10. How to Trade on a Cryptocurrency Exchange?
Cryptocurrency exchanges are online trading platforms that anyone can use to buy and sell cryptocurrencies for other assets, such as fiat money or exchange for other crypto coins.
1. You will need to visit the Cryptocurrency Exchange of your choice by entering the web address into your desktop/notebook browser (Eg. Chrome) or use the mobile app of the exchange. For beginner traders, it is recommended to use the desktop/notebook browser to access the exchange first, since it is more stable and is the browsing fundamental of online exchanges. Mobile app is only an extension and most exchange mobile apps do not have all the exchange functions. If you do not have a Cryptocurrency Exchange in mind yet but still wish to learn, you can use this Exchange first. [ Start Trading at Cryptocurrency Exchange Binance ]
2. At every Online Exchange, you will need to register an account first before you can login. Click Register (Usually located at the top right corner of the screen) and proceed to register.
3. After successfully registering an account, go back to the Exchange main page again and click Log In (Usually located at the top right corner of the screen) and proceed.
4. Usually major Cryptocurrency Exchanges have 2 trading modes – Basic and Advanced. It is recommended for new traders to choose the Basic mode, it is good enough for trading and is easier to understand. Once you are more familiar with the Exchange and feel confident, you can explore Advanced yourself, by then it will not be difficult to pick up. Go ahead and click Exchange then click Basic and you will enter the main trading page.
5. To begin trading or exchanging cryptocurrencies, you will need to deposit some cryptocurrency coins to the Exchange first before you can exchange. If you do not own any coins yet, you will need to buy some with Fiat currencies first, you can purchase some with the methods listed at the Trading Guide, or you may purchase some cryptocurrency coins using credit card by clicking your account then click "Buy/Sell Crypto". If you are using Binance old website, click Funds then Buy with Credit Card as shown with picture below. But do note that buying coins directly with credit card is slightly more expensive, and you should be aware of the credit card fees that will be charged to you, the fees will usually be displayed at the confirmation screen.
6. Now you will need to select which cryptocurrency to buy by pressing at the Down arrow as shown below. Then enter the Order amount you will like to buy. Ensure everything is correct before you press the Buy now button.
7. After owning or acquiring some cryptocurrency coins, you will need to deposit the coins into your Exchange wallet to trade with other coins. Locate the Deposit button, for the case of Binance, it is under Funds then Deposits at top right corner.
8. At the deposit page, click the Up arrow to open the search box, Enter the crypto coin that you will like to deposit, eg. Bitcoin, then click Bitcoin once it appears below.
9. Now take down your selected Coin Deposit Address, example shown below. And from wherever you are sending your coins from (be it purchasing from credit card, or transferring from another wallet), enter this destination deposit address and wait for the coins to reach your Exchange wallet. You can check your balance under Fund – Balances, and refresh the page until the coins come in.
10. After successfully depositing some coins, you can start to trade at the Exchange. Go back to the main trading page by press Exchange then Basic. Now you will first need to select the market that you will like to trade your coins in. For example, if you need to trade between Bitcoins and USDT, you will need to select the USDT Market near top right corner under Market section as shown item 1 in screenshot below before BTC/USDT will appear in the Pair box for you to click it.
11. After you click the coins that you will like to buy/sell, eg. BTC/USDT, the Buy and Sell Box at bottom middle screen will automatically update itself and you can enter the price you wish to send to the queue under the Price Box, and the coin quantity under the Amount box. The total cost will automatically calculate and update the numbers in the box. Ensure the numbers you have entered are correct, then proceed to press Buy or Sell to send your order to the Market Queue listed as item 4 in screenshot above.
12. You can check your Open Orders by scrolling down to the bottom of the page. Filled and completed orders will be updated at My 24h Order History as shown below.