Spot tradings are transactions between buyers and sellers of cryptocurrencies at a consistent price. Most of the cryptocurrency asset transactions are usually priced using the stablecoin Tether (USDT) as the price unit, and most trading pairs are also exchanged with ·, such as BTC/USDT and ETH/USDT. Usually, we use USDT to buy BTC or use BTC to trade to USDT, which does not involve any futures or leverage. More importantly, it is delivered on the spot, so it is called spot trading.
Why need spot trading
Spot trading has its advantages of convenience, speeding, and lower cost. Instead of using fiat to exchange for cryptocurrencies, you only need to hold cryptocurrencies to exchange the crypto assets you want to hold.
For example, if you hold Bitcoin and want to buy Ethereum, you only need to exchange it through the spot trading pair of BTC/ETH, and you only need to pay the fee once.
In addition, spot trading also has favorable characteristics of stronger anonymity and the convenience of encrypted asset conversion.
How to do spot trading
Step 1: Log in to MEXC Website, click on Trade – Spot on the top menu bar and go to the spot trading page
Step 2: Spot trading Interface Introduction
(1). Market PriceTrading volume of trading pair in 24 hours
(2). Asks (Sell orders) book
(3). Bids (Buy orders) book
(4). Candlestick chart and Technical Indicators
(5). Trading Type: Spot / ETF / Margin / Futures / OTC
(6). Type of order: Limit / Market / Stop-limit
- Limit is an order type that allows you to buy or sell crypto for a specific price.
- Market allows you to buy or sell crypto for the real-time market price.
- Stop-Limit is an order type that will be automatically placed when your trigger price is reached.
(7). Buy Cryptocurrency
(8). Sell Cryptocurrency
(9). Market and Trading pairs.
(10). Market latest completed transaction
(11). Your Limit Order / Stop-limit Order / Order History
Step 3: Transfer Funds to Spot Account
Before you can start spot trading, you need to have crypto in your spot account. You can buy crypto via different methods.
- You can buy at P2P Market by clicking on “Buy Crypto” on the top menu bar to go to the OTC trading interface and transfer from fiat account to spot account.
- Or deposit crypto to your spot account by crypto.
Step 4: Buy Crypto
- The default order type is a limit order. If you want to buy/sell crypto as soon as possible, you may switch to [Market] Order. By choosing a market order, you can trade instantly at the current market price.
- If the market price of BTC/USDT is at 61,000, but you want to buy 0.1 BTC at a specific price, for example, 60,000, you can place a [Limit] order.
- Once the market price reaches your set price, your placed order will be executed. And you will find 0.1 BTC (commission excluded) in your spot account.
Step 5: Sell Crypto
- If you want to quickly sell your BTC, you may switch to [Market] Order.
- Entering the selling quantity 0.1 to complete the transaction instantly.
- If the market price of BTC is 63,000 USDT, you will find 6,300 USDT (commission excluded) in your Spot account.
Closing thoughts
You can try to trade with USDT in the MEXC spot market, and successfully purchase your first crypto asset other than USDT. In addition to spot trading, MEXC provides other products such as futures trading, ETF trading, and margin trading. You can click on recommended relevant articles to learn more about them.
Disclaimer: Trading crypto involves significant risk and can result in the loss of your invested capital. The materials are not related to the provision of advice regarding investment, tax, legal, financial, accounting, consulting, or any other related services and are not recommendations to buy, sell, or hold any asset. MEXC Learn solely provides information, but not financial advice. You should ensure that you fully understand the risk involved before investing.
