Binance exchange is possibly the best exchange out there.

Amazing volume, invisible trading fees and so on make this exchange the one to beat.

But coming from Bitfinex, the "advanced" interface is super simplified to me.

I couldn't even use most of my tools I normally use until I changed to the Trading View format.

I traded there for about a month without really needing a stop loss. I did most of my trading on Bitfinex and I had only about $500 worth of Bitcoin in Binance. So I didn't really have a lot to risk such that I needed a stop loss.

But I recently got attracted to their 125x futures trading deals, so I transferred my whole balance from Bitfinex over to Binance.

Now I really needed a stop loss. My whole account is really above $500, and I couldn't risk all that without a stop loss.

So I searched for the order type but I couldn't find it.

I then had to improvise using an OCO order.

An ICO order means Order Cancels Order. It means that you basically set two orders. Once one order is executed, the other one is automatically cancelled. That's how it works.

So here's how to set a stop loss order using OCO ok Binance.

First off, you select the order type from the drop down menu.

Then, you will see three options there. "Price", "stop", and limit.

Price is the price at which you want the order to begin counting, or to turn into a limit order in the order book.

Stop is literally the price that you wish the price count to stop at.

Limit is the price at which the order becomes a limit order in the order book.

So you set the prices you wish according to those presets. 

And that's it! You have successfully set a stop loss on Binance.

Necessity is the mother of invention!

Thanks for reading.