When learning about cryptocurrencies on MEXC, you must have seen a lot of tutorials related to spot trading. However, you don’t understand what spot trading is and how it differs from conventional trading methods. To learn about MEXC spot and how to trade effectively, please read the article shared below by MEXC Trading.
Get an overview of MEXC Spot
MEXC Spot is part of the MEXC cryptocurrency exchange. The exchange provides a Spot trading platform so traders can buy, sell, and trade with many different cryptocurrencies.
What is Mexc Spot?
Spot trading is the easiest concept to understand when talking about the spot. It means a transaction between a buyer and a seller at an agreed price. Most cryptocurrency transactions on MEXC are usually priced using USDT as the price unit. At the same time, trading pairs are also exchanged in USDT, typically: BTC / USDT and ETH / USDT.
Normally, we will use USDT to buy BTC and vice versa, we can use BTC to buy USDT. One thing you need to know is that trading does not involve any futures or leverage transactions. Because it is a type of transaction that is completed immediately, it is called a spot transaction.
Spot trading fees on the MEXC exchange
Transaction fees on the MEXC exchange may change depending on time and specific project. Below is some basic information about spot transaction fees at present:
- Transaction processing fee: 0.2%.
- The MX deduction can be reduced by 20% of the processing fee, leaving only 0.16%.
This spot transaction fee may change with time and the market, so you need to update the latest information on the exchange before participating in the transaction.
Spot trading volume on the MEXC exchange
Spot trading volume on MEXC depends on trading pairs, specifically as follows:
- USDT: 5 USDT/time.
- MX: 50 MX/time.
- BTC: 0.0005 BTC/time.
- ETH: 0.01 ETH/time.
- EOS: 1 EOS/time.
>>See more: MEXC registration on mobile phones is the most detailed
Why trade with MEXC Spot?
Spot trading is not the only form of trading on MEXC. However, most traders prefer this way of trading. That’s because Spot transactions are extremely simple, have low costs, and transactions are processed quickly. Instead of using fiat currency to exchange for cryptocurrency, you just need to keep cryptocurrency in your wallet to exchange it with other assets you want to hold long-term.
For example, if you own Bitcoin and you want to buy Ethereum. Now you just need to exchange BTC to ETH by spot trading with the BTC / ETH pair.
In addition, MEXC Spot transactions also have stronger anonymity, so it is very convenient to convert cryptographic assets.
Introducing the MEXC Spot interface
MEXC is an online cryptocurrency exchange where you can buy, sell, and trade different cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many more. The spot interface provides an easy-to-use environment for you to make cryptocurrency trades and monitor the market.
Here are some key features of the spot interface that you should know:
- The market price is at the highest and lowest within 24 hours.
- Asks for order (Sell order).
- Bid orders (Buy orders).
- Candlestick chart with technical indicators.
- Popular trading types: Spot / Futures / OTC.
- Types of trading orders that can be used: Limit / Market / Stop-Limit.
- Buy cryptocurrency.
- Sell cryptocurrency.
- Cryptocurrency pairs being traded.
- Most recent transactions.
- Limit orders / Stop limit orders / Order history.
Instructions for spot trading on the MEXC exchange
Once you understand what the MEXC spot interface includes, you can start trading. Determine whether you want to buy or sell cryptocurrency and how much to trade with. Below is a basic spot trading guide:
Transfer funds to the MEXC Exchange Spot account
To start spot trading, you need to have enough cryptocurrency in your spot account. You can buy cryptocurrency through the 2 ways below.
- You can buy through the P2P Marketplace by clicking “buy Crypto > P2P trade”. The interface will then move to OTC trading, where you can switch from a fiat account to a Spot account easily.
- You can also deposit cryptocurrency directly into your MEXC exchange Spot account.
Buy and sell cryptocurrency on MEXC Spot
Once you have money in your account, you can trade a spot at any time. The steps to perform spot trading are as follows:
Step 1: Go to the MEXC homepage, on the menu bar, select “SPOT”.
Step 2: Select the trading pair you want to buy or sell. The part above in red is “Sell”, and the part below in green is “Buy”.
Step 3: Choose the type of order you want to place: it can be Limit, Market, Stop-limit. Then fill in the quantity and price you want. Then confirm the buy/sell order by clicking “Buy MX/Sell MX”.
Besides buying and selling cryptocurrencies on the MEXC exchange, you can also participate in the Kickstarter event. This is an activity initiated in the pre-launch phase of a new project. You can vote to support your favorite projects on MEXC Global. The exchange will then issue tokens to all users who successfully voted. This MEXC Kickstarter event is designed to identify high-quality projects. It brings airdrop benefits to MEXC users.
Notes when trading Spot on the MEXC US floor
MEXC Spot trading requires you to follow some important considerations. This is to protect your assets and ensure safety in transactions. Here are some things to note when you participate in spot trading on MEXC US:
- Research the pros and cons of the floor: Before starting to trade, you should learn carefully about the MEXC floor. From how it works to safety features. This helps you better understand the floor and reduce the maximum risk.
- Account security: Make sure you set your password with characters that no one can know or guess. Besides, don’t forget two-factor authentication when accessing your MEXC account.
- Master the market structure: Understanding trading pairs, market orders, and other trading tools is the premise for you to be able to make smart decisions in trading.
- Risk management: If you are a newbie or inexperienced person, you should not invest a lot of money. Because the probability of encountering risks will be higher, the chance of luck is very low, so you should not take risks.
- Follow market news: Follow the latest market news and events so you can make smart decisions and trade profitably.
Remember that trading cryptocurrencies on the MEXC exchange is risky, and you should research and accumulate knowledge before participating to avoid losing assets.
Epilogue
Thus, MEXC Trading has introduced to traders information surrounding MEXC Spot trading. Hopefully, with the above sharing, you now know what the concept of spot trading is and how to do spot trading. Wishing you successful trading and smooth profits on MEXC.
>>See more: Trade efficiently and securely with MEXC Futures
FAQ
Can I view spot trading history?
Maybe, if you click on “order history” you will see the trading order here.
Is spot trading on MEXC difficult?
It’s not difficult at all. You just need to click on the “SPOT” section on the MEXC exchange homepage and the spot trading interface will appear.
Who can trade with the MEXC spot?
All traders who successfully open a MEXC account and have money in the account can trade a spot.
