Keeping an eye on the price charts is crucial when starting out in cryptocurrency trading. Learn the basics of technical analysis to be able to examine charts and apply efficient trading techniques. These skills will help you to predict the outcome of your trades and prevent possible losses.
Price volatility for virtual currencies ranges between a few percent and a hundred dollars per day. Crypto and Bitcoin trading can offer many ways to grow your portfolio, however, it also involves risks. One day your portfolio may grow impressively, but it can lose value because of the market decline. That’s why thorough analysis is extremely important in crypto trading.
With the CEX.IO Spot Trading exchange platform, you can purchase, sell, trade, or convert 80+ cryptocurrencies. There you can find the most popular coins, including Bitcoin (BTC), Ether (ETH), Tether (USDT), and some relatively young ones, such as Polygon (MATIC), Uniswap (UNI), Zilliqa (ZIL), etc.
CEX.IO Spot Trading offers various pairs for trading, like BTC to GBP, BTC to USD, BTC to EUR, and more.
What is Binance Coin (BNB) and when did it appear?
Cryptocurrency Binance Coin (BNB) is a native utility token of the Binance ecosystem and is traded under the symbol BNB. Binance Coin initially ran on Ethereum blockchain with the ERC20 standard. However, later it has become a native coin of the Binance chain and now can also be used on the Binance Smart Chain. Mostly, the token is used to pay the transaction fee within the ecosystem.
At CEX.IO Spot Trading, you can find the current BNB in USD exchange rate and its historical changes, buy this currency with your card, securely hold it, and trade on the spot markets.
How to convert Binance coin to Dollar at CEX.IO Spot Trading?
With CEX.IO Spot Trading smooth navigation, buying and selling Bitcoin (BTC) and other digital assets like Binance Coin (BNB) won`t take much time. Instant Buy service allows you to purchase crypto immediately via FOK orders. As well, at CEX.IO Spot Trading you can keep track of current cryptocurrency prices on a single page.
What is more, at CEX.IO Spot Trading you have the ability to convert Binance Coin to USD at ease. You can deposit BNB and trade the BNB/USD pair, sell your coins for fiat instantly, or exchange BNB to USD or any other supported currencies.
Instant Sell feature
With CEX.IO Spot Trading Instant Sell, you can exchange BNB to USD quickly and send funds to your credit card or CEX.IO Spot Trading balance. You can also sell other virtual currencies. If you wish to immediately convert BNB to Dollars using Instant Sell, you will need to:
- Select the coin from the list of crypto assets (Sell) and then choose a fiat currency (For), such as dollars, or British pounds.
- Then, pick one of the pre-calculated packs or type in the virtual currency amount.
- When you`re ready to validate the payment, you can fund your CEX.IO Spot Trading balance with proceeds or send money to the credit card.
Exchange
Another option at CEX.IO Spot Trading for converting currencies via the mobile app is the Exchange feature. You can use it to convert BNB to other assets in an instant and simple manner. Just set the amount and the currency to be exchanged, such as 1 BNB to USD, and press Exchange Now.
As well, you can exchange BNB to USDT, Litecoin or Stellar, or other fiat or virtual currencies. If no direct pair is available to fulfill your request, the system will use an intermediary currency.
Trade page
CEX.IO Spot Trading customers can access the Trade option both on the web and on their mobile devices. Trade service allows placing market and limit orders for trading digital currencies on a variety of markets such as DOGE/USD.
Where to buy BNB with USD via a mobile app?
Thanks to the convenient mobile app, CEX.IO Spot Trading makes it easy for you to buy virtual currency from almost anywhere at any time. You can install the app from either Google Play or the App Store. Then, log into or create an account to begin using it.
To purchase BNB via mobile app, you just select the Buy option from the Buy/Sell menu. Below you will see four orders with the most common amount and price combinations. To purchase a Binance coin with a fiat currency, choose BNB and USD, for example, in the drop-down list of currencies. Input the card number, expiration date, and CVV2 and check if all the information is correct. The BNB will be funded into your account once you click the Proceed button. What is more, you can buy Bitcoin instantly or buy Ethereum the same way.
Should I buy BNB?
To be able to analyze the market and identify a good time to buy BNB or another crypto, you can learn technical analysis. This approach does not consider the reasons why the price is changing its direction. It takes into account only the theory that market shifts have a tendency to repeat. In addition, different methods can include the amount of the market depth, trading volume, the number of buys and sells, etc.
In technical analysis, the so-called patterns often come into play - typical combinations that form on pricecharts ("Triangle", "Flag", etc.).
Basically, TA techniques are based on the assumption that history repeats itself. In other words, market participants in similar circ*mstances behave the same way, forming similar price dynamics. The analysis of historical data allows a graphical representation of price changes.
Thus, the following statistical indicators of trading are used as preliminary information for TA:
- price;
- trading volume;
- balance of supply and demand.
To analyze prices, levels, and patterns, traders usually use charts in the form of bars or Japanese candlesticks.
