How to switch to the professional version interface on Binance? Function comparison

Switching to the professional version interface on Binance can significantly enhance your trading experience by providing advanced tools and features that are not available on the basic version. This article will guide you through the process of switching to the professional version and provide a detailed comparison of the functions available in both versions.

Accessing the Professional Version on Binance

To switch to the professional version interface on Binance, follow these steps:

• Log into your Binance account: Ensure you are logged into your Binance account on the website or the mobile app.
• Navigate to the trading page: Click on the 'Trade' tab at the top of the page.
• Select a trading pair: Choose the cryptocurrency pair you wish to trade.
• Switch to the professional version: On the trading page, you will see a toggle button labeled 'Basic' and 'Professional' at the top right corner. Click on 'Professional' to switch to the advanced interface.

Once you have switched to the professional version, you will notice a more comprehensive set of tools and a more detailed layout designed for experienced traders.

Function Comparison: Basic vs. Professional Version

The basic and professional versions of Binance's trading interface cater to different levels of trading experience. Here is a detailed comparison of the functions available in both versions:

Trading Tools

• Basic Version: The basic version offers essential trading tools such as limit orders, market orders, and stop-limit orders. The interface is straightforward and user-friendly, making it suitable for beginners.
• Professional Version: In contrast, the professional version includes advanced trading tools such as stop-loss orders, take-profit orders, and trailing stop orders. These tools allow for more precise control over trades and are essential for experienced traders looking to implement complex trading strategies.

Charting and Analysis

• Basic Version: The basic version provides simple charting tools with basic indicators like moving averages and RSI. The charts are less customizable, which may limit in-depth analysis.
• Professional Version: The professional version offers advanced charting capabilities with a wide range of technical indicators and drawing tools. Traders can customize charts to their liking and use advanced analysis tools to make informed trading decisions.

Order Types

• Basic Version: The basic version supports common order types like limit orders and market orders. These are sufficient for basic trading but lack the flexibility needed for advanced strategies.
• Professional Version: The professional version supports a variety of order types, including OCO (One Cancels the Other) orders, iceberg orders, and post-only orders. These advanced order types provide greater flexibility and control over trading activities.

Trading Interface

• Basic Version: The basic version has a simple and clean interface that is easy to navigate. It displays essential information such as order books, trade history, and current market prices.
• Professional Version: The professional version features a more complex and customizable interface. It includes multiple order entry forms, depth charts, and customizable layouts. This allows traders to tailor the interface to their specific trading needs.

Additional Features

• Basic Version: The basic version includes basic features such as trading history and account balances. It is designed to be easy to use and understand.
• Professional Version: The professional version includes additional features such as API access, margin trading, and futures trading. These features are essential for traders looking to engage in more sophisticated trading activities.

Detailed Steps to Use Advanced Features in the Professional Version

To make the most of the professional version, here are detailed steps to use some of its advanced features:

• Using Stop-Loss and Take-Profit Orders:

  • Navigate to the trading page and switch to the professional version.
  • Select the trading pair you wish to trade.
  • Click on the 'Order' tab and choose 'Stop-Limit'.
  • Enter the stop price and limit price for your stop-loss order.
  • To set a take-profit order, choose 'Take-Profit' and enter the desired price.
  • Review your order details and click 'Sell' or 'Buy' to place the order.

• Customizing Charts:

  • On the trading page, click on the chart to open the charting tools.
  • Click on the 'Indicators' button to add technical indicators such as MACD, Bollinger Bands, or Fibonacci retracement.
  • Use the drawing tools to add trend lines, support, and resistance levels.
  • Adjust the time frame and chart type to suit your analysis needs.

• Using OCO Orders:

  • Navigate to the trading page and switch to the professional version.
  • Select the trading pair you wish to trade.
  • Click on the 'Order' tab and choose 'OCO'.
  • Enter the details for both orders, such as the price and quantity.
  • Review your order details and click 'Sell' or 'Buy' to place the OCO order.

Benefits of Using the Professional Version

Switching to the professional version on Binance offers several benefits for experienced traders:

• Enhanced Trading Control: The professional version provides more advanced order types and trading tools, allowing for greater control over trades.
• In-Depth Analysis: With advanced charting capabilities and a wide range of technical indicators, traders can perform more in-depth market analysis.
• Customization: The professional version allows for a high degree of customization, enabling traders to tailor the interface to their specific needs.
• Access to Advanced Features: Features such as margin trading, futures trading, and API access are available only in the professional version, opening up more trading opportunities.

Frequently Asked Questions

Q: Can I switch back to the basic version after using the professional version?

A: Yes, you can switch back to the basic version at any time. Simply navigate to the trading page, and toggle the button at the top right corner from 'Professional' to 'Basic'.

Q: Do I need to pay extra to use the professional version on Binance?

A: No, switching to the professional version is free. However, some advanced features like margin trading and futures trading may have associated fees.

Q: Is the professional version available on the Binance mobile app?

A: Yes, the professional version is available on the Binance mobile app. You can switch to it by following the same steps as on the website.

Q: Can I use the professional version if I am a beginner?

A: While the professional version is designed for experienced traders, beginners can still use it. However, it is recommended to start with the basic version to familiarize yourself with trading before switching to the professional version.