Your Guide to Binance Spot Trading 

Prison Professors Masterclass Digital Economy: Lesson 12: Binance BNB

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Lesson 13: Your Guide to Binance Spot Trading

Lesson Intro:

The world’s largest crypto exchange, Binance, entered into a collaboration agreement with our nonprofit, the Prison Professors Charitable Corporation. With this collaboration, we’re able to provide justice-impacted people with a great resource they can use to learn about cryptocurrency, decentralized finance (DeFi), Web3.0, Artificial Intelligence, and other topics that relate to the digital economy. The agreement is part of our nonprofit’s ongoing efforts to help people prepare for success after prison.

Some people have access to our videos, others do not. If a staff member in your prison will authorize videos, invite them to contact Prison Professors for information on how we can send DVDs with additional educational materials to help people learn–and potentially an in-person presentation in your facility.

Each lesson includes critical thinking questions and a glossary. We encourage participants to use these lessons, and to memorialize their learning path by building a profile on Prison Professors Talent. More information on how to build a personal profile at the end of this workbook.

13. Your Guide to Binance Spot Trading


Spot trading is a straightforward and traditional method of buying and selling financial assets. Binance Spot offers a user-friendly platform with low fees and high liquidity, suitable for all types of traders. This guide covers the essentials of spot trading, including its advantages and differences from other trading forms like futures and margin trading. It also provides a step-by-step tutorial on how to use Binance Spot for buying and selling cryptocurrencies, making it easy for anyone to get started in the world of crypto trading.

Key Takeaways

  • Spot trading is among the simplest and most traditional ways of buying and selling financial assets.
  • Binance Spot trading platform offers a user-friendly interface with low fees and high liquidity. It’s suitable for all kinds of traders.
  • The guide covers the basics of spot trading and shows you how to use Binance Spot so you can easily buy or sell cryptocurrencies anytime.


When people first begin their journey into cryptocurrency trading and investing, they often start with spot trading, which is among the simplest ways of buying and selling financial assets. 

Binance Spot is a spot trading platform that offers a user-friendly interface, allowing users to easily buy and sell assets with low fees and high liquidity, making it ideal for both beginners and experienced traders.

In this article, we will cover the basics of spot trading, how it differs from other forms of trading, and some of its advantages. After that, we will learn how to do spot trading on Binance.

What Is Spot Trading?

Spot trading is a direct and immediate form of trading, with transactions settling instantly and without any kind of leverage. It’s one of the most basic forms of trading and can be done with a variety of asset classes, such as cryptocurrencies, stocks, commodities, forex, bonds, and more.

Although spot trading may occur directly between traders, transactions are usually facilitated by an exchange like Binance.

What’s the Difference Between Spot Markets and Futures Markets?

Spot markets execute instant or short-term trades with immediate delivery, while futures markets involve contracts that set delivery for a future date. Spot trading relies on the current market price based on supply and demand. Futures contracts, on the other hand, are based on agreements between buyers and sellers.

What’s the Difference Between Spot Trading and Margin Trading?

Spot trading requires full asset purchase and immediate delivery, while margin trading allows borrowing funds to enter larger positions. Margin trading amplifies both potential profits and losses, offering increased risk and reward.

Advantages of Spot Trading

  • Lower risk: Spot markets rely solely on buy and sell orders without concerns of liquidation or margin calls. It’s ideal for users who want to buy and hold.
  • Simplicity: Spot trading is straightforward, making it accessible for everyone and ideal for beginners.
  • Immediate entry and exit: Traders can enter or exit a trade at any time.

How to Spot Trade on Binance?

In this example, we will go through the Binance Spot interface. Then, we will illustrate how to buy BTC with USDT using a limit order, followed by an example of how to sell BTC for USDT using a market order.

How to access the Binance Spot interface

  1. Log in to your Binance account and find [Trade] → [Spot].
  2. You will be redirected to the Binance trading interface.
  3. On the left side is the order book. Sell orders (asks) are in red, while buy orders (bids) are in green.
  4. The trading chart at the center is an interactive chart of the selected trading pair. In this example, BTC/USDT.
  5. The trading pair list is on the right side. It contains all available trading pairs on Binance. You can use the Search function to find specific pairs.
  6. Below the chart is where you can create buying and selling orders. But to do so, you need to fund your Spot Wallet.
  7. For example, if you are buying BTC with USDT, you need to first add USDT to your Spot Wallet. Click the [+] icon to fund your account and choose your preferred method.

How to buy BTC with USDT

  1. The first step is to choose an order type. A limit order allows you to set a specific price for your order (not necessarily the current price). A market order will try to fulfill your order as soon as possible at the current available price.
  2. If you are using a limit order, specify the price and amount you want to buy and click [Buy BTC] to create the order.
  3. You will get a notification at the top right corner of your screen. Note that you can track your open orders at the bottom of your trading interface.
  4. If BTC reaches your order price, your order will be filled.

How to sell BTC for USDT

The process for creating selling orders is very similar. Let’s see how you can sell your BTC for USDT. In this example, we will use a market order.

  1. Choose your order type, set the amount, and click [Sell BTC].
  2. Since we are using a market order, the selling order will be created and filled immediately at market price.

How to view my order details

You can view your order history, trade history, and other details at the bottom of your trading interface.

You can also edit open orders by clicking the edit button near Price and Amount.

On the right side, you can click the bin icon to cancel orders individually or the [Cancel All] button to cancel all open orders.

Closing Thoughts

Embarking on the exciting journey of cryptocurrency trading often starts with the simplicity and accessibility of spot trading. Binance Spot, with its user-friendly interface, low fees, and high liquidity, is the ideal platform for both novice and seasoned traders.

Further Reading

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer here for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Critical Thinking Questions 

  1. What are the potential advantages and disadvantages of using a platform like Binance Spot for cryptocurrency trading compared to traditional stock exchanges?
  2. How might the immediate settlement feature of spot trading affect a trader’s strategy compared to trading in futures or margin markets?
  3. In what ways can understanding the differences between spot trading and other forms of trading help you make more informed financial decisions?
  4. What risks are associated with margin trading that are not present in spot trading, and how can these risks impact a trader’s financial stability?
  5. How can the liquidity of an exchange like Binance Spot influence your ability to execute trades effectively, and why is this important for both novice and experienced traders?

Advocacy Initiative:

We encourage participants to begin memorializing the ways they are using time in prison to prepare for success upon release. I encourage participants to create a personal profile by:

  1. Writing a simple biography
  2. Writing a daily journal to show all that you’re learning
  3. Writing book reports that memorialize the books you read
  4. Writing a release plan to show the ways you’re preparing for success upon release

These strategies helped me immensely once I got out. By using my time wisely inside, I was able to raise capital, build businesses, and succeed in ways that few people would think are possible for someone who served multiple decades in prison. Anyone can do the same—if they prepare first.

If you’d like to follow in the same footsteps, I encourage you to begin building your personal profile. Get started by sending an email message to our team at:

Prison Professors Talent
[email protected]
32565 Golden Lantern, B-1026
Dana Point, CA 92629

Our interns will accept your email invite. You may then send the interns a message such as:

Dear Interns,  

My name is xxx, and I am in prison. I would like to begin showing the strategies I am using to prepare for success upon release. Please send me a Release Plan Workbook, and any other books that will help me prepare for the job market. After receiving those workbooks, I will begin building my profile to show others how I am using my time inside to prepare for success outside.  

[Your Name]


  • Accessible (adjective) – Easy to approach, reach, or use.
  • Amplify (verb) – Increases the strength or amount of something.
  • Assets (noun) – Resources owned by individuals or entities, having economic value.
  • Buyers (noun) – Individuals or entities that purchase goods or services.
  • Commodity (noun) – Basic goods used in commerce that are interchangeable with other goods of the same type.
  • Contracts (noun) – Legal agreements between parties outlining terms and conditions.
  • Cryptocurrencies (noun) – Digital or virtual currencies that use cryptography for security.
  • Delivery (noun) – The act of transferring possession from seller to buyer.
  • Differences (noun) – Distinctions or variations between two or more things.
  • Entry (noun) – The act of entering or beginning something.
  • Exchange (noun) – A marketplace where financial instruments, commodities, and other goods are traded.
  • Facilitated (verb) – Made an action or process easier.
  • Interface (noun) – A point where two systems, subjects, organizations, etc., meet and interact.
  • Liquidity (noun) – The ability to buy or sell assets quickly without affecting their price.
  • Margin (noun) – The amount of borrowed funds used to purchase financial assets.
  • Orders (noun) – Instructions given by traders to buy or sell assets.
  • Pairs (noun) – Combinations of two financial assets traded against each other.
  • Platform (noun) – A digital service or site used for trading or other activities.
  • Transactions (noun) – Instances of buying or selling something.
  • User-friendly (adjective) – Easy for most people to use without difficulty.

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