Placing a spot order: a pre-trade checklist with BYDFi examples

Buying or selling a token on a spot market looks simple: pick a pair, enter an amount, confirm. A few choices made before that last tap decide how the order actually behaves. This checklist walks through them, using the spot tools on BYDFi, a cryptocurrency exchange founded in 2020, as examples. It explains how things work; it does not suggest what to trade.

1. Decide whether you need the order book at all

Some trades are simply a swap from one coin to another. BYDFi’s Convert handles instant swaps between cryptocurrencies without using the order book. If you want to choose your own price, use a spot order instead.

2. Pick the order type

BYDFi offers three basic spot order types. A Market order seeks execution at the best available prices, which can differ from the last displayed price. A Limit order sets the highest price you will pay to buy or the lowest price you will accept to sell; it may remain unfilled. An OCO (“one cancels the other”) order pairs two orders, so when one is filled the other is cancelled. In the app, spot traders also have a Trailing Stop, which follows the price at a distance you choose, and Limit Convert.

3. Look at the chart and the wider market first

BYDFi offers TradingView charts. Its market data pages add sector filters, a market sentiment gauge, BTC and ETH ETF flows and an economic calendar. Checking these before you enter a price helps you see where your limit sits relative to recent moves.

4. Run the numbers

BYDFi’s Crypto Tools include free calculators, such as DCA and ROI calculators. Working through a plan with your own numbers there first, and then re-reading the amount and price fields, makes it easier to catch a typo, such as an extra zero, before you confirm.

5. Tidy up afterwards

Small leftover balances are common after several trades. The BYDFi App can convert small balances to USDT in one step, which keeps the asset list readable.

6. Use the same steps on any device

Spot trading is available on the web platform and in the iOS and Android apps, so the same checklist applies wherever you trade. You can find spot markets, Convert and the market data pages at https://www.bydfi.com/.