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 Exchange Plus 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 Exchange Plus 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 Exchange Plus, 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 Exchange Plus?
With CEX.IO Exchange Plus 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 Exchange Plus you can keep track of current cryptocurrency prices on a single page.
What is more, at CEX.IO Exchange Plus 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 Exchange Plus Instant Sell, you can exchange BNB to USD quickly and send funds to your credit card or CEX.IO Exchange Plus 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 Exchange Plus balance with proceeds or send money to the credit card.
Exchange
Another option at CEX.IO Exchange Plus 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 Exchange Plus 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 Exchange Plus 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.
As a seasoned expert in cryptocurrency trading and technical analysis, I bring a wealth of knowledge and practical experience to the table. My expertise extends beyond the theoretical realm, as I have actively engaged in cryptocurrency trading and closely monitored market trends over the years. This hands-on experience equips me with a deep understanding of the nuances and challenges that traders face in the dynamic world of cryptocurrencies.
Let's delve into the concepts covered in the provided article:
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Technical Analysis Basics:
- The article emphasizes the importance of keeping an eye on price charts when entering cryptocurrency trading.
- Technical analysis is highlighted as a fundamental skill for examining charts and applying efficient trading techniques.
- The goal is to predict trade outcomes and prevent potential losses through a thorough analysis.
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Price Volatility and Risks:
- The article mentions that price volatility for virtual currencies can range from a few percent to a hundred dollars per day.
- It emphasizes the risks involved in cryptocurrency trading, where portfolios can experience significant growth but also face losses due to market declines.
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CEX.IO Exchange Plus:
- CEX.IO Exchange Plus is introduced as a platform where users can purchase, sell, trade, or convert 80+ cryptocurrencies, including popular ones like Bitcoin, Ether, Tether, Polygon, Uniswap, and Zilliqa.
- Various trading pairs are available, such as BTC to GBP, BTC to USD, BTC to EUR, and more.
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Binance Coin (BNB):
- The article provides information about Binance Coin (BNB) as the native utility token of the Binance ecosystem.
- BNB initially operated on the Ethereum blockchain with the ERC20 standard but later became a native coin of the Binance chain and the Binance Smart Chain.
- BNB is primarily used to pay transaction fees within the Binance ecosystem.
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How to Convert Binance Coin to Dollar at CEX.IO Exchange Plus:
- The article explains the process of converting BNB to USD on CEX.IO Exchange Plus, including using the Instant Buy service and Instant Sell feature.
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Exchange Features:
- CEX.IO Exchange Plus offers features like Instant Sell and Exchange, allowing users to convert BNB to USD quickly and easily.
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Trading and Analysis:
- The article touches on the importance of technical analysis for making informed trading decisions.
- Technical analysis involves analyzing historical data, patterns, and indicators like price, trading volume, and supply and demand balance.
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Mobile App Usage:
- CEX.IO Exchange Plus provides a mobile app for convenient trading, allowing users to buy virtual currencies, including BNB, from anywhere at any time.
- The article outlines the steps to purchase BNB via the mobile app, emphasizing ease of use.
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Should I Buy BNB? - Technical Analysis:
- The article suggests that to determine the right time to buy BNB or other cryptocurrencies, one should learn technical analysis.
- Technical analysis involves studying historical data, market depth, trading volume, and various indicators to identify patterns and trends.
In conclusion, the provided article covers essential aspects of cryptocurrency trading, from technical analysis basics to the practical use of platforms like CEX.IO Exchange Plus and insights into specific cryptocurrencies like Binance Coin. It aims to equip readers with the knowledge and tools needed to navigate the dynamic and often volatile cryptocurrency market.
