Crypto trading is a diversified industry. It’s usually advised to test waters with multiple trading strategies to maintain a diversified portfolio. While that’s one of the most classic pieces of advice for sound investment and trade, you should know that not every crypto trading strategy will be suitable for every level of trader. For example, margin trading is especially meant for veterans. In regard to beginners, the newbies are always suggested to join the baton with crypto spot trading. Spot trading is about trading with current crypto spot prices. Read more about trading at Multibank.io.
Where to get crypto spot prices?
Before discussing how and where to get crypto spot prices, let’s have a few words on crypto spot trading.
Crypto spot trading
As mentioned on the top, crypto spot trading refers to a form of crypto trade where two parties trade crypto assets based on the live market price of the crypto assets. As it’s based on on-the-spot prices, the trade happens immediately and the payment is also made upfront.
Where to get the spot prices?
Before you decide to trade, you will need to check the crypto spot prices to march on with an informed trading decision. You just can’t go to an exchange and start trading without checking the crypto spot prices beforehand.
But, where can you go to check the crypto spot prices for spot trading?
Well, in that case, you have leading fiscal data visualization portals like TradingView that also double up as social media. These platforms display crypto spot prices so that you can gather a fair understanding on the level of profit/loss you might earn/incur if you engage in crypto spot trading.
Cryptocurrency spot price, as you can assume, is the live real-time price of a crypto asset at the moment. A clear view of the crypto spot prices will help you to determine whether or not you will be able to proceed with the spot trader right now.
One of the best aspects of these fiscal data visualization portals is that these platforms allow crypto spot traders to check crypto spot prices from not one but a wide range of crypto exchanges. The advantage of such widespread data is that it helps you to find the best exchange with the best crypto spot prices. This way, you will have better clarity on whether to embark on a crypto spot trade right now, and if so, with which exchange. The data about crypto spot prices usually feature in charts.
These financial visualization tools generally allow users to check crypto spot prices of multiple kinds of crypto assets.. You can add as many as you wish to in the watchlist and check their crypto spot prices from multiple exchanges.
You might ask where do these platforms get these price data from? Well, the leading ones are usually connected to multiple data feeds that keep on offering real-time data from authentic sources. These platforms or tools are an excellent help when you are planning to study technical indicators and conduct technical analysis of crypto spot prices to make an educated decision about whether to start crypto spot trading right now. For more extensive analysis, you can even alter the chart layouts as per your specific needs.
Where to conduct crypto spot trading?
You will like to sign up for spot trading if crypto spot prices seem to be favorable for you.
There are three main portals where you can conduct crypto spot trading based on live crypto spot prices.
There are primarily two kinds of crypto exchanges where you can conduct crypto spot trading based on current crypto spot prices- CEX and DEX.
CEXs or Centralized Exchanges are the crypto trading platforms that operate under the authority and control of a centralized authority. It might sound ironic that a centralized platform allows trading of a decentralized asset but CEXs also assure trading under a safe and highly regulated environment. With crypto scams on rise, smart traders are mostly looking for a trading platform with optimized security. However, two things- they will serve as the custodian of your funds and they charge high fees.
DEXs or decentralized exchanges allow spot trading based on crypto spot prices in a comparatively more relaxed environment. DEXs offer spot crypto trading without KYC hurdles and at inexpensive rates. Decentralized trading systems never control customer funds. It also has lower fees than CEX. Another reason to trade crypto spot prices on a DEX is that hacking is nearly impossible.
You can also take to OTC platforms for crypto spot trading based on live crypto spot prices.
OTC platforms generally charge lower fees than crypto exchanges and offer a relaxed and flexible environment for trading. Many traditional OTC platforms that used to offer spot trading for traditional trading markets, currently extend spot trading on crypto based on crypto spot prices.
P2P crypto trading platforms are perfect for flexible crypto spot trade. This depends on the spot prices. These trading platforms allow buyers and sellers to trade directly. Moreover, they also negotiate payment mode, settlement time, payment, etc. However, P2P trading platforms cannot assure the high-profile security you usually get from crypto trading exchanges.
Crypto spot trading is easier for new traders to perform. However, in this case, you don’t have to study future price variations. Also, spot trading allows lower entry points- another key advantage for beginner traders. Spot trading allows newcomers to crypto to start modestly. This is one reason why leverage trading is not for beginner traders.
Just make sure to sign up with a well-known trading platform having cutting-edge security features.