blog: how to hodl or trade on binance
HODL or TRADE crypto
Once you've got some liquids on your account, it's time to get in action. The easiest thing to do, like everybody starts with this, is to buy a cryptocoin to hold for better times:
read like: when price goes up you will feel rich and may sell it again.
Buying and holding to feel rich = HODL (misspelled from hold)
Buy at a price and sell at a higher price so you've got profit = TRADE
Click in your binance-app on the tab trades and go for the spot. Here you can buy and sell with your own liquids.
Click on top on the active coin/currency on the trade-sign (in example LUNA/EUR) and you will see a window where you can search for your desired coin. It's easier to select in the
first row fiat and then choose the cash you've bought and want to buy your coin with, like euro.
Then you can scroll to all the available coins you can buy with euro. You can choose for BTC/EUR to buy your bitcoins with your euro-deposit.
Keep the selectionoption standard on limit so you will only buy your bitcoin when the price you are willing to pay, is available when price goes lower.
If you want to buy instantly, choose market if you don't want to wait.
54594.35 in the example is the price I choose to buy bitcoins for. You can change this number. At the right on the screen you see in red the actual prices you need to pay to buy
successfull the bitcoin, in the green you see the actual (a bit lower) prices you will get when you sell the bitcoins. These prices fluctuate continously.
0.00091 is the ampount of bitcoins I want to buy. Some cheap coins, you buy whole coins or even thousants of, bitcoin is expensive so you buy fractions of a coin.
49.68 will be the total of EUR that will be deducted from my account when the coins will be mine!
Change the numbers to an order you like and post on the buy-button to place that order. You will see all open orders below. When the order is executed, the 0,00091 bitcoins will be in the wallet, in the spot-account, available to hodl or to trade with: that's up to you!
