Trading, whether spot or futures, involves the immediate purchase or sale of digital assets such as Bitcoin, Ethereum, and other crypto-related products. It is the most direct and straightforward method to acquire cryptocurrencies. Today, we’ll explore where and how you can start trading on MEXC.
Creating an Account on MEXC
First, you need to create an account on MEXC. Visit their website and sign up. After registering, ensure you complete the verification process to secure your account and remove any trading restrictions. Check KYC requirements of the exchange here.
Funding Your Account
To start trading cryptocurrency, you need funds in your account. MEXC allows deposits in both cryptocurrencies and fiat currency. The deposit process is straightforward. Additionally, you can deposit cryptocurrency from your wallet on another exchange. To do this:
- Go to the deposit section.
- Choose the cryptocurrency you want to deposit.
- MEXC will generate a unique personal wallet address for you.
Ensure you choose the same network for the deposit on both MEXC and the other exchange from which you are transferring crypto.
Starting Trading on MEXC
Once your account is funded, go to MEXC. And from here, you’ll find a wide variety of cryptocurrencies available for trading. The interface may seem complex at first, but it is quite intuitive once you get the hang of it.
In the spot market, you will see a list of trading pairs like BTC/USDT, ETH/USDT, and many others. A trading pair consists of two currencies that can be exchanged for each other.
Place Your Buy Order
For example, if you want to buy Bitcoin with USDT, select the BTC/USDT trading pair. Now it’s time to place your buy order. You can choose between a market order and a limit order:
- A market order buys at the current market price.
- A limit order allows you to set the price you’re willing to pay.
Enter the amount of crypto you want to buy and confirm your order. Once your order is executed, the purchased cryptocurrency will appear in your wallet
Conclusion
You’ve just learned the very rudimentary basics of trading on MEXC, and while it might seem a bit complicated at first, with some practice, you’ll be trading like a connoisseur in no time.