A trading pair is simply "what you are exchanging for what." BTC/USDT means buying or selling BTC using USDT. You can find various trading pairs on the spot trading pages of the Binance Official Website or the Official Binance App. For region-switching information, refer to Binance App Download. Here is an explanation for beginners.
In a Nutshell
The asset before the slash is the "commodity," and the asset after the slash is the "money."
- BTC/USDT: BTC is the commodity, USDT is the money → You use USDT to buy BTC.
- ETH/BTC: ETH is the commodity, BTC is the money → You use BTC to buy ETH.
Main Quote Currencies
In the crypto world, "money" (the quote currency) is usually:
- USDT (Most common)
- USDC
- BTC (Using BTC to buy other coins)
- ETH (Using ETH to buy)
- BNB (Using BNB to buy)
- BUSD/FDUSD
Beginners will use USDT 90% of the time.
Why are there both BTC/USDT and ETH/BTC?
Historically, BTC was the base currency, and all coins were priced in BTC (XXX/BTC). As USDT became widespread, USDT pricing became more intuitive (as it reflects US dollar value), gradually becoming the mainstream.
Today:
- BTC/USDT: Mainstream, essential for beginners.
- ETH/USDT: Mainstream.
- ETH/BTC: Used by advanced players (to see ETH's strength relative to BTC).
- Altcoins/USDT: Mainstream.
- Altcoins/BTC: Less common.
Beginners only need to focus on USDT-denominated pairs.
How to Read the Price
If the price for BTC/USDT is 70,000:
- 1 BTC = 70,000 USDT.
- If you want to buy 1 BTC, prepare 70,000 USDT.
- If you want to buy 0.01 BTC, prepare 700 USDT.
The Reverse Logic
If the price for ETH/BTC is 0.05:
- 1 ETH = 0.05 BTC.
- 1 BTC = 20 ETH.
- If you want to exchange 1 BTC for ETH, you will get 20 ETH.
Different Pairs for the Same Coin
ETH has multiple trading pairs on Binance:
- ETH/USDT: Buy ETH with USDT.
- ETH/BTC: Buy ETH with BTC.
- ETH/BNB: Buy ETH with BNB.
- ETH/USDC: Buy ETH with USDC.
The price of each pair is different (because the prices of USDT, BTC, and BNB differ), but the actual value of ETH is the same.
Which Pair Should Beginners Use?
| You Have | Want to Buy | Use This Pair |
|---|---|---|
| USDT | BTC | BTC/USDT |
| USDT | ETH | ETH/USDT |
| USDT | BNB | BNB/USDT |
| BTC | ETH | ETH/BTC |
| ETH | USDT (Sell) | ETH/USDT |
99% of the time, beginners will use USDT pairs.
Where to Search
Search at the top of the Binance trading page:
- Type BTC to see BTC/USDT, BTC/USDC, BTC/EUR, etc.
- Select BTC/USDT (the most common).
- Enter the trading page.
Trading Pair "Colors"
Binance categorizes pairs into different sections:
- USDT denominated (most common)
- USDC denominated
- BTC denominated
- ETH denominated
- BNB denominated
Different pairs appear under different tabs.
"/USDT" is the Default
Remember this pattern for beginners:
- "BTC/USDT" is buying BTC with USDT (most common).
- "USDT/BTC" does not typically exist (rare).
It doesn't go both ways. The thing you want to buy comes first; the money you use comes second.
Fiat Trading Pairs
Binance supports fiat trading pairs in some regions:
- BTC/EUR (Euro)
- BTC/TRY (Turkish Lira)
- BTC/GBP (British Pound)
In many regions, direct fiat-to-crypto pairs are limited due to local regulations. Most users exchange fiat for USDT first via C2C.
Fiat vs. Stablecoins
| Dimension | BTC/USD (Fiat) | BTC/USDT (Stablecoin) |
|---|---|---|
| Denomination | US Dollar | USDT |
| Price | Nearly identical | Nearly identical |
| Convenience | Depends on region | Global |
Seemingly Strange Trading Pairs
| Pair | Meaning |
|---|---|
| BTC/USDT Perpetual | BTC perpetual futures settled in USDT |
| BTC-USD Perpetual | BTC perpetual futures settled in BTC (Coin-M) |
| BTCDOWN/USDT | Inverse BTC leveraged token |
| BTC3L/USDT | 3x Long leveraged BTC token |
These are advanced products. Beginners should avoid them.
Trading Pairs vs. Leveraged Tokens
| Dimension | BTC/USDT | BTC3L/USDT |
|---|---|---|
| Underlying Asset | Real BTC | 3x leveraged BTC token |
| Ownership | You own BTC | You own a derivative |
| Risk | Spot market risk | Leverage + long-term decay |
Beginners should buy BTC/USDT spot and avoid things like 3L/3S.
Recommended Trading Pairs for Beginners
| Purpose | Recommended Pair |
|---|---|
| Buying BTC | BTC/USDT |
| Buying ETH | ETH/USDT |
| Long-term Holding | BTC/USDT Spot |
| Selling back to cash | Sell the same pair for USDT |
| Crypto-to-crypto | BTC ↔ ETH using ETH/BTC |
FAQ
Q: Is there a difference between BTC/USDT and BTC/FDUSD?
A: The underlying asset is BTC, but the pricing currency is different. FDUSD is another stablecoin. USDT is the most common.
Q: Can I buy BTC directly with my local currency?
A: In some regions yes, but for most, you must use C2C to buy USDT first, then buy BTC with USDT.
Q: Can trading pairs be delisted?
A: Yes. Small-cap coins can be delisted. Mainstream pairs like BTC/USDT and ETH/USDT are very unlikely to be delisted.
Q: Do trading pairs change names?
A: Rarely. Only if the project itself undergoes a major rebranding.
Further Reading
- What is Spot Trading: The basics of trading
- What is USDT: Understanding stablecoins
- First time buying BTC: A complete walkthrough