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
Spot trading 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
In this article we are going to educate you, on factors to look out for when choosing an exchange for spot trading and recommend an exchange that, offers a superb trading experience.
Factors to consider:
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. This can be found out by researching about the exchange or by directly emailing the customer service of the exchange. 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: Is it easy to navigate? Some exchanges have really complex UI designed for expert traders. 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 and if there are enough indicators for proper analysis during trades
Security: Look for exchanges that have features put in place, to forestall malicious figures from accessing your account. Does the exchange enable KYC verification and does it demand email or sms verifications before withdrawal?
Transaction Fees: Exchanges demand different fees for each transaction carried out including deposits and withdrawal. Some exchanges charge high fees for each transaction carried out, these affects the amount of profit made during 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 and shows that said exchange will be able to fill large orders comfortably. A large trading volume also goes hand in hand with a higher speed in the execution of transactions. And this is a very important factor in buying and selling cryptocurrencies
Bityard is one of the emerging Cryptocurrency exchanges on the market, founded in 2019 and headquartered in Singapore. It has distinguished itself from other startup exchanges by constantly trying to develop new services and make headlines on the market.
Bityard 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. 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, a ridiculously low cost of 0.1% as compared to other exchanges which charge as much as 1%, sometimes even more. There is charge for deposits and a charge of 1USDT for any amount of withdrawals.
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, it meets up all the points highlighted and more, such as a fully functional 24/7 customer support.
Click this Link to Register on Bityard