Hi It's Unicorn

 

Currency pair refers to the exchange rate between two currencies.

 

In the traditional forex market, there are currency pairs like USD/JPY, USD/CHF, and so on, which is called foreign exchange margin. In the crypto market, the same concept is used to present it. For instance, ETH/USDT means the exchange rate between each other. The front one is numerator and the back one is denominator.

 

 

You can check all currency pairs on the upper right corner of classic interface. In additional, you can mark the currency pair which you are interesting in with asterisk. Next time, you will be able to see the quotation of this currency pair directly as long as you enter the classic interface. 

 

The left side of the classic page shows the current trading status in the market. It’s like stock trading, here will list all open order and trade history. It’s a real time market information, and very useful information so most people like to focus in this information when trading. 

 

There are thee buttons on the upper left corner, that you can switch to three modes, “Order”, “Buy” and “Sell” respectively to observe the current real-time market transaction amount. 

 

Order book: Display all buy and sell orders at the same time.

Buy order: Display all purchasing prices and quantities.

Sell ​​order: Display all selling prices and quantities.

 

 

The center part of classic interface is the candlestick chart, which shows the price tend. If you are good at technical analysis, the information of the candlestick chart is the most important. You can select the time interval to observe historical price trends on the top. 

 

In addition, Binance also offers various technical indicators for your reference. There are many indicators that you can select like volume(VOL), moving average(MA), moving average convergence divergence(MACD), etc., but the maximum are only two can be showed on the interface at a time. Besides, there is a toolbar on the left side. You can make a trend line. 

 

 

Binance offers traders detailed and sufficient information to make traders can more understand the price trends of cryptocurrency.

 

 

At the bottom of the center of the classic page, there is a block for users to place orders.

 

Binance currently offers four ways that users can place orders flexibly to meet their own needs:

 

1. Market order

 

Market price refers to the transaction will be automatically executed at the current market price at this time. It’s similar to forex. Forex is calculated based on the current exchange rate so traders only need to fill in the amount of transactions.

 

Pro: Your orders will be executed definitely.

Con: The transaction price is automatically matched by the market, so the transaction price may not meet your expectations.

 

 

2. Limit order

 

Unlike market orders, traders can decide the price that they want to trade. 

 

The concept of limit order is like the resting order in the stock market. Traders can set an order at the price that they expect.  As long as the market price reaches their price, the order will be automatically executed.

 

The price of a cryptocurrency is currently at $100, for instance. You can make a limit order   at $90. As long as the market price goes down to $90, your order will be executed automatically.

 

Pro: You can purchase cryptocurrencies at the price that you expect. 

Con: Your order will enter the order book await to be executed so it takes time to complete your transaction.

 

3. Stop limit order

 

Stop limit is an advanced method from limit order. The system of stop limit will assist you to make an order automatically when the price of your project suddenly goes up or down.  

 

The price of a cryptocurrency is currently at $100, for instance. You expect its price will fall down. If the price falls down to $90, it will continue going down. Therefore, you can make a stop limit order. Let the system assist you built a limit order at $85 automatically when the price goes down to $90.

 

Pro: You can avoid high spreads.

Con: It also takes time to await to be executed. The rate of transaction is low.

 

4. OCO

 

It’s an advanced method of limit order and stop limit order. OCO is based on a limit stop order, plus the function of limit order. Traders can select two prices to make an order when the market is high volatility.

 

The price of a cryptocurrency is currently at $10, for instance. If you expect that the price will fall, you want to buy it at $9. However, if the price goes up, you want to make a limit order at $12 automatically as long as the price meet at $11. Therefore, you can make the OCO. You can fill the price at $9. It will be executed when the price falls to $9. You can set $11 as trigger price, and make a limit order at $12. When the price rises to $11, the system will make a limit order at $12 automatically. 

 

The price means that you expect to purchase or sell.

Trigger price(Stop): If the price trend is out of your expectation, it will make a limit order automatically as long as meet your trigger price. 

 

Pro: It’s more flexible to set a limit order for purchasing and selling to meet your  expectation. 

Con: It’s a little bit complicated. You are better to more know how to use it before you start to use it. 

 

OCO is a complicated method. If you know how to use it, it can effectively control risks.