When learning about cryptocurrencies on the MEXC exchange, you must have seen many guides related. However, you do not really understand what spot trading is and how it is different from conventional trading methods. To learn about MEXC spot and how to trade effectively, please read the following article shared by MCrypto.
Get an overview of MEXC Spot
MEXC Spot is part of the cryptocurrency exchange. It provides a Spot trading platform for traders to buy, sell, and trade various cryptocurrencies.
What is Mexc Spot?
Spot trading is the easiest concept to understand when talking about the spot. It means trading between buyers and sellers at a consensus price. Most cryptocurrency transactions on the MEXC exchange 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 the transaction 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
Trading fees on the MEXC exchange may vary depending on the time and specific project. Below is some basic information about spot trading fees at present:
- Transaction processing fee: 0.2%.
- MX deduction can be reduced by 20% of the processing fee, leaving only 0.16%.
This spot trading fee may change over time and the market, so you need to update the latest information on the exchange before participating in trading.
Spot Trading Volume on MEXC Exchange
Spot trading volume on the MEXC exchange also 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 register on mobile phones is the most detailed
Why trade with MEXC Spot?
Spot trading is not the only form of trading on the MEXC exchange. However, most traders prefer this way of trading. That is because Spot trading is extremely simple, low cost, and transactions are processed quickly. Instead of using fiat money to exchange for cryptocurrency, you just need to keep cryptocurrency in your wallet and you can exchange it for other assets that you want to hold for a long time.
For example, if you own Bitcoin and you want to buy Ethereum. You can simply exchange BTC for ETH by trading a spot with the BTC/ETH pair.
In addition, MEXC Spot trading also has stronger anonymity, making it very convenient to convert crypto assets.
Introducing the MEXC Spot interface
MEXC is an online cryptocurrency exchange where you can buy, sell, and trade various 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 transactions and monitor the market.
Here are some key features of the spot interface that you should know:
- The market price at the highest and lowest level within 24 hours.
- Asks for order (Sell order).
- Bid orders.
- Candlestick charts with technical indicators.
- Popular trading types: Spot / Futures / OTC.
- Available trading order types: Limit / Market / Stop-Limit.
- Buy cryptocurrency.
- Sell cryptocurrency.
- Cryptocurrency pairs being traded.
- Most recently executed transactions.
- Limit Orders / Stop Limit Orders / Order History.
Instructions for spot trading on the MEXC exchange
Once you have a good idea of what the MEXC spot interface looks like, you can start trading. Decide whether you want to buy or sell cryptocurrency and how much you want to trade. Here is a basic guide to spot trading:
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 in the following 2 ways.
- You can buy through the P2P Market by clicking “buy Crypto > P2P trading”. This will then take you to the OTC trading interface, where you can easily transfer from your fiat account to your Spot account.
- You can also deposit crypto directly into your Spot account on the MEXC exchange.
Buy and sell cryptocurrencies on MEXC Spot
Once you have money in your account, you can spot trade at any time. The steps to spot trade are as follows:
Step 1: Go to MEXC homepage, on the menu bar select “SPOT”: https://www.mexc.com
Step 2: Proceed to select the trading pair you want to buy or sell. The red part above is “Sell”, and the blue part below is “Buy”.
Step 3: Choose the type of order you want to place: it can be Limit, Market, or 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 that is initiated during the pre-launch phase of a new project. You can vote to support your favorite project on MEXC Global. The exchange will then issue tokens to all users who have successfully voted. This MEXC Kickstarter event is designed to identify high-quality projects. It provides airdrop benefits to MEXC users.
Notes when trading MEXC
MEXC Spot trading requires you to follow some important notes. This is to protect your assets and ensure your transaction safety. Here are some notes when you participate:
- Research the pros and cons of the exchange: Before you start trading, you should learn carefully about the MEXC exchange. From how it works to its safety features. This will help you understand the exchange better and minimize your risk.
- Account Security: Make sure you set a password with characters that no one can know and guess. Also, don’t forget to enable two-factor authentication when accessing your MEXC account.
- Understand 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 luck rate is very low, so you should not take risks.
- Follow Market News: Follow the latest market news and events to make smart decisions and trade profitably.
Remember that trading cryptocurrencies on the MEXC exchange is risky, and you should research and gain knowledge before participating to avoid loss of assets.
Epilogue
Thus, MCrypto has introduced to traders information about MEXC Spot trading. Hopefully, with the above sharing, you have learned the concept of what spot trading is and how to trade a spot. Wish you successful trading, and easily earn a lot of profit on the MEXC.
>>See more: Trade efficiently and securely with MEXC Futures
FAQ
Can I view spot trading history?
Maybe, you click on “order history” and you will see the transaction order here.
Is it difficult to spot trade on MEXC?
It’s not difficult at all. Just click on “SPOT” 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 funds in their account can trade spot.
