Spot Trading is the act of buying and selling cryptocurrencies based on the current market price for immediate settlement. Furthermore, its volume skyrocketed from $160 billion in Fiscal Q1 2024 to $600 billion in Fiscal Q4 2024.
Step-by-Step Guide For Spot Trading
- Account Creation:
- First and foremost, account creation is important in the usage of any exchange. Visit the website bitget or better still download the app.
- Proceed to sign up and register with your phone number or email preferably.
- next is the completion of the normal KYC verification (if required for your region or to unlock all features).
- Deposition of Fund:
- After a successful login, swipe to the Assets tab.
- Next is to, click on the Deposit (there you select the currency, either fiat or crypto). Fiat means your physical currency, e.g., the dollar, Naira, Rupee, and more.
- Furthermore, copy your wallet address or use the QR code
- Note that one can also purchase cryptocurrency using a credit card (however, it is not supported in some countries, such as Nigeria).
- Move to the Spot Market:
- On the top menu, select “Spot Trading”
- Select a Trading Pair:
- On the left, Search for a trading pair of your choice. pairs are in this manner (BTC/USDT, ETH/USDT, SOL/USDT, and more)
- Then, click on the desired pair to open its trading page
Understanding The Trading Interface
Furthermore, understanding the Trading Interface, there are important Trading Interfaces one needs to know, these are:
- The Buy/Sell Panel: In Spot Trading, this is the exact place to place your orders.
- The Order Book: The order book shows all current buy/sell orders
- The Chart: This chart appears with indicators.
- Types of Orders: Here we have three order types, these are:
- Limit Order: A price one sets (set desired price).
- Market Order: You buy/sell at the best current available price.
- Stop-Limit/Stop-Market: Advanced conditional orders in trading.
- Place Buy/Sell Order:
- Next is to choose Buy or Sell
- Choose your desired order type for a successful result (Limit/Market)
- Fill up the amount section with the desired amount you intend to trade.
- Then, click on Buy (for buying) or Sell (for Selling).
- Tracking of Already Placed Orders:
- Proceed to the history tab or open orders to monitor your trade activity.
- Once it is filled, the assets will automatically appear in your Spot Wallet
In conclusion, there are safety tips to take note of while spot trading on Exchanges. This applies to both new and already existing traders.
Tips For Secured Spot Trading
- Firstly, always remember to double-check the trading pair.
- Using limit orders is better for control over entry/exit price.
- Most importantly, as a newbie, starting small is not bad.
- Setting up 2FA and other security features are important.
- Lastly, using a stop-loss order will help with risk management.
