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This guide explains what spot trading is and how to buy or sell digital assets on the platform, helping you understand the basic concepts and operations of spot trading.
Spot trading refers to a trading method where investors buy and sell digital assets at the current market price. Unlike contract trading, spot trading involves directly buying and selling actual digital assets; the assets are immediately credited to the investor's account after the transaction, and the investor owns the asset.
On the MIYI platform, you can buy or sell various cryptocurrencies through spot trading. The process is simple and suitable for users who wish to hold digital assets directly.
Below is a description of the basic spot trading process:
The left side lists all tradable cryptocurrencies. When trading, pay attention to the currency you wish to use to avoid selecting the wrong one.
Candlestick charts are used to analyze market conditions.
Green bars = Price increase
Red bars = Price decrease
Time periods are displayed:
1min → 1 minute
5min → 5 minutes
15min → 15 minutes
1 hour → 1 hour
1 day → 1 day
For example, you are currently seeing a 15-minute candlestick chart. This means that each candlestick represents 15 minutes of price movement.
1.Buy BTC with USDT
- You can choose your desired price and quantity to trade.
- If your price is not the current market price
your order will usually be added to the Order Book on the right and become a pending order.
For example, the current market situation:
Sell Price: 71310 USDT Buy Price: 71280 USDT
If you:
Buy BTC Enter a price of 70911 USDT Because 70911 is much lower than the market sell price, no one will be willing to sell to you.
Therefore, your order will:
✔ Not be executed immediately
✔ Enter the Order Book awaiting execution
✔ Become a pending buy order (Bid)
It will only be executed if someone is willing to sell BTC at 70911.
- If your price is equal to or higher than the market selling price
For example:
Selling price 71310
Your buying price is 71500
The system will:
✔ Take the sell order directly
✔ Complete the transaction immediately
This is called: Taker (Order Taker)
It will not be added to the order book.
2.Sell BTC for USDT
You can choose your desired price and transaction quantity.
If you are selling BTC:
Current buying price: 71280
Your selling price: 72000
Because nobody wants to buy at 72000.
Therefore:
✔ Your sell order will enter the Order Book
✔ Become a Sell Order
In summary:
- Lower than the market buy price (buy order) → Order enters the Order Book
- Higher than the market sell price (sell order) → Order enters the Order Book
- Close to the market price → Will be executed directly
3.This is called the Order Book
- Divided into two sides:
- Red = Sell orders (someone wants to sell) Green = Buy orders (someone wants to buy)
- For example: If the sell order is 72260 USDT
It means: Someone is willing to sell BTC for 72260
- If the buy order is 71280 USDT
It means: Someone is willing to buy BTC for 71280
4.This is the latest transaction record
This records the transactions that have just occurred.
5.Order History
This section will display:
- Open Orders (Unfilled Orders)
- Orders History
- Trade History
- Balance
If you place an order but it hasn't been filled yet, you'll see it in Orders History.
⭐ Summarize this page in one sentence
Left side 👉 Select coin
Middle 👉 View market data
Bottom 👉 Buy/Sell
Right side 👉 View market orders