Finding a good crypto trading platform for your daily crypto trading needs can be difficult, but worry not because Kucoin is here. Kucoin is perhaps the best crypto trading platform as it allows its user to trade using several methods, has several transaction methods, now it even has NFTs, and it has the best and the most sophisticated security system run by professional and competent security teams to ensure the safety of their users, their user’s assets, and their accounts. Another thing Kucoin allows is spot trading on their platform. Let us talk about what it is.
What Is Spot Trading?
Spot trading is trading coins with a comprehensive set of tools for more sophisticated processes. It sells coins in real-time. So let’s say you buy $1000 worth of bitcoins on Thursday. The next day, the price of one bitcoin goes up, the worth of your initial $1000 bitcoins will also go up, and you will have made a profit. The same goes for the other end as well; if the coin decreases in price, you will have lost some value to your $1000 worth of bitcoins.
A straightforward and typical example is between bitcoins [BTC] and US dollar tether [USDT]. Let us assume person A offers to buy $1000 worth of BTC from person B at $25000 per bitcoin. As soon as the transaction is carried out, Person B will receive $1000 USDT, and Person A will receive $1000 worth of bitcoins.
Next, the BTC prices go up to 26000 USDT per coin; Person A can sell their cash and will have made some profit. In another case, the price of BTC goes down to 24000 USDT per coin; Person A, in this case, will have to suffer some loss.
There are 4 types of spot trading, peer to peer, centralized, decentralized, and over-the-counter. Peer-to-peer is more customizable, while centralized is more powerful and safe. Decentralized systems are harder to use, and their fees can fluctuate severely. Over-the-counter ones are carried out in real life and are not regulated well enough, but users can buy coins in large amounts without affecting the market. Brokers and the like usually do this.
Kucoin’s Spot Trading
Kucoin has a tier-based spot trading system. Maker-Taker system is its name. If you create an order, and it is carried out immediately, the transaction will be considered a taker tier, and you will pay the fees based on that. If it is not carried out immediately, it will be regarded as the maker tier, and you will pay fees based on that. If some of it is carried out immediately while the rest is delayed, you will pay fees for both periods accordingly. For more details, visit the Kucoin platforms website, and read through it thoroughly, ensuring no mistakes are made. Thus, last but not the least kucoin is an authentic broker system with range of services hence if you are interested in crypto then don’t stop here just get yours now!1