How to Trade Spot?
Trading on BIT is quite intuitive. This is what the main spot exchange interface looks like:
On the right, there’s the order book, while left is the different types of orders.
Select candlestick at the top right, you can see the main trading chart, and right above it, you can follow various metrics for the selected cryptocurrency, such as:
- 24-hour low/high/volume
- Borrowing Daily Rate
Order Types
There are two order types for the spot exchange.
- Limit orders allow you to buy at a specified price (limit price) that can be different than the current market price:
- Market orders are the simplest type of orders as they are executed immediately at the best available market rates:
How to Open a Position?
For the sake of this guide, we will show you how to open a spot position using a basic market order. All you need to do is fill out the USDT worth of BTC that you want to buy at current rates:
In our case, we have chosen to buy $25.06 worth of BTC, and as soon as we hit the BUY button, the order will be executed.
How to Close a Position?
You can follow your positions in the Order History tab:
This is also where you can find additional details such as the average fill price, the total spent, the filled ratio, your order type, and the fees you paid.
To close the position – you simply have to sell the same amount that you bought using either a limit or a market order, as shown above.
BIT uses a tiered approach based on the trading volume of the user. You may refer here for the trading fee