For beginner crypto traders, spot trading offers a safe trading method, when compared to Futures or margin trading. Spot trading involves buying crypto and selling it when it increases in value. It is safer as you buy only the amount you can afford. You cannot borrow money from an exchange or brokerage to trade.
To get a comprehensive look at the exchange, you can read our in-depth BYDFi review.
BYDFI Spot Trading
BYDFI spot trading is beneficial to traders in many ways. It provides a quick and efficient way to execute trades. You can sell or buy crypto without any delay. You can gain ownership of the underlying asset, which gives you more control over the investments. It avoids the risk of depending on third-party exchanges.
BYDFI Spot Trading Guide: Step-By-Step Instructions
Here is a detailed guide explaining the spot trading method on BYDFI.
Step 1: Open an account at BYDFI
BYDFI has a simple and quick registration process. Here are the steps you need to complete.
- Visit the official site via your browser.
- Click on the ‘Get Started’ option present on the right upper corner of the homepage.
- You can use your email address and register by receiving a verification code from the company.
- Enter the verification code sent to your email to confirm the account setup.
- Create your password and click on the ‘Get Started’ button to complete the process.
- Alternatively, you can use your mobile number and register. In this case, the verification code is sent to your mobile device.
Step 2: Deposit
Visit the Assets page and choose the Deposit option. Choose the cryptocurrency you want to deposit by clicking on the Coin feature.
Choose the network you prefer, and you will get the deposit address on the page where you can deposit your crypto.
Note: Make sure you deposit funds as per the address given in the cryptocurrency. This will ensure your assets are not lost. The deposit of funds needs confirmation from the network node.
You can also buy crypto using fiat currency at BYDFI. BYDFI supports numerous fiat currencies, allowing people from across the globe to trade easily on the platform. However, it does not support smart contract deposits.
Step 3: Spot Trading
Now log in to BYDFI using the sign-in credentials set up during registration. On the homepage of BYDFI, you will find the spot trading option at the top menu bar.
Click on the ‘Spot’ option, and the site will take you to the Spot Trading section.
Step 4: Select trading pair
On the spot trading page, you will find details like trading pair, current price, and a 24-hour percentage change in the trading pairs.
Step 5: Place an order
You can use the spot trading method on BYDFI in two ways. You can place a limit order or a market order. Here are examples of the two trading methods:
For instance, let us assume you trade the BTC/USDT pair. Here is how you use the limit order option.
- Select the Limit Order option.
- Under the price section, enter the amount you need.
- You can enter the BTC value you want to sell or buy and choose the percentage. For instance, if you want to buy BTC and pick a 50% buying percentage. If you have 8,000 USDT in your account, the exchange will use 4,000 USDT to purchase BTC.
- Now, choose the buy or sell option for trading the BTC you have entered.
For the market order, here are the steps to follow:
- Select the Market Order from the spot trading page.
- Choose the USDT amount you want to sell or buy and the percentage of USDT you want to use for the trade.
- Click on the Sell or Buy option present on the page.
Step 6: Add funds
Before you start trading, make sure your account has sufficient funds for the process. If the funds you have are not sufficient, you can use the Deposit or Buy Crypto option.
Why choose BYDFI for spot trading
Spot trading at BYDFI allows you to trade crypto at the existing market price. This gives you immediate liquidity and ownership.
If you want to profit from the short-term price changes or hold actual crypto in your wallet, spot trading is ideal. Further, BYDFI uses robust security measures that ensure a safe trading environment.
For beginner traders, spot trading offers a big advantage as it is a simple trading format based on supply and demand. Advanced traders also opt for this trading instrument, as it is a safe trading option unlike futures, options, or derivatives, where multiple factors influence the trading.
BYDFI spot trading is a good choice for traders as it offers a quick and safe trading environment. Further, the affiliate program and welcome bonuses are an added advantage. Take a look at our detailed BYDFI review to learn more about the platform and its benefits. Try out spot trading on BYDFI now.