Sell on Binance

The Binance exchange is a great place to buy and sell cryptocurrencies.  They have good volume, wide cryptocurrency selection, and some awesome contests.  This guide will quickly go over how to sell on Binance.  If you are signing up for an account, please consider using my referral link! 

For this guide we will be using the “Basic” trading platform.  The “Advanced” platform is slightly different.  It has a different color scheme and advanced charting tools for experienced traders.

 

Steps to sell on Binance

1. Go to the Binance website and login

2. Go back to the homepage and pick the market you want to trade in.  For this example, I will be using the BTC Market.  The steps are the same for each market, but there might not be as many trading pairs. 

Binance homepage. Choose the BTC MArket tab

 

3. Choose the pair you want to trade.  For example, if you wanted to buy Tron (TRX) with your BTC, you would click the TRX/BTC pair.  For this guide I went ahead and clicked TRX/BTC (top screenshot) and it took me to the TRX/BTC trading screen (bottom screenshot).

NOTE: If you are new to trading this screen can be somewhat intimidating.  I will have a separate post that outlines each section on this screen.  For now, we will keep it simple and get our sell order placed. 

Binance BTC market screen. Choose the TRX BTC pairing

Binance trade screen for the TRX and BTC pair. Shows chart, orders, and other markets

 

4. Now we can place an order to sell TRX for BTC.  There are 3 types of orders we can place, which are Limit, Market, and Stop-Limit.  For this example we will be placing a limit order to sell 500 TRX at a price of .000003 BTC each, but details on each order type are below.

  • Limit –  lets us specify the exact price we are willing to sell each TRX for.  This means our order will stay open until someone buys at this price.
  • Market – lets us specify the amount we want to sell and executes immediately at the current market price.  We do not get to set the price for this order type.
  • Stop-Limit – Similar to the limit order, but we set a condition (the Stop) that has to be met before the order is added to the order book.  A separate guide will go over this in more detail.

TRX BTC Trade screen with sell order details filled out. This must be filled out to sell on Binance

 

5. Click “Sell TRX” (top screenshot) and you should see your order show up in your “Open Orders” section (bottom screenshot).  There is also a little yellow pointer in the buy order section (highlighted green) to indicate this is where the order was placed.

After entering the sell details, click the Sell TRX button

Binance open orders section to see order that was just placed

That’s it for placing a sell order.  With limit orders you will need to wait until it gets filled.  Once it fills it will no longer be in your “Open Orders” section.  You can check on the status by going to the trading screen, or by going to the “Orders” tab and then choosing “Order History” or “Trade history”.

 

Summary

There are a few options when choosing to sell on Binance.  The stop-limit order is a recent addition and will be covered in a later article.  If you are ready to withdraw from Binance, check out this guide. Remember to keep track of your trading in case you need it for tax purposes.  Here is an article with 3 great resources for portfolio and tax tracking

21 Comments

  1. ANDREA

    Hi Chris, thanks for your reply. Just your statement above has helped me heaps, it is my chart reading skills that have been wrong. I usually follow the basic chart for 1 day, but when looking on the advanced chart I can see that when I enlarge the page that where I thought that page represented one day, it actually went back into March. And I am so glad it does not have to be an exact match, last night I tried to stay up watching all my Eth pairs so I could place the sell manually when they were getting close to my sell limit, but after 1.30pm I gave up as I was falling asleep. thank you so much, best wishes. regards Andrea.

    Reply
    • Chris McCoy

      Awesome, glad that was the case and you were able to get some sleep! The charts can be confusing too because exchanges choose different defaults for the time each candle represents.

      Reply
  2. ANDREA

    Hi, me again.. overnight all my coins on limit order should have sold as they have reached amounts way higher than I put on each of them.-for example using a limit sell order for qtum – I put a price of 34026 on it, when I checked it this morning the last 12 hours it reached 36615 but mine did not sell.
    when you say in your article “Limit – lets us specify the exact price we are willing to sell each TRX for. This means our order will stay open until someone buys at this price” does that mean if no body had a buy order for exactly 34026 then mine would not sell ? I would have thought mine would sell once 34026 was reached or surpassed. thanks heaps.

    Reply
    • Chris McCoy

      Hi Andrea,

      That is correct, it should sell when the price is reached, even if there is not an exact match. I checked the QTUM chart on Binance though and did not see a price above 34026 recently (assuming this is the QTUM/ETH pair). The last time above that price was on April 18th. When was your order placed and was that 36615 price showing on Binance?

      Reply
  3. Victor

    I just sold 25% of my Iota on Binance. My ethereum on Binance increased by the equivalent value. If I buy back in etherereum the same dollar amount of Iota (i.e. I will be buying more Iota than I sold, thus increasing my holding of Iota) when the Iota price drops, say 10%. Will I be better off? Will I not make anything? I am really confused about this, please help.

    Reply
    • Chris McCoy

      Technically you won’t ‘make’ anything until you cash out into a fiat currency. In the situation you describe, it would depend on what Ethereum does. If IOTA stays flat and ETH goes up 300%, it would have been better to hold ETH. The # of coins should not be a factor in deciding what to buy. The important thing to look at is expected % return on your invested capital. As an example, you could up your IOTA stack by 100,000 coins, but if the $ value tanks, you lost money. If you got 1 less IOTA, and IOTA goes up 10,000%, you just made 100x on your capital.

      Be careful though, because each trade might be a taxable event depending on your country of residence. A lot of people in the United States got caught off guard because they never cashed out any crypto, but had a lot of gains and owed taxes on them.

      At the end of the day, hold what you think will go up the most, and as soon as it hits your target cash it out.

      Reply
  4. Jon Wunderlich

    Chris, I just transferred ETH into my Binance account with the intention of buying some ADA. After the transfer I sold my ETH for BNB to reduce fees but then realized I can’t pair ADA with BNB. I can only buy ADA with ETH. Now I can’t figure out how to sell the BNB for ETH (something I will eventually have to do to withdraw it back into my Gemini account). BNB doesn’t pair with ETH in the sell function, only the buy function. I see USDT (tether). Do I have to sell my BNB for USDT and then use that to buy ETH? If not, what’s the process? Thanks.

    Reply
    • Jon

      Chris, I figured it out. I Just used the same BNB/ETH pairing link as the buy option but sell instead. Never mind.

      Reply
      • Chris McCoy

        Hey Jon,

        Awesome, glad you got it resolved. The pairing stuff can be confusing because not all pairs trade against the same coins.

        Thanks,

        Chris

        Reply
  5. shawn

    I had 37 ADA that I paired with ETH, I clicked ‘sell” and my ADA was gone…where did it go? Binance isn’t very user friendly, I was just trying to witrhdraw .

    Reply
    • Chris McCoy

      Hey Shawn,

      In that scenario, you sold your ADA for ETH, so your ETH balance should have increased. When you sell something, you are getting rid of it in exchange for something else. If you still want ADA, you will need to buy it again and then use the withdraw option to pull it off of the exchange into your own wallet.

      Hope that helps and let me know if you have any questions!

      Thanks,
      Chris

      Reply
      • Shawn

        Thanks for the info! very helpful!

        if i want to withdraw the ETH now ( since that is where my ADA went) how do so?

        I went to the withdraw page, and it says to have an address…do i get this from coinbase? (ETH wallet) I’m very new, just learning. 🙂 Your help and patience is much appreciated.

        Reply
        • Chris McCoy

          Awesome, glad that helped!

          Not a problem, you will pick it up quick. Correct, you are able to withdraw ETH from Binance to your Coinbase ETH wallet. Check out this guide on depositing into Coinbase: https://blockchaindk.com/2017/12/24/make-coinbase-deposit/ Towards the bottom there is a link for a guide on withdrawing from Binance as well. Both should cover your bases!

          Reply
  6. Asoke Das

    Wonderful Chris & your detailed discussion is very helpfull. I have few questions:

    I have 200 TRX in Binance & I will sell them suppose when the price will be $1 each. So, I should receive around $200 after the fees. Now, I can’t sell for cash thru Binance, so I will have to exchange them in Binance for BTC, then transfer that BTC to Coinbase & then can cash out.
    Now, what ever be the price of BTC at the time of selling TRX, I don’t think that matters but always I will get around $200, because during selling, TRX will be converted into BTC first as per current BTC price. Is my understanding correct?
    Or, when I see TRX touches $1 each, I will sell my 200 TRX for $200 in Binance i.e. buy BTC with that $200. Then transfer that $200 BTC say (0.0013 BTC) into Coinbase, but can hold that amount of BTC until the price will be much more higher. I can do that correct?
    In BitScreener app in IOS, SALT & WTC (Walton) prices are showing $0.00 for last few days. Can you say why is that?
    I have one kind of AltCoin in CoinExchange.io which I bought with BTC (after trasferring BTC from Coinbase to CoinExchange.io). When I will be selling that, what I should do to get Cash USD?

    Thank you very much in advance!!

    Reply
    • Chris McCoy

      Hey Asoke,

      Thanks and glad you find it helpful!

      Correct, you will need to sell the TRX on Binance for a Coinbase supported cryptocurrency. In your example, selling for BTC works perfectly. Assuming you perform those steps quickly before the price can really fluctuate you would get around $200 by the time you sold the BTC on Coinbase for cash. As you mentioned though, you could sell for BTC and then just hold the BTC. If Bitcoin doubled in price, you would then have $400 worth and could cash out for $400. Conversely, BTC could go down and your $200 could be worth $100.

      I have not used BitScreener before, but I checked their website and found prices for both. Seems like the app isn’t getting the price feed though. I would send their support an e-mail and see if they can shine some light on that.

      I would do the same thing you are doing with Binance. Convert the AltCoin to BTC and then send to Coinbase to sell for USD.

      Also be sure to check out this guide for cutting down on the Coinbase fees: https://blockchaindk.com/2017/12/30/avoid-coinbase-fees/

      Thanks,
      Chris

      Reply
      • Asoke Das

        Thank you very much Chris, not just for your response but the time & care you have shown to explain the scenario to me. Much appreciated & have a wonderful day ahead, take care myfriend.

        Reply
        • Chris McCoy

          Anytime Asoke! Always happy to help

          Reply
  7. Omieeone

    Deposited LTC to Binance, then sold the LTC… How do I access the funds on Binance to either withdrawal it or buy another coin?

    Reply
  8. Justin

    I’m trying to sell the small amount of 342 trx that I own but it’s telling me I must have a total of 0.001. To sell. I’m confused because I didn’t have errors selling others on binance. Can you help. Where it says btc over the amount I want to sell what am I supposed to put in there. The amount I want to sell at correct? But it wants me to sell a lot higher if I put in .001.

    Reply
    • Chris McCoy

      Correct, you put the amount you want to sell each TRX at. The warning message is related to the total amount you would receive from selling, which needs to be over 0.001BTC. For 342 TRX, you would need to sell them at roughly 0.00000295BTC each, which would bring your total order to 0.00100890BTC. You could either place the order at 0.00000295 and wait until it fills, or switch over to the TRX/ETH market and sell them now because the current price would get you a total over the ETH minimum.

      Let me know if that makes sense, it can get kind of confusing.

      Reply

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