Bitcoin Forum

On Binance, on trading page, if I buy alcoin using market price, will I get my altcoins right away like when I buy using card? Or will still have to wait for certain trader to respond to me?

I never bought anything thru trading. I have no experience buying from Binance trading.

It might too basic to answer such question but these videos would be much more better in regards to your query.
https://www.youtube.com/watch?v=Lfm9U2S-od0
https://www.youtube.com/watch?v=OXzDOUGU-6I

Its much better to read and understand thoroughly about the basics so that you would able to avoid some common mistakes.

Be aware of Trading Spot and P2P trading. Trading spot is that you can buy altcoins directly to your wallet with just one click.
Trading P2P requires confirmation from the other party and you have to wait longer than buying from Binance's trading system. Remember that Binance only provides P2P trading services for top coins, in addition to low cap altcoins you need to trade at Trading Spot.

If you use market price, that means you are going to buy whatever the market price is, even if it changes you will be capable of buying right away without ever waiting. However if you decide on a price yourself, and put up a buy order, that means you will have to wait until someone sells you for that price.

The difference is, if you do this on a small coin you could increase the price a lot, with market buying you will be buying whatever the price is, and you could buy too much expensive if there is not enough sold on the market at that moment, but at the same time if you do this on a big one, like lets say btc/usdt that means you will not be affected at all. This is why when you do market buying or selling, if you do on a big coin it's fine, if it is small coin be careful.

Exchange means when one person buys and another person sells. So unless you trading OTC exchanges every "Bitcoin exchange" has a similar market style buy-sell mechanism. It means that Binance merely provides you a marketplace to buy/sell your securities. So when you buy an altcoin seeing it's market price. That market price is the price of the most recent altcoin sold or the most recent transaction you can say. When you place an order at the same price by setting a limit order of that price. It just means that you have picked up a commodity from the shelf and put it into your shopping cart but you will only buy it if the person selling it is going to sell it at the price you have determined. Similar mechanism takes place at the seller side it's just the opposite. So where these both points create an equllibrium is the point where your trade takes place.

It's absolutely different from buying something using card.

Remember if you use the 'Market Order' option on the exchange it would buy the stock on whatever price it's available even if it's higher or lower than the market price. Price changes every mini second depending upon volume of transactions.

Follow those youtube links above which is the very basics of trading but if you do talk about that buying on using a card then its just similar to that but you are basically funding up your account on buying something with your card.Of course when you do trade you would need to wait up for someone to fill out those orders
before those coin balance would reflect into your wallet. If you do buy a coin then it will automatically add up and also you can see those buy and sell orders
clearly which you can make use if its worth to buy or sell into that particular time.Just try to have some grasp on the basics on how those on-site functionality works.

AFAIK It depends on what trading aspect you have made. There are P2P trading that requires verification and acceptance of the other user you will swap your crypto, and there is also called Trading Spot which there are users in a trading platform that places sell orders then once there are a buy order with the same amount and the same price as the sell order, then you both would be automatically traded.

Hence, If you buy an altcoin in its market price, (in Binance) you would wait for some moments for your trade to be successful, depending on the volume and buy/sell orders of the crypto in that market.

If you buy altcoin using the price at the market price or buying instantly, you will get your coins without waiting for a moment because your order is filled directly. But it will be different if you place your order buy with the price you want because that means you need to wait for a while until the price can move to the price you place.

If you want to be clear, you can try by yourself at binance to know the difference if you buy directly using the price that shows at the market and the price you place.

Example :
1. Price at the market is at 700 sat, and you buy the coin by instant, so your order will be filled as soon as possible, depending on the amount you want to buy.
2. You want to buy the coin at 500 sat. The price is 550 satoshi. You need to wait for a while until the price can get down to your price.

Buying at market price means you are agreeing to buy the asset at the price the market is currently settled at. This price changes every second and thus if you are in a hurry to buy because it suddenly dropped a lot crossing your buying point this would be choice.

Comparing to Limit orders, you use the money to start a limit order where the price will be of your choice and the order will remain active till cancelled. The Limit order become a Market order as soon as the target price is reached and is executed then as a Market order.

No, its called order matching. You dont have to worry about that, the exchange will do that for you. Just like you are trying to buy the asset, someone on that exchange is trying to sell it. So when the orders match either partially or fully they will be executed or if not, the program will wait.

I suggest you learn what is trading first before asking the questions.

Spot trading doesn't need any confirmation, once you set the price and when it matches with existing orders your funds will be available in your wallet, but if you are buying cryptos with your card then fees will be extremely higher compared to normal crypto to crypto trading.

I would highly suggest everyone to use regular pricing instead of market price, it would be very weird if you just picked market price and did a mistake. There has been couple of ETH situations like that in the past, a guy who used market price and SOLD his ETH and he peaked it lowest like under few dollars and that meant he lost thousands of dollars with one wrong click.

You should not do that, it is really not a smart idea to use market price in those cases. If you are dealing with only few hundred dollars maybe you will be fine but even in that scenario you should be careful. World is filled with people who are ready to take advantage of your mistakes and using market price increases the chances of you making a mistake as well, not really a reason to prefer it.

Study it first, don't decide on anything unless you know how to. There are virtual trading simulations which you can try and learn trading through it. There's no money needed as if you're actually buying and trading in the real market.

In this article, there are five simulators.

https://dowmarkets.com/education/cryptocurrency/crypto-trading-simulator/

Why would you engage on Binance trading platform at the first place when you don't know such simple actions that every trader requires to know first before going on a trade? Like jossiel said, better study trading first. Don't just be driven by the hype and excitement to earn money and because trading would make you rich. No. Trading is just an option to not make you poor.

Anyways, in Binance, as long as there are open orders on the price that you bought an altcoin, then you could have it right away. It wasn't exactly P2P that needs confirmation and also, P2P exchanges do mostly supports wallets that supports altcoins as well.

He simply wants to buy Altcoins, not implement comprehensive trading strategies. So don't think that he has to prepare himself with simulators and co. ::)

The fact alone that this question has to be asked shows for me that the exchanges are still far away from being able to be used by people who are not so technically versed. In my opinion, Bitpanda is going a very good way here. There is exactly one button in the app with "Buy" or "Sell". There are no overloaded UIs, no additional settings etc. and can therefore be used by all user groups:

https://www.veidi.lv/wp-content/uploads/2019/12/e424f902af38b860845b0a50168173a2.png
Source (https://www.bitpanda.com/en?variant=1&utm_expid=.F_2Em0rKRYaUmSvY83fE2g.1&utm_referrer=https%3A%2F%2Fwww.google.com%2F)

It depends on how you planned or what kind of method you bought the altcoin.
If your way is spot trading, it's automatic, once your bid and other's order has matched(depends in the volume to that value), your trade will be automatically done.
Your waiting time is just if the price of that altcoin went to the price you've set.
But if you buy it directly on it's current price it's instant. Your balance should be updated then.

I'm not experiencing buying Bitcoin through debit/credit card, and I can speak about it how long it filled. But if you are looking and wanting instant buy, spot trading (buying on the suggested market price) is the way it helps you. But before to start trading, you prepared yourself first, tried to understand the market situation, and continue to learn. By choosing the best exchanger just like Binance will help you to calm yourself and feel the safety of your money. Only you need to it adjust and adapt to the environment.

Yes but he mentioned about trading and if he's still worrying about doing it, he can try it with a simulation which is a good start for newbies who actually have zero experience in buying nor trading.

I haven't used Bitpanda, the UI of their app looks nice and I think user-friendly. I'll get to try it and then suggest it to others as well.

You can just buy any coins that you want as long as you know how to to make a profit from it or you won't be selling it for lowest price if you bought it at the highest price. Study the basics of trading before entering because a lot of people have been losing a lot of money just because they think they could beat the market but it's their fault since they didn't know how the market works. It's important to learn the basics or at least know how the market move for your safety in the future.

It always depends on the quantity you want to buy from my experience. Forex or margin trading is quite different because of the volume involved. Most of the coins has low volume and at the market price may not have enough orders for you purchases.

100% true my friend. We are all so used to exchanges that when companies build solutions,,, they think this is "easy" and "seamless". It is not for a lot of people,,, what more to say for those totally new to crypto.

Never use this app you mention but I agree. Keep it to Buy and Sell. Everybody understands this.

Bitpanda is a very well-known exchange here in Europe. There are many ways for Europeans to deposit FIAT and trade coins. My father also trades on Bitpanda after other exchanges were much too complicated for him. This starts with the fact that as someone who is not a native English speaker, you don't know what deposit and withdraw means... Therefore I like Bitpandas UI very much, there is no simpler way.

If cryptocurrencies are to become suitable for the masses, then the trading experience of the Exchanges must become much easier and function similarly to e-banking, for example. Many people are already used to online banking and can handle it. To be honest, I am just waiting for the first big banks to offer the opportunity to invest and trade in CC via their user interface. This would probably also avoid the problem of the OP.

No, when you’re depositing is different from when you’re trading cryptocurrencies. When you’re depositing money to your Binance account you just enter your credit card or debit card and the money will be available immediately, but for trading is different , and it all depends on the type of order you make.

There is an option to buy and sell cryptocurrency at the market price , and if you set your order to the market price it’s going to be available in your wallet quickly than when you decide to set your own amount.

When you buy at the market price, technically provided that the market isn't too volatile you should be getting your order filled straight away. There are advantages and disadvantages to doing this, so this choice is solely up to the buyer.

One obvious disadvantage is that the price might drop shortly after your buying order has been filled and then you're at an instant loss. Of course, the opposite can happen in reverse. A good way to gauge market movements is to look at the candle sticks (i.e. graph) from the last few minutes as that gives you an indication of what's going on and can better predict short-term movements.

If you want to buy altcoins right away on Binance, you can use the market feature, this will make your purchase instant.
But the price is according to the last price on the market, if you expect the price that you want, you can use the limit feature.
But the risk is using the limit feature, you have to wait until the price you want is reached.