BINEX.TRADE HELP & SUPPORT
How do I Trade on BINEX.TRADE?

 

STEPS - How Do I Trade on BINEX.TRADE.

Log in to your account or in case if you don’t have any account created yet, then click on signup and fill the form to proceed further.

 Or

Once you have logged in, select the Wallet section, and trade with the funds available in your wallet.


Select the cryptocurrency pair you want to trade with from the top right section of the exchange, let’s select BEX/BTC  for instance.


Now select the type of order, you want to place from the drop-down menu; let’s select the market order for now.

Market order:

A market order is the simplest of all the order types. It immediately gets filled at the market value during the precise moment. However, most of the times, the bid and the asking price may differ due to the demand and supply trends.

E.g. With the trading pair of BEX/ BTC, currently 1 BEXis fixed against 0.5000 BTC for both buy and sell orders. The buy and sell order will be immediately executed on the pertaining bid and ask price only.

 Once you click on exchange buy or sell, it will get executed with immediate effect, which you can check in your order history at the bottom.

Now, let’s change the order type to buy limit order.

Buy Limit Order: 

A buy Limit order allows the trader to specify a price and the amount they would like to buy. The order does get filled only at or below the limit price.

E.g. With the trading pair of BEX/BTC, the current price for 1 BEX is 0.4 BTC. The buy limit is set at 0.4. Therefore, the price must drop to 0.4(or below) to fill the buy order.

Once you click on exchange buy, the order will be submitted and then reflect in your active orders, unless an entity agrees to sell at that price, or you choose to cancel the order.

We will repeat the same steps for the sell limit order.

Sell Limit Order:

A sell limit order allows the trader to specify a price and the amount they would like to sell. The order does get filled only at or above the limit price.

E.g. With the trading pair of BEX/ BTC, 1 BEX now equal 0.6.  The sell limit is at 0.6. Therefore, the price must go up to 0.6(or above) to fill the sell order.

Once you click on exchange sell, it will then be reflected in your active orders, until it gets executed or cancelled.

Let’s now change the order type to buy stop order.

Buy Stop Order:

A Buy Stop Order is a type of order with the major emphasis on controlling the loss. The order does get filled only at or above the stop price and is typical for people, who want to get out of the trade when the price is moving against them.

 

E.g. With the trading pair of BEX/BTC, the current price is 0.6 for 1 BEX. The buy stop is at 0.6. Therefore, the price must rise to 0.6(or above) to fill the buy order. If the market runs past the designated value without even touching it, then the buy stop order will behave like a market order and will be filled at the immediate price above the buy stop price.

Once you click on exchange buy, you can easily find the progress of your order inactive orders.

Now, for the sell stop order

Sell Stop Order:

 This is often used as a stop loss order if the market is moving against an open margin position. Sell stop orders will fully execute as a market order once the trigger price is reached. The order will only be filled at or below the stop price. This order type is generally used to get out of a long trade.

E.g. With the trading pair of BEX/BTC, the current price is 0.4. The sell stop is at 0.4. Therefore, the price must drop to 0.4(or below) to fill the sell order. If the market dives below the designated value without even touching it, then the sell stop order will behave like a market order and will be filled at the optimal price decided by the market.

Once you click on exchange sell, it will go into your active orders, unless it gets executed or cancelled.

Let’s move to the next order type i.e. Buy Stop Limit Order

Buy Stop Limit Order:

A Buy Stop Limit order is almost similar to Buy Stop order, however, it doesn't act like a market order after the initial bracket has been breached. The buy stop limit order will only get filled at the buy stop limit price or lower. 

E.g. With the trading pair of BEX/BTC, the current price is 0.5. The buy stop is at 0.7 and the initial price is set at 0.6. So, the order will only get executed in the range between 0.6 and 0.7

After submitting this order, you can see the updated active orders section.

Let’s now discuss the Sell Stop Limit Order.

Sell Stop Limit Order:

A Sell Stop Limit Order is almost similar to a Sell Stop order, however, it doesn't act like a market order after the price has fallen below the initial quotation. This type of order will only get filled at a price equivalent to the limit price mentioned in the itinerary, or higher.

 

E.g. With the trading pair of BEX/BTC, the current price is 0.25. The sell stop is at 0.3 and initial ask price is set at 0.4. The order will be executed only if the market registers a fall and the trade starts between 0.3 and 0.4. This is a suitable scenario for the traders who don’t want to incur unforeseen losses.

Once you click on “Exchange Sell”, your order will immediately go to the active orders section.

 

 

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