Zero Fees & Full-Line Popular Cryptocurrencies, 58COIN Spot Trading Is The Right Choice For You
Speaking of Spot Trade, people who may have long been involved in the digital market or blockchain are familiar, but what if for beginners? This article will make an introduction about Spot Trade and how to trade it?
Concept and Advantages
Spot Trade is the act of exchanging digital currencies by using one of them as the quote currency for immediate “on-the-spot” settlement. For example, using BTC as the quote currency to exchange LTC, then a trading pair LTC/BTC is formed. The price of the trading pair means that you need to pay or receive certain BTC when buy or sell LTC. For example, the opening price of 58COIN on July 2 is 1 LTC=0.011442 BTC, that is, 1 LTC is 0.01 BTC.
Spot trade boasts the following advantages:
1. Reducing the cost when conversing digital currencies
2. Providing arbitrage opportunities within the platform
3. Stronger anonymity
4. More convenient conversion and circulation between digital assets
After understanding the concept and advantages, let’s take a look at the specific operational process:
Before the formal transaction, the user needs to register on www.58ex.com, complete the basic and advanced verifications, and then set up a fund password.
- Log in to www.58ex.com, click “Asset” in the upper right corner, and transfer from the account with assets to the Spot Account. For example, to transfer USDT, select “Deposit & Withdraw” — “Transfer”.
2. Fill in the amount in the pop-up window and click “Transfer” to complete the free transfer.
Certainly, you can also purchase the relevant cryptocurrency in OTC and then transfer the assets from the OTC Account to the Spot Account. After the transfer is completed, it can be viewed in the Spot Account.
3. Click “Spot” in the navigation bar, and then you can select the trading pair to according to your needs. For example, if you choose to price BTC with USDT, then click BTC/USDT.
4. Place an order in the lower right corner of the page. Select “Limit price” or “Market price”, enter the appropriate “Price” and “Amount” (when buying at the market price, you only need to enter the amount) and click “Buy”. When you click “Confirm” in the pop-up window, the order will enter the matching process (when selecting the market price, the order will be immediately executed after placing). Currently, 58COIN supports most of the popular cryptocurrencies with a total of 14 trading pairs.
Note: 1) A limit order is an order placed with an exchange to execute a buy or sell transaction at a set amount and at a specified limit price or better. When the price reaches the set value, your order will be executed automatically.
2) A market order is a request to buy or sell order at the best available price in the current market. You only need to enter the buy/sell amount.
5. After the transaction is completed, you can view the assets in the Spot Account.
Note: When buying, if the price is set lower, it may take longer to execute. However, If the price is set too high, you may suffer a loss; the opposite is true when selling. Therefore, the price should be set appropriately, generally input at the latest price.