A Must-Read for Newbies in the Crypto World!
💰 A Must-Read for Newbies in the Crypto World! A complete analysis of spot trading rules and a guide to avoid pitfalls is here! ✨ If you're just starting in the crypto world and trading spot, you must understand these rules! Otherwise, you might get 'cut' unexpectedly 😭 Today, I've compiled a super detailed guide on spot trading for everyone, recommended to save and read slowly~ --- 1️⃣ What is Spot Trading? ✅ In simple terms: buying coins with real money (for example, buying BTC with USDT), once bought, it's yours, and you can hold it long-term, unlike contracts which have liquidation risks. ✅ Suitable for: those who do not want to engage in high-risk contracts and prefer to accumulate coins and invest long-term. 2️⃣ Basic Rules of Spot Trading 🔹 Trading Pair: For example, BTC/USDT means buying Bitcoin with USDT. 🔹 Buy/Sell Types: - Limit Order: set your own price and wait for the order to be filled (suitable for those who are not in a hurry). - Market Order: transact immediately at the current market price (suitable for quick buying and selling). 🔹 Transaction Fee: usually around 0.1%, some platforms offer discounts (for example, paying with platform tokens). --- 3️⃣ Must-Note Pitfalls! 🚨 Slippage: When market conditions fluctuate greatly, market orders may be executed at higher/lower prices, it is recommended to use limit orders! 🚨 Withdrawal Rules: Some platforms require verification for withdrawals, especially for large amounts, confirm in advance! 🚨 Minimum Trading Volume: For example, the minimum purchase for Bitcoin is 0.001, don't input incorrectly! --- 4️⃣ Tips for Spot Trading 📌 Dollar-Cost Averaging Strategy: Buy coins with a fixed amount each month to average costs, suitable for those with a long-term outlook on a particular coin. 📌 Take Profit and Stop Loss: Set your selling price in advance to avoid greedy or panic actions. 📌 Pay Attention to Liquidity: Coins with very low trading volume are prone to being dumped, try to select mainstream coins (BTC/ETH, etc.). --- 5️⃣ Safety Reminders 🔐 Do not go ALL IN! The crypto world is highly volatile; investing spare funds is the safest. 🔐 Withdraw to Wallet: It is advisable to store large assets in cold wallets (like Ledger), do not keep everything on exchanges! --- 💡 Summary: Spot trading is less risky than contracts, but you must understand the rules and control your positions! If you don't understand, feel free to follow me.
