(You've probably heard these names, but it was news to me that not everyone knows what we're talking about)
Let's start with what it is:
Spot trading (on the spot) - literally: 'on the spot'.
In the application there is a tab 'trade' and at the top 'spot'.
A type of deal where you buy cryptocurrency for immediate delivery "on the spot", you can hold it for as long as you want, and sell it whenever you want. It's yours.
(The answer in advance is yes. It may be different. For example, margin trading or futures contracts, but everything has its time)
Your profit is the difference in the purchase/sale price (and while you are waiting for favorable conditions for yourself, why not put this currency in Earn?🙃)
But we've strayed from the topic, briefly and simply: this is buying/selling currency here and now.
A separate point is spot trading pairs. You can buy/sell not only currency/stablecoin.
You can buy (or even rather exchange) currency/bitcoin, currency/bnb and much more, depending on the available trading pairs. (And which pairs are available can be easily found out by entering the name of the coin in the search)
(I wanted to throw in a board with an example of BNB/BTC, but I couldn’t find how🙃)
It is worth noting separately that the minimum limit for a spot order is 5 USD.
If you have less - move some kopecks/clean up your briefcase, you will be sent to the conversion page. (Also known as 'exchange')
So, the conversion page, what is it?
Everything is the same, the 'trade' tab and 'exchange' at the top. Here they will immediately offer the currency, what to exchange for, the order type, and there are much fewer buttons than on the spot, and even without a commission, and it would seem that everything is fine...
But there must be some kind of catch...
And it is. I will not go into the thicket, you can open any pair on conversion and on spot and see everything yourself...
Have you figured it out yet?
Yes, we are talking about the exchange rate. The difference is not so big that it becomes a problem, but still enough to keep in mind.
The exchange (aka 'conversion') tab is extremely simple, if you have less than 5 USD or you don't want to deal with a lot of buttons, this is your choice. (And it has its price)
Clarification: The information presented here does not claim to be reliable, always check the information received yourself (and do not hesitate to ask questions or correct the author if this is really necessary).
