What Is Spot Trading And Why You Should Start Your Crypto Spot Trading Journey Today on ProEX

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Last Updated on October 3, 2022 by Bitfinsider

What is Spot Trading?

Spot trading, or the “spot price,” refers to the purchase and selling of coins and tokens at the current market rate with the purpose of having immediate possession of the underlying asset. Delivery denotes that both the buyer and the seller have kept their end of the bargain. In a successful transaction, the buyer and seller both immediately deliver the financial asset, satisfying the desire for trade right away on both sides. 

An easy approach to invest and trade is through spot trading. When investing in cryptocurrencies initially, your experience will probably involve a spot transaction on the spot market, such as purchasing ETH at the market price and HODLing.

How to Spot Trade Crypto on ProEX?

In three simple steps, you will be ready to start crypto spot trading on ProEX.

  1. Login to ProEX

    Register an account with ProEX and sign in. If you do not have a ProEX account, click here to sign up.
  1. Proceed to the Crypto Spot Trade page

    After signing in and depositing funds, hover your mouse over ‘Trade’ and select ‘Classic’.
  2. Navigating ProEX’s Spot Trade interface

    The interface is split into 5 main sections. Below are the details for each section;
  1. Spot Pairs
    Although the spot pairs are displayed in section 1, you can view any of the other spot pairs in section 5 by clicking on it. Alternatively, you may search for a specific crypto pair (that is not shown immediately in the main area e.g. BTC/USDT) to display the pair’s recent trades, price chart and order book.

    The crypto pair that is being traded is referred to as a “trading pair.” Trading pairs are valued in relation to their “base pair,” which is the currency used to quote an exchange rate. In this example, the base currency in the BTC/USDT trading pair, which expresses the price of BTC in terms of USDT, is BTC while the quote currency is USDT.
  1. Order Book
    You will find the order book on the left side of the interface. The order book is also commonly known as the depth of market. For a chosen crypto asset, the order book shows a live list of open buy and sell orders. For instance, assuming that the current price for one UNI is 6.55 USDT, the order book will display the number of orders at 6.60 USDT, 6.50 USDT, etc.

    The “buy-side” and “sell-side” are the two components of the order book. The “sell-side” displays all open sell orders below the price that was last exchanged. Buyer offers are referred to as “bids.” The order book’s bottom half contains a list of open buy orders. On the other hand, all open sell orders over the most recent traded price are displayed by the “sell-side”. The cost is referred to as the “ask” price.  The upper half of the order book displays a list of open orders for a specific pairing.
  2. TradingView Chart
    Options for chart display in the TradingView window include candlesticks, bars, hollow candles, line, area, baseline and more. In this guide, we will elaborate solely on our default chart display configuration of candlesticks.

Each candle shows what occurred to the price of a crypto asset at a specific moment at a glance. You may change the time period shown by the candle by clicking on “60min” above the price chart.

Let’s examine a candle’s anatomy in more detail. You can see a long line running through the “body” of the candle in the screenshot up top; this is the wick. The high, open, low, and close of each candle are the four bits of information displayed.

The highest price that was realized during a specific time period is known as the “high”. The price of an asset at the outset of a given time frame is known as the “open”. The lowest price that was realized during a specific time period is the “low.”. The price of a cryptocurrency asset at the ultimate end of a certain time frame is the “close,” after which a new candle starts. Therefore, the “wick” represents the “high” and “low,” and the colored portion of the candle, also known as the “body,” represents the “open” and “close.”

  1. Buy and Sell Crypto – Limit or Market Order
    The section to the bottom of the TradingView Chart lets you trade crypto by creating market and limit orders, done so by clicking on either the ‘Limit’ or ‘Market’ tab.

    Limit Order:
    This order type enables users to plan ahead for spot trades. By submitting a limit order, traders can decide at what price to buy or sell cryptocurrency. The trader’s order will be carried out when the market reaches the limit price.

    Market Order:
    A market order is one that is filled right away at the going rate of the market. When they want to finish their order as quickly as possible, traders employ this order type. There is no price entry required for traders who create market orders.

Start Trading on ProEX; We got your handling fee!

ProEX will host the “Crypto Newbies, We got your handling fee” event. For all new users, when you deposit greater than the specified amount, you can get a fee reduction for the spot trading; there are also additional bonuses! After you receive the first reward within the 14 days, as long as the total trading volume is greater than the specified amount, an additional futures fund will be given to you. All new users are welcome to claim the reward ! 

When you open an account on ProEX, complete KYC and deposit your first transaction, you will receive corresponding fee reductions and after completing the 14-days challenge, you will receive another reward.

Why Trade on ProEX?

ProEX is the world’s leading multi-contract trading platform, provides bitcoin and various cryptocurrencies, perpetual contract trading, ETF and other digital asset trading functions, Staking Pool services. 

ProEX is committed to creating a better trading environment for our clients, ProEX has got MSB certificate(Money Services Business) from the United States and Canada, the USA MSB license was issued by FinCEN after being rigorously reviewed by the Financial Crimes Enforcement Bureau, an agency of the US Department of the Treasury.

Event Details & Rewards

The challenge and reward is as follows:

Event Rules:

1. Currency transaction fee reduction will be calculated once a week; the settlement date is 10/11, 10/18, 10/25, 11/1 and the fee reduction will be set within 5 working days

2. ProEX will send a letter to notify the users who have received the handling fee reduction one day before the day we set your reduction

3. Users who receive email notifications need to reach the specified total transaction volume within 14 days to be eligible for rewards

4. All users need to pass ID verification in order to be eligible for the reward

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.