What is Spot Trading?
Spot trading refers to the direct buying and selling of cryptocurrencies using available funds. Traders can instantly purchase or sell assets like Bitcoin or Ethereum at the current market price. BitradeX spot trading is characterized by low fees, a user-friendly interface, and a wide selection of trading pairs, making it an ideal choice for both new and experienced traders.
How to Perform Spot Trading on the BitradeX App?
Step 1: Navigate to "Spot"
- On the BitradeX App homepage, tap "Spot" in the bottom navigation bar.
- Select "Spot" from the available options.
Step 2: Select a Trading Pair
- Use the search bar to find the trading pair you wish to trade (e.g., BTC/USDT).
- Tap the desired trading pair to open the trading interface.
Step 3: Place an Order
Market Order: A market order is executed immediately at the current market price.
- Select "Market Order" as the order type.
- Enter the total value you wish to trade.
- Tap "Buy" or "Sell," and your order will be executed instantly. Example: To purchase $100 worth of BTC, enter "100" in the "Amount" field with USDT selected.
Limit Order: A limit order allows you to set a specific price for buying or selling. The order will only be executed when the market price matches your specified price.
- Select "Limit Order" as the order type.
- Enter the price and quantity you wish to trade.
- Tap "Buy" or "Sell," and the order will be placed in the order book. Example: To buy 1 BTC at $112,000, set the price to 112,000 and the quantity to 1 BTC.
Step 4: Review Your Order History
- After placing an order, you can track its status and review past transactions:
- Go to "Orders" to view ongoing or unfilled orders.
- Tap the document icon labeled "All Orders," then select "Order History" to view completed or canceled trades.
BitradeX Spot Trading Tips
- Market Orders: Suitable for quick trades, but execution may slightly vary due to market volatility, as they fill at the best available price.
- Limit Orders: Ideal for setting strategic entry and exit points without needing to monitor the market constantly.
- Manage Risk: Only trade with capital you can afford to lose.
- Stay Informed: Keep an eye on market trends and news to make informed trading decisions.