What is crypto spot trading?
If I say that cryptocurrencies have revolutionized the financial world then I would not be wrong. The crypto market indeed works 24/7 and it has given financial freedom to the people. It offers you different ways of making money and one of those is crypto spot trading. In this way, you buy and sell cryptocurrency immediately to book your profit. However, it doesn’t mean that you buy or sell within a few minutes or hours. It depends on the volatility of the market.
Is spot trading profitable?
Well, I would say that comparatively, spot trading offers you higher chances to make money. In this process, you buy a cryptocurrency at a low price and then sell them at higher prices. For example, if you buy Bitcoin at $18K and sell it after one month for $45K then you have made a $27K profit. This is what we call spot trading. Moreover, you don’t need to be always online to see the market prices; you can set your spot at your desired prices and they will be completed automatically once it hits your desired price.
Which is the best exchange for spot traders?
If you are already in this field, then you might be using some top crypto exchanges. However, if you are a beginner, then I will recommend you to use the ByBit exchange. Because this exchange is very simple to use and offers you a lot of features as well as educational resources that can help you in trading. So, click here to create your account on Bybit in simple steps and also get support in our Discord Group.
Why is the ByBit best for spot traders?
Well, there are a lot of giant crypto exchanges like Binance and Coinbase, then what is the point to use Bybit for spot trading? The following may describe it well.
- Gives you access to almost all cryptocurrencies
- You can set up to 500 spot orders
- You can use its spot grid bot for autotrading
- Offers you learning material for effective trading