Sell on Binance
The Binance exchange is a great place to buy and sell cryptocurrencies. They have good volume, wide cryptocurrency selection, and some awesome contests. This guide will quickly go over how to sell on Binance. If you are signing up for an account, please consider using my referral link!
For this guide we will be using the “Basic” trading platform. The “Advanced” platform is slightly different. It has a different color scheme and advanced charting tools for experienced traders.
Steps to sell on Binance
1. Go to the Binance website and login
2. Go back to the homepage and pick the market you want to trade in. For this example, I will be using the BTC Market. The steps are the same for each market, but there might not be as many trading pairs.
3. Choose the pair you want to trade. For example, if you wanted to buy Tron (TRX) with your BTC, you would click the TRX/BTC pair. For this guide I went ahead and clicked TRX/BTC (top screenshot) and it took me to the TRX/BTC trading screen (bottom screenshot).
NOTE: If you are new to trading this screen can be somewhat intimidating. I will have a separate post that outlines each section on this screen. For now, we will keep it simple and get our sell order placed.
4. Now we can place an order to sell TRX for BTC. There are 3 types of orders we can place, which are Limit, Market, and Stop-Limit. For this example we will be placing a limit order to sell 500 TRX at a price of .000003 BTC each, but details on each order type are below.
- Limit - lets us specify the exact price we are willing to sell each TRX for. This means our order will stay open until someone buys at this price.
- Market – lets us specify the amount we want to sell and executes immediately at the current market price. We do not get to set the price for this order type.
- Stop-Limit – Similar to the limit order, but we set a condition (the Stop) that has to be met before the order is added to the order book. A separate guide will go over this in more detail.
5. Click “Sell TRX” (top screenshot) and you should see your order show up in your “Open Orders” section (bottom screenshot). There is also a little yellow pointer in the buy order section (highlighted green) to indicate this is where the order was placed.
That’s it for placing a sell order. With limit orders you will need to wait until it gets filled. Once it fills it will no longer be in your “Open Orders” section. You can check on the status by going to the trading screen, or by going to the “Orders” tab and then choosing “Order History” or “Trade history”.
There are a few options when choosing to sell on Binance. The stop-limit order is a recent addition and will be covered in a later article. If you are ready to withdraw from Binance, check out this guide. Remember to keep track of your trading in case you need it for tax purposes. Here is an article with 3 great resources for portfolio and tax tracking!