Spot trading is a form of cryptocurrency trading that involves instantaneous exchange of cryptocurrencies. Unlike futures or contract trading in which the currencies are set to be exchanged at a later price or point
It is the most basic form of trading in the Cryptocurrency market, and most of the transactions that involve Cryptocurrencies are done on the order books of exchanges that offer spot trading, hence there are numerous spot trading platforms that offer, diverse services and different currency pairs.
Choosing the right cryptocurrency exchange is the first and most important step towards a profitable trading experience. But most people are not aware of what to look out for when picking an exchange for spot trading.
In this article we are going to educate you on factors to consider when choosing an exchange for spot trading and recommend an exchange that meets all the criteria of a good platform and offers a superb trading experience.
Factors to consider in picking an online exchange:
Location: Before choosing an exchange, you must first find out if the exchange has obtained the license and certificates needed, for it to operate in your country or region.
How can you find this out: by reading up about the exchange on sites that offer reviews on cryptoexchanges or by directly emailing the customer service of the exchange and asking them.
Trading with an exchange not licensed to operate in your country, can be illegal and might lead to you losing your investments or facing legal repercussions
User Interface:The next to thing to look out for in an exchange is it's User interface. The user interface simply means the design of the platform and features put in place,for a successful interaction with the digital system and a successful trade.Some exchanges have really complex platforms designed for expert traders, and picking such a platform as a beginner can lead to the user making mistakes during trades. A platform that is easy to access and navigate is a better choice for a beginner. Also look out for the charts and indicators, find out if the charts are standard and from a reputable source such as tradingview and if there are enough indicators,for proper analysis during trades
Security: Security breaches are a common occurrence on cryptoexchanges, and these breaches usually occur when a user does not follow proper security protocols and falls victim to scammers. Sometimes breaches occur because an exchange did not put in place proper measures to forestall such malicious attacks. In choosing an exchange lookout for the security services offered.
Does the exchange enable KYC verification: KYC simply means know your customer.The purpose of KYC is to reduce the risk of identify theft, and help the service provider understand the customer and prevent financial fraud.
Also consider picking an exchange that requires email or mobile verification, before financial activities such as withdrawals are made.
Transaction Fees:Exchanges demand different fees for each transaction made. Such fees include
Maker fee:A maker fee is when you create an order on the order book (this could be a buy or a sell) and someone else completes it, therefore most times you pay no fees and get the amount of digital asset paid for. The trader that completed your order pays the fee
Taker fee:Taker fee is charged, when you complete someone else's order, in which in case you have to pay a percentage of the amount of asset traded as a transaction charge.
Deposit and withdrawal charges:A set fee paid for depositing or withdrawing funds on an exchange.
Some exchanges charge very high fees for each transaction carried out, these affects the amount of profit made during trades and is especially undesirable for investors who participate in intraday trades. It is more profitable to pick an exchange that charges low fees
Trading Volume:An exchange with a large trading volume signifies good liquidity. Liquidity is the rate at which assets are in supply or demand. A good liquidity means that a large amount of buy and sell orders are being placed. An exchange with good liquiditywill be able to fill large orders comfortably without undergoing significant price dips(one can expect price of currencies on the exchange to always be at an approximate value with that on the general market). A large trading volume also goes hand in hand with a higher speed in the execution of transactions.
Putting into consideration all the factors listed above,an exchange we would recommend that meets all this specifications and offers an outstanding trading experience is:Bityard
Bityard
Bityard is an emerging Cryptocurrency exchange, founded in 2019 and headquartered in Singapore. It has distinguished itself from other startup exchanges by its rapid growth and the quality of its services and has also carved a space for itself, among the established exchanges by coming up with amazing new innovations, that can't be found elsewhere on the market.
Bityard exchange offers a spot trading platform, a contract Trading option for both Cryptocurrencies and derivatives, a copy trading option and daily mining option for users, amongst other services.
Bityard is a fully regulated platform regulated by institutions such as:The American money services, Singaporean Accounting and Corporate Regulatory Authority (ACRA), and the MTR of Estonia for the European Union. It currently operates in over 150 countries in the world.
The Bityard platform is easy to navigate, and is designed in a way that blends the complex model of traditional trading platforms into a simple model that can be easily accessed by both beginners and experts.The Bityard Spot trading platform also comprises, Up to date charts from trading view and numerous indicators for proper analysis during trades.
Bityard caters to customers from over 150 countries, averaging millions of trades and a large volume of orders with a good level of liquidity.This ensures that the Spot trading option on Bityard is able to fill massive orders and execute trades quickly
The Bityard exchange charges the cheapest fees for transactions, 0% charge on maker fees and a ridiculously low cost of 0.1%on taker fees as compared to other exchanges which charge as much as 1%, sometimes even more. There is no charge for deposits and a charge of 1USDT for any amount of withdrawals.
Bityard offers KYC verification and email and SMS verifications before any withdrawals or transfers are made.
As an added perk, Bityard also provides a fully functional 24/7 customer support (live chat), with real customer agents available to cater to your concerns and needs at any point in time
Click on this Link to visit Bityard and start spot trading
Conclusion
Choosing the right exchange is necessary in trading, this is the most important step and it determines how easy and profitable your trading experience will be
Our recommendation for a seamless trading experience is the Bityard exchange.
Click this Link to Register on Bityard