This is a short introduction on how to place orders on the two most popular crypto trading platforms. Presuming you have been able to send you fiat currency to the exchange. The easiest option for this is normally using Coinbase then sending it to Binance, if you want to trade on more variety of coins over there. This short introduction will focus on the pair of USDT to BTC. You can watch the Binance Academy guide to see the order process. I have only included videos linked to Binance to help get you started.

Welcome to this guide on how to place orders on Binance and Coinbase. In this guide, we will explore the different order types available, namely market orders, limit orders, and stop limit orders. We will use the example of BTC (Bitcoin) and USDT (United States Dollar Tether) for reference throughout the explanations. So, let's get started!

Market Orders

A market order is the simplest and most straightforward type of order. It represents the purchase or sale of a specific cryptocurrency at the best available price in the market. Here's how to place a market order on both Binance and Coinbase.

Binance:

1. Log in to your Binance account.
2. Go to the "Buy/Sell" section on the main page.
3. Select Bitcoin (BTC) as the cryptocurrency you want to buy or sell.
4. Choose USDT as the trading pair.
5. Set the amount of BTC or USDT you wish to buy/sell.
6. Click on the "Market" tab.
7. Review your order details.
8. Click "Buy" or "Sell" to execute the market order.

Coinbase:

1. Sign in to your Coinbase account.
2. Navigate to the "Trade" section.
3. Select Bitcoin (BTC) as the trading pair.
4. Choose USD as the currency.
5. Enter the amount of BTC or USDT to purchase/sell.
6. Click on "Buy" or "Sell" and select "Market Order."
7. Review your order details.
8. Confirm the order to complete the market order placement.
Market orders ensure quick execution, but please note that the actual purchase/sale price may slightly differ due to market fluctuations.

Market order

Limit orders

A limit order allows you to set a specific price at which you want to buy or sell a cryptocurrency. It offers more control over the execution price compared to a market order. Follow these steps to place a limit order on Binance and Coinbase:

Binance:

1. Login to your Binance account.
2. Go to the "Buy/Sell" section.
3. Select Bitcoin (BTC) as the trading pair.
4. Choose USD as the currency.
5. Set the amount of BTC or USDT you want to buy/sell.
6. Click on the "Limit" tab.
7. Enter the desired price for your order.
8. Review your order details.
9. Click "Buy" or "Sell" to execute the limit order.

Coinbase:

1. Access your Coinbase account.
2. Navigate to the "Trade" section.
3. Select Bitcoin (BTC) as the trading pair.
4. Choose USDT as the currency.
5. Specify the amount of BTC or USDT to purchase/sell.
6. Click on "Buy" or "Sell" and select "Limit Order."
7. Enter the desired price for your order.
8. Review the order details.
9. Confirm the order to complete the limit order placement.
Once the market hits your specified price, the limit order will be executed. However, keep in mind that there is a chance your limit order may not be filled if the market price doesn't reach your specified price.

Limit Orders

Stop limit/ loss order

Stop limit orders are used to trigger a limit order when the market price reaches a certain level. This order type combines elements of both market and limit orders. Here's how to place a stop limit order on Binance and Coinbase:

To set a stop limit order for buying or selling, you need to understand the concept and the steps involved. A stop limit order is an advanced order type used in trading to automatically trigger a buy or sell order when the market price reaches a specific level, known as the trigger price or stop price. It consists of two main components: the stop price and the limit price.

For a stop limit order to buy:
1. Determine the stop price: Decide on the price at which you want your buy order to be triggered. This is often set above the current market price to ensure the price is trending upwards.
2. Determine the limit price: Set the maximum price you are willing to pay for the asset once the stop price is triggered.
3. Choose the quantity: Specify the quantity or amount of the asset you wish to buy.
4. Place the order: Access your trading platform, locate the option to place an order, and select the stop limit order type. Enter the stop and limit price, as well as the quantity. Review the details carefully before confirming the order.

For a stop limit order to sell:
1. Determine the stop price: Choose the price at which you want your sell order to be triggered. This is often set below the current market price to protect against potential losses.
2. Determine the limit price: Set the minimum price you are willing to sell the asset for once the stop price is triggered.
3. Choose the quantity: Specify the quantity or amount of the asset you wish to sell.
4. Place the order: Access your trading platform, locate the option to place an order, and select the stop limit order type. Enter the stop and limit price, as well as the quantity. Review the details carefully before confirming the order.
Remember, when setting a stop limit order, it is crucial to consider the market conditions, volatility, and your risk tolerance. Keep an eye on the market and be prepared for your order to be executed once the trigger price is reached. Setting proper stop and limit prices helps you manage risk and potentially maximize gains in a volatile market.

Binance:

1. Log in to your Binance account.
2. Go to the "Buy/Sell" section.
3. Select Bitcoin (BTC) as the trading pair.
4. Choose USDT as the currency.
5. Set the amount of BTC or USDT you wish to buy/sell.
6. Click on the "Stop-Limit" tab.
7. Enter the stop level price you want to trigger the order.
8. Set the limit price at which the order will be executed.
9. Review your order details.
10. Click "Buy" or "Sell" to place the stop limit order.

Coinbase:

1. Sign in to your Coinbase account.
2. Navigate to the "Trade" section.
3. Select Bitcoin (BTC) as the trading pair.
4. Choose USDT as the currency.
5. Specify the amount of BTC or USDT to purchase/sell.
6. Click on "Buy" or "Sell" and select "Stop Limit Order."
7. Enter the stop price to trigger the order.
8. Set the limit price for the order execution.
9. Review the order details.
10. Confirm the order to place the stop limit order.
Once the stop price is reached, the limit order will be activated, and your trade will be executed at the specified limit price