This comprehensive tutorial will walk you through purchasing Ethereum (ETH) on Binance's spot market using various order types, including limit orders, market orders, stop-loss/take-profit, and OCO orders.
Prerequisites for Buying Ethereum on Binance
Before diving in, ensure you’ve switched to Binance Pro (the advanced trading interface) for full functionality. Here are the key order types available:
- Limit Order – Ideal for cost-conscious traders who want to buy at a specific price.
- Market Order – Best for quick purchases at the current market rate.
- Stop-Loss/Take-Profit – Suitable for traders with predefined exit strategies.
- OCO (One-Cancels-the-Other) – Perfect for scenarios where you want to simultaneously track price rebounds and breakouts.
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Step-by-Step Guide to Buying Ethereum on Binance (Mobile App)
1. Switching to Binance Pro
- Open the Binance app and navigate to the account page.
- Tap the orange icon and select "Binance Pro".
- Enter the Spot Trading interface.
2. Selecting Trading Pair
- Choose ETH in the vertical column (asset to buy).
- Select your payment currency (e.g., USDT) in the horizontal row.
- Ensure you hold enough funds in the payment currency.
3. Executing Orders
Limit Order
- Set your desired entry price and ETH quantity.
- Example: Buy 0.1 ETH when the price hits $2,170.
- Confirm and click "Buy ETH".
Market Order
- Enter the quantity or total order amount.
- Orders execute instantly at the best available price.
Stop-Loss/Take-Profit
- Set a trigger price (e.g., $2,403) and **limit price** (e.g., $2,405).
- The system buys ETH automatically if the trigger price is breached.
OCO Order
- Combines a limit order (buy on dip) and stop-limit order (buy on breakout).
- If one order executes, the other cancels automatically.
Binance Ethereum Trading Fees
All spot trades incur a 0.1% fee, which can be reduced with BNB holdings or VIP tiers. Promotions occasionally offer zero-fee trading for specific pairs like ETH/TUSD.
| Order Type | Fee | Notes |
|---|---|---|
| Limit Order | 0.1% | Discounts apply for BNB users. |
| Market Order | 0.1% | VIP tiers reduce fees further. |
| Stop-Loss/Take-Profit | 0.1% | Use BNB for extra savings. |
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FAQs About Buying Ethereum on Binance
Q1: Why isn’t my limit order filling?
- The market price hasn’t reached your specified entry point. Adjust the price or wait.
Q2: Can I cancel an order after placing it?
- Only if it’s unfilled (e.g., pending limit orders). Market orders execute immediately.
Q3: Why did my OCO order only partially fill?
- OCO orders cancel the counterpart once one condition is met (e.g., limit order executes, voiding the stop-limit).
Q4: Is there a minimum trade amount?
- Yes, each trade must be ≥5 USDT in value.
Q5: What’s an iceberg order?
- Splits large orders into smaller chunks to avoid market impact. Mostly used by institutional traders.
Final Tips
- Start with limit/market orders if you’re new to trading.
- Double-check trading pairs to avoid buying unintended assets.
- ETH spot trading is fast and efficient on Binance, especially with high liquidity.
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