Bitcoin, Ethereum, and other cryptocurrencies have not only revolutionized payment methods but also offered investors new opportunities. However, for many beginners, the volatility and complexity of the cryptocurrency market can be intimidating. Learning how to conduct a safe and effective first cryptocurrency spot transaction is a crucial step every beginner needs to master. This guide will help you understand the basics of cryptocurrency spot trading and take your first steps in crypto asset investment. Using Binance as an example, we will go through the steps to conduct a cryptocurrency spot transaction in detail.
Conducting a Spot Transaction
First, open the Binance mobile app. At the bottom of the main screen, you’ll see a navigation bar with multiple functions, including an essential option labeled “Trade.” Click on this “Trade” option to enter Binance’s trading interface. Here, you can select different trading modes, such as spot trading, margin trading, and more. For beginners, spot trading is the most fundamental and carries relatively lower risk, so we recommend starting with spot trading. By clicking on the “Trade” option, you can begin browsing various cryptocurrency pairs in the current market, select the coin you’re interested in, and proceed to buy or sell accordingly.
In the top left corner, you can select the trading pair you wish to trade. Once you enter the trading interface, you’ll notice the current trading pair displayed at the top left of the screen. By clicking on this area, you can open the trading pair selection menu.
In this menu, you can choose the cryptocurrency pair you want to trade based on your investment plan or interests. A trading pair typically consists of two currencies, such as BTC/USDT. The first currency (e.g., Bitcoin) is the cryptocurrency you want to buy or sell, while the second currency is used for settlement.
Once you’ve selected the cryptocurrency you want to purchase in the trading pair menu, the interface will automatically switch to that currency’s trading page. Here, you can view real-time price trends, market depth, and recent transaction data. If you're satisfied with the current price, you can proceed directly with the purchase. Simply click the “Buy” button, enter the amount you wish to purchase, and the system will calculate the required amount based on the current market price. After confirming the details, click “Confirm” or “Place Order” to complete the purchase. Congratulations—your first cryptocurrency transaction is now successfully completed!
