the things you need to focus on, watch and learn in here as a beginner. First, for you to have a better understanding in Binance trading, let us discuss these so called cryptocurrencies. In cryptocurrencies, bitcoins are not the only one present. There are a lot more kinds of cryptocurrencies.
Example are bitcoins, they are cryptocurrency. Etherium and XRP are also cryptocurrencies. So home mates, there are many kinds of cryptocurrencies. For example, just think of foreign currencies. We have the US dollars, we have the euro and yen. So for example, the US dollar has a value of 48 pesos today, the euro has a value of 60 pesos and yen is 0.46 pesos. Then for tomorow or the next day, they will have a different value. Example, the dollar could be 48.1 or 48.2, the euro could decrease to 59.5 and the yen could be 0.50. So the value of foreign currencies differ from day to day. This goes the same with cryptocurrencies. Imagine the bitcoin is the US dollar and the etherium is the euro. Again, this is just an example home mates. So every second, every minute, their value changes. Example, last week the bitcoin is around 1.1 to 1.2 million, this week it reached 1.3 million. Then Etherium which has a different value yesterday, from it's value today. So there is movement in the prices of cryptocurrencies. And our goal here is to buy when the prices are low and sell these cryptocurrencies when their prices are high.
So let's go to the Coin market cap so that we could visualize this. So, the first one we can see is the bitcoin, then etherium, USDT, XRP, lightcoin, bitcoin cash, binance coin. So these are what we call cryptocurrencies and their values changes every minute, every second. Each one of the cryptocurrencies have a different value. For now, a bitcoin is 26,979 US Dollar. Etherium on the other hand is 713 US Dollar. So they have different values. So there are may kinds of cryptocurriencies here. Just check in Coin market cap the cryptocurrencies listed there. Most of these coins here can be traded in Binance as shown here in our Binance homepage. Here in Binance we can buy bitcoins, etherium, XRP, USDT, lightcoins. We can buy and sell them. The very first thing to look at here is the wallet then "Fiat and Spot". In here, you can see your balances and your wallets. For example USDT, which is an example of an Altcoin, we have 81 USDT which has an equivalent of 0.03 BTC as you can see here. We also have 0.17 BNB coins currently in our Binance account which has a BTC value of 0.002.
Once you scroll down, you can see all of your balances in your wallet in your Binance account. Later we will discuss how to cash in, trade and withraw your earnings here. To trade in here, go to "Trade". There are 2 basic ways to trade here. First is Convert, which is the easiest way to trade, then the second one is Classic. Let's discuss Convert first home mates. This is the easiest one. "From" is your balance or the balance you will use to trade. "To" is the one you want to buy. For example we have 81 USDT, which we want to use to buy. Then we want to buy BTC using USDT. We will choose BTC in "to". But if you dont want to buy BTC, just click here and choose the currency you want to buy.
For example you want to buy etherium, so in "from" just enter the amount you want to convert. Example we put 10 USDT, and we will convert it to etherium. Then click preview conversion. So now you can see how much etherium you will be receiving. As you can see, there's a timer showing 6 seconds only. Because as we explained earlier, the values very volatile. So every minute, every second, its value changes. Meaning, we need to refresh this because it's value changed. So let's refresh it. As you can see, we will now get a greater number of etherium now than earlier. Once you click "convert", you can see that it is successful, so we now have 0.014 etherium in our wallet.
Of course, we no longer have our 10 USDT for we have converted it. As you can see, our USDT has decreased so we need to refresh this. And then you can see in our wallet that we now have etherium, 0.014. Home mates, you may notice that I will frequently mention USDT. USDT is a cryptocurrency but it's value doesn't move that often. It is like that USDT somehow always matches up with the value of a US dollar. For example, a US dollar is worth 48 pesos, a USDT is also worth 48 pesos. When trading, it is a good thing when you use USDT because it is not like a bitcoin whose values suddenly goes up or down. So if your wallet is composed of bitcoins mostly, once the value of the bitcoin rises, you will earn but once it declines, you will suffer a loss. That's why most traders use USDT in buying and selling crypto currencies. But home mates, I'm not 100% recommending the use of USDT because of course, it is still a crypto currency.
We can never be sure, we may suddenly suffer a loss, thus we may never know what will happen to our money. So I can't fully recommend for you to use USDT, like if you're selling bitcoins, I can't fully reccommend that you use USDT to get the sale. But in this video, you may notice that I will mostly be using USDT because currently almost all my balances are in USDT. Now let's go to a more advanced way, much used on trading, which is Classic.
So let's click on "trade" then "classic. So you can see more options here but this is much better than the one earlier. First, on the right side, here you will see the list of the coins or cryptocurrency that you can trade. If you click on "BTC", you will see all the coins that you can buy using BTC. So you can see here ADA/BTC, where you can buy ADA using BTC. Here we have ADX which you can buy using BTC. These are abbreviations of cryptocurrencies. You can also search here etherium, ETH. Then you can see that you can buy etherium using BTC. If you point here in the ALTS, you can see the list of coins you can buy using etherium, XRP In Fiat you can see the USDT which I use to buy and sell here. If you click it, you will see the coins that you can buy using USDT. So when we searched BTC, we can see now that we can buy BTC using USDT.
Basically, what you see on the right side are the list of coins you want to use to buy and the coins you want to buy If you have decided to transact on your chosen currency, just click it and then it will appear here. So let's pick another one. For example AEON, once we click it, it will now appear here in the trading screen. The example we will show here is on buying bitcoins or BTC. And we will use USDT to buy, so we'll click it. Then we will see the trading screen of buying BTC using USDT. On the left side, these red items you can see are called orders.
These red items are the ones selling bitcoins and the green ones are the ones buying bitcoins. This value that is constantly changing, which is now around 26,891 and still changing, is the last transaction that occurred. So for the last second, the last one was 26,895 from a sale or purchase. This 24-hour change shows the range on how much it increased or decreased within the last 24 hours. So for the last 24 hours now, it has decreased by 523 dollars. Or here in the percentage, you can see that the bitcoin decreased by 1.88% This "24 hour high" shows the highest value a bitcoin reached for the last 24 hours. On the opposite, "24 hour low" shows the lowest value of the bitcoin in the last 24 hours.
So it is 25,700 US dollars. Due to the constant change of the values in the trading screen, I screen captured it to further explain it in a more relaxed manner. So the red ones are the orders of the sellers and the green ones are the orders of the buyers. We are looking at these so that we can have an idea on how many and for how much traders are buying. On the left side is the price, or how much they are selling their bitcoin. In here, the lowest price is 26,948.99 US dollar.
This "amount BTC" is how many bitcoins the trader is selling. So here, he is selling 1.092886 bitcoins. "Total" is the total amount of USDT the trader will get once he sell out all his bitcoins order. It is not necessary to buy all the BTC indicated in the order. If you place an order 26948.49 USDT and you bought only 0.05, Your order will only be deducted with 0.05. You don't need to buy it all. Same goes here in "buy". This is the price in USDT, it is the price on how much they want to buy. And here shows how many bitcoins they want to buy. This graph in the middle is what they call the "candle" or the chart. But we won't elaborate this in the video. But basically this is the price of the bitcoin.
So we can change the view here. For example, in here it shows that every movement is for one day because it is set in a per day basis. We can change it to per hour. Just click on it, and then you can see that the candles or the results shown here is for an every hour movement. This is a much technical matter so we will discuss it minimally. You can see here that as we move, in the numbers below, you can see it's value last 2020/12/25, 8pm. Then if we move it slightly to the right, this is it's value by 9pm. In the right side you will see it's value. At this hour, it's value is 24,544. Of course, if the candle is green, it means that the value increased it that hour and if it's red, the value decreased. But you might want to research more on this candles for there is a much more elaborate explanation for them.
Since now you now the interface, we will now go to the bottom part which is the buy BTC and the sell BTC. This is the actual buying of cryptocurrencies. Our sample now it that we will buy a Bitcoin using USDT. But there are a lot you can buy here aside from Bitcoins. It can be etherium, ERX, lightcoins and many more. You just need to change it here as we've discussed earlier. Here, on the right side. First we should be in the spot. These "cross3x" and "isolated 10x" are more advanced options so we will not explain it in this video. For basic trading, we will choose "Spot". In "spot" there are 3 kinds of trading. There's limit, market and stop limit. For beginners, use limit and market. These two are the ones you need to know. First, let's discuss market. In market, it is similar with the conversion I discussed earlier. You cannot set the price. So, the price here is what they call the "market price", or the cheapest price raised by the sellers. For example, we will buy BTC.
So we will enter the amount of BTC that you want to buy. So we will buy 0.005 Bitcoins. So once I click here, we can buy this bitcoin using our USDT balance. If you can see this line which can be dragged, this is the percentage of our USDT. For example, we want to use 25 percent of our total USDT balance to buy bitcoins. So we drag this to 25 percent. So we will get 0.0057 BTC, if we use 25 percent of our total USDT. So if 50 percent of our USDT will be used, we will get 0.01 BTC.
So around 30 USDT will be used here. If you don't want to purchase by USDT percentage, you can still enter here manually. So let's put 0.005. So, remember this, the current balance of our bitcoin is 0.00378. So once we click "buy BTC", it will automatically be bought. So you can see in the market order field, it is already fulfilled. Because as I've mentioned, it is like conversion. And if you can see in our "buy BTC", our USDT balance is down to 48.32. And now you can see it in the trade history below. Today, we bought BTC using USDT. So this is the price from our purchase, which is 27,185.85. You can see it here, it is the lowest price on the sellers list, so automatically, it is were the purchase was made. You can also see here the fee from your trade. In binance, their fee is 0.1%. So their fee was 0.65 pesos or around 50 centavos for the trade.
So in our wallet, out Bitcoin is 0.003, then once you refresh it, our BTC balance is now 0.0087 because of our purchase. Of course, our USDT was lessened because it was the one we used to purchase. On the right side. For selling, we will sell our BTC, which has a value of 0.008 in exchange for USDT. So once we click on "sell BTC", it will automatically pick the highest buying price from the list of buyers. To sum up, market is just like conversion. Home mates, let's move on to limit. Limit is slightly better . The difference of limit from market is that, in market, it is automatic, it automatically picks the highest price for selling and the lowest price in buying.
In limit, you are the one to set the price. For example, the current price of BTC is 27,164, but you think it is still high. You can change the price. You can put the price 26,900 USDT for the Bitcoin purchase you will make. So, we enter how many BTC we want to buy, that is 0.005, and then below, you will see how many USDT we need to make the trade.
In the price, remember, you will enter the price on how much you want to buy the BTC. In the amount, enter how many BTC you want to buy. And the total, states the total amount you need to make the purchase That is 13.45 USDT. Then click "buy BTC". So, our order is now submitted. Meaning, we have just made our order and it had just been included in the list of buyers. You can now see it here, "open orders". This is the price we indicated which was 26,900 BTC. So home mates, this will not be bought or the trade won't be fulfilled until the current price reaches our price. For now, our order still won't appear in the list because the orders in the list still have higher prices. So since your order was placed, you can now close your Binance account or close your computer. Once the current price of the BTC reaches our price, and someone sells for that price, automatically, you get to buy the bitcoin.
The bitcoin or any other crypocurrency you ordered will then be transferred to your account or wallet. Just in case you changed your mind on the trade, you can cancel it. Once you click on "cancel", your order is automatically cancelled. Meaning, the order is already gone, even when the current price reaches your set price, it will no longer be purchased because your order was gone. Now let's change the price to reach the range of the prices in the list, so that we can see it.
I will now make it 27, 100. Then I will click "buy" to make a new order. I just want you to see how we placed an order and also see how the order is fulfilled. As you can see, our order is just there until it reaches the current price. This is great for those who says that they can't watch over their orders full time, or they can't wait for the time the current price meets their price. For example, you want to make an order where the price of a bitcoin is only 20,000. You can place your order here. Until it reaches the price of 20,000, the order will not be executed. So you don't need to watch it thoroughly to be able to buy. So now you can see, when the price reached 27,100, we immediately got a confirmation that our order was fulfilled. Let's scroll down, it no longer exists in our open orders because it was already fulfilled.
It will now appear in the trade history. You can see here that we purchased for the price of 27,100. Still, you can see here the fees and the total amount we spent to buy. In the order history, you will see all the orders we made for the day because it
is set for one day. If it says "filled", it means that it was executed, that we made the purchase or we made the sale. If cancelled, it shows all the orders we cancelled earlier. So in here, it shows the last order we made with the price 27,100 that says "filled" because it was already executed. So we were able to buy the with a price of 27,100. Same goes with sell. If you're going to sell your Bit coin or other cryptocurrency like XRP and etherium. For a quick sample, the current price is 27,096, and we have a bitcoin amounting to 0.0013. In our sample, of course, if we will sell, we want to have a higher price, so we will put 27,150 as our price. Then I want to sell all of my bitcoins, so I will enter 0.00137 because it is our balance stated.
Now we will just click "sell BTC". Now we can see that our order is now in the sell orders list. It is not yet fulfilled because the current price hasn't reached our desired price yet. So we set the price 27,150 USDT or US dollars. It hasn't been sold because the current price isn't there yet. So you can still see it here in the open orders. Just the same as before, you can close your Binance account or computer. Once the order is place, it will be sold once it reaches the current price. So, I cancelled it first because the prices went down. I'll lower the price to 27,120 so that it will be sold immediately so that we could see it. Then we will just click "sell BTC". So as you can see it was already sold, As shown, we placed an order then we received a notification that the order was sold or executed, meaning it already reached the price we set. Our BTC is now sold that is why it is executed. You can now see it in the order history.
This is the 27,120 we sold, where on the right side it says on the status "filled". Meaning the order was executed, our Bitcoins were already sold. The total was 37.34 USD. What we have shown is how to buy and sell Bitcoins using USDT. So if you want to use other partner or cryptocurrency, just go to the rgiht side of the page. For example you want USDT then etherium, just click it, and then when you trade or buy and sell, you will be using etherium. This is ETH/USDT. So when you buy etherium, you will use USDT to pay for the purchase. Just change it here, pick the coins you want to buy and the coins you want to use to buy.
Just remember that our goal here is to buy when the price is low and sell once the price is high. Now, if you bought it in a high price and sold it in a lower price, you have suffered a loss because you have sold in a lower price. Home mates so, these are the basic trading. It is very very important, as I kept on saying, the trading of cryptocurrency is very volatile. It can rise in a very high price and it can fall in a very low price. In about one month or in about two weeks, their price can go down. So you can earn or suffer a loss here.
Do some research first especially if you're a beginner. Avoid continuous trading without doing some research. So thank you for watching home mates. See you next time!.